# Firefly Aerospace (FLY) Q2 2025 Financial Results Summary
Firefly Aerospace (Nasdaq: FLY) released its financial results for the second quarter ended June 30, 2025, on September 22, 2025.
## Second Quarter 2025 Highlights
– **IPO and Funding:**
– Firefly raised **$933.1 million** in net proceeds from its Initial Public Offering (IPO) on August 7, 2025.
– Northrop Grumman invested **$50 million** in preferred equity to support Firefly’s Eclipse™ launch vehicle.
– **Backlog and Contracts:**
– Firefly’s total backlog reached approximately **$1.3 billion** by the end of July 2025, boosted by a **$176.7 million** contract awarded by NASA for Blue Ghost Mission 4 on July 29, 2025.
– **Operational Updates:**
– The FAA cleared the Alpha launch vehicle for a return to flight on August 26, 2025.
– 95 hot fire tests of the Miranda engine, which will power the Eclipse launch, were completed as of September 22, 2025.
– Blue Ghost Mission 2 structures entered assembly in the spacecraft cleanroom, with the first payload delivery accepted.
– Sweden signed a Technology Safeguards Agreement with the U.S. for Alpha launches from Esrange Space Center.
– **New Services:**
– Firefly unveiled its Ocula high-resolution imaging service, offering over five years of commercial services in lunar orbit via its Elytra spacecraft.
## Financial Performance Metrics
– **Revenue:**
– Q2 2025 revenue was **$15.549 million**, a **26.5% decrease** from **$21.071 million** in Q2 2024.
– Revenue for the first half of 2025 totaled **$71.404 million**, up **142.6%** from **$29.388 million** in the same period of 2024.
– **Cost of Sales:**
– Cost of sales in Q2 2025 was **$11.554 million**, down **36.4%** from **$18.120 million** a year prior.
– **Gross Profit:**
– Gross profit for Q2 2025 was **$3.995 million**, a **35.4% increase** compared to **$2.951 million** in Q2 2024.
– **Operating Expenses:**
– Total operating expenses were **$58.345 million**, reflecting a **12.5% increase** from **$51.851 million** in Q2 2024.
– **Loss from Operations:**
– Loss from operations was **$54.350 million**, compared to a loss of **$48.900 million** in Q2 2024.
– **Net Loss:**
– The net loss for Q2 2025 totaled **$63.778 million**, which is a **19.3% increase** from **$53.453 million** in Q2 2024.
– For the first half of 2025, net loss was **$123.871 million**, worsening by **16.7%** compared to **$106.224 million** in 2024.
– **Net Loss Per Common Share:**
– Basic and diluted net loss per common share was **$5.78**, compared to **$4.60** per share in Q2 2024.
– **Cash and Assets:**
– Total assets were **$466.793 million** as of June 30, 2025, up from **$407.332 million** at the end of 2024.
– Cash and cash equivalents stood at **$205.286 million**, significantly higher than **$123.431 million** recorded at the end of 2024.
– **Debt and Liabilities:**
– Current liabilities decreased to **$147.435 million** from **$179.377 million** compared to the end of 2024.
– Total liabilities were approximately **$411.418 million**, slightly down from **$415.372 million** at the end of 2024.
## Shareholder Actions
– **Dividends and Repurchases:**
– Firefly Aerospace has not declared a quarterly dividend.
– No share repurchase program has been indicated.
## Guidance and Outlook
– Firefly expects full-year revenue for 2025 to be between **$133 million** and **$145 million**.
Firefly continues focusing on expanding its capabilities and meeting demand for launch services, particularly for governmental and defense missions, and aims to ramp up its operational cadence in response to strong market interest. For further details, Firefly will host a conference call to discuss their financial results and outlook.
### CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS (unaudited; in thousands, except per share amounts)
| For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | |
|---|---|---|---|---|
| Revenue | $15,549 | $21,071 | $71,404 | $29,388 |
| Cost of sales | 11,554 | 18,120 | 65,189 | 28,360 |
| Gross profit | 3,995 | 2,951 | 6,215 | 1,028 |
| Operating expenses | ||||
| Research and development | 45,774 | 39,544 | 93,786 | 77,179 |
| Selling, general, and administrative | 12,571 | 12,288 | 25,323 | 21,868 |
| Loss on disposal of fixed assets | — | 19 | — | 22 |
| Total operating expenses | 58,345 | 51,851 | 119,109 | 99,069 |
| Loss from operations | (54,350) | (48,900) | (112,894) | (98,041) |
| Other expense | ||||
| Interest expense, net | (5,237) | (3,738) | (10,401) | (7,491) |
| Other expense, net | (4,191) | (815) | (576) | (692) |
| Total other expense, net | (9,428) | (4,553) | (10,977) | (8,183) |
| Loss before provision for income taxes | (63,778) | (53,453) | (123,871) | (106,224) |
| Provision for income taxes | — | — | — | — |
| Net loss and comprehensive loss | (63,778) | (53,453) | (123,871) | (106,224) |
| Less: Accretion of dividends of Series C Preferred Stock | 5,363 | 5,296 | 10,942 | 10,515 |
| Less: Accretion of dividends of Series D-1 Preferred Stock | 10,856 | — | 17,465 | — |
| Less: Accretion of dividends of Series D-3 Preferred Stock | 266 | — | 266 | — |
| Net loss available to common stockholders | (80,263) | (58,749) | (152,544) | (116,739) |
| Net loss per common share | ||||
| Basic and diluted | (5.78) | (4.60) | (11.17) | (9.24) |
| Weighted-average common shares outstanding | 13,877 | 12,765 | 13,659 | 12,630 |
—
### CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited; in thousands, except per share amounts)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 205,286 | 123,431 |
| Restricted cash, current | 829 | 424 |
| Accounts receivable, net | 5,638 | 1,004 |
| Advanced payments, current | 13,626 | 52,404 |
| Other current assets | 8,730 | 3,454 |
| Total current assets | 234,109 | 180,717 |
| Advanced payments, less current portion | 41,770 | 41,770 |
| Property and equipment, net | 138,654 | 135,575 |
| Restricted cash, less current portion | 15,428 | 13,703 |
| Right-of-use assets – operating leases | 14,366 | 14,604 |
| Right-of-use assets – finance leases | 4,585 | 3,708 |
| Goodwill | 17,097 | 17,097 |
| Other noncurrent assets | 784 | 158 |
| Total assets | 466,793 | 407,332 |
| Liabilities, temporary equity, and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | 32,877 | 37,633 |
| Accounts payable – related parties | 441 | 86 |
| Accrued expenses | 16,664 | 14,419 |
| Operating lease liability, current | 316 | 1,128 |
| Finance lease liability, current | 1,067 | 856 |
| Deferred revenue, current | 82,706 | 108,069 |
| Notes payable, current | 6,869 | 6,349 |
| Other current liabilities | 6,495 | 10,837 |
| Total current liabilities | 147,435 | 179,377 |
| Operating lease liability, less current portion | 15,215 | 16,466 |
| Finance lease liability, less current portion | 2,528 | 1,996 |
| Deferred revenue, less current portion | 75,824 | 45,904 |
| Notes payable, less current portion | 123,479 | 124,079 |
| Notes payable, less current portion – related parties | 18,079 | 17,524 |
| Warrant liability | 9,177 | 4,070 |
| Other liabilities, less current portion | 19,681 | 25,956 |
| Total liabilities | 411,418 | 415,372 |
| Commitments and contingencies | ||
| Temporary equity | ||
| Redeemable convertible preferred stock, $0.0001 par value; 65,408 and 51,033 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 52,543 and 41,588 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; $1,599,250 and $1,227,158 liquidation preference as of June 30, 2025 and December 31, 2024, respectively | 973,371 | 759,582 |
| Stockholders’ deficit | ||
| Common stock, $0.0001 par value, 168,772 and 154,397 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 14,008 and 13,241 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2 | 1 |
| Additional paid-in capital, net of issuance costs | — | — |
| Accumulated deficit | (917,998) | (767,623) |
| Total stockholders’ deficit | (917,996) | (767,622) |
| Total liabilities, temporary equity, and stockholders’ deficit | 466,793 | 407,332 |
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