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Jun 30
Firefly Aerospace Inc Q2 2025 Earnings Report
Firefly Aerospace reported its second quarter results following a historic IPO and key contract wins in lunar and national security missions.
Key Takeaways
Firefly Aerospace posted a net loss in Q2 2025 but significantly strengthened its balance sheet through an IPO, grew its backlog to $1.3B, and secured major NASA and DoD contracts that support long-term growth.
Backlog increased to $1.3 billion driven by new NASA and government contracts
Completed IPO raising over $933 million in net proceeds
FAA cleared Alpha for return to flight operations
Continued development of Blue Ghost lunar missions and Elytra orbital services
Firefly Aerospace Inc
Firefly Aerospace Inc
Forward Guidance
Firefly expects full-year 2025 revenue between $133 million and $145 million, supported by strong demand for national security and commercial space missions.
Positive Outlook
- Backlog grew to $1.3 billion with multiple new contract wins
- Alpha received FAA approval to resume launch operations
- NASA awarded $176.7M contract for Blue Ghost Mission 4
- IPO generated $933.1 million in net proceeds
- Alpha production scaling to meet increasing demand
Challenges Ahead
- Net loss of $63.8 million in the quarter
- Negative free cash flow of $37.3 million
- Operating expenses exceeded $58 million
- Revenue declined compared to Q2 2024
- Interest and other expenses continued to impact profitability