Firefly Aerospace (FLY) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $159.9 million in 2025, up 163% year-over-year, driven by successful launches, new contracts, and the acquisition of SciTec.

• Completed a historic IPO, strengthening the balance sheet and supporting long-term growth initiatives.

• Landed on the Moon with Blue Ghost Mission 1, marking the first commercial company to do so, and completed 14 days of lunar surface operations.

• Acquired SciTec, expanding into full-service hardware and software for national security, civil, and commercial customers.

• Secured major national security and NASA contracts, including onboarding to the $151 billion SHIELD contract and a $109 million FORGE award.

Financial highlights

• Annual revenue reached $159.9 million in 2025, a 541% increase from $24.9 million in 2024.

• Q4 2025 revenue was $57.7 million, up from $30.8 million in Q3 and $9 million in Q4 2024.

• Gross profit for 2025 was $30.7 million, compared to a gross loss of $11.4 million in 2024.

• Net loss for 2025 was $298.3 million, with adjusted EBITDA at $(198.6) million.

• Year-end backlog grew to $1.4 billion, up 23% year-over-year, with SciTec contributing $170 million.

Outlook and guidance

• 2026 revenue expected between $420 million and $450 million, a 172% increase at the midpoint.

• Four Alpha launches, three Blue Ghost missions, and continued development of Eclipse and Elytra programs planned for 2026.

• 80% of 2026 revenue guidance already booked, with significant upside potential from new contracts.

• Capital expenditures expected to increase in 2026 to support infrastructure and production scaling.