Firefly Aerospace — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $110.7 million, a 259% increase from $30.8 million in the same period in 2025.
• Revenue for the nine months ended September 30, 2026, was $309.2 million, compared to $102.2 million in the same period in 2025.
• Net loss for the three months ended September 30, 2026, was $94.2 million, compared to a net loss of $133.4 million in the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $283.2 million, compared to a net loss of $257.3 million in the same period in 2025.
• Net loss per share (basic and diluted) for the three months ended September 30, 2026, was $0.56, compared to $1.50 in the same period in 2025.
• Net loss per share (basic and diluted) for the nine months ended September 30, 2026, was $1.73, compared to $7.25 in the same period in 2025.
• Gross profit for the three months ended September 30, 2026, was $25.3 million, compared to $8.5 million in the same period in 2025.
• Gross profit for the nine months ended September 30, 2026, was $66.6 million, compared to $14.7 million in the same period in 2025.
• Total operating expenses for the three months ended September 30, 2026, were $126.9 million, compared to $70.7 million in the same period in 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $359.1 million, compared to $189.8 million in the same period in 2025.
• Research and development expenses for the three months ended September 30, 2026, were $76.0 million, compared to $48.8 million in the same period in 2025.
• Research and development expenses for the nine months ended September 30, 2026, were $215.0 million, compared to $142.5 million in the same period in 2025.
• Selling, general, and administrative expenses for the three months ended September 30, 2026, were $50.9 million, compared to $21.9 million in the same period in 2025.
• Selling, general, and administrative expenses for the nine months ended September 30, 2026, were $144.0 million, compared to $47.2 million in the same period in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was a loss of $69.5 million, compared to a loss of $46.3 million in the same period in 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was a loss of $195.5 million, compared to a loss of $141.4 million in the same period in 2025.
• Free cash flow for the three months ended September 30, 2026, was a loss of $85.3 million, compared to a loss of $62.0 million in the same period in 2025.
• Free cash flow for the nine months ended September 30, 2026, was a loss of $270.5 million, compared to a loss of $158.4 million in the same period in 2025.
• Deferred revenue was $171.2 million (current) and $46.0 million (non-current) as of September 30, 2026, totaling $217.2 million, compared to $116.1 million (current) and $92.6 million (non-current) as of December 31, 2025, totaling $208.7 million.
• Cash and cash equivalents were $409.3 million as of September 30, 2026, compared to $793.0 million as of December 31, 2025.
• Total liabilities were $438.4 million as of September 30, 2026, compared to $635.0 million as of December 31, 2025.
• Total stockholders' equity was $1,143.5 million as of September 30, 2026, compared to $1,189.9 million as of December 31, 2025.

Guidance and Future Outlook:

• Firefly expects full-year 2026 revenue to be between $440 million and $450 million.

Business Segments and Product Lines:

• Completed expansion of the spacecraft cleanroom facility, funded by a non-dilutive Texas Space Commission grant, enabling simultaneous assembly and integration of up to 12 lunar landers and orbital vehicles.
• Awarded a $13 million subcontract from NASA JPL to manufacture, test, and deliver an aeroshell for the SkyFall Mars mission, with launch targeted for late 2028.
• Signed an extension to a multi-launch agreement with Lockheed Martin for up to 25 Alpha launches through 2031 using the Block II configuration.
• Signed contracts with SSC Space for two commercial Alpha launches from Esrange Space Center in Sweden, marking Firefly's first European launch contracts.
• Awarded a $94 million Space Force contract under the Ground-Based Radar Digitization program to overhaul legacy defense systems.
• Onboarded to the $981 million Space Force IDIQ contract for NITE-STAR to support advanced test and training operations through 2032.
• Awarded a contract from the Defense Innovation Unit to design an Elytra deorbit system, expanding the portfolio into active debris removal and end-of-life orbital services.
• Onboarded to NASA's Spacecraft Processing Operations Contract (SPOC) to provide spacecraft processing and operational support services.
• Signed a commercial partnership with Starcloud to demonstrate advanced AI compute in lunar orbit, marking Firefly's first commercial customer for data center capabilities around the Moon.
• Added Zeno Power Systems as a commercial payload customer for the Blue Ghost mission to deliver a Survive-the-Night Package with a Radioisotope Heater Unit (RHU).
• Signed contracts valued at more than $1.3 billion with AST SpaceMobile, including licensed IP, engine delivery, and engineering support.
• Onboarded as a vendor to NASA's $10 billion CLPS 2 initiative to compete for task orders for large cargo landers.
• Signed a multi-launch agreement with Japanese company Synspective for up to 10 Alpha launches through 2030.
• Began the Miranda engine qualification campaign, with over 170 hot fire tests completed to date.
• Extended the U.S. Air Force contract for SciTec's Cloud-Based Command and Control (CBC2) work to integrate counter unmanned aerial system (CUAS) sensor feeds.
• Completed the MoonFall Preliminary Design Review for the Elytra spacecraft to support the NASA mission to the Moon's south pole.
• Achieved a FORGE operational milestone for the U.S. Space Force system, incorporating data from the Space Systems Command's Wide Field of View space vehicle.
• Completed the critical design review for Blue Ghost's mission to the South Pole.
• Awarded a third hypersonic task order for Alpha from a confidential customer.

Market and Competitive Landscape:

• The company reports a record backlog of $1.7 billion at the end of the third quarter, up from $1.5 billion at the end of the prior quarter.
• Firefly is described as the first commercial company to launch a satellite to orbit with approximately 24-hour notice and the first to achieve a successful Moon landing.

Risks and Challenges:

• Risks include the failure to manage growth effectively, achieve profitability, or maintain launch and spacecraft operational success.
• Potential risks involve manufacturing delays, operational hazards in space, and the unpredictability of the market for commercial launch services.
• Dependence on U.S. government funding, major customers, and vendors poses a risk if contracts are delayed, reduced, or if major customers default.
• Risks include delays in launch vehicle development (Eclipse), regulatory delays, and the failure to realize backlog.
• Potential risks include adverse impacts from global macro-economic conditions, tariffs, and changes in U.S. government budgetary priorities.

Management Commentary and Tone:

• CEO Jason Kim stated that the third quarter reflects the power of the company's diversified and vertically-integrated business.
• Management highlighted the conversion of pipeline and backlog into results, citing five parallel Moon missions, Alpha Block II launch progress, SciTec national security programs, and the AST SpaceMobile strategic deal.

Other Key Points:

• The cleanroom expansion was funded through a non-dilutive Texas Space Commission grant.
• The company hosted a conference call on November 10, 2026, to discuss the results.
• The press release includes detailed reconciliations of Non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, and various expense categories.