Firefly Aerospace Inc.
FLY · Guided Missiles & Space Vehicles & Parts · 160.2M shares · EDGAR filings ↗
Grade
D47Well-capitalized but deeply loss-making space/defense launch and spacecraft developer with a unique technology track record.
Strengths
- Strong balance sheet: $893M cash (84.8th pct), current ratio 4.5 (100th), ~15 quarters of runway (77.7th)
- Differentiated, proven technology (only fully successful commercial Moon landing; only US liquid orbital launcher in its class) with NASA/defense backlog
Risks
- Deeply negative economics: net margin -187%, operating margin -163%, FCF margin -149% (FCF -$238M, 4th pct)
- Binary launch/program execution risk; delays or failures are severe
- Low gross margin (17.7th pct) and heavy cash burn despite large balance sheet
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -186.6%)
- Cash burnNegative free cash flow (-237.8M)
- Strong balance sheetStrong balance sheet — $893M cash & investments, ~15 quarters of runway
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
19.2%
Operating margin
-163.1%
Net margin
-186.6%
Return on assets
-16.3%
Revenue growth (QoQ)
40.2%
Current ratio
4.5×
Free cash flow
-$238M
EBITDA
-$238M
Cash & investments
$893M
Cash runway
15q
Stock comp / revenue
11.2%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Shareholder vote | filing ↗ |
| 2026-06-02 | Material agreementExhibits | filing ↗ |
| 2026-05-04 | ResultsExhibits | filing ↗ |
| 2026-04-21 | Exec/director changeExhibits | filing ↗ |
| 2026-04-03 | Material agreementDebt obligationExec/director changeOther | filing ↗ |
| 2026-03-19 | ResultsExhibits | filing ↗ |
| 2026-03-03 | Exec/director changeExhibits | filing ↗ |
| 2025-12-11 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-04 | 0001193125-26-259679 ↗ |
| 8-K | 2026-06-02 | 2026-05-28 | 0001193125-26-252407 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001860160-26-000009 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001860160-26-000008 ↗ |
| 8-K | 2026-04-21 | 2026-04-15 | 0001193125-26-166820 ↗ |
| 8-K | 2026-04-03 | 2026-04-02 | 0001193125-26-142298 ↗ |
| 10-K | 2026-03-20 | 2025-12-31 | 0001193125-26-116309 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001193125-26-115970 ↗ |
| 8-K | 2026-03-03 | 2026-02-25 | 0001193125-26-088567 ↗ |
| 8-K | 2025-12-11 | 2025-12-06 | 0001193125-25-315982 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-277565 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-277941 ↗ |