Starfighters Space (FJET) investor relations material

Company overview and business model

• Operates the only commercial fleet of flight-ready F-104 supersonic aircraft, providing pilot/astronaut training, in-flight testing, and developing air-launched rocket services for commercial, academic, civil, and government clients.

• Expanding into launch services for small satellites and hypersonic R&D, leveraging unique aircraft capabilities and strategic locations at Kennedy Space Center and Midland International Air & Space Port.

• Growth strategy includes addressing the backlog of small satellite launches, expanding pilot training, and targeting hypersonic research contracts.

• Holds exclusive FAA authorization for pilot training above NASA's Kennedy Space Center and is developing the StarLaunch rocket platform for suborbital and orbital payload delivery.

• Revenue streams include historical services (training/testing) and new services (launch, hypersonic R&D), with a focus on government and commercial contracts.

Financial performance and metrics

• Reported net loss of $16.5M for FY2025 and $7.9M for FY2024; Q1 2026 net loss was $4.3M, up from $2.7M in Q1 2025.

• FY2025 revenue and other income remained under $1M, with significant increases in operating expenses due to public company costs, stock-based compensation, and R&D.

• As of March 31, 2026, cash and restricted cash totaled $2.1M, with $13.2M in short-term investments; working capital was $14.7M.

• Material uncertainties exist regarding ability to continue as a going concern, with ongoing negative cash flows and dependence on future financing.

• Substantial stock-based compensation and related party transactions, including significant options and RSUs granted to executives and directors.

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by selling stockholders; all offering costs for registration are borne by the company.

• Recent PIPE financing raised $17.5M gross at $3.35/share, used for general corporate purposes and to support ongoing operations and development.

• Capital allocation priorities include R&D, fleet modernization, regulatory compliance, and expansion of operational capacity.