Firefly Aerospace (NASDAQ:FLY) Announces Earnings Results

Firefly Aerospace (NASDAQ:FLY) posted its quarterly earnings results on Tuesday. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.08, FiscalAI reports. The firm had revenue of $117.68 million during the quarter. Firefly Aerospace had a negative return on equity of 40.96% and a negative net margin of 181.16%.Firefly Aerospace’s revenue was up 659.2% on a year-over-year basis. During the same period in the previous year, the business earned ($5.78) earnings per share.

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 Price Performance

FLY traded up $0.09 during trading on Wednesday, reaching $26.45. 2,541,648 shares of the company traded hands, compared to its average volume of 5,529,571. The firm has a fifty day simple moving average of $26.53 and a 200 day simple moving average of $29.48. Firefly Aerospace has a 12-month low of $16.00 and a 12-month high of $62.17. The company has a market cap of $4.24 billion and a P/E ratio of -3.25. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.53 and a current ratio of 2.53.

Firefly Aerospace News Roundup

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

• Positive Sentiment: Firefly reported record second-quarter revenue of $117.7 million, up 659% year over year, while its adjusted loss of $0.42 per share was narrower than the $0.50 analyst consensus. The substantial revenue growth reflects increased launch, spacecraft and defense activity. Firefly Aerospace second-quarter 2026 financial results
• Positive Sentiment: Lockheed Martin extended its multi-launch agreement with Firefly through 2031, covering up to 25 launches using the Alpha Block II rocket. The longer-term customer commitment improves revenue visibility and supports Firefly’s launch-production expansion. Firefly Aerospace Lockheed Martin agreement extension
• Positive Sentiment: Cantor Fitzgerald reaffirmed its Overweight rating and set a $35 price target, implying meaningful upside from recent trading levels. Cantor Fitzgerald rating
• Neutral Sentiment: Management maintained its 2026 revenue outlook of $420 million to $450 million, broadly in line with the approximately $440 million consensus estimate. The unchanged forecast provides stability but does not represent a new upward catalyst.
• Neutral Sentiment: Firefly is increasing vehicle production even as launch activity has lagged, creating a potential mismatch between manufacturing investment and near-term flight cadence. Firefly increases vehicle production as launches lag
• Negative Sentiment: Goldman Sachs analyst Noah Poponak reiterated a Hold rating, citing ongoing cash burn and a cautious outlook despite the quarterly beat. Firefly remains unprofitable, with a negative net margin and analysts expecting a full-year loss, which may limit the stock’s upside. Goldman Sachs analyst view on Firefly Aerospace
• Negative Sentiment: A law firm announced an investigation into potential fiduciary-duty claims involving Firefly officers and directors. The announcement does not establish wrongdoing but adds headline and governance risk. Johnson Fistel Firefly shareholder investigation

Insider Activity at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,765 shares of Firefly Aerospace stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $45.12, for a total value of $169,876.80. Following the completion of the transaction, the general counsel owned 142,758 shares in the company, valued at approximately $6,441,240.96. The trade was a 2.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Firefly Aerospace

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Firefly Aerospace during the second quarter worth $173,573,000. Tema ETFs LLC boosted its holdings in shares of Firefly Aerospace by 133,440.2% in the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock valued at $67,057,000 after purchasing an additional 2,279,159 shares during the period. Vanguard Group Inc. bought a new stake in shares of Firefly Aerospace in the third quarter valued at about $53,409,000. UBS Group AG lifted its position in shares of Firefly Aerospace by 233.6% in the 4th quarter. UBS Group AG now owns 1,773,607 shares of the company’s stock worth $39,676,000 after purchasing an additional 1,241,987 shares during the period. Finally, Temasek Holdings Private Ltd boosted its position in Firefly Aerospace by 151.3% during the fourth quarter. Temasek Holdings Private Ltd now owns 1,069,588 shares of the company’s stock valued at $23,927,000 after purchasing an additional 643,886 shares in the last quarter.

Analysts Set New Price Targets

FLY has been the subject of several research reports. Wall Street Zen raised Firefly Aerospace from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 7th. KeyCorp upgraded shares of Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price target for the company in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $35.00 target price on shares of Firefly Aerospace in a report on Tuesday, May 5th. Jefferies Financial Group restated a “buy” rating and set a $52.00 price objective on shares of Firefly Aerospace in a research note 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 given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

About Firefly Aerospace

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.