Firefly Aerospace 2025 Q3 Earnings Narrows Losses as EPS Improves 58%

Firefly Aerospace (FLY) reported its fiscal 2025 Q3 earnings on Nov 13, 2025, delivering revenue that exceeded expectations and raising full-year guidance. The company’s revenue surged 37.6% year-over-year to $30.78 million, while it narrowed its per-share loss by 58% to $1.50. However, the net loss widened by 227.1% to $133.41 million, reflecting ongoing operational challenges.

Revenue

Firefly Aerospace reported a 37.6% year-over-year increase in total revenue to $30.78 million in Q3 2025. The growth was driven by the Spacecraft Solutions segment, which generated $21.35 million, while the Launch segment contributed $9.42 million. This performance underscores strong execution on contracts and progress in launch operations, as highlighted by CEO Jason Kim.

Earnings/Net Income

Firefly Aerospace reduced its per-share loss to $1.50 in Q3 2025, a 58.0% improvement from the $3.57 loss in the prior-year period. However, the company’s net loss expanded to $133.41 million, a 227.1% increase from $40.79 million in Q3 2024.

While Firefly narrowed its per-share loss by 58%, the net loss expanded by 227.1% to $133.41 million, highlighting operational challenges.

Post-Earnings Price Action Review

The stock price of Firefly Aerospace declined sharply post-earnings, dropping 4.93% in a single trading day, 18.62% over the most recent full trading week, and 38.72% month-to-date. Despite the revenue beat and improved EPS, investors appeared cautious due to the widened net loss and ongoing operational risks.

CEO Commentary

Firefly Aerospace CEO Jason Kim emphasized robust Q3 revenue growth, driven by spacecraft execution on contracts and progress in launch operations. He highlighted confidence in the Alpha team’s readiness for a safe return to flight and the strategic value of the SciTec acquisition. Kim reiterated optimism about Firefly’s role in lunar and defense innovation, citing momentum from contracts like Blue Ghost Mission 4 and partnerships with the UAE’s Mohammed Bin Rashid Space Centre.

Guidance

Firefly provided 2025 full-year revenue guidance of $150–158 million, with Q3 results ($30.78 million) aligning with this range. Key priorities include achieving Alpha Flight 7 launch readiness by late Q4 2025/early Q1 2026, implementing post-ground test corrective measures, and scaling production for Blue Ghost lunar missions. Management remains focused on operational efficiency and backlog realization, though risks such as launch delays and regulatory hurdles persist.

Additional News

Firefly Aerospace recently completed its $855 million acquisition of SciTec, a defense tech firm, to bolster national security capabilities and expand its Golden Dome program offerings. The company also secured a $176.7 million NASA contract for lunar payload delivery to the Moon’s south pole (Blue Ghost Mission 4) and a $10 million addendum for additional lunar data collection. Meanwhile, two class action lawsuits were filed against Firefly, alleging misstatements in its IPO prospectus and subsequent disclosures. Robbins LLP and Schall Law Firm are representing investors who claim the company overstated demand for its Spacecraft Solutions and Alpha rocket program viability.