Firefly Aerospace Q2 Revenue Surges 659% to $117.7M, Losses Widen; Backlog Hits $1.47B
FLY sits 71% above its 52-week low of $16.
Summary
Firefly Aerospace reported Q2 2026 revenue of $117.7M, a 659% YoY increase, but net loss widened to $92.3M. Backlog grew to $1.47B. Five insiders adopted pre-arranged stock sale plans.
Key Events · Earnings and Guidance · FLY
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Revenue Surges 659%
Q2 2026 revenue reached $117.7M, up from $15.5M a year ago, driven by the SciTec acquisition and spacecraft mission progress. H1 revenue was $198.6M.
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Losses Deepen
Net loss widened to $92.3M in Q2 ($0.57/share) from $63.8M a year ago, as R&D and SG&A expenses more than doubled. H1 net loss was $189.0M.
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Cash Burn Accelerates
Operating cash outflow was $144.1M in H1 2026, up 70% YoY. Free cash flow was negative $185.2M. Cash and short-term investments totaled $635.3M at quarter-end.
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Backlog Grows to $1.47B
Backlog increased to $1.47B from $1.35B at year-end 2025, providing multi-year revenue visibility across launch and spacecraft solutions.
Analysis · FLY · Manufacturing
Firefly's Q2 revenue exploded to $117.7 million, up 659% year-over-year, driven by the SciTec acquisition and progress on Blue Ghost and Elytra spacecraft. However, operating losses deepened to $95.2 million as R&D and SG&A costs soared. The company holds $635 million in cash and short-term investments against a $1.2 billion accumulated deficit, with negative free cash flow of $185 million in the first half. A $1.47 billion backlog provides revenue visibility, but the going concern warning and heavy cash burn keep risk elevated. Separately, five insiders adopted 10b5-1 trading plans, signaling potential future selling pressure.
At the time of this filing, FLY was trading at $27.30 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $16.00 to $62.17. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.