Starfighters Space, Inc.

Pre-revenue commercial space/aerospace startup with deep losses and fresh governance turmoil.

Strengths

• Recently IPO'd with ~$19.9M cash and ~9.5 quarters of runway; current ratio 6.6x (100th pct)
• Unique F-104 fleet and an early STARLAUNCH 1 wind-tunnel milestone

Risks

• Deeply negative returns (ROA -58%, ROE -66%, both ~8th pct) and negative FCF (-$8.4M)
• CEO/chair resignation over disagreements with the board signals governance instability
• $5M deposit at risk with an unreachable counterparty (Aerovision) on a stalled aircraft deal

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-8.4M)