Starfighters Space (FJET) investor relations material

Company overview and business model

• Operates the only commercial fleet of F-104 supersonic aircraft, providing specialized flight services, R&D, and planned air-launch services for commercial, academic, civil, and government clients.

• Current operations focus on launch services, airborne testbeds for hypersonic R&D, and pilot training, with non-core income from specialized training and equipment testing.

• Developing StarLaunch I (suborbital) and StarLaunch II (LEO payload) air-launch platforms, with recent milestones in wind tunnel testing and drop-test preparations.

• Plans to expand fleet with newer aircraft, subject to availability, financing, and regulatory approval.

• Strategic locations at Kennedy Space Center and Midland International Air & Space Port provide access to key infrastructure and markets.

Financial performance and metrics

• Net loss of $16.5M for FY 2025, up from $7.9M in FY 2024; Q1 2026 net loss of $4.3M vs. $2.7M in Q1 2025.

• Annual revenues and other income have historically been under $1M, with significant increases in operating expenses due to R&D, public company costs, and stock-based compensation.

• Cash and short-term investments totaled $2.1M as of March 31, 2026, with $1.2M restricted due to litigation.

• Working capital of $14.7M as of March 31, 2026, but substantial doubt exists about ability to continue as a going concern without additional funding.

• PIPE financing in May 2026 raised $17.5M gross at $3.35/share.

Use of proceeds and capital allocation

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

• PIPE proceeds used for general corporate purposes, including R&D, fleet expansion, and working capital.

• Estimated $8.8M required to complete first StarLaunch I suborbital launch; StarLaunch II development expected to require $50M+ (excluding carrier aircraft acquisition).