Revenue reached $80.9M in 2026Q1, though profitability remains elusive as evidenced by a net loss of $96.5M and an operating margin of -118.3%.
| Sales/Revenue | 184.88M | 159.85M | 60.79M | 55.23M |
| Revenue Growth % | - | 162.95% | 10.06% | - |
| Cost of Goods Sold | 144.77M | 134.99M | 72.16M | 28.64M |
| COGS % of Revenue | - | 84.44% | 118.69% | 51.84% |
| Gross Profit | 40.11M | 24.87M | -11.37M | 26.6M |
| Gross Margin % | 21.69% | 15.56% | -18.69% | 48.16% |
| Gross Profit Growth % | - | 318.79% | -142.73% | - |
| Operating Expenses | 323.81M | 271.45M | 198.09M | 158.47M |
| OpEx % of Revenue | - | 169.81% | 325.85% | 286.91% |
| Selling, General & Admin | 124.11M | 91.25M | 46.85M | 40.6M |
| SG&A % of Revenue | - | 57.08% | 77.06% | 73.51% |
| Research & Development | 219.62M | 200.12M | 149.5M | 117.87M |
| R&D % of Revenue | - | 125.19% | 245.92% | 213.4% |
| Other Operating Expenses | -1000K | -19.91M | 1.74M | -1K |
| Operating Income | -283.71M | -246.58M | -209.45M | -131.88M |
| Operating Margin % | -153.46% | -154.25% | -344.54% | -238.75% |
| Operating Income Growth % | - | -17.73% | -58.83% | - |
| EBITDA | -263.15M | -222.03M | -196.91M | -127.17M |
| EBITDA Margin % | -142.34% | -138.89% | -323.9% | -230.23% |
| EBITDA Growth % | - | -12.76% | -54.84% | - |
| D&A (Non-Cash Add-back) | 20.56M | 24.55M | 12.54M | 4.71M |
| EBIT | -271.65M | -246.58M | -210.76M | -131.49M |
| Net Interest Income | -881K | -3.38M | -20.37M | -3.96M |
| Interest Income | 16.08M | 18.19M | 0 | 0 |
| Interest Expense | 7.38M | 21.56M | 20.37M | 3.96M |
| Other Income/Expense | -88.28M | -88.89M | -21.68M | -3.58M |
| Pretax Income | -371.98M | -335.47M | -231.13M | -135.46M |
| Pretax Margin % | -201.2% | -209.86% | -380.2% | -245.24% |
| Income Tax | -37.2M | -37.13M | 0 | 0 |
| Effective Tax Rate % | 10% | 11.07% | 0% | 0% |
| Net Income | -334.79M | -298.34M | -231.13M | -135.46M |
| Net Margin % | -181.09% | -186.63% | -380.2% | -245.24% |
| Net Income Growth % | - | -29.08% | -70.63% | - |
| Net Income (Continuing) | -334.79M | -298.34M | -231.13M | -135.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.10 | -4.83 | -1.85 | -1.09 |
| EPS Growth % | - | -161.02% | -70.09% | - |
| EPS (Basic) | - | -4.83 | -1.85 | -1.09 |
| Diluted Shares Outstanding | 159.64M | 69.2M | 143.65M | 143.65M |
| Basic Shares Outstanding | 159.64M | 69.2M | 143.65M | 143.65M |
| Dividend Payout Ratio | - | - | - | - |
High cash burn rate
As reported in recent financial statements, Firefly achieved 44.8% sequential revenue growth in 2026Q1, reaching $80.9M, though this trajectory appears heavily influenced by the timing of government contract milestones rather than a consistent, linear increase in recurring launch service volume or commercial flight cadence.
The sharp revenue acceleration suggests that the company is successfully hitting technical benchmarks required for government payment recognition. However, investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based accounting that may mask underlying demand fluctuations.
According to the provided income statement data, gross margins have fluctuated significantly, ranging from a low of 4.0% in 2025Q1 to a peak of 27.6% in 2025Q3, indicating that the company has yet to achieve the operational stability required for consistent margin expansion.
This volatility suggests that the cost of goods sold is highly sensitive to individual mission success and the specific mix of R&D-heavy versus production-ready launch activities. The inability to maintain a stable margin profile implies that the current manufacturing process remains in a prototype-heavy phase rather than a standardized, high-rate production environment.
Based on the company's reported figures, the operating margin of -118.3% in 2026Q1 highlights a persistent disconnect between revenue growth and overhead, as the firm continues to absorb massive R&D and SG&A expenses that far outpace the current gross profit generation.
The data indicates that operating expenses are scaling in tandem with, or faster than, revenue, suggesting a lack of meaningful operating leverage at this stage of the company's lifecycle. This structure warrants further investigation into whether the current R&D spend is a temporary investment in the MLV program or a permanent feature of the cost base.
Financial filings reveal that stock-based compensation reached $12.5M in 2026Q1, a significant figure that, when combined with heavy R&D investment, contributes to the reported net loss of $96.5M and complicates the assessment of the company's true underlying operational cash burn.
The reliance on equity-based incentives suggests management is attempting to preserve cash, yet the impact on the bottom line remains substantial. Analysts should be cautious, as these non-cash expenses may obscure the actual cash-on-hand depletion rate required to sustain operations until the next funding milestone.
Quick answers to the most common questions about buying FLY stock.
For fiscal year 2025, Firefly Aerospace Inc. (FLY) reported total revenue of $159.9M. This represents a 189.4% increase compared to $55.2M in 2023.
Firefly Aerospace Inc. (FLY) reported a net loss of $298.3M for the fiscal year ending 2025.
Firefly Aerospace Inc. (FLY) reported an operating income of $-246.6M, resulting in an operating profit margin of -154.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Firefly Aerospace Inc. (FLY) generated $24.9M in gross profit for the year, representing a gross profit margin of 15.6%. This demonstrates the company's core pricing power and production efficiency.