Firefly Aerospace 2025 Q2 Earnings Wider Losses Amid Revenue Decline

Firefly Aerospace (FLY) reported its fiscal 2025 Q2 earnings on Sep 22nd, 2025. The firm missed expectations with a significant revenue decline and deepened losses. The company maintained full-year revenue guidance and provided key updates on strategic developments, including a major equity investment and regulatory clearance.

Revenue
Total revenue for Firefly Aerospace declined by 26.2% to $15.55 million in 2025 Q2, representing a notable drop from $21.07 million in the same period of 2024. The decline reflects a challenging operating environment and may be attributed to a combination of market dynamics and operational factors.

Earnings/Net Income
Firefly Aerospace’s losses widened significantly, with a net loss of $63.78 million in 2025 Q2 compared to $53.45 million in 2024 Q2, representing a 19.3% increase. On a per-share basis, the loss deepened to $5.78 per share in the latest quarter from $4.60 per share in the prior year period. These figures indicate a deteriorating financial performance in terms of profitability.

Price Action
Despite the earnings miss, Firefly Aerospace’s stock showed a positive price action. Over the latest trading day, shares surged 6.93%. For the full trading week, the stock climbed 12.90%, and for the month-to-date, it gained 9.39%. The market appears to be reacting favorably to the company’s strategic progress and guidance.

Post Earnings Price Action Review
Following the earnings release, Firefly Aerospace’s management outlined progress as a public entity, citing its successful IPO and ongoing advancements in launch and spacecraft product development. CEO Jason Kim highlighted the company’s strong business momentum, including a $1.3 billion backlog, FAA clearance for Alpha’s return to flight, and a $50 million preferred equity investment from Northrop Grumman. Kim emphasized Firefly’s focus on ramping up flight cadence to meet demand, particularly in national security and commercial markets, and expressed optimism about the company’s leadership position and technological capabilities. The company also provided full-year 2025 revenue guidance of between $133 million and $145 million, backed by contract awards and strategic milestones such as the Blue Ghost Mission 4 contract and international partnerships. Additionally, Firefly expects the debut of its Eclipse vehicle as early as next year, supported by 95 completed Miranda engine hot fire tests and the return to flight for Alpha. The company is actively working on determining the next available launch window for Alpha Flight 7.

CEO Commentary
Firefly Aerospace CEO Jason Kim emphasized the company’s progress as a public entity following its successful IPO. Kim highlighted Firefly’s expansion to a $1.3 billion backlog and the FAA’s clearance for Alpha’s return to flight. He expressed confidence in Firefly’s market leadership and technological capabilities, noting the company’s focus on ramping up flight cadence to meet strong demand, especially for national security missions. Kim also underscored the significance of the $50 million preferred equity investment from Northrop Grumman, which supports Firefly’s long-term partnership for the Eclipse launch vehicle. He reiterated optimism about Firefly’s ability to execute its strategic initiatives and deliver on its mission-critical objectives.

Guidance
Firefly Aerospace expects total revenue for the full year 2025 to be between $133 million and $145 million. This guidance is supported by recent contract awards, strategic milestones, and the company’s ongoing production of Alpha vehicles to meet demand. Firefly also outlined its plan for the debut of the Eclipse vehicle as early as next year and provided updates on the 95 completed Miranda engine hot fire tests. The company is also working on determining the next available launch window for Alpha Flight 7 following the FAA’s Return to Flight determination.

Additional News
On August 7, 2025, Firefly Aerospace rang the Bell at the Nasdaq MarketSite to mark its listing on the exchange following its successful IPO. The company raised $933.1 million in net proceeds from the IPO, which has significantly bolstered its balance sheet. Additionally, Firefly announced a $176.7 million NASA contract for Blue Ghost Mission 4, increasing its total backlog to approximately $1.3 billion. The United Arab Emirates’ Rashid 2 Rover was announced as an international payload customer for Blue Ghost Mission 2. Firefly also signed a Technology Safeguards Agreement with the U.S. and Sweden, enabling Alpha launches from the Esrange Space Center. The company completed 95 hot fire tests of the Miranda engine, a critical milestone for the debut of the Eclipse launch vehicle.