Firefly Aerospace (FLY) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $117.7 million, up 659% year-over-year and 45.5% sequentially, driven by strong spacecraft, AI software, and defense contract performance, including major NASA and Space Force awards.

• Backlog reached an all-time high of $1.5 billion, supported by flagship contract wins and operational milestones across Blue Ghost, Elytra, Alpha, Eclipse, FORGE, and Golden Dome programs.

• Strategic investments in production capacity, infrastructure, and acquisitions (Space-ng, SciTec) are fueling growth and vertical integration.

• Expanded campus and manufacturing capacity, enabling simultaneous work on up to eight spacecraft and ramped Alpha Block II rocket production.

• Demand for launch and spacecraft remains robust, with most of the 2027 Alpha manifest already sold and strong international and government interest.

Financial highlights

• Q2 2026 revenue: $117.7 million, up 659% year-over-year and 46% sequentially, with spacecraft contributing $108.3 million and launch $9.4 million.

• Q2 2026 gross margin: 13.2%–20.3%; Q2 gross profit: $15.5–$23.9 million.

• Q2 2026 net loss: $92.3 million; adjusted EBITDA loss: $61.2 million; free cash flow outflow: $106.3 million.

• Ended Q2 with $635.3 million in cash and short-term investments; $305 million undrawn credit facility.

• Completed $181.6–$182.6 million equity offering in June 2026, strengthening liquidity.

Outlook and guidance

• Reiterated 2026 revenue guidance of $420–$450 million, with 95% of revenue already booked for the year.

• Production ramp and operational efficiency expected to drive gross margin expansion and operating leverage.

• Additional CLPS mission wins or commercial payloads could push results to the higher end of guidance.

• Management believes liquidity is sufficient for at least the next 12 months.