Key Highlights
- Q2 revenue reached a record $117.7 million, representing a 659% increase compared to the same period last year
- Adjusted EPS loss of $0.42 surpassed Wall Street forecasts
- Contract backlog reached an all-time high of $1.5 billion, climbing from $1.3 billion in the previous quarter
- Firefly secured two additional lunar missions and joined NASA’s $13 million SkyFall Mars program
- Management reaffirmed 2026 full-year revenue projections of $420 million to $450 million
Shares of Firefly Aerospace (FLY) advanced 4.17% during Wednesday’s pre-market session following the release of impressive second-quarter financial results. The space company’s stock finished Tuesday’s regular session at $26.36, gaining 2.33%, and has climbed approximately 11% since the start of the year.
Second-quarter revenue totaled $117.7 million, representing the first time Firefly has surpassed the $100 million threshold in a single reporting period. This performance reflects a 659% increase compared to the year-ago quarter and a 45.5% sequential gain from the first quarter of 2026.
The spacecraft segment generated the lion’s share of revenue at $108.3 million, with launch services adding $9.4 million. Gross profit margin registered at 20.3%, declining modestly from the previous quarter’s 21.6%.
The company’s adjusted loss per share of $0.42 came in ahead of analyst projections. Under generally accepted accounting principles (GAAP), Firefly recorded a net loss of $92.3 million, showing improvement from the first quarter’s $96.7 million deficit.
The total order backlog climbed to a record $1.5 billion, advancing from $1.3 billion in the preceding quarter. This substantial pipeline provides Firefly with significant visibility into contracted revenue for the remainder of the year.
Major Contract Announcements
Chief Executive Officer Jason Kim noted that the company secured more than half a dozen new contracts during the quarter spanning its rocket, spacecraft, and software divisions.
Notable achievements include the addition of two NASA lunar missions to the company’s launch schedule, a $75 million MoonFall subcontract award, and a $94 million contract with the Space Force for the GBARD program.
The company also became part of NASA’s SkyFall initiative, a Mars exploration project valued at $13 million. Firefly will handle the manufacturing, testing, and delivery of the aeroshell—the critical protective structure designed for planetary atmospheric entry. The mission is slated for launch in late 2028.
Lockheed Martin expanded its existing multi-launch partnership with Firefly, extending the agreement through 2031, while the company has already secured customers for the majority of its 2027 Alpha rocket launch schedule.
Financial Metrics and Future Guidance
The company reported negative free cash flow of $106.3 million during Q2, expanding from the $78.9 million outflow in Q1. Management attributed this increase partially to the final payment related to the SciTec acquisition.
Capital spending increased to $24.8 million compared to $16.3 million in the first quarter. Available liquidity totaled $940.3 million, which includes $635.3 million in cash and short-term investment holdings.
The company’s Alpha rocket launch schedule has been adjusted to three missions in 2026, with the eighth flight now targeted for the fourth quarter.
Development of the Eclipse next-generation launch vehicle remains on track. The Miranda propulsion system has undergone more than 150 hot-fire testing cycles and successfully completed a comprehensive flight-like mission duty-cycle evaluation.
During the quarter, Firefly completed the acquisition of Space-ng, incorporating artificial intelligence-powered vision navigation and autonomous guidance technologies into its technical portfolio.
The company maintained its full-year 2026 revenue guidance range of $420 million to $450 million.
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