Firefly Aerospace

Refresh delta (since 2026-06-17)

1. Q2 2026 revenue was $117.7M, up 659% YoY (Q2 2025 $15.5M) and up 45.5% on Q1. Six-month revenue $198.6M (2025: $71.4M), so Q1 was $80.9M [8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now., quarter and six months ended 2026-06-30; estimate: $198,562K − $117,683K]. Gross profit $23.9M, a 20.3% gross margin [8-K; estimate: $23,875K / $117,683K]. Operating loss $95.2M, net loss $92.3M, loss per share $0.57 on 161.8M weighted shares [8-K]. Six-month net loss $189.0M [8-K]. The prior dossier's Q1 figures were a net loss of ~$96.7M and a gross-margin direction it described as "going backwards QoQ"; Q2 operating expenses were $119.1M ($71.5M R&D, $47.5M SG&A) [8-K].

2. Guidance unchanged: full-year 2026 revenue $420-450M [8-K, 2026 full-year guidance]. The first half is $198.6M, so the second half needs $221.4M to $251.4M at the range ends, against $117.7M in Q2 alone.

3. Backlog $1,468.1M at 2026-06-30 against $1,351.1M at 2025-12-31; multi-launch-agreement backlog $403.1M against $344.8M [10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited., MD&A backlog table]. The prior dossier recorded backlog of ~$1.4B; the 10-Q says backlog includes awarded contracts with customer termination rights.

4. Cash flow, six months ended 2026-06-30: operating activities used $144.1M (2025: $84.6M), investing used $119.8M ($75.0M net into short-term investments, $41.1M of property, equipment and internal-use software), financing used $69.3M ($260.0M repaid on the revolving credit facility, offset by $182.6M net proceeds of the June equity offering) [10-Q, MD&A liquidity]. Cash and equivalents $459.8M and short-term investments $175.4M at 2026-06-30, against $793.0M and $100.0M at 2025-12-31 [8-K balance sheet]; together $635.3M. Notes payable fell from $288.5M to $27.0M, current plus non-current. Cash plus short-term investments of $635.3M equals about 6.9 quarters at the first-half pace of operating cash use plus capital spending, which is arithmetic on the first-half pace, not a forecast; the prior dossier's own estimate was 5.5-7 quarters. The 10-Q states the accumulated deficit is $1.2B and that the statements are prepared on a going-concern basis; this run searched the 10-Q text for "substantial doubt" and found no match.

5. Equity raise and share count. On 2026-06-01 the company completed an underwritten offering of 12.0M shares at $48.00, of which 4.0M were offered by the company and 8.0M by selling stockholders [10-Q, equity note]; the 8-K reports net proceeds to the company of $181.6M. Shares outstanding were 166.2M at 2026-06-30 against 159.3M at 2025-12-31 [8-K balance sheet]. The prior dossier listed the "$48 secondary" as a dilutionDilutionIssuing new shares, so each existing share owns a smaller slice of the same company. overhang; the filings show it closed and that most of the shares sold were the sellers'. Additional paid-in capital was $2,432.2M [8-K].

6. Acquisitions and goodwill. Space-ng was acquired on 2026-06-23 for $16.0M consideration [10-Q, business combination note]. Goodwill was $467.0M (2025-12-31: $450.1M) and intangibles $152.3M [8-K balance sheet]. The 10-Q says goodwill is tested at least annually in the fourth quarter. The prior dossier cited ~$855M for SciTec; the goodwill line here is the balance-sheet figure, not that purchase price.

7. Contract wins and operations, as stated in the results release (no dollar value added by this run): a $144M NASA CLPS award for a sixth contracted Blue Ghost mission; a $75M JPL subcontract for MoonFall (launch no earlier than 2028); a $13M SkyFall aeroshell subcontract (launch late 2028); a $94M Space Force Ground-Based Radar Digitization contract; an extension of the Lockheed Martin multi-launch agreement to up to 25 Alpha launches through 2031; a second hypersonic Alpha task order; onboarding to a $981M Space Force NITE-STAR IDIQ; Eclipse's Miranda engine past 150 hot-fire tests including a 226-second mission-duty-cycle test; Blue Ghost Gruithuisen Domes Critical Design Review and South Pole Preliminary Design Review completed [8-K, highlights]. The 10-Q attributes part of H1 launch revenue to a "successful Alpha Flight 7 launch" [10-Q, results of operations]. Neither the 8-K nor the 10-Q passages searched gives an Eclipse first-flight date; the 10-Q mentions a September 2025 test stand anomaly as an example of operational failures [10-Q, MD&A].

8. Board change. Thomas Zurbuchen resigned as a director effective 2026-09-30, with no disagreement stated; Rick Ambrose, formerly Executive Vice President—Space at Lockheed Martin, a Textron director, age 68, was appointed a Class III director on 2026-10-05 (term to the 2028 annual meeting) and to the Audit and Compensation Committees, determined independent [8-K 5.02].

9. Legal. The 10-Q says the company is party to ordinary-course litigation and does not currently believe those matters will materially affect the business [10-Q, legal proceedings note]. The 10-KForm 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes. Item 3 was not read (no FY2025 10-K is on the shelf).

What held

• Revenue growth is running at the pace the prior dossier's guide-based projection assumed: first-half revenue $198.6M against a full-year guide that is unchanged at $420-450M.
• The loss-making profile the prior dossier describes persists: operating loss $95.2M in Q2 and $190.9M for the half [8-K], with six-month operating cash use up 70% [10-Q].
• Funding path: the revolver was repaid, an equity offering closed at $48, and cash plus short-term investments is $635.3M (fact 4).
• The position seed's catalyst "Eclipse first flight, targeted by end-2026" and the key risk of an Eclipse slip are not settled by anything read here: no Eclipse first-flight date appears in the 8-K or in the 10-Q passages searched. The seed is carried unchanged below.
• The prior dossier's 4-of-6 Alpha failure record: the 10-Q refers to a successful Alpha Flight 7; no failure count is restated, and the seed text is not edited.