Firefly Aerospace 2025 Q3 Earnings Widening Loss Amid 38% Revenue Growth

Firefly Aerospace (FLY) reported its fiscal 2025 Q3 earnings on Nov 12, 2025, with revenue growth outpacing losses but failing to stem a sharp decline in share price. The company’s shares fell 4.93% in the latest session and 38.72% month-to-date, despite raising full-year revenue guidance.

Revenue

Launch operations contributed $9.42 million, while the Spacecraft Solutions segment generated $21.35 million, bringing total revenue to $30.78 million—a 37.6% year-over-year increase. The growth underscores progress in spacecraft execution and launch contracts, though the Spacecraft Solutions segment’s performance remains critical to sustaining momentum.

Earnings/Net Income

Firefly narrowed its per-share loss to $1.50 in Q3 2025 from $3.57 a year earlier, a 58% improvement. However, the net loss widened to $133.41 million, a 227.1% increase from $40.79 million in 2024 Q3, highlighting structural challenges.

Post-Earnings Price Action Review

Post-earnings, Firefly’s stock faced renewed selling pressure, with a 4.29% drop on Nov 13 amid skepticism over its path to profitability. The decline followed concerns about the Alpha rocket program’s readiness and regulatory hurdles, despite a $176.7 million NASA contract and a $10 million addendum for lunar missions. The stock’s 18.62% weekly and 38.72% monthly declines reflect investor caution, even as the company raised its 2025 revenue forecast to $150–$158 million.

CEO Commentary

CEO Jason Kim emphasized 98% quarter-over-quarter revenue growth and progress in safety and reliability. He cited the SciTec acquisition as a strategic win for national security capabilities and expressed confidence in the Alpha team’s return to flight.

Guidance

Firefly projects full-year 2025 revenue of $150–$158 million, with Alpha Flight 7 targeting late Q4 2025 to early Q1 2026. The company also anticipates advancing lunar missions and defense applications while addressing operational risks.

Additional News

1. M&A Activity: Firefly completed the $855 million acquisition of SciTec to enhance national security capabilities, supported by a $260 million credit facility.

2. Contract Wins: Secured a $176.7 million NASA contract for Blue Ghost Mission 4 and a $10 million addendum for lunar data collection.

3. Legal Scrutiny: Multiple law firms are investigating potential securities law violations, citing alleged misstatements in its August 2025 IPO offering.