Firefly Aerospace (FLY) Q3 2025 earnings summary

Executive summary

• Closed the $855 million acquisition of SciTec, expanding defense analytics, software, and national security capabilities, and adding $170 million in backlog; over 1,300 employees now, with 90% of SciTec staff holding security clearances.

• Achieved record $1.3 billion backlog at Q3 2025 end, driven by new NASA lunar contracts, Blue Ghost missions, and launch services.

• Advanced spacecraft and launch programs, including Alpha Flight 7 preparations, Blue Ghost lunar missions, and Elytra spacecraft development.

• Completed IPO in August 2025, raising $932.3 million in net proceeds and converting all preferred stock to common stock.

• Alpha launch team implemented corrective actions after a ground test anomaly, preparing for return to flight.

Financial highlights

• Q3 2025 revenue was $30.8 million, up from $15.5 million in Q2 and $22.4 million year-over-year; nine-month revenue reached $102.2 million, up 97%.

• Q3 gross margin was 27.6%, compared to 25.7% in Q2 and 34.7% in Q3 2024.

• Q3 GAAP net loss was $133.4 million, compared to $40.8 million in Q3 2024; nine-month net loss was $257.3 million.

• Adjusted EBITDA for Q3 2025 was $(46.3) million; free cash flow for the nine months ended September 30, 2025, was $(158.4) million.

• Cash and cash equivalents stood at $995.2 million as of September 30, 2025.

Outlook and guidance

• Raised full-year 2025 revenue guidance to $150–$158 million, reflecting SciTec integration and updated Alpha schedule.

• Alpha Flight 7 launch targeted between late Q4 2025 and early Q1 2026.

• Cash on hand expected to be sufficient for at least the next 12 months despite ongoing negative cash flows.