$FLY

Firefly Aerospace Inc.

CIK:0001860160|SEC Filings

Condensed Consolidated Statements of Net Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 117,683,000	$ 15,549,000	$ 198,562,000	$ 71,404,000
Cost of sales	93,808,000	11,554,000	157,226,000	65,189,000
Gross profit	23,875,000	3,995,000	41,336,000	6,215,000
Operating expenses
Research and development	71,532,000	45,774,000	139,041,000	93,786,000
Selling, general and administrative	47,540,000	12,571,000	93,160,000	25,323,000
Total operating expenses	119,072,000	58,345,000	232,201,000	119,109,000
Loss from operations	(95,197,000)	(54,350,000)	(190,865,000)	(112,894,000)
Other income (expense), net
Change in fair value of warrant liability	(625,000)	(4,191,000)	(4,309,000)	(1,118,000)
Interest Income	4,336,000	1,761,000	10,310,000	2,789,000
Interest expense	(1,794,000)	(6,998,000)	(5,399,000)	(13,190,000)
Gain on settlement of contingent liabilities	926,000	0	1,307,000	0
Other (expense) income, net	0	0	(7,000)	542,000
Total other income (expense), net	2,843,000	(9,428,000)	1,902,000	(10,977,000)
Loss before (benefit) provision for income taxes	(92,354,000)	(63,778,000)	(188,963,000)	(123,871,000)
Benefit (provision) for income taxes	(35,000)	0	32,000	0
Net loss and comprehensive loss	(92,319,000)	(63,778,000)	(188,995,000)	(123,871,000)
Net loss available to common stockholders, basic	(92,319,000)	(80,263,000)	(188,995,000)	(152,544,000)
Net loss available to common stockholders, diluted	$ (92,319,000)	$ (80,263,000)	$ (188,995,000)	$ (152,544,000)
Net loss per common share
Basic	$ (0.57)	$ (5.78)	$ (1.18)	$ (11.17)
Diluted	$ (0.57)	$ (5.78)	$ (1.18)	$ (11.17)
Weighted-average common shares outstanding
Basic	161,784	13,877	160,711	13,659
Diluted	161,784	13,877	160,711	13,659
Series C Preferred Stock
Other income (expense), net
Less: Accretion of dividends	$ 0	$ (5,363,000)	$ 0	$ (10,942,000)
Series D-1 Preferred Stock
Other income (expense), net
Less: Accretion of dividends	0	(10,856,000)	0	(17,465,000)
Series D-3 Preferred Stock
Other income (expense), net
Less: Accretion of dividends	$ 0	$ (266,000)	$ 0	$ (266,000)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (188,995,000)	$ (123,871,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	29,888,000	7,916,000
Stock-based compensation	29,539,000	1,191,000
Change in fair value of warrant liability	4,309,000	5,107,000
Gain on settlement of contingent liabilities	(1,307,000)	0
Non-cash interest expense	821,000	3,586,000
Non-cash interest income	(2,361,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(11,838,000)	(4,634,000)
Advanced payments	(8,373,000)	38,778,000
Contract assets	(16,440,000)	0
Other assets	(3,145,000)	(4,238,000)
Accounts payable	20,849,000	(3,344,000)
Accrued expenses	9,610,000	2,245,000
Accounts payable and accrued expenses - related parties	1,116,000	355,000
Other liabilities	(11,344,000)	(11,190,000)
Right-of-use assets	1,846,000	986,000
Lease liabilities	876,000	(2,063,000)
Deferred revenue	839,000	4,557,000
Net cash used in operating activities	(144,110,000)	(84,619,000)
Cash Flows from investing activities:
Purchases of property and equipment and internal-use software	(41,089,000)	(11,837,000)
Purchases of short-term investments	(125,000,000)	0
Payments for acquisitions of businesses, net of acquired cash	(3,699,000)	0
Proceeds from sale of short-term investments	50,008,000	0
Net cash used in investing activities	(119,780,000)	(11,837,000)
Cash Flows from financing activities
Proceeds from issuance of common stock	184,111,000	0
Payments of offering costs	(1,502,000)	0
Proceeds from issuance of Preferred Stock	0	184,116,000
Principal payments on finance leases	(532,000)	(883,000)
Payments on Notes Payable	(3,945,000)	(3,195,000)
Payments of debt issuance costs	(1,188,000)	(575,000)
Proceeds from repayment of employee note	25,000	383,000
Proceeds from issuance of notes payable	1,730,000	0
Repayment of Revolving Credit Facility	(260,000,000)	0
Proceeds from exercise of stock options, net of shares withheld for taxes	12,042,000	595,000
Net cash (used in) provided by financing activities	(69,259,000)	180,441,000
Net (decrease) increase in cash and cash equivalents and restricted cash	(333,149,000)	83,985,000
Balance, beginning of period	792,966,000	137,558,000
Balance, end of period	459,817,000	221,543,000
Cash and cash equivalents	459,817,000	205,286,000
Restricted cash, current	0	829,000
Restricted cash, non-current	0	15,428,000
Total cash and cash equivalents and restricted cash at the end of the period	459,817,000	221,543,000
Supplemental disclosures of cash flow information
Cash paid for interest	5,546,000	11,101,000
Non-cash investing and financing activities
Increase in accounts payable for property and equipment	1,112,000	1,413,000
Property and equipment acquired through loans	642,000	0
Capitalized interest (paid-in-kind)	0	573,000
Equity issued for business combination	10,144,000	0
Deferred offering costs payable	1,055,000	0
Debt issuance costs incurred but unpaid	117,000	0
Issuance of debt in exchange of software licenses and obligations	0	664,000
Acquisition of internal-use software licenses and obligations	3,541,000	0
Right-of-use asset acquired in exchange for operating lease liabilities	5,066,000	0
Right-of-use asset acquired in exchange for finance lease liabilities	0	1,625,000
Non-cash purchase consideration for acquisition of businesses	$ 5,438,000	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 459,817	$ 792,966
Short-term investments	175,447	100,008
Accounts receivable, net	58,114	46,129
Advanced payments, current	71,592	12,350
Contract assets	19,939	3,499
Other current assets	14,381	8,223
Total current assets	799,290	963,175
Advanced payments, less current portion	10,269	60,496
Property and equipment, net	186,057	163,738
Right-of-use assets - operating leases	18,869	13,938
Right-of-use assets - finance leases	2,919	3,735
Intangible assets, net	152,286	165,709
Goodwill	466,984	450,119
Other assets, less current portion	2,549	4,024
Total assets	1,639,223	1,824,934
Current liabilities:
Accounts payable	57,823	35,626
Accrued expenses	52,356	42,755
Accounts payable and accrued expenses - related parties	1,446	330
Operating lease liability, current	3,053	1,161
Finance lease liability, current	1,066	1,056
Deferred revenue, current	151,174	116,135
Notes payable, current	7,410	7,099
Other current liabilities	18,795	9,419
Total current liabilities	293,123	213,581
Operating lease liability, less current portion	20,818	15,832
Finance lease liability, less current portion	1,462	2,004
Deferred revenue, less current portion	58,365	92,565
Notes payable, less current portion	19,588	281,441
Warrant liability	16,604	12,294
Other liabilities, less current portion	6,338	17,278
Total liabilities	416,298	634,995
Commitments and contingencies (See Note 12)
Stockholders' equity
Common stock, $0.0001 par value, 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 166,207 and 159,276 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	17	17
Additional paid-in capital, net	2,432,182	2,210,201
Accumulated deficit	(1,209,274)	(1,020,279)
Total stockholders' equity	1,222,925	1,189,939
Total liabilities and stockholders' equity	$ 1,639,223	$ 1,824,934