Firefly Aerospace (NASDAQ:FLY) Issues Earnings Results

Firefly Aerospace (NASDAQ:FLY) released its quarterly earnings data on Tuesday. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.08, FiscalAI reports. The business had revenue of $117.68 million for the quarter. Firefly Aerospace had a negative return on equity of 40.96% and a negative net margin of 181.16%.

Here are the key takeaways from Firefly Aerospace’s conference call:

• Record growth and backlog: Second-quarter revenue reached $117.7 million, up 46% sequentially and 659% year over year, while backlog increased to a record $1.5 billion. Management reiterated 2026 revenue guidance of $420 million to $450 million, with approximately 95% of midpoint revenue already booked.
• Expanding contract wins: Firefly won two additional NASA lunar missions, a $75 million Elytra subcontract for NASA’s MoonFall mission, a $94 million Space Force radar-digitization award, and a $13 million Mars aeroshell contract after quarter-end. Management also highlighted additional opportunities tied to Golden Dome, CLPS 2.0, national security AI, and fast-transfer vehicles.
• Production and technology scaling: The company is expanding spacecraft clean-room capacity, increasing Alpha production throughput, and progressing toward Eclipse’s first launch no earlier than 2027. Alpha demand remains strong, with most of the 2027 manifest sold and additional launch sites planned in Virginia and Sweden.
• Losses and cash consumption remain substantial: Firefly posted a non-GAAP operating loss of $70.4 million and free-cash-flow usage of $106.3 million in the quarter. The company ended with $940.3 million of liquidity after a $182.6 million stock offering, but its share count is expected to rise by roughly 1 million shares per quarter, creating dilution.
• Execution and launch timing are key risks: Firefly now targets three Alpha launches in 2026 rather than the previously discussed four, with Flight 8 planned for the fourth quarter. Management cited customer readiness, regulatory approvals, range availability, and weather as factors outside its control, while emphasizing that production—not demand—is currently the primary constraint.

Firefly Aerospace Trading Up 2.3%

FLY traded up $0.60 during trading on Tuesday, reaching $26.36. The company had a trading volume of 3,274,428 shares, compared to its average volume of 5,549,510. The stock has a market cap of $4.22 billion and a P/E ratio of -3.23. The business has a 50 day simple moving average of $26.87 and a 200-day simple moving average of $29.50. Firefly Aerospace has a 52 week low of $16.00 and a 52 week high of $62.17. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.02.

Firefly Aerospace News Summary

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Q2 revenue surged and EPS beat expectations. Firefly reported record second-quarter revenue of $117.7 million, up 659% year over year, while adjusted earnings of $(0.42) per share exceeded the consensus estimate of $(0.50). The results highlight accelerating demand across its launch and space-technology businesses. Firefly Aerospace Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Lockheed Martin expanded its relationship with Firefly. The companies extended their multi-launch agreement by two years through 2031, covering up to 25 launches using Firefly’s Alpha Block II rocket. The agreement improves long-term revenue visibility and supports the company’s production ramp. Firefly Aerospace Announces Extension of Multi-Launch Agreement with Lockheed Martin
• Positive Sentiment: Operational momentum remains a key investor focus. Recent coverage pointed to progress in launches, lunar missions and national-security demand, while NASA imagery of Firefly’s Blue Ghost lunar mission provided additional visibility for the company’s space activities.
• Neutral Sentiment: 2026 revenue guidance was broadly in line with expectations. Firefly forecast full-year revenue of $420 million to $450 million, compared with analyst consensus of $440.2 million. The midpoint is modestly below consensus, but the range still implies substantial growth.
• Neutral Sentiment: Short-interest data showed no reported short position. The latest report listed short interest at zero shares and a zero-day short-interest ratio; because the figures were unchanged at zero and included an invalid percentage comparison, they provide little meaningful signal about trading sentiment.
• Negative Sentiment: Firefly remains unprofitable. The company posted a negative net margin of 181.16% and negative return on equity of 40.96%. Continued research, development and capacity-expansion spending could pressure cash flow even as revenue grows.
• Negative Sentiment: A law firm announced a shareholder investigation. Johnson Fistel is investigating potential fiduciary-duty claims involving Firefly officers and directors. The announcement does not establish wrongdoing, but it adds legal and reputational uncertainty. Johnson Fistel Shareholder Investigation

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FLY. B. Riley Financial initiated coverage on shares of Firefly Aerospace in a research report on Wednesday, May 6th. They issued a “buy” rating and a $60.00 price target on the stock. Wall Street Zen upgraded shares of Firefly Aerospace from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 7th. The Goldman Sachs Group lifted their price objective on shares of Firefly Aerospace from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Jefferies Financial Group restated a “buy” rating and set a $52.00 target price on shares of Firefly Aerospace in a research report on Tuesday, June 2nd. Finally, Morgan Stanley increased their price target on shares of Firefly Aerospace from $33.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.64.

Insiders Place Their Bets

In other Firefly Aerospace news, General Counsel David Leigh Wheeler sold 3,765 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $45.12, for a total transaction of $169,876.80. Following the transaction, the general counsel owned 142,758 shares in the company, valued at $6,441,240.96. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Firefly Aerospace

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Firefly Aerospace in the 2nd quarter worth about $173,573,000. Tema ETFs LLC boosted its position in shares of Firefly Aerospace by 133,440.2% during the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock valued at $67,057,000 after buying an additional 2,279,159 shares during the period. Vanguard Group Inc. purchased a new position in shares of Firefly Aerospace during the third quarter valued at approximately $53,409,000. UBS Group AG grew its stake in shares of Firefly Aerospace by 233.6% during the fourth quarter. UBS Group AG now owns 1,773,607 shares of the company’s stock valued at $39,676,000 after buying an additional 1,241,987 shares during the last quarter. Finally, Temasek Holdings Private Ltd raised its holdings in shares of Firefly Aerospace by 151.3% in the fourth quarter. Temasek Holdings Private Ltd now owns 1,069,588 shares of the company’s stock worth $23,927,000 after buying an additional 643,886 shares during the period.

Firefly Aerospace Company Profile

Firefly Aerospace (NASDAQ:FLY) is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly’s product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.