Firefly Aerospace (FLY) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $110.7M, up 259% YoY; backlog was $1.67B at quarter-end, and FY26 revenue guidance was $440M–$450M.

• A three-year AST SpaceMobile agreement valued at more than $1.3B covers engine IP licensing, engineering support and engine deliveries; activity advanced across lunar, launch and national-security programs.

Financial highlights

• Q3 revenue was $110.7M versus $30.8M a year earlier; 9M revenue was $309.2M versus $102.2M, up 203%.

• Q3 gross profit was $25.3M; operating loss was $101.6M and net loss was $94.2M, versus $62.2M and $133.4M, respectively, a year earlier.

• Q3 diluted EPS was $(0.56); 9M diluted EPS was $(1.73).

• Q3 Adjusted EBITDA was $(69.5)M and free cash flow was $(85.3)M; 9M figures were $(195.5)M and $(270.5)M, respectively.

• Q3 GAAP gross margin was 22.9%, up 260 bps QoQ; operating expenses were $104M and operating loss was $78.7M in the adjusted results reported in the earnings materials.

Outlook and guidance

• FY26 revenue guidance was raised to $440M–$450M from $420M–$450M, lifting the midpoint to $445M from $435M.

• Alpha Flight 8 is targeted for Q1 2027 after a national-security customer manifest change; 2027 launch targets were to be addressed on the Q4 call.

• AST-related revenue is expected to ramp in 2027; engine deliveries begin in year two, with revenue continuing to increase through year three.

• Cash burn is expected to rise into 2027 as AST-related R&D, CapEx and infrastructure investments increase.

• Blue Ghost Mission 2 is expected to launch in 2027, subject to spacecraft delivery and launch-window confirmation; Gruithuisen Domes targets 2028.