Firefly Aerospace (FLY)
Firefly Aerospace (FLY) is an upstream space company that builds the Alpha small-launch rocket and the Blue Ghost lunar lander, which in March 2025 made the first fully successful commercial soft landing on the Moon. In ETFpedia it represents the launch-and-lander supply side of the U.S. space tech theme. It is a recent IPO and still loss-making.
| Ticker | FLY |
|---|---|
| Exchange | Nasdaq |
| Sector | Space · Launch & Lunar |
| Country | United States |
| Wikidata | Q17492679 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years and not confirmed by Firefly; check IR. Firefly is a recent IPO with a short reporting history. Last report: Q1 2026 in early May 2026. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-05)
Firefly reported Q1 2026 revenue of $80.9 million, up 45% year over year, with gross profit rising to $17.5 million. Heavy research, development, and operating spending drove an operating loss of $95.7 million and a net loss of $96.7 million, while cash and equivalents fell to $326.2 million.
| Revenue | $80.9M+45%YoY · Spacecraft Solutions $67.6M |
|---|---|
| Gross profit | $17.5M · Up from $2.2M a year earlier |
| Operating loss | -$95.7M |
| Net loss | -$96.7M |
| Cash & equivalents | $326.2M · Plus $225.4M in time deposits; down from $793.0M |
Revenue by segment
| Spacecraft Solutions | $67.6M · 84%of revenue |
|---|
Recent & upcoming events
- · Q1 2026 results.Revenue $80.9M (+45%) and gross profit $17.5M, with an operating loss of $95.7M and net loss of $96.7M; remaining performance obligations of $652.6M. (source)
- · Alpha Flight 7 reaches orbit.Firefly's Alpha rocket lifted off from Vandenberg Space Force Base and reached orbit, its first launch after two explosive mishaps in 2025, validating systems ahead of a Block II upgrade. (source)
- · First commercial Moon landing.Blue Ghost Mission 1 became the first fully successful commercial soft landing on the Moon under NASA CLPS, operating 10 NASA payloads through a 14-day lunar day. (source)
Q1 2026 figures are from Firefly's earnings release and Form 10-Q. As a recent 2025 IPO, Firefly has a short public reporting history; growth rates are off a small base.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Firefly Aerospace do?
Firefly builds hardware that reaches space. Its Alpha rocket is a small-launch vehicle for smaller satellites, and its Blue Ghost lander carries payloads to the Moon under NASA’s Commercial Lunar Payload Services (CLPS) program. The company also develops in-space transfer vehicles such as Elytra. In Q1 2026 most revenue came from its Spacecraft Solutions line, which contributed $67.6 million of the $80.9 million total (Firefly 10-Q). Firefly is a recent IPO, so it has only a short public reporting history and its growth rates come off a small base.
Why is Firefly Aerospace a U.S. space tech company?
The U.S. space tech theme separates the upstream builders from the downstream service operators. Firefly is squarely upstream: it manufactures the rockets and spacecraft that physically deliver payloads to orbit and to the lunar surface. That capability is what set it apart in 2025, when it pulled off something no commercial company had done before.
“Firefly is literally and figuratively over the Moon. Our Blue Ghost lunar lander now has a permanent home on the lunar surface with 10 NASA payloads and a plaque with every Firefly employee’s name. This bold, unstoppable team has proven we’re well equipped to deliver reliable, affordable access to the Moon.”
— Jason Kim, CEO, Firefly Aerospace (Firefly Aerospace)
What did Firefly Aerospace report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Firefly reported revenue of $80.9 million, up 45% year over year, with gross profit rising to $17.5 million from $2.2 million a year earlier (Firefly 10-Q). The company is still investing well ahead of revenue: heavy research, development, and operating spend produced an operating loss of $95.7 million and a net loss of $96.7 million. Cash and equivalents fell to $326.2 million from $793.0 million over the quarter, alongside $225.4 million in time deposits, and remaining performance obligations stood at $652.6 million. For full-year 2025, Firefly reported revenue of $159.9 million against a net loss of about $298.3 million.
What are the operational milestones?
Beyond the financials, two events define Firefly’s near-term trajectory. On March 11, 2026, its Alpha rocket returned to flight and reached orbit on Flight 7, recovering from two explosive mishaps in 2025 and validating systems ahead of a planned Block II upgrade (AIAA). And the company is preparing Blue Ghost Mission 2, a larger mission that stacks the lander on an Elytra orbital vehicle and is targeted for no earlier than late 2026, aimed at the far side of the Moon.
What are the risks for Firefly Aerospace?
- Large, ongoing losses. Firefly burns cash heavily relative to revenue; its Q1 2026 net loss of $96.7 million exceeded its quarterly revenue.
- Cash runway. Cash fell sharply over Q1 2026; an early-stage launch and lander business needs continued funding to reach its milestones.
- Launch and mission execution risk. Alpha suffered two explosive failures in 2025; rockets and lunar landers carry high technical risk, and a failure can dent both finances and reputation.
- Recent IPO and concentration. A short public history, limited diversification, and reliance on NASA and government programs add uncertainty.
Related securities, concepts & terms
- U.S. Space Techparent
- Voyager Technologies (VOYG)sibling
Related indices & ETFs
- Akros U.S. Space Tech Index · AkrosThe U.S. space-tech index that includes Firefly Aerospace as an upstream member.
Frequently asked questions about Firefly Aerospace
What does Firefly Aerospace do?
Firefly Aerospace is an upstream space company. It builds the Alpha small-launch rocket and the Blue Ghost lunar lander, and provides spacecraft and in-space services. In March 2025 its Blue Ghost Mission 1 became the first fully successful commercial soft landing on the Moon under NASA's CLPS program. It reported Q1 2026 revenue of $80.9 million.
Why is Firefly Aerospace part of the U.S. space tech theme?
Firefly sits at the upstream, supply side of the space value chain. It builds the rockets and spacecraft hardware that get payloads to orbit and to the Moon, the launch and lander capability that downstream operators and government programs depend on, rather than reselling connectivity to consumers.
Did Firefly really land on the Moon?
Yes. On March 2, 2025, Firefly's Blue Ghost Mission 1 made the first fully successful commercial soft landing on the Moon under NASA's Commercial Lunar Payload Services program, delivering and operating 10 NASA payloads through a 14-day lunar day. A larger Blue Ghost Mission 2, using a stacked lander and orbital vehicle, is targeted for no earlier than late 2026.
Is Firefly Aerospace profitable?
No. Firefly is an early-stage, recently public company still investing heavily. In Q1 2026 it grew revenue 45% to $80.9 million but reported an operating loss of $95.7 million and a net loss of $96.7 million. Full-year 2025 revenue was $159.9 million against a net loss of about $298.3 million. It ended Q1 2026 with $326.2 million in cash plus $225.4 million in time deposits.
When does Firefly Aerospace report its next earnings?
Firefly is expected to report Q2 2026 results around mid-August 2026. As a recent IPO it has a short reporting history, so that date is calendar-estimated and unconfirmed; check Firefly's investor relations page. It last reported Q1 2026 in early May 2026.
Sources & references
- Firefly Aerospace · Q1 2026 quarterly report (Form 10-Q) · Firefly Aerospace Inc. / SEC EDGAR, 2026-05-05
- Firefly Aerospace Wins $75 Million NASA JPL MoonFall Subcontract to Deliver Drones to the Moon's South Pole · Firefly Aerospace Inc., 2026-05-26
- Firefly Alpha Returns to Flight With Successful Orbital Launch · AIAA, 2026-03-12
- Firefly Aerospace Becomes First Commercial Company to Successfully Land on the Moon · Firefly Aerospace Inc., 2025-03-02
- Firefly Aerospace · quarterly results and earnings events · Firefly Aerospace Inc. (Investor Relations), 2026-06-04