Firefly Aerospace Inc. (FLY): Results of Operations and Financial Condition
Firefly Aerospace Inc. (FLY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Firefly Aerospace Announces Second Quarter 2026 Financial Results With Record Revenue Of $117.7 Million, Up 659% Year-Over-Year Won multiple contracts to support NASA's Moon Base program and acquired Space-ng to fuel autonomous space operations, while adding more national securit
How this was made
The 30-second read
Why it matters
Traders can update models immediately using the disclosed Q2 revenue level, the sequential quarter change, the raised 2026 revenue range, and the specific contract awards/subcontracts that expand near-to-mid-term backlog and program execution milestones.
Market read
Record quarterly revenue, raised full-year guidance, and multiple newly disclosed government contract awards plus an acquisition and public offering make this a high-signal update for valuation and backlog expectations.
What to watch
The acquisition (Space-ng) and the underwritten public offering introduce integration and dilution/capital-structure considerations that may offset some of the guidance upside.
Firefly Aerospace Announces Second Quarter 2026 Financial Results With Record Revenue Of $117.7 Million, Up 659% Year-Over-Year
Firefly reported record revenue of $117.7 million, stated to be up 659% year-over-year and 45.5% from the prior quarter, while securing multiple lunar, defense, and Mars-related awards and maintaining full-year revenue guidance of $420 million to $450 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $117.7 million | up 45.5% from the prior quarter | up 659% year-over-year |
2026 full-year outlook
- Revenuebetween $420 million and $450 million
What drove it
- Awarded a $144 million NASA Commercial Lunar Payload Services (CLPS) contract for a rapid Blue Ghost lander mission to the Moon.
- Awarded a $75 million subcontract from NASA's Jet Propulsion Laboratory (JPL) to support NASA's MoonFall mission, utilizing an Elytra spacecraft.
- Awarded a U.S. Air Force contract option worth $5.5 million for SciTec to deliver the operational data fusion system for the Cloud-Based Command and Control (CBC2) program.
- Acquired Space-ng, bringing AI-powered vision navigation and autonomous guidance systems, spacecraft software, and camera hardware for Blue Ghost landers and Elytra orbital vehicles.
- Awarded Firefly's first Mars mission, with a $13 million subcontract to support the SkyFall mission for NASA JPL.
- Awarded a $94 million Space Force contract under the Ground-Based Radar Digitization program.
- Signed an extension to Lockheed Martin's multi-launch agreement for Alpha flights for up to 25 launches through 2031 using the Block II configuration.
- Expanded campus with a new headquarters, more than quadrupled spacecraft cleanroom space, added on-site workstations for Alpha and Eclipse manufacturing, and established a new Gloworks innovation lab.
Concerns
- The release identifies risks related to achieving and maintaining profitability.
- The release identifies potential delayed or failed launches and failure of launch vehicles and spacecraft to operate as intended.
- The release identifies manufacturing, regulatory, government-funding, customer-concentration, vendor, macroeconomic, tariff, information-security, and acquisition-integration risks.
- The release identifies risk that Firefly may be unable to operate Alpha at its anticipated launch rate or finalize the development and delivery of Eclipse.
- The filing excerpt does not include the supplemental financial data and reconciliations referenced in the release.
What to watch
- Execution of the $144 million NASA CLPS Blue Ghost mission and the $75 million NASA JPL MoonFall subcontract.
- Production and design progress for Blue Ghost's Gruithuisen Domes and South Pole missions.
- Integration of Space-ng's autonomous navigation, guidance, software, and camera capabilities into Blue Ghost and Elytra.
- Progress toward Alpha launches from Sweden's Esrange Space Center and development of the offshore Alpha launch platform with Seagate Space.
- Eclipse Miranda engine maturation following more than 150 hot fire tests to date, including a 226-second flight-like Mission Duty Cycle test.
- Delivery against the 2026 full-year revenue outlook of between $420 million and $450 million.
Balance sheet and cash flow
- Completed underwritten public offering of common stock generating net proceeds of $181.6 million, to use for expanding core business growth and execution of recently awarded contracts.
Analysis
Firefly reported record revenue of $117.7 million for the second quarter ended June 30, 2026. The release describes revenue as up 659% year-over-year and up 45.5% from the prior quarter, framing the period as a substantial acceleration in reported top-line activity. The filing excerpt does not provide the underlying prior-year or prior-quarter revenue amounts, nor does it include revenue by program or segment.
Demand indicators in the release were concentrated in lunar, defense, and autonomous-space operations. Firefly highlighted a $144 million NASA CLPS contract for a rapid Blue Ghost lunar mission, a $75 million NASA JPL MoonFall subcontract using an Elytra spacecraft, a $94 million Space Force Ground-Based Radar Digitization contract, and a $13 million SkyFall subcontract for its first Mars mission. The company also cited an extension of Lockheed Martin's Alpha agreement for up to 25 launches through 2031.
The quarter also featured capacity and capability investments. Firefly acquired Space-ng to add AI-powered vision navigation, autonomous guidance systems, spacecraft software, and camera hardware. It expanded its campus, more than quadrupled spacecraft cleanroom space, added Alpha and Eclipse manufacturing workstations, and established the Gloworks innovation lab. The company also completed an underwritten public offering that generated net proceeds of $181.6 million for core-business growth and execution of recently awarded contracts.
Operationally, Firefly cited completed design milestones for Blue Ghost missions, critical milestones for Alpha operations from Esrange Space Center, and continued Eclipse engine testing. These developments place attention on whether manufacturing scale, launch readiness, and program execution can support the growing set of lunar, defense, and launch commitments described in the release.
For 2026, Firefly expects full-year revenue to be between $420 million and $450 million. The filing excerpt provides no gross-margin, operating-expense, tax-rate, profitability, cash-flow, cash-balance, debt-balance, or earnings-per-share figures. Accordingly, the available read is centered on record reported revenue, contract activity, investment in capacity and technology, and execution against the stated full-year revenue outlook rather than on margins or cash generation.
Management, verbatim
Breaking the $100 million mark with another quarterly revenue record demonstrates Firefly's amplified growth. With more than a half dozen contract wins during the second quarter, we are matching execution to rocket, spacecraft, and software orders across our programs.
Jason Kim, CEO of Firefly Aerospace
Firefly is leading the way in unlocking the lunar opportunity, with another two Moon missions added to our manifest during the second quarter.
Jason Kim, CEO of Firefly Aerospace
We're also going beyond the Moon to Mars as we support the cutting-edge SkyFall mission for NASA. Our recent campus expansion allows us to meet the growing demand behind both Blue Ghost and Elytra for exploration and national security missions, while also meeting the growing demand for orbital launch vehicles.
Jason Kim, CEO of Firefly Aerospace
Not in the filing
stated, not guessed- Prior-year revenue amount
- Prior-quarter revenue amount
- Revenue by segment or program
- Gross profit
- Gross margin
- Operating income or loss
- GAAP net income or loss
- GAAP earnings or loss per share
- Non-GAAP operating income or loss
- Non-GAAP net income or loss
- Non-GAAP earnings or loss per share
- Adjusted EBITDA
- Research and development expense
- Selling, general, and administrative expense
- Operating expenses
- Tax rate
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Guidance for gross margin, operating expenses, tax rate, profitability, EBITDA, EPS, operating cash flow, or free cash flow
- Previous-quarter outlook for comparison
- Supplemental financial data and non-GAAP reconciliations referenced in the release
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K with an attached earnings release (Item 2.02) covering Firefly’s Q2 2026 results, contract activity, acquisition, and full-year revenue guidance.
Ticker impact
Firefly reports Q2 2026 record revenue of $117.7M and raises 2026 full-year revenue guidance to $420M-$450M, plus multiple new NASA and Air Force awards.
Likely positive bias for the next session as traders price higher 2026 revenue expectations and incremental backlog, though dilution/cash-burn concerns may cap upside.
The filing includes explicit Q2 revenue figures, a full-year revenue range, and multiple newly awarded contracts/subcontracts plus a completed public offering, all of which are direct, decision-relevant inputs for valuation and backlog modeling.
Market effects
Supports sentiment for small/mid-cap space and defense primes and lunar/launch supply chains via demonstrated contract momentum and capacity expansion.
Texas-based manufacturing expansion and cleanroom growth may reinforce local industrial activity tied to aerospace suppliers.
NASA and U.S. defense program awards underscore continued government demand for lunar and autonomous space capabilities.
Counterpoint
Despite record revenue and guidance, the company’s reliance on government contracts and ongoing development milestones could keep margins and cash flow volatile, limiting sustained multiple expansion.
Key entities
- issuerFirefly Aerospace Inc.
Reports Q2 2026 financial results, contract wins, acquisition of Space-ng, and 2026 revenue guidance in an SEC 8-K.
- customer/government agencyNASA
Awards include a $144M CLPS contract for a Blue Ghost lander and a $75M JPL subcontract for MoonFall-related work.
- customer/government agencyU.S. Air Force Research Laboratory (AFRL) / Space Force
Contracts and options for SciTec and Ground-Based Radar Digitization, plus IDIQ onboarding for NITE-STAR.
- technology partnerNVIDIA
Collaboration to enable rapid on-orbit processing using an NVIDIA Jetson module with Firefly AI software.
- acquired companySpace-ng
Acquired to add AI-powered vision navigation and autonomous guidance capabilities for Firefly missions.
