Firefly Aerospace (FLY) Q2 2025 earnings summary

Executive summary

• Completed a historic IPO in August 2025, raising $933.1M–$1B in net proceeds, the largest for a U.S. space/defense company in the 21st century, and listed on Nasdaq.

• Achieved the first successful commercial lunar landing and completed multiple NASA CLPS contracts, with over $500M in Blue Ghost contracts awarded.

• Backlog increased to $1.3B by July 2025, driven by new NASA and DoD contracts and international customers.

• Expanded product portfolio with operational and upcoming spacecraft (Blue Ghost, Elytra/Elektra) and launch vehicles (Alpha, Eclipse), with Alpha being the only operational U.S. rocket in the 1-ton class and over 30 launches in backlog.

• Vertically integrated operations and advanced technology position the company for scalable growth.

Financial highlights

• Q2 2025 revenue: $15.5M, down from $21.1M in Q2 2024; six-month revenue: $71.4M, up 143% year-over-year.

• Net loss for Q2 2025: $63.8M; six-month net loss: $123.9M, up from $106.2M year-over-year.

• Adjusted EBITDA for Q2 2025: $(47.9)M; free cash flow for the first six months: $(96.5)M.

• Gross margin for Q2 2025: 25.7%, up from 14% in Q2 2024.

• Cash and cash equivalents at June 30, 2025: $205.3M; post-IPO, cash exceeds $1B after debt repayment.

Outlook and guidance

• FY2025 revenue guidance: $133M–$145M.

• Anticipates debut launch of Eclipse vehicle as early as 2026 and continued ramp-up of Alpha and Eclipse production.

• Management believes cash on hand is adequate for at least the next 12 months; future capital needs depend on growth and operational scale.