Firefly Aerospace (FLY) Registration Filing summary

Company overview and business model

• Operates as a vertically integrated space and defense technology company, providing launch, lander, and spacecraft solutions for national security, government, and commercial customers.

• Achieved the first fully successful commercial Moon landing and offers both small (Alpha) and medium (Eclipse) class launch vehicles.

• Acquired SciTec, Inc. in October 2025 to enhance AI-enabled defense software and expand national security capabilities.

• Maintains a robust backlog of $1.3 billion as of September 30, 2025, with milestone-based billing and multi-launch agreements.

• Operates from state-of-the-art facilities in Texas, with additional launch sites in California, Virginia, and Sweden.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025 was $102.2 million, up 97% from $51.8 million in the prior year period.

• Net loss for the nine months ended September 30, 2025 was $257.3 million, compared to $147.0 million in the prior year period.

• Adjusted EBITDA for the nine months ended September 30, 2025 was $(141.4) million.

• Cash and cash equivalents as of September 30, 2025 were $995.2 million, with financial debt of $30.2 million.

• Completed an IPO in August 2025, raising $932.5 million in net proceeds.

Use of proceeds and capital allocation

• The company will not receive proceeds from the sale of shares by selling securityholders; proceeds go to those holders.

• IPO proceeds were used to repay prior term loans and fund operations, with a new revolving credit facility established.

• Ongoing capital allocation focuses on R&D, manufacturing expansion, and scaling launch cadence.