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FLY

Firefly Aerospace Inc.
7 filings tracked
technologyaerospace defenseSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Firefly Aerospace is demonstrating a powerful transition from a development-stage entity to a vertically integrated space and defense powerhouse.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the optimistic growth narrative, Firefly's financial statements reveal a company struggling with a sustainable cost structure.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a classic high-risk, high-reward profile typical of the 'New Space' sector. Firefly has successfully proven its technical capability through lunar landings and orbital launches, and the integration of SciTec adds a critical software layer that could transform the company into a full-stack defense contractor. The massive backlog suggests strong market demand and a high level of trust from government and commercial clients. However, the financial bridge to profitability remains precarious. The widening net loss and the reliance on a large cash pile to fund operations create a race against time. Investors must weigh the impressive top-line growth and strategic acquisitions against the reality of a company that is burning cash faster than it is scaling its launch cadence. The ultimate success of the investment thesis depends on Firefly's ability to convert its $1.3 billion backlog into realized revenue while stabilizing its operating expenses.

Selected Quarter

Core Takeaway

Firefly is successfully winning high-value contracts and expanding its tech stack, but its path to profitability is hindered by an operating loss that exceeds its total revenue.

Investor Lens

The trade-off is between the company's undisputed technical momentum and its precarious balance sheet sustainability.

Watch Next

The monthly liquidity test against the $381.3 million minimum requirement and the progress of the Eclipse reusable rocket development.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.15Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%
bearishMay 4

Net loss of $96.7M significantly exceeds quarterly revenue of $80.9M.

earnings miss
90%
bullishMay 4

Gross profit increased from $2.2M to $17.5M, improving gross margins to 21.6%.

margin expansion
70%
bullishMay 4

Completed $550M acquisition of SciTec to integrate AI-enabled defense software.

acquisition
80%
neutralMay 4

Amended credit agreement to increase revolving facility to $305M and adjust liquidity covenants.

debt restructure
50%

Filing History

10-QMay 4, 2026
Expand Sequence

The Q1 2026 filing presents a classic high-risk, high-reward profile typical of the 'New Space' sector. Firefly has successfully proven its technical capability through lunar landings and orbital launches, and the integration of SciTec adds a critical software layer that could transform the company into a full-stack defense contractor. The massive backlog suggests strong market demand and a high level of trust from government and commercial clients. However, the financial bridge to profitability remains precarious. The widening net loss and the reliance on a large cash pile to fund operations create a race against time. Investors must weigh the impressive top-line growth and strategic acquisitions against the reality of a company that is burning cash faster than it is scaling its launch cadence. The ultimate success of the investment thesis depends on Firefly's ability to convert its $1.3 billion backlog into realized revenue while stabilizing its operating expenses.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.