Starfighters Space (FJET) Q4 2025 earnings summary

Executive summary

• Completed initial public offering and began trading on NYSE American in December 2025, raising $22.1M in gross proceeds and converting $13.8M of convertible debt to equity.

• Net loss for 2025 was $16.5M, up from $7.9M in 2024, driven by increased expenses related to going public, R&D, and business development.

• Company operates the only commercial fleet of F-104 supersonic aircraft, focusing on launch services, R&D, and pilot training.

• Material weaknesses in internal controls identified; remediation plans underway.

Financial highlights

• Revenue remains under $1M annually; primary income from pilot training and testing services.

• Net loss of $16.5M in 2025, compared to $7.9M in 2024.

• Operating expenses rose sharply due to stock-based compensation, consulting, R&D, and public company costs.

• Cash and restricted cash at year-end 2025 was $4.6M, down from $7.1M in 2024.

• Working capital improved to $17.1M at year-end 2025 from a deficit of $7.7M in 2024, mainly due to IPO proceeds.

Outlook and guidance

• Plans to achieve first commercial launch by end of 2026, pending regulatory approvals and funding.

• Focus on expanding launch services, hypersonic R&D, and pilot training.

• Material uncertainties remain regarding ability to continue as a going concern without additional financing.