Starfighters Space (FJET) Q1 2026 earnings summary

Executive summary

• Completed initial public offering in December 2025 and listed on NYSE American; operates a unique fleet of F-104 supersonic aircraft for space and aerospace services.

• Achieved a key technical milestone with successful wind tunnel testing for STARLAUNCH 1, advancing air-launched rocket development.

• Leadership transition occurred in February 2026 with the resignation of the former CEO and appointment of Tim Franta as CEO.

• Facing ongoing litigation and internal investigations related to unauthorized fund transfers by the former CEO, impacting access to certain cash and investments.

Financial highlights

• Net loss for Q1 2026 was $4,269,131, compared to $2,653,107 in Q1 2025, driven by higher operating expenses and legal costs.

• Operating expenses increased significantly year-over-year, notably in advertising, consulting, professional fees, and insurance due to public company costs and legal disputes.

• Cash and restricted cash at March 31, 2026 totaled $2,138,039, down from $4,631,720 at year-end 2025.

• Working capital at March 31, 2026 was $14,711,208, down from $17,091,337 at December 31, 2025.

• No new financing activities in Q1 2026; prior year included $4.1 million in Reg A financing.

Outlook and guidance

• Material uncertainties exist regarding the ability to continue as a going concern due to ongoing losses, restricted cash, and dependence on future financing.

• Management is actively seeking additional funding and managing cash flows to support operations until profitability is achieved.