Firefly Aerospace Announces Third Quarter 2026 Financial Results With Record Backlog of $1.7 Billion
Firefly Aerospace Inc. (FLY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Firefly Aerospace Announces Third Quarter 2026 Financial Results With Record Backlog of $1.7 Billion Completed cleanroom expansion to scale Moon Base spacecraft production, signed first European launch contracts, while ramping up Alpha Block II manufacturing and executing across
How this was made
The 30-second read
Why it matters
The company’s revenue jump, record backlog, and new multi‑billion contracts provide a clear catalyst for stock movement.
Market read
First‑time disclosure of strong earnings and guidance makes this a high‑impact news item for the ticker.
What to watch
Heavy reliance on government contracts and the need for continued funding of the cleanroom expansion.
Firefly reports Q3 2026 revenue of $110.7 million, up 259%, and a record $1.7 billion backlog, with GAAP operating loss wider than a year earlier
Revenue rose 259% year over year and backlog reached a reported $1.7 billion, but the GAAP loss from operations widened from $(62,193) thousand to $(101,578) thousand, non-GAAP net loss widened from $(51,445) thousand to $(75,373) thousand, and operating cash use and free cash flow deficits were larger than a year earlier. Full-year 2026 revenue guidance of $440 million to $450 million is the only forward figure provided.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended Sept 30, 2026GAAP | $110.7M | – | 259% |
| Cost of sales, three months ended Sept 30, 2026GAAP | $85.39M | – | – |
| Gross profit, three months ended Sept 30, 2026GAAP | $25.30M | – | – |
| Research and development, three months ended Sept 30, 2026GAAP | $75.99M | – | – |
| Selling, general, and administrative, three months ended Sept 30, 2026GAAP | $50.88M | – | – |
| Total operating expenses, three months ended Sept 30, 2026GAAP | $126.9M | – | – |
| Loss from operations, three months ended Sept 30, 2026GAAP | −$101.6M | – | – |
| Interest income, three months ended Sept 30, 2026GAAP | $4.46M | – | – |
| Interest expense, three months ended Sept 30, 2026GAAP | −$1.64M | – | – |
| Net loss, three months ended Sept 30, 2026GAAP | −$94.20M | – | – |
| Net loss per common share, basic and diluted, three months ended Sept 30, 2026GAAP | $(0.56) | – | – |
| Non-GAAP net loss per share, basic and diluted, three months ended Sept 30, 2026non-GAAP | $(0.45) | – | – |
| Non-GAAP net loss, three months ended Sept 30, 2026non-GAAP | −$75.37M | – | – |
| Adjusted EBITDA, three months ended Sept 30, 2026non-GAAP | −$69.53M | – | – |
| Non-GAAP research and development, three months ended Sept 30, 2026non-GAAP | $67.71M | – | – |
| Non-GAAP selling, general, and administrative, three months ended Sept 30, 2026non-GAAP | $36.28M | – | – |
| Non-GAAP operating expenses, three months ended Sept 30, 2026non-GAAP | $104.0M | – | – |
| Non-GAAP loss from operations, three months ended Sept 30, 2026non-GAAP | −$78.70M | – | – |
| Net cash used in operating activities, three months ended Sept 30, 2026GAAP | −$69.7M | – | – |
| Free cash flow, three months ended Sept 30, 2026non-GAAP | −$85.26M | – | – |
| Backlog, at Sept 30, 2026other | $1.7B | – | – |
| Revenue, nine months ended Sept 30, 2026GAAP | $309.2M | – | – |
| Cost of sales, nine months ended Sept 30, 2026GAAP | $242.6M | – | – |
| Gross profit, nine months ended Sept 30, 2026GAAP | $66.63M | – | – |
| Research and development, nine months ended Sept 30, 2026GAAP | $215.0M | – | – |
| Selling, general, and administrative, nine months ended Sept 30, 2026GAAP | $144.0M | – | – |
| Total operating expenses, nine months ended Sept 30, 2026GAAP | $359.1M | – | – |
| Loss from operations, nine months ended Sept 30, 2026GAAP | −$292.4M | – | – |
| Net loss, nine months ended Sept 30, 2026GAAP | −$283.2M | – | – |
| Net loss per common share, basic and diluted, nine months ended Sept 30, 2026GAAP | $(1.73) | – | – |
| Non-GAAP net loss per share, basic and diluted, nine months ended Sept 30, 2026non-GAAP | $(1.33) | – | – |
| Non-GAAP net loss, nine months ended Sept 30, 2026non-GAAP | −$217.1M | – | – |
| Adjusted EBITDA, nine months ended Sept 30, 2026non-GAAP | −$195.4M | – | – |
| Non-GAAP loss from operations, nine months ended Sept 30, 2026non-GAAP | −$225.4M | – | – |
| Net cash used in operating activities, nine months ended Sept 30, 2026GAAP | −$213.8M | – | – |
| Free cash flow, nine months ended Sept 30, 2026non-GAAP | −$270.5M | – | – |
FY2026 outlook
- Revenue$440 million to $450 million
- NoteGuidance is given for full-year 2026 revenue only. No gross margin, operating expense, loss or tax guidance is printed in the filing.
Capital returns
- The filing reports no share repurchases and no common or preferred dividend payments in the periods presented.
- Nine-month 2026 proceeds from issuance of common stock were $184,111 thousand, compared with $943,736 thousand in the nine months ended Sept 30, 2025, which included the IPO period.
What drove it
- The release lists contract and program wins in the quarter, including a $13 million NASA JPL subcontract for the SkyFall mission, an extension of the Lockheed Martin multi-launch agreement for up to 25 Alpha launches through 2031, two commercial Alpha launches from Esrange Space Center for SSC Space, and a $94 million Space Force Ground-Based Radar Digitization contract.
- The release states that the spacecraft cleanroom expansion was funded through a non-dilutive Texas Space Commission grant and enables simultaneous assembly and integration of up to 12 lunar landers and orbital vehicles.
- The release states that contracts valued at more than $1.3 billion were signed with AST SpaceMobile, which includes licensed IP, engine delivery, and engineering support. The filing does not separately quantify this contract's contribution to reported revenue or backlog.
- The filing does not attribute the 259% revenue increase or the change in operating expenses to specific causes. Quarterly revenue and operating expense lines are presented side by side without a company explanation.
- The release notes that Q3 2026 Adjusted EBITDA excluded stock-based compensation of $15,292 thousand and amortization of acquired intangibles of $5,000 thousand, among other adjustments, as defined by the company.
Concerns
- GAAP loss from operations was $(101,578) thousand in Q3 2026, compared with $(62,193) thousand in Q3 2025, and $(292,443) thousand for the nine months ended Sept 30, 2026, compared with $(175,087) thousand a year earlier.
- Non-GAAP net loss was $(75,373) thousand in Q3 2026, compared with $(51,445) thousand in Q3 2025. The GAAP net loss narrowed from $(133,412) thousand to $(94,198) thousand over the same comparison, because the prior-year quarter included a $(42,150) thousand warrant fair value charge and a $(30,400) thousand loss on extinguishment of debt.
- Free cash flow was $(85,259) thousand in Q3 2026 and $(270,458) thousand for the nine months, against $(61,966) thousand and $(158,422) thousand in the respective prior-year periods.
- Cash and cash equivalents fell from $792,966 thousand at Dec 31, 2025 to $409,285 thousand at Sept 30, 2026, with short-term investments of $125,447 thousand also on the balance sheet.
- Non-GAAP research and development was $67,712 thousand in Q3 2026 and GAAP research and development was $75,991 thousand, against $48,262 thousand and $48,763 thousand in Q3 2025.
What to watch
- Delivery against the FY2026 revenue guidance of $440 million to $450 million, given that the nine-month revenue printed in the filing is $309,244 thousand. The filing does not state a fourth-quarter figure.
- The conversion of the $1.7 billion backlog into revenue, as the company describes its pipeline and backlog as converting into results.
- Progress of Alpha Block II toward launch, the Miranda engine qualification campaign (with more than 170 hot fire tests completed to date per the release), and the first Eclipse launch.
- Operating cash use and free cash flow trends, given the nine-month free cash flow of $(270,458) thousand and the decline in cash and short-term investments.
- Performance of the AST SpaceMobile engine delivery and engineering obligations, which the release lists among its forward-looking risk factors.
- Advanced payments and deferred revenue levels, which rose on the balance sheet during the period.
Balance sheet and cash flow
- Cash and cash equivalents were $409,285 thousand at Sept 30, 2026, compared with $792,966 thousand at Dec 31, 2025.
- Short-term investments were $125,447 thousand at Sept 30, 2026, compared with $100,008 thousand at Dec 31, 2025.
- Total assets were $1,581,959 thousand at Sept 30, 2026, compared with $1,824,934 thousand at Dec 31, 2025.
- Total stockholders' equity was $1,143,526 thousand at Sept 30, 2026, compared with $1,189,939 thousand at Dec 31, 2025.
- Notes payable, less current portion, were $17,820 thousand at Sept 30, 2026, compared with $281,441 thousand at Dec 31, 2025.
- Nine-month 2026 repayment of revolving credit facility was $(260,000) thousand.
- Deferred revenue, current, was $171,172 thousand at Sept 30, 2026, compared with $116,135 thousand at Dec 31, 2025.
- Advanced payments, current, were $79,664 thousand at Sept 30, 2026, compared with $12,350 thousand at Dec 31, 2025.
- Nine-month 2026 purchases of property and equipment and internal-use software were $(56,648) thousand, compared with $(20,757) thousand in the prior-year period.
Analysis
Firefly reported Q3 2026 revenue of $110,682 thousand, up 259% from $30,778 thousand in the same period a year earlier, and nine-month revenue of $309,244 thousand against $102,182 thousand a year earlier. The company reports a record backlog of $1.7 billion at quarter end, up from $1.5 billion at the end of the prior quarter, and the release lists a broad set of new contracts across commercial launch, lunar missions, national security programs and NASA services. The filing does not provide a segment breakdown, so the revenue growth cannot be attributed to individual businesses from the document.
Cost of sales rose to $85,385 thousand in Q3 2026 from $22,288 thousand, and gross profit rose to $25,297 thousand from $8,490 thousand. The filing does not print a gross margin percentage or a prior-quarter gross margin, so margin trends are limited to these reported amounts. Operating expenses also rose sharply: GAAP research and development was $75,991 thousand against $48,763 thousand, and GAAP selling, general, and administrative expense was $50,884 thousand against $21,920 thousand. GAAP loss from operations widened to $(101,578) thousand from $(62,193) thousand.
Below the operating line, the GAAP net loss narrowed to $(94,198) thousand from $(133,412) thousand. The release shows that the prior-year quarter contained a $(42,150) thousand change in fair value of warrant liability and a $(30,400) thousand loss on extinguishment of debt, while Q3 2026 reported a $4,040 thousand warrant gain. On the company's non-GAAP basis, net loss widened to $(75,373) thousand from $(51,445) thousand, and non-GAAP net loss per share was $(0.45) against $(0.55). The company describes these measures as excluding stock-based compensation, amortization of acquired intangibles and other items, and the reconciliation is printed in the filing.
Cash generation weakened in absolute terms. Net cash used in operating activities was $(69,700) thousand in Q3 2026 against $(53,046) thousand, and free cash flow was $(85,259) thousand against $(61,966) thousand. Nine-month free cash flow was $(270,458) thousand. Cash and cash equivalents declined to $409,285 thousand from $792,966 thousand at Dec 31, 2025, and the company repaid $260,000 thousand under its revolving credit facility in the nine months. Notes payable, less current portion, fell to $17,820 thousand from $281,441 thousand. Deferred revenue, current, and advanced payments both increased on the balance sheet.
The only forward figure is full-year 2026 revenue guidance of $440 million to $450 million. The filing does not provide gross margin, operating expense or tax guidance, and no prior outlook was supplied for comparison, so the guidance cannot be assessed against earlier expectations. Readers should weigh the reported revenue growth and backlog against the widening GAAP operating loss, the larger operating cash outflow and the reduction in cash and investments.
Management, verbatim
Firefly’s third quarter reflects the power of our diversified and vertically-integrated business,
Jason Kim, CEO, Firefly Aerospace
With five Moon missions running in parallel, Alpha Block II moving toward launch, SciTec executing on critical national security programs, and our strategic deal with AST SpaceMobile, we are converting our pipeline and backlog into results.
Jason Kim, CEO, Firefly Aerospace
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures for revenue, costs, operating expenses, losses and cash flows are not printed in the release.
- Gross margin percentage is not printed for any period.
- Segment or business-line revenue is not printed; the release does not provide a segment table.
- Percentage changes are printed only for revenue (259%); all other year-over-year and sequential changes are not printed.
- Prior outlook (previous release) was not provided, so vs_prior_guidance is empty.
- Guidance for gross margin, operating expenses, tax rate and other items is not provided.
- Consensus estimates and the share price reaction are not included in the filing.
- Q4 2026 implied revenue is not printed; it is not computed here.
- Q3 2025 backlog is not printed; only the Q2 2026 comparison ($1.5 billion) is given.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
Firefly Aerospace filed a Form 8‑K announcing its Q3 2026 financial results and full‑year guidance.
Ticker impact
Firefly Aerospace reported Q3 2026 results with $110.7M revenue, 259% YoY growth and a record $1.7B backlog, plus full-year revenue guidance of $440M-$450M.
likely upward pressure as investors price in accelerated growth and new contracts.
The disclosed revenue surge, large backlog, and multi‑billion contract wins are fresh, material facts that can move the stock.
Market effects
Highlights growing demand for commercial lunar and defense launch services, benefiting the broader space‑launch sector.
Positive for U.S. aerospace and defense equities, especially small‑cap innovators.
Reinforces investor interest in the emerging commercial space market worldwide.
Counterpoint
The rapid expansion may strain cash flow; investors could be wary of execution risk despite headline growth.
Key entities
- CompanyFirefly Aerospace
U.S. space and defense technology firm listed on Nasdaq (FLY).
