Revenue surged 162.95% year-over-year to $159.9M TTM, with Q2 2026 gross margin at 20.3%, yet operating losses widened to -$95.2M as R&D consumed 60.8% of revenue.
Firefly Aerospace Inc. (FLY) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 287.01M | 159.85M | 60.79M | 55.23M |
| Revenue Growth % | - | 162.95% | 10.06% | - |
| Cost of Goods Sold | 231.72M | 134.99M | 72.16M | 28.64M |
| COGS % of Revenue | - | 84.44% | 118.69% | 51.84% |
| Gross Profit | 55.3M | 24.87M | -11.37M | 26.6M |
| Gross Margin % | 19.27% | 15.56% | -18.69% | 48.16% |
| Gross Profit Growth % | - | 318.79% | -142.73% | - |
| Operating Expenses | 389.39M | 271.45M | 198.09M | 158.47M |
| OpEx % of Revenue | - | 169.81% | 325.85% | 286.91% |
| Selling, General & Admin | 144.02M | 71.33M | 46.85M | 40.6M |
| SG&A % of Revenue | - | 44.62% | 77.06% | 73.51% |
| Research & Development | 245.37M | 200.12M | 149.5M | 117.87M |
| R&D % of Revenue | - | 125.19% | 245.92% | 213.4% |
| Other Operating Expenses | 0 | 0 | 1.74M | -1K |
| Operating Income | -334.09M | -246.58M | -209.45M | -131.88M |
| Operating Margin % | -116.4% | -154.25% | -344.54% | -238.75% |
| Operating Income Growth % | - | -17.73% | -58.83% | - |
| EBITDA | -288.96M | -223.43M | -196.91M | -127.17M |
| EBITDA Margin % | -100.68% | -139.77% | -323.9% | -230.23% |
| EBITDA Growth % | - | -13.47% | -54.84% | - |
| D&A (Non-Cash Add-back) | 45.13M | 23.16M | 12.54M | 4.71M |
| EBIT | -390.74M | -313.9M | -210.76M | -131.49M |
| Net Interest Income | 11.94M | -3.38M | -20.37M | -3.96M |
| Interest Income | 21.75M | 18.19M | 0 | 0 |
| Interest Expense | 9.82M | 21.56M | 20.37M | 3.96M |
| Other Income/Expense | -66.47M | -88.89M | -21.68M | -3.58M |
| Pretax Income | -400.56M | -335.47M | -231.13M | -135.46M |
| Pretax Margin % | -139.56% | -209.86% | -380.2% | -245.24% |
| Income Tax | -37.1M | -37.13M | 0 | 0 |
| Effective Tax Rate % | 9.26% | 11.07% | 0% | 0% |
| Net Income | -363.46M | -298.34M | -231.13M | -135.46M |
| Net Margin % | -126.64% | -186.63% | -380.2% | -245.24% |
| Net Income Growth % | - | -29.08% | -70.63% | - |
| Net Income (Continuing) | -363.46M | -298.34M | -231.13M | -135.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.25 | -2.21 | -1.85 | -1.09 |
| EPS Growth % | - | -19.43% | -70.09% | - |
| EPS (Basic) | - | -2.21 | -1.85 | -1.09 |
| Diluted Shares Outstanding | 161.78M | 151.89M | 143.65M | 143.65M |
| Basic Shares Outstanding | 161.78M | 151.89M | 143.65M | 143.65M |
| Dividend Payout Ratio | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cash burn outpaces revenue scaling
Metrics are mathematically derived from official filings.
Revenue Inflection Points to Scaling
Firefly's revenue surged 162.95% year-over-year to $159.9M TTM, with Q2 2026 crossing $100M quarterly for the first time, according to reported financials, signaling accelerating commercial traction.
The sequential progression from $15.5M in Q2 2025 to $117.7M in Q2 2026 demonstrates a steep acceleration, though the base remains small. Growth appears driven by milestone-based government contracts and multi-program execution (Alpha launches, Blue Ghost, Elytra), not just launch cadence. Investors should monitor whether this pace is sustainable as the company scales beyond initial contract wins.
Gross Margin Volatility Masks Structural Costs
Gross margin swung from 4.0% in Q1 2025 to 20.3% in Q2 2026, averaging 15.56% TTM, as reported in financial statements, indicating pricing power but unstable cost absorption.
The wide quarterly swings suggest revenue mix shifts between higher-margin space systems and lower-margin launch services, rather than consistent operational efficiency. The 20.3% gross margin in Q2 2026, while improved, remains thin for aerospace, implying limited pricing power against established players. Structural margin expansion likely requires higher launch cadence to absorb fixed manufacturing overhead, a trend not yet evident.
Operating Leverage Still Inverted
Despite 162.95% revenue growth, operating margin worsened to -80.9% in Q2 2026 from -3.5% in Q2 2025, per reported figures, showing SG&A and R&D scaling faster than gross profit.
Operating income losses expanded from -$54.4M to -$95.2M quarter-over-quarter even as revenue grew, indicating negative operating leverage. R&D spending nearly doubled from $45.8M to $71.5M, while SG&A tripled, suggesting heavy investment in future vehicles (MLV) and infrastructure. This implies the company is prioritizing growth over near-term profitability, a typical but risky strategy for capital-intensive aerospace.
Losses Deepen Despite Revenue Surge
Net margin deteriorated to -78.4% in Q2 2026 from -4.1% a year earlier, with EPS at -$0.57, as disclosed in financial statements, reflecting escalating investment and non-cash charges.
The net loss of -$92.3M in Q2 2026 includes $17.0M in stock-based compensation, which inflates reported losses but is non-cash. The Q3 2025 net loss of -$133.4M on just $30.8M revenue suggests possible one-time impairments or fair value adjustments, warranting scrutiny. Excluding SBC, cash burn remains substantial, indicating the quality of earnings is poor with no near-term path to positive EPS.
R&D Dominates Cost Structure
R&D expenses reached $71.5M in Q2 2026, exceeding COGS and representing 60.8% of revenue, based on reported data, highlighting the company's heavy investment phase.
The combination of R&D and SG&A ($119.0M) far exceeds gross profit ($23.9M), creating a structural deficit. Management appears to be funneling resources into MLV development and expanding launch capabilities, which may compress margins for years. Cost discipline is not evident in the data; instead, spending is accelerating faster than revenue, suggesting a deliberate growth-over-profitability strategy.
Q2 2026 Marks Critical Scale Threshold
Q2 2026 was the first quarter revenue exceeded $100M, with gross profit tripling sequentially to $23.9M, as reported in financial statements, potentially signaling a turning point in commercial viability.
The jump from $80.9M to $117.7M revenue and gross margin expansion from 12.7% to 20.3% suggests improved contract mix and operational execution. However, operating losses remained flat at -$95M, indicating that scale alone has not yet driven profitability. This inflection may be the beginning of fixed-cost absorption, but the data is insufficient to confirm a durable trend.
Growth Story Masks Unsustainable Burn
Despite 162.95% revenue growth, operating losses widened to -$95.2M in Q2 2026, with TTM net margin at -186.6%, per reported figures, suggesting the market may be overvaluing top-line momentum.
Short-sellers would argue that the $792M cash balance, while substantial, will be consumed within 8-10 quarters at current burn rates, forcing dilutive financing. The reliance on milestone-based revenue from government contracts creates lumpiness that may not reflect recurring demand. If launch cadence fails to improve, the company could face a liquidity crunch before achieving scale, making the current valuation vulnerable.