Firefly Aerospace (FLY) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $80.9 million, up 45% year-over-year and 40% sequentially, driven by government programs, lunar and defense missions, and successful Alpha Flight 7 launch.

• Major milestones include the first commercial Moon landing, Blue Ghost Mission 2 assembly, NASA partnerships, and new AI-enabled services through collaborations like NVIDIA.

• SciTec subsidiary secured a key role in the Space-Based Interceptor program and contributed to defense software and analytics capabilities.

• Expanded production capacity and supply chain, including cleanroom expansion and manufacturing upgrades, to meet increased demand for lunar landers and spacecraft.

• Backlog stood at $1.3 billion as of March 31, 2026, providing strong visibility into future revenue.

Financial highlights

• Q1 2026 revenue reached $80.9 million, up from $57.7 million in Q4 and $55.9 million in Q1 2025.

• Spacecraft solutions contributed $67.6 million; launch revenue was $13.3 million, up 156% year-over-year.

• Gross profit was $17.5 million, with GAAP gross margin at 21.6%, up from 4.0% in Q1 2025.

• GAAP operating loss was $95.7 million; net loss was $96.7 million; adjusted EBITDA loss was $64.7 million; free cash outflow was $78.9 million.

• Cash and short-term investments were $551.6 million at quarter-end; liquidity supported by a $305 million undrawn credit facility.

Outlook and guidance

• Full-year 2026 revenue guidance is $420 million–$450 million, supported by a $1.3 billion backlog and multi-launch agreements.

• Confident in long-term growth trajectory due to strong sector catalysts, ongoing expansion in lunar lander production, and new mission opportunities.

• Liquidity expected to be sufficient for at least the next 12 months, with share count projected to increase by about 1 million per quarter.