Form 8-K

8-K — Firefly Aerospace Inc.

Accession: 0001860160-26-000022

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0001860160

SIC: 3760 (GUIDED MISSILES & SPACE VEHICLES & PARTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fly-20260811.htm (Primary)

EX-99.1 (fly-ex99_1.htm)

GRAPHIC (img187228946_0.jpg)

GRAPHIC (img187228946_1.jpg)

GRAPHIC (img187228946_2.jpg)

GRAPHIC (img187228946_3.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fly-20260811.htm · Sequence: 1

8-K

false000186016000018601602026-08-112026-08-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2026

Firefly Aerospace Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-42789

81-5194980

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2203 Scottsdale Drive

Leander, Texas

78641

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 512 893-5570

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0001 per share

FLY

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 11, 2026, Firefly Aerospace Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 (the “Section”) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release of Firefly Aerospace Inc. dated August 11, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIREFLY AEROSPACE INC.

Date:

August 11, 2026

By:

/s/ Darren Ma

Chief Financial Officer

EX-99.1

Filename: fly-ex99_1.htm · Sequence: 2

EX-99.1

Firefly Aerospace Announces Second Quarter 2026 Financial Results With Record Revenue Of $117.7 Million, Up 659% Year-Over-Year

Won multiple contracts to support NASA's Moon Base program and acquired Space-ng to fuel autonomous space operations, while adding more national security wins and maturing our launch vehicle programs.

Launch and spacecraft vehicles in assembly at the Rocket Ranch, which supports ramped up capacity of carbon composite tanks and structures.

Cedar Park, Texas, August 11, 2026 – Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today issued financial results for the second quarter ended June 30, 2026.

"Breaking the $100 million mark with another quarterly revenue record demonstrates Firefly's amplified growth. With more than a half dozen contract wins during the second quarter, we are matching execution to rocket, spacecraft, and software orders across our programs," said Jason Kim, CEO of Firefly Aerospace.

"Firefly is leading the way in unlocking the lunar opportunity, with another two Moon missions added to our manifest during the second quarter," added Kim. "We're also going beyond the Moon to Mars as we support the cutting-edge SkyFall mission for NASA. Our recent campus expansion allows us to meet the growing demand behind both Blue Ghost and Elytra for exploration and national security missions, while also meeting the growing demand for orbital launch vehicles."

Second Quarter 2026 Highlights

•

Record revenue of $117.7 million, up 45.5% from the prior quarter.

•

Awarded a $144 million NASA Commercial Lunar Payload Services (CLPS) contract for a rapid Blue Ghost lander mission to the Moon, Firefly's sixth contracted lunar mission to date.

•

Acquired Space-ng, a leader in AI-powered vision navigation and autonomous guidance systems, bringing proven spacecraft software and camera hardware for Firefly’s Blue Ghost landers and Elytra orbital vehicles, which bolsters Firefly’s capabilities to advance the future of autonomous space operations for missions to the Moon, Mars, and beyond.

•

Awarded an Air Force Research Laboratory (AFRL) contract for SciTec to support development of the Advanced Algorithm R&D and Verification Architecture by implementing deep learning and advanced algorithms on small Size, Weight and Power (SWaP) processors to support enhanced target detection, tracking, and custody.

•

Announced collaboration with NVIDIA to enable rapid on-orbit processing in lunar orbit for Firefly’s Ocula Moon imaging service, utilizing an NVIDIA Jetson module combined with Firefly’s AI software on Elytra to rapidly process data on-orbit.

•

Awarded a $75 million subcontract from NASA's Jet Propulsion Laboratory (JPL) to support NASA's MoonFall mission, utilizing an Elytra spacecraft to deliver four drones to the Moon’s south pole that's targeted to launch no earlier than 2028 in support of NASA's Moon Base initiative.

•

Completed the Critical Design Review for Blue Ghost's Gruithuisen Domes mission, progressing development of the spacecraft.

•

Completed the Preliminary Design Review for Blue Ghost's South Pole mission, verifying the vehicle's design before production begins.

•

Awarded U.S. Air Force contract option worth $5.5 million for SciTec to deliver the operational data fusion system for the Cloud-Based Command and Control (CBC2) program, having participated in a multi-year competition wherein SciTec’s data fusion system was evaluated and selected from among multiple industry and government-owned alternatives.

•

Completed critical milestones toward Alpha launching from Sweden's Esrange Space Center, including building initial infrastructure, establishing transatlantic regulatory frameworks, and securing an agreement with the Swedish Defense Materiel Administration.

•

Signed agreement with Seagate Space to collaborate on the development of an offshore launch platform that enables responsive sea-based Alpha launches.

•

Completed underwritten public offering of common stock generating net proceeds of $181.6 million, to use for expanding core business growth and execution of recently awarded contracts.

•

Expanded campus with a new headquarters, more than quadrupled spacecraft cleanroom space, added a wing of on-site workstations to support Alpha and Eclipse manufacturing, and established a new Gloworks innovation lab to support accelerated spacecraft production and rapid research and development.

Additional Recent Highlights

•

Awarded Firefly's first Mars mission, with a $13 million subcontract to support the SkyFall mission for NASA JPL, to manufacture, test, and deliver the aeroshell for launch in late 2028, developed by Firefly's Gloworks innovation lab.

•

Awarded a $94 million Space Force contract under the Ground-Based Radar Digitization program, to support work overhauling legacy defense systems.

•

Signed an extension to Lockheed Martin's multi-launch agreement for Alpha flights for up to 25 launches through 2031 using the Block II configuration.

•

Crossed 150 hot fire tests to date of Eclipse's Miranda engine, including a flight-like Mission Duty Cycle test that fired for 226 seconds while completing power ratio and mixture ratio sweeps.

•

Awarded a second hypersonic task order for Alpha from a confidential customer.

•

Onboarded to the $981 million Space Force IDIQ contract for NITE-STAR – the National Space Test and Training Complex Innovative Technology and Engineering - Space Test and Range Capability Development, to compete for task orders to support advanced test and training operations through 2032.

2026 Full-Year Guidance

•

Firefly expects 2026 full-year revenue to be between $420 million and $450 million.

Conference Call

Firefly will host a conference call today at 4:00 p.m. CT (5:00 p.m. ET) to discuss its second quarter 2026 financial results.

The live webcast and accompanying presentation, as well as a replay of the webcast, will be available on Firefly’s Investor Relations website: investors.fireflyspace.com.

About Firefly Aerospace

Firefly Aerospace is a space and defense technology company that enables government and commercial customers to launch, land, and operate in space – anywhere, anytime. As the partner of choice for responsive space missions, Firefly is the first commercial company to launch a satellite to orbit with approximately 24-hour notice. Firefly is also the only company to achieve a fully successful landing on the Moon. Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation. The company’s small- to medium-lift launch vehicles, lunar landers, and orbital vehicles are built with common flight-proven technologies to enable speed, reliability, and cost efficiencies for each mission from low Earth orbit to the Moon and beyond. For more information, visit www.fireflyspace.com. Firefly utilizes its website as a means to distribute material information about the company to the public.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements included in this press release that are not statements of historical fact, including statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "advance," “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” "target," “will,” “would,” or the negative of these terms or other comparable terminology. In particular, our outlook and revenue forecasts for full-year 2026, statements about our programs and innovation, our ability or expectations regarding our partnerships, collaborations and contract wins, our expectations regarding new vehicle launches and launch timelines, and our ability to retain existing customers and maintain their bookings are forward-looking statements.

Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to our failure to manage our growth effectively and our ability to achieve and maintain profitability; the potential for delayed or failed launches, and any failure of our launch vehicles and spacecraft to operate as intended; our inability to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand; the hazards and operational risks that our products and service offerings are exposed to, including the wide and unique range of risks due to the unpredictability of space; the market for commercial launch services for small- and medium-sized payloads not achieving the growth potential we expect; adverse impacts from

current or future disruptions in U.S. government operations, including as a result of delays or reduction in appropriations or regulatory approvals from our programs, or changes in U.S. government funding and budgetary priorities and spending levels; our dependence on contracts entered into in the ordinary course of business and our dependence on major customers and vendors; a loss of, or default by, one or more of our major customers, or a material adverse change in any such customer’s business or financial condition, could materially reduce our revenues and backlog; uncertain global macro-economic and political conditions, including the implementation of tariffs; the failure of our information technology systems, physical or electronic security protections; the inability to operate Alpha at our anticipated launch rate (including due to potential regulatory delays) or finalize the development and delivery of Eclipse; our failure to establish and maintain important relationships with government agencies and prime contractors; the inability to realize our backlog; evolving government laws and regulations; our ability to consummate future acquisitions and successfully integrate operations in such acquisitions; our ability to implement and maintain effective internal control over financial reporting in the future; and the factors, risks and uncertainties included in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share are non-GAAP financial measures. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with U.S. GAAP is included in the supplemental financial data attached to this press release. Non-GAAP financial measures have important limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of Firefly’s performance or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Firefly believes non-GAAP financial information provides additional insight into the Company’s ongoing performance and liquidity. Therefore, Firefly provides this information to investors for a more consistent basis of comparison and to help them evaluate the Company’s ongoing performance and liquidity and to enable more meaningful period-to-period comparisons.

Adjusted EBITDA

We define Adjusted EBITDA as net loss, adjusted for (benefit) provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liability, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. In addition to net loss, we use Adjusted EBITDA to evaluate our business, measure its performance, and make strategic decisions.

We believe that Adjusted EBITDA provides useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net loss. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Free Cash Flow

We define Free Cash Flow as net cash used in operating activities, adjusted for purchases of property and equipment and internal-use software. We believe that Free Cash Flow is a

meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from or used in operations, after purchases of property and internal-use software, that (after any debt service requirements or other non-discretionary expenditures not otherwise deducted from the measure) can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.

Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under U.S. GAAP. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital, and our changes in our cash conversion cycle.

Non-GAAP Research and Development

We define Non-GAAP Research and Development as research and development, adjusted for stock-based compensation expense. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Selling, General, and Administrative

We define Non-GAAP Selling, General and Administrative as selling, general and administrative, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, and transaction-related expenses. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Operating Expenses

We define Non-GAAP Operating Expenses as operating expenses, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, and transaction-related expenses. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Loss From Operations

We define Non-GAAP Loss From Operations as loss from operations, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, and transaction-related expenses. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Other Income (Expense)

We define Non-GAAP Other Income (Expense) as other income (expense), adjusted for change in fair value of warrant liability, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Non-GAAP Net Loss

We define Non-GAAP Net Loss as net loss, adjusted for the income tax effect of business acquisitions, amortization of acquired intangibles, stock-based compensation, change in fair value of warrant liability, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

Contacts

Media Relations

press@fireflyspace.com

Investor Relations

investors@fireflyspace.com

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS

(unaudited; in thousands, except per share amounts)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Revenue

117,683

15,549

198,562

71,404

Cost of sales

93,808

11,554

157,226

65,189

Gross profit

23,875

3,995

41,336

6,215

Operating expenses

Research and development

71,532

45,774

139,041

93,786

Selling, general, and administrative

47,540

12,571

93,160

25,323

Total operating expenses

119,072

58,345

232,201

119,109

Loss from operations

(95,197

)

(54,350

)

(190,865

)

(112,894

)

Other income (expense), net

Change in fair value of warrant liability

(625

)

(4,191

)

(4,309

)

(1,118

)

Interest income

4,336

1,761

10,310

2,789

Interest expense

(1,794

)

(6,998

)

(5,399

)

(13,190

)

Gain on settlement of contingent liabilities

926

—

1,307

—

Other (expense) income, net

—

)

542

Total other income (expense), net

2,843

(9,428

)

1,902

(10,977

)

Loss before (benefit) provision for income taxes

(92,354

)

(63,778

)

(188,963

)

(123,871

)

(Benefit) provision for income taxes

(35

)

—

Net loss and comprehensive loss

(92,319

)

(63,778

)

(188,995

)

(123,871

)

Less: Accretion of dividends of Series C Preferred Stock

—

(5,363

)

—

(10,942

)

Less: Accretion of dividends of Series D-1 Preferred Stock

—

(10,856

)

—

(17,465

)

Less: Accretion of dividends of Series D-3 Preferred Stock

—

(266

)

—

(266

)

Net loss available to common stockholders

(92,319

)

(80,263

)

(188,995

)

(152,544

)

Net loss per common share

Basic and diluted

(0.57

)

(5.78

)

(1.18

)

(11.17

)

Weighted-average common shares outstanding

Basic and diluted

161,784

13,877

160,711

13,659

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands, except per share amounts)

June 30,

December 31,

2026

2025

Assets

Current assets

Cash and cash equivalents

459,817

792,966

Short-term investments

175,447

100,008

Accounts receivable, net

58,114

46,129

Advanced payments, current

71,592

12,350

Contract asset

19,939

3,499

Other current assets

14,381

8,223

Total current assets

799,290

963,175

Advanced payments, less current portion

10,269

60,496

Property and equipment, net

186,057

163,738

Right-of-use assets - operating leases

18,869

13,938

Right-of-use assets - finance leases

2,919

3,735

Intangible assets, net

152,286

165,709

Goodwill

466,984

450,119

Other assets, less current portion

2,549

4,024

Total assets

1,639,223

1,824,934

Liabilities, temporary equity, and stockholders' equity

Current liabilities

Accounts payable

57,823

35,626

Accrued expenses

52,356

42,755

Accounts payable and accrued expenses – related parties

1,446

330

Operating lease liability, current

3,053

1,161

Finance lease liability, current

1,066

1,056

Deferred revenue, current

151,174

116,135

Notes payable, current

7,410

7,099

Other current liabilities

18,795

9,419

Total current liabilities

293,123

213,581

Operating lease liability, less current portion

20,818

15,832

Finance lease liability, less current portion

1,462

2,004

Deferred revenue, less current portion

58,365

92,565

Notes payable, less current portion

19,588

281,441

Warrant liability

16,604

12,294

Other liabilities, less current portion

6,338

17,278

Total liabilities

416,298

634,995

Stockholders’ equity

Common stock, $0.0001 par value, 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 166,207 and 159,276 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

2,432,182

2,210,201

Accumulated deficit

(1,209,274

)

(1,020,279

)

Total stockholders’ equity

1,222,925

1,189,939

Total liabilities and stockholders’ equity

1,639,223

1,824,934

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Cash flows from operating activities

Net loss

(92,319

)

(63,778

)

(188,995

)

(123,871

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

13,954

3,920

29,888

7,916

Stock-based compensation

17,027

760

29,539

1,191

Change in fair value of warrant liability

625

4,191

4,309

5,107

Gain on settlement of contingent liabilities

(926

)

—

(1,307

)

—

Non-cash interest expense

490

2,971

821

3,586

Non-cash interest income

(1,724

)

—

(2,361

)

—

Changes in operating assets and liabilities:

Accounts receivable

(13,167

)

9,266

(11,838

)

(4,634

)

Advanced payments

(9,077

)

(2,882

)

(8,373

)

38,778

Contract assets

(16,440

)

—

(16,440

)

—

Other assets

1,558

(1,472

)

(3,145

)

(4,238

)

Accounts payable

14,253

(717

)

20,849

(3,344

)

Accrued expenses

4,950

(3,408

)

9,610

2,245

Accounts payable and accrued expenses - related parties

865

142

1,116

355

Other liabilities

(12,866

)

(3,301

)

(11,344

)

(11,190

)

Right-of-use assets

914

564

1,846

986

Lease liabilities

(457

)

(70

)

876

(2,063

)

Deferred revenue

10,775

25,732

839

4,557

Net cash used in operating activities

(81,565

)

(28,082

)

(144,110

)

(84,619

)

Cash flows from investing activities

Purchases of property and equipment and internal-use software

(24,744

)

(9,183

)

(41,089

)

(11,837

)

Purchases of short-term investments

—

(125,000

)

—

Payments for acquisitions of businesses, net of acquired cash

(3,699

)

—

(3,699

)

—

Proceeds from sale of short-term investments

50,000

—

50,008

—

Net cash used in investing activities

21,557

(9,183

)

(119,780

)

(11,837

)

Cash flows from financing activities

Proceeds from issuance of common stock

184,111

—

184,111

—

Payments of offering costs

(1,502

)

—

(1,502

)

—

Proceeds from issuance of Preferred Stock

—

68,812

—

184,116

Principal payments on finance leases

(270

)

(440

)

(532

)

(883

)

Payments on notes payable

(2,193

)

(1,025

)

(3,945

)

(3,195

)

Payments of debt issuance costs

(1,188

)

(575

)

(1,188

)

(575

)

Proceeds from repayment of employee note

383

Proceeds from issuance of notes payable

1,730

(468

)

1,730

—

Repayment of Revolving Credit Facility

—

(260,000

)

—

Proceeds from exercise of stock options, net of shares withheld for taxes

12,953

206

12,042

595

Net cash (used in) provided by financing activities

193,646

66,534

(69,259

)

180,441

Net (decrease) increase in cash and cash equivalents and restricted cash

133,638

29,269

(333,149

)

83,985

Cash and cash equivalents and restricted cash

Balance, beginning of period

326,179

192,274

792,966

137,558

Balance, end of period

459,817

221,543

459,817

221,543

Reconciliation of cash and cash equivalents and restricted cash

Cash and cash equivalents

459,817

205,286

459,817

205,286

Restricted cash, current

—

829

—

829

Restricted cash, non-current

—

15,428

—

15,428

Total cash and cash equivalents and restricted cash at the end of the period

459,817

221,543

459,817

221,543

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Supplemental disclosures of cash flow information

Cash paid for interest

1,369

5,536

5,546

11,101

Non-cash investing and financing activities

(Decrease) increase in accounts payable for property and equipment

(831

)

(163

)

1,112

1,413

Property and equipment acquired through loans

642

—

642

—

Capitalized interest (paid-in-kind)

—

573

—

573

Equity issued for business combination

10,144

—

10,144

—

Deferred offering costs payable

1,055

—

1,055

—

Debt issuance costs incurred but unpaid

117

—

117

—

Issuance of debt in exchange of software licenses and obligations

—

664

—

664

Acquisition of internal-use software licenses and obligations

3,110

—

3,541

—

Right-of-use asset acquired in exchange for operating lease liabilities

—

5,066

—

Right-of-use asset acquired in exchange for finance lease liabilities

—

193

—

1,625

Non-cash purchase consideration for acquisition of businesses

5,438

—

5,438

—

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited; in thousands)

The following tables present reconciliations of Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share to their most directly comparable financial measures presented in accordance with U.S. GAAP:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Net loss

(92,319

)

(63,778

)

(188,995

)

(123,871

)

Adjusted for:

(Benefit) provision for income taxes

(35

)

—

Interest income

(4,336

)

(1,761

)

(10,310

)

(2,789

)

Interest expense

1,717

6,998

5,399

13,190

Depreciation and amortization

14,309

3,920

30,762

7,916

Stock-based compensation expense

17,027

760

29,539

1,191

Change in fair value of warrant liability

625

4,191

4,309

5,107

One-time costs related to the IPO(1)

—

1,767

—

4,220

Transaction-related expenses

2,724

—

4,633

—

Gain on settlement of contingent liabilities

(926

)

—

(1,307

)

—

Other(2)

—

Adjusted EBITDA

(61,214

)

(47,903

)

(125,923

)

(95,036

)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Net cash used in operating activities

(81,565

)

(28,082

)

(144,110

)

(84,619

)

Purchases of property and equipment and internal-use software

(24,744

)

(9,183

)

(41,089

)

(11,837

)

Free Cash Flow

(106,309

)

(37,265

)

(185,199

)

(96,456

)

(1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A that were netted against the gross proceeds of the IPO and are not expected to recur in the future.

(2) Other includes loss on foreign exchange.

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Research and development

71,532

45,774

139,041

93,786

Stock-based compensation expense

(8,699

)

(177

)

(14,404

)

(295

)

Non-GAAP Research and Development

62,833

45,597

124,637

93,491

Selling, general, and administrative

47,540

12,571

93,160

25,323

Amortization of acquired intangibles

(5,000

)

—

(10,000

)

—

Stock-based compensation expense

(8,328

)

(583

)

(15,135

)

(896

)

One-time costs related to the IPO(1)

—

(1,767

)

—

(4,220

)

Transaction-related expenses

(2,724

)

—

(4,633

)

—

Non-GAAP Selling, General, and Administrative

31,488

10,221

63,392

20,207

Operating expenses

119,072

58,345

232,201

119,109

Amortization of acquired intangibles

(5,000

)

—

(10,000

)

—

Stock-based compensation expense

(17,027

)

(760

)

(29,539

)

(1,191

)

One-time costs related to the IPO(1)

—

(1,767

)

—

(4,220

)

Transaction-related expenses

(2,724

)

—

(4,633

)

—

Non-GAAP Operating Expenses

94,321

55,818

188,029

113,698

Loss from operations

(95,197

)

(54,350

)

(190,865

)

(112,894

)

Amortization of acquired intangibles

5,000

—

10,000

—

Stock-based compensation expense

17,027

760

29,539

1,191

One-time costs related to the IPO(1)

—

1,767

—

4,220

Transaction-related expenses

2,724

—

4,633

—

Non-GAAP Loss from Operations

(70,446

)

(51,823

)

(146,693

)

(107,483

)

Other income (expense)

2,843

(9,428

)

1,902

(10,977

)

Change in fair value of warrant liabilities

625

4,191

4,309

5,107

Gain on settlement of contingent liabilities

(926

)

—

(1,307

)

—

Other(2)

—

Non-GAAP Other Income (Expense)

2,542

(5,237

)

4,919

(5,870

)

Net loss

(92,319

)

(63,778

)

(188,995

)

(123,871

)

Income tax effect of business acquisitions

128

—

128

—

Amortization of acquired intangibles

5,000

—

10,000

—

Stock-based compensation

17,027

760

29,539

1,191

Change in fair value of warrant liability

625

4,191

4,309

5,107

One-time costs related to the IPO(1)

—

1,767

—

4,220

Transaction-related expenses

2,724

—

4,633

—

Gain on settlement of contingent liabilities

(926

)

—

(1,307

)

—

Other(2)

—

Non-GAAP Net Loss

(67,741

)

(57,060

)

(141,678

)

(113,353

)

Basic and diluted weighted average shares outstanding

161,784

13,877

160,711

13,659

GAAP net loss per share, basic and diluted

(0.57

)

(5.78

)

(1.18

)

(11.17

)

Non-GAAP net loss per share, basic and diluted

(0.42

)

(4.11

)

(0.88

)

(8.30

)

(2) Other includes loss on foreign exchange.

***

GRAPHIC

Filename: img187228946_0.jpg · Sequence: 3

Binary file (16054 bytes)

Download img187228946_0.jpg

GRAPHIC

Filename: img187228946_1.jpg · Sequence: 4

Binary file (5582740 bytes)

Download img187228946_1.jpg

GRAPHIC

Filename: img187228946_2.jpg · Sequence: 5

Binary file (16054 bytes)

Download img187228946_2.jpg

GRAPHIC

Filename: img187228946_3.jpg · Sequence: 6

Binary file (16054 bytes)

Download img187228946_3.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 9

v3.26.1

Cover

Aug. 11, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Aug. 11, 2026

Entity Registrant Name

Firefly Aerospace Inc.

Central Index Key

0001860160

Amendment Flag

false

Entity Information, Former Legal or Registered Name

N/A

Entity Incorporation, State or Country Code

Entity File Number

001-42789

Entity Tax Identification Number

81-5194980

Entity Address, Address Line One

2203 Scottsdale Drive

Entity Address, City or Town

Leander

Entity Address, State or Province

Entity Address, Postal Zip Code

78641

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

City Area Code

512

Local Phone Number

893-5570

Title of 12(b) Security

Common stock, par value $0.0001 per share

Trading Symbol

FLY

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

dei_EntityExTransitionPeriod

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Former Legal or Registered Name of an entity

+ References

No definition available.

+ Details

Name:

dei_EntityInformationFormerLegalOrRegisteredName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration