FireFly Robotics, Inc.

CIK:0001660851|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenues, net	$ 12,889	$ 8,875	$ 35,798	$ 30,417
Cost of revenues	9,852	7,223	28,924	22,912
Gross profit	3,037	1,652	6,874	7,505
Operating expenses:
Selling, general and administrative	3,532	2,708	9,715	7,487
Research and development	1,228	1,025	3,459	3,118
Total operating expenses	4,760	3,733	13,174	10,605
Loss from operations	(1,723)	(2,081)	(6,300)	(3,100)
Other (expenses) income:
Interest income	9	5	27	20
Interest expense	(42)	(50)	(90)	(171)
Change in fair value of convertible debentures	(1,139)	(706)	(1,618)	(2,275)
Change in fair value of warrant liability	39	(3,615)	(904)	(3,584)
Other income		4	16	4
Other expense	(15)	(1)	(85)	(45)
Total other expense	(1,148)	(4,363)	(2,654)	(6,051)
Loss from operations before income taxes	(2,871)	(6,444)	(8,954)	(9,151)
Provision for income taxes
Net loss	$ (2,871)	$ (6,444)	$ (8,954)	$ (9,151)
Net loss per share attributable to common stockholders:
Basic	$ (0.19)	$ (0.46)	$ (0.61)	$ (0.68)
Diluted	$ (0.19)	$ (0.46)	$ (0.61)	$ (0.68)
Weighted average common shares:
Basic	14,817,334	13,888,863	14,704,753	13,534,832
Diluted	14,817,334	13,888,863	14,704,753	13,534,832

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (8,954)	$ (9,151)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Change in fair value of convertible debentures	1,618	2,275
Change in fair value of warrant liabilities	904	3,584
Stock compensation	1,316	989
Depreciation and amortization	619	338
Amortization of right-of-use asset	365	198
Changes in operating assets and liabilities
Accounts receivable, net	385	101
Inventory, net	619	(1,428)
Prepaid expenses	(917)	69
Other current assets	(2)	(3)
Accounts payable	1,355	1,115
Customer deposits	680	(1,575)
Accrued and other current liabilities	1,156	488
Lease liability	(423)	440
Net cash used in operating activities	(1,279)	(2,560)
Cash flows from investing activities:
Purchase of property and equipment	(332)	(251)
Purchase of intangible assets	(22)	(71)
Proceed from disposition of fixed assets		101
Net cash used in investing activities	(354)	(221)
Cash flows from financing activities:
Proceeds from convertible debentures, net	1,320	1,000
Proceeds from issuance of notes payable	124
Repayment of notes payable	(9)	(385)
Proceeds from issuance of common stock	15	1,152
Other liabilities	17	(288)
Net cash provided by financing activities	1,467	1,479
Net change in Cash and Restricted cash	(166)	(1,302)
Cash and Restricted cash, beginning of period	2,587	2,689
Cash and Restricted cash, end of period	2,421	1,387
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	63	168
Cash paid for taxes	52	40
Fair value of warrants issued with convertible debentures	$ 1,000	$ 1,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash	$ 2,421	$ 2,287
Restricted cash		300
Accounts receivable, net	1,226	1,352
Inventory, net	7,947	8,566
Prepaid expenses	1,297	639
Total current assets	12,891	13,144
Property and equipment, net	1,836	1,972
Intangible assets	664	696
Right-of-use assets, operating leases	4,087	4,451
Right-of-use assets, finance leases	784	881
Other long-term assets	141	141
Total assets	20,403	21,285
Current liabilities:
Accounts payable	6,600	5,245
Customer deposits	1,783	1,103
Notes payable, current portion	332	302
Lease liability, operating leases	492	386
Lease liability, finance leases	174	154
Accrued and other current liabilities	3,508	2,352
Total current liabilities	12,889	9,542
Non-current liabilities:
Notes payable, net of current portion	506	427
Convertible notes	326
Convertible debentures payable (at fair value)	40,794	38,176
Common Stock Purchase warrants liability	20,917	20,013
Lease liability, operating leases net of current portion	4,186	4,597
Lease liability, finance leases net of current portion	489	628
Other liabilities	3,657	3,640
Total liabilities	83,764	77,023
Commitments and contingencies (Note 14)
Stockholders’ deficit:
Common stock, $0.001 par value, 40 million shares authorized; 13,136,701 and 13,131,701 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	13	13
Additional paid-in capital	21,985	20,654
Accumulated losses	(85,359)	(76,405)
Total stockholders’ deficit	(63,361)	(55,738)
Total liabilities and stockholders’ deficit	$ 20,403	$ 21,285