Firefly Aerospace Q1 Update: Losses Grow, But Steady Progress Continues

• First Report Since Market Debut: Firefly Aerospace, a company specializing in space and defense technology, recently published its financial results. This was the company’s first earnings report since its stock began trading on the stock market last month.
• Increased Financial Loss: The company reported a wider loss in its latest quarter, totaling $80.3 million (or $5.78 per share). This is compared to a loss of $58.75 million in the same period last year.
• Revenue Decline: Revenue for the quarter fell to $15.5 million. This is a decrease from $21.1 million the previous year and was lower than the $16.8 million analysts polled by FactSet had expected.
• Steady Progress, Says CEO: Despite the financial results, Chief Executive Jason Kim stated that the figures reflect "steady progress" in Firefly’s development of its launch vehicles and spacecraft products.
• Ramping Up Production: Firefly is actively working to increase the frequency of its rocket launches and has several launch vehicles in production.
• Strong Mission Demand: This increase in production is necessary to meet the high demand for its launch services. The demand is particularly strong for missions dedicated to national security.
• Full-Year Forecast: For the current fiscal year, the company predicts that its total revenue will fall between $133 million and $145 million. This range aligns closely with the expectations of analysts, who forecast revenue of $138.5 million.

Major Mission Progress and Contracts:

• The company’s total contract backlog has grown to approximately $1.3 billion.
• NASA awarded Firefly the Blue Ghost Mission 4 contract, worth $176.7 million, for lunar payload delivery. NASA also provided a $10 million contract addition for extra data collection beyond the original requirements for Blue Ghost Mission 1.
• Blue Ghost Mission 2 structures have started assembly, and the mission will carry the United Arab Emirates’ Rashid 2 Rover as an international customer.
• The U.S. Department of Defense (DoD) awarded Firefly the Elytra Mission 3 contract for a 2027 national security mission.

Vehicle and Partnership Updates:

• The FAA issued a Return to Flight determination for Alpha on August 26, 2025.
• The Miranda engine, which will power the debut launch of the Eclipse launch vehicle (expected as early as next year), has reached 95 hot fire tests.
• Northrop Grumman invested $50 million in preferred equity, supporting the long-term Eclipse partnership.
• Firefly unveiled Ocula, a high-resolution imaging service offering five years of commercial services in lunar orbit.
• A newly signed Technology Safeguards Agreement between Sweden and the U.S. allows Alpha launches from Sweden's Esrange Space Center.