Did Firefly Aerospace beat or miss consensus estimates last quarter?

What factors drove the changes in Firefly Aerospace's revenue and profit?

What is Firefly Aerospace's gross profit margin?

What does Firefly Aerospace do and what are its main business segments?

What were the key takeaways from Firefly Aerospace’s earnings call?

What is the market's earnings forecast for Firefly Aerospace next quarter?

What is Firefly Aerospace's latest dividend and current dividend yield?

What guidance did Firefly Aerospace's management provide for the next earnings period?

- **Backlog Expansion**: $1.3B backlog driven by NASA and UAE contracts
- **Mission Momentum**: Blue Ghost Missions 2-4 in production, Alpha return to flight imminent
- **Golden Dome Positioning**: Alpha, Elytra, Eclipse all aligned with U.S. space defense strategy
- **Financial Strength**: $1B+ cash post-IPO, 2025 revenue guidance of $133-145M
- **Innovation**: Ocular imaging service to monetize lunar data starting 2026
- **Growth Catalysts**: Eclipse launch in 2026, M&A pipeline for strategic tech acquisitions

**【CEO Summary Section】**
- Firefly reported a $1.3 billion backlog, driven by new contracts including a $177 million Blue Ghost Mission 4 from NASA and a $130 million UAE lunar rover contract.
- Blue Ghost Mission 2 is in production, with payloads from NASA and Fleet Space, and Mission 3 is in development with Northrop Grumman.
- Alpha rocket production is ramping up for 2025 launches, with FAA approval for return to flight and plans for 2+ launches this year.
- Eclipse rocket development is progressing with 90+ engine tests and integration of Northrop Grumman's $50 million investment.
- Golden Dome opportunity: Alpha rockets can support hypersonic missile tests, and Elytra spacecraft can host space-based interceptors.
- Ocular imaging service will provide commercial lunar data starting in 2026.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $15.5 million (spacecraft: $9.2M, launch: $6.3M)
- Gross margin improved to 25.7% (vs. 4% Q1 2025) due to contract modifications
- Operating expenses: $55.8 million (up 9% YoY) driven by Eclipse development and Alpha production
- Cash post-IPO: ~$1 billion (including $125M revolving credit)
- 2025 revenue guidance: $133-145 million

**【Q&A Key Highlights】**
- **Alpha Launches**: Flight 7 expected in coming weeks, with 2+ 2025 launches and production scaling for 2026
- **Eclipse Development**: Miranda engine testing complete, with Northrop Grumman integration for 2026 launch
- **Golden Dome Strategy**: Alpha rockets for hypersonic tests, Elytra for interceptors, Eclipse for national security payloads
- **M&A Approach**: Targets with synergies to Firefly's space/defense strategy and culture
- **Blue Ghost Data Sales**: $10M addendum contract for lunar imagery, with potential for recurring revenue
- **Backlog Mix**: ~50% spacecraft (Blue Ghost, Elytra), 50% launch (Alpha, Eclipse) as of Q2 2025

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