Firefly Aerospace Inc. Reports $159.9 Million Revenue and $298.3 Million Net Loss for Fiscal Year 2025

**Firefly Aerospace Inc. Reports Financial Results for Fiscal Year 2025**

Firefly Aerospace Inc., a space and defense technology company, released its 10-K filing, detailing its financial performance and operational developments for the fiscal year ending December 31, 2025. The company reported total revenue of $159.9 million, a significant increase from the $60.8 million reported in 2024. This growth was primarily attributed to a substantial rise in Spacecraft Solutions revenue, which reached $131.2 million, up from $38.2 million in the previous year, driven by the successful completion of the Blue Ghost Mission 1 and contributions from the recently acquired SciTec. Launch revenue also saw an increase, reaching $28.6 million compared to $22.6 million in 2024, due to progress on the Eclipse program and engineering services. Despite the revenue growth, the company reported a net loss of $298.3 million, compared to a net loss of $231.1 million in the prior year.

The company's cost of sales increased to $129.2 million in 2025, up from $72.2 million in 2024, reflecting the increased activity in both Launch and Spacecraft Solutions. Research and development expenses also rose to $200.1 million, a 34% increase from $149.5 million in the previous year, driven by investments in the Alpha and Eclipse programs, as well as Spacecraft Solutions R&D. Selling, general, and administrative expenses increased significantly to $91.2 million, compared to $46.8 million in 2024, due to the inclusion of SciTec's expenses, IPO-related costs, and increased corporate infrastructure expenses. The company's backlog as of December 31, 2025, stood at approximately $1.4 billion, indicating strong future revenue potential.

Operationally, Firefly achieved several milestones, including the successful lunar landing of Blue Ghost Mission 1, marking the first fully successful U.S. lunar surface landing by a commercial company since the Apollo era. The company also continued the development of its Eclipse launch vehicle in partnership with Northrop Grumman, with key components assembled and testing underway. Firefly also completed the acquisition of SciTec, a provider of national security software and big data processing capabilities, for $547.0 million. As of December 31, 2025, Firefly had 1,409 full-time employees and 9 part-time employees.

Looking ahead, Firefly plans to increase its launch cadence to meet growing market demand and scale across its mission solutions to enable profitable growth. The company also intends to deploy its in-space heritage for advanced operations and services, particularly through its Elytra spacecraft, and seek value-added acquisitions complementary to its existing offerings. The company acknowledges risks related to potential launch delays or failures, dependence on major customers, and the need to manage growth effectively. Firefly's management believes that its existing cash and cash equivalents of $793.0 million will be adequate to meet its liquidity requirements for at least the next 12 months.