10-Q · May 4, 2026
Fly Firefly Aerospace reported strong revenue growth of 45% year-over-year, reaching $80.9 million, driven by both their launch and spacecraft solutions segments. Despite an increase in operating losses to $96.7…
Earnings analysis · 10-Q
FLY earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Firefly delivered strong Q2 top-line momentum, with revenue of $117.683 million versus $81 million in Q1 and consensus of $88.736 million, while diluted EPS of negative $0.42 improved sequentially and beat estimates.…
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Firefly delivered strong Q2 top-line momentum, with revenue of $117.683 million versus $81 million in Q1 and consensus of $88.736 million, while diluted EPS of negative $0.42 improved sequentially and beat estimates. Management raised 2026 revenue guidance to $420 million-$450 million from $340 million-$360 million. However, the company remained deeply loss-making with a $92.3 million net loss and negative $106.3 million of free cash flow, making liquidity and execution key constraints. The filing reported no material changes to the prior 10-K risk factors.
Reported figures
- Earnings per share
- $-0.42
What stood out
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Revenue accelerated and beat consensus
Q2 revenue was $117.683 million, up from $81 million in Q1 2026, a sequential increase of approximately 45%. Revenue also exceeded the $88.736 million consensus estimate by approximately 32.6%.
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EPS improved sequentially
Diluted EPS was negative $0.42 versus negative $0.61 in Q1 2026, an improvement of $0.19 per share, and exceeded the negative $0.52 consensus estimate by $0.10.
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2026 revenue outlook raised
Full-year 2026 revenue guidance was raised to $420 million-$450 million from the prior $340 million-$360 million outlook, increasing the midpoint from $350 million to $435 million.
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Receivables grew with revenue
Accounts receivable increased to $58.1 million at June 30, 2026 from $46.1 million at December 31, 2025, consistent with higher reported revenue but requiring additional working-capital funding.
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Controls remained effective
Management reported that disclosure controls and procedures were effective at the reasonable-assurance level as of June 30, 2026, with no material changes in internal control over financial reporting during the quarter.
What to watch
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Cash burn intensified
Free cash flow was negative $106.3 million in Q2, worse than negative $79 million in Q1 2026, indicating continued substantial cash consumption despite the revenue increase.
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Large quarterly loss persists
The company reported a net loss of $92.3 million for Q2, while diluted EPS remained negative $0.42, highlighting continuing unprofitability and execution dependence on future growth.
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Receivables and rate exposure
Credit exposure is concentrated in accounts receivable, which increased to $58.1 million from $46.1 million at year-end. The company also had no borrowings under its Revolving Credit Facility as of June 30, 2026, but future borrowings would carry variable interest at term SOFR plus a 3.25% spread or an alternative base rate plus 2.25%.
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No new risk-factor changes
The 10-Q states there were no material changes to the risk factors from the most recent Form 10-K; therefore, no new material risk-factor change was identified in this filing.
Management's outlook
The company raised 2026 revenue guidance to $420 million-$450 million from $340 million-$360 million. No numeric EPS guidance was provided.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.