Firefly Aerospace (FLY) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $80.9 million, up 45% year-over-year and 40% sequentially, driven by government programs, Moon landing milestones, and successful Alpha launch.

• Major operational milestones included the first commercial Moon landing, Alpha Flight 7 launch, and progress on Blue Ghost, Elytra, and Eclipse programs.

• SciTec subsidiary secured a key role in the $3.2 billion Space-Based Interceptor program, continued execution on FORGE missile defense, and completed its acquisition, enhancing defense software and analytics.

• Expanded collaborations, notably with NVIDIA for AI-enabled lunar imaging and on-orbit processing, and offshore launch platform agreement with Seagate Space.

• Backlog stood at $1.29 billion as of March 31, 2026, providing strong visibility into future revenue.

Financial highlights

• Q1 2026 revenue reached $80.9 million, up 45% year-over-year and 40% sequentially.

• Gross profit was $17.5 million, up from $2.2 million in Q1 2025; gross margin was 21.6%, up from 3.9%–4.0% in Q1 2025.

• GAAP operating loss was $95.7 million; net loss was $96.7 million; non-GAAP net loss was $74 million.

• Adjusted EBITDA loss was $64.7 million; free cash outflow was $78.9 million.

• Cash and short-term investments were $551.6 million as of March 31, 2026; liquidity including undrawn credit facility was $811.6 million.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $420–$450 million, supported by strong demand and a $1.3 billion backlog.

• Ongoing expansion in lunar lander production, new mission opportunities, and multi-launch agreements expected to drive growth.

• Liquidity is expected to be sufficient for at least the next 12 months, with access to a $305 million undrawn revolving credit facility.

• Anticipates increased share count by about 1 million per quarter.