FLY - Firefly Aerospace Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$37.83
DETAILS
HIGH:
$50.00
LOW:
$25.00
MEDIAN:
$36.00
CONSENSUS:
$37.83
UPSIDE:
127.34%
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 117.7 | 80.9 | 57.7 | 30.8 | 15.5 | 55.9 | 21.1 | 8.3 |
| Cost of Revenue | 93.8 | 70.6 | 45.0 | 22.3 | 11.6 | 53.6 | 18.1 | 10.2 |
| Gross Profit | 23.9 | 10.3 | 12.7 | 8.5 | 4.0 | 2.2 | 3.0 | (1.9) |
| Operating Expenses | ||||||||
| R&D Expenses | 71.5 | 67.5 | 57.6 | 48.8 | 45.8 | 48.0 | 39.5 | 37.6 |
| SG&A Expenses | 47.5 | 38.4 | 36.1 | 21.9 | 12.6 | 12.8 | 12.3 | 9.6 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0.0 |
| Operating Expenses | 119.1 | 105.9 | 93.7 | 70.7 | 58.3 | 60.8 | 51.9 | 47.2 |
| Operating Income | ||||||||
| Operating Income | (95.2) | (95.7) | (81.0) | (62.2) | (54.4) | (58.5) | (48.9) | (49.1) |
| Interest Expense | 1.8 | 3.6 | 4.4 | 0 | 5.2 | 5.2 | 3.7 | 3.8 |
| Interest Income | 4.3 | 6.0 | 10.1 | 1.3 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||
| EBITDA | (76.6) | (77.1) | (64.1) | (127.8) | (54.6) | (50.9) | (48.2) | (47.5) |
| EBIT | (90.6) | (93.0) | (73.8) | (133.4) | (58.5) | (54.9) | (49.7) | (49.0) |
| Income Before Tax | (92.4) | (96.6) | (78.2) | (133.4) | (63.8) | (60.1) | (53.5) | (52.8) |
| Income Tax Expense | (0.0) | 0.1 | (37.1) | 0 | 0 | 0 | 0 | 0 |
| Net Income | (92.3) | (96.7) | (41.1) | (133.4) | (63.8) | (60.1) | (53.5) | (52.8) |
| Per Share Data | ||||||||
| EPS (Basic) | -0.57 | -0.61 | -0.26 | -0.95 | -0.56 | -0.50 | -0.41 | -0.40 |
| EPS (Diluted) | -0.57 | -0.61 | -0.26 | -0.95 | -0.56 | -0.50 | -0.41 | -0.40 |
| Shares Outstanding | 161.8 | 159.6 | 155.6 | 148.1 | 143.6 | 143.6 | 143.6 | 143.6 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 |
|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash & Cash Equivalents | 459.8 | 326.2 | 793.0 | 996.0 | 205.3 | 176.9 |
| Short-Term Investments | 175.4 | 225.4 | 100.0 | 0 | 0 | 0 |
| Net Receivables | 78.1 | 44.8 | 46.1 | 7.6 | 5.6 | 14.9 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 86.0 | 77.1 | 24.1 | 4.9 | 9.6 | 7.1 |
| Total Current Assets | 799.3 | 673.5 | 963.2 | 1,022.8 | 234.1 | 209.6 |
| Non-Current Assets | ||||||
| Property, Plant & Equipment | 207.8 | 190.7 | 181.4 | 156.6 | 157.6 | 156.0 |
| Goodwill | 467.0 | 453.4 | 450.1 | 17.1 | 17.1 | 17.1 |
| Intangible Assets | 152.3 | 160.2 | 165.7 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.8 | 14.1 | 64.5 | 59.7 | 58.0 | 56.5 |
| Total Non-Current Assets | 839.9 | 818.4 | 861.8 | 233.4 | 232.7 | 229.6 |
| Total Assets | 1,639.2 | 1,492.0 | 1,824.9 | 1,256.2 | 466.8 | 439.2 |
| Current Liabilities | ||||||
| Account Payables | 59.3 | 41.1 | 36.0 | 31.2 | 33.3 | 36.9 |
| Short-Term Debt | 11.5 | 10.2 | 9.3 | 8.4 | 6.9 | 6.6 |
| Deferred Revenue | 151.2 | 146.2 | 116.1 | 95.2 | 82.7 | 82.7 |
| Other Current Liabilities | 71.2 | 68.7 | 52.2 | 22.7 | 6.5 | 3.3 |
| Total Current Liabilities | 293.1 | 266.2 | 213.6 | 164.9 | 147.4 | 151.0 |
| Non-Current Liabilities | ||||||
| Long-Term Debt | 19.6 | 19.7 | 281.4 | 23.2 | 141.6 | 141.1 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 22.9 | 25.6 | 29.6 | 31.9 | 1,002.2 | 917.6 |
| Total Non-Current Liabilities | 123.2 | 120.9 | 421.4 | 142.4 | 1,237.4 | 1,126.9 |
| Total Liabilities | 416.3 | 387.1 | 635.0 | 307.4 | 1,384.8 | 1,277.9 |
| Stockholders' Equity | ||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (1,209.3) | (1,117.0) | (1,020.3) | (979.2) | (918.0) | (838.7) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 1,222.9 | 1,104.9 | 1,189.9 | 948.8 | (918.0) | (838.7) |
| Total Liabilities & Equity | 1,639.2 | 1,492.0 | 1,824.9 | 1,256.2 | 466.8 | 439.2 |
| Debt Metrics | ||||||
| Total Debt | 53.4 | 53.0 | 308.6 | 44.5 | 167.6 | 167.2 |
| Net Debt | (406.4) | (273.2) | (484.4) | (951.5) | (37.7) | (9.7) |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | (92.3) | (96.7) | (41.1) | (133.4) | (63.8) | (60.1) | (53.5) | (52.8) |
| Depreciation & Amortization | 14.0 | 15.9 | 9.6 | 5.6 | 3.9 | 4.0 | 1.5 | 1.5 |
| Stock-Based Compensation | 17.0 | 12.5 | 12.6 | 4 | 0.8 | 0.4 | 0.4 | 0.4 |
| Change in Working Capital | (18.7) | 2.3 | (15.0) | (2.8) | 23.9 | (2.4) | 27.4 | (10.1) |
| Other Non-Cash Items | (1.5) | 3.4 | 3.7 | 73.6 | 7.2 | 1.5 | 3.9 | 0.4 |
| Operating Cash Flow | (81.6) | (62.5) | (67.3) | (53.0) | (28.1) | (56.5) | (20.2) | (60.6) |
| Investing Activities | ||||||||
| Capital Expenditure | (24.7) | (16.3) | (12.1) | (8.9) | (9.2) | (2.7) | (17.3) | (4.5) |
| Acquisitions | (3.7) | 0 | (277.4) | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | (125) | (100) | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 50 | 0.0 | 8.4 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0.3 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | 21.6 | (141.3) | (380.8) | (8.9) | (9.2) | (2.7) | (17.3) | (4.5) |
| Financing Activities | ||||||||
| Net Debt Issuance | (0.7) | (262.0) | 253.7 | (149.7) | (1.9) | (2.1) | 23.6 | (0.4) |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | (5.0) | 0 | 0 | 0 | 0 |
| Other Financing Activities | (2.7) | (1.3) | 2.3 | (1.5) | (0.3) | 0.7 | (1.8) | 0.1 |
| Financing Cash Flow | 193.6 | (262.9) | 245.0 | 836.4 | 66.5 | 113.9 | 21.9 | 21.9 |
| Cash Position | ||||||||
| Net Change in Cash | 133.6 | (466.8) | (203.0) | 789.9 | 29.3 | 54.7 | (15.6) | (43.2) |
| Cash at Beginning | 326.2 | 793.0 | 996.0 | 206.1 | 192.3 | 137.6 | 51.9 | 95.1 |
| Cash at End | 459.8 | 326.2 | 793.0 | 996.0 | 221.5 | 192.3 | 36.3 | 51.9 |
| Free Cash Flow | (106.3) | (78.9) | (79.3) | (62.0) | (37.3) | (59.2) | (37.6) | (65.1) |
| Key Metrics | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q2 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 117.7 | 80.9 | 57.7 | 30.8 | 15.5 | 55.9 | 21.1 | 8.3 |
| Gross Profit | 23.9 | 10.3 | 12.7 | 8.5 | 4.0 | 2.2 | 3.0 | (1.9) |
| Operating Income | (95.2) | (95.7) | (81.0) | (62.2) | (54.4) | (58.5) | (48.9) | (49.1) |
| Net Income | (92.3) | (96.7) | (41.1) | (133.4) | (63.8) | (60.1) | (53.5) | (52.8) |
| EPS (Diluted) | -0.57 | -0.61 | -0.26 | -0.95 | -0.56 | -0.50 | -0.41 | -0.40 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 459.8 | 326.2 | 793.0 | 996.0 | 205.3 | 176.9 | ||
| Total Assets | 1,639.2 | 1,492.0 | 1,824.9 | 1,256.2 | 466.8 | 439.2 | ||
| Total Debt | 53.4 | 53.0 | 308.6 | 44.5 | 167.6 | 167.2 | ||
| Stockholders' Equity | 1,222.9 | 1,104.9 | 1,189.9 | 948.8 | (918.0) | (838.7) | ||
| Cash Flow | ||||||||
| Operating Cash Flow | (81.6) | (62.5) | (67.3) | (53.0) | (28.1) | (56.5) | (20.2) | (60.6) |
| Capital Expenditure | (24.7) | (16.3) | (12.1) | (8.9) | (9.2) | (2.7) | (17.3) | (4.5) |
| Free Cash Flow | (106.3) | (78.9) | (79.3) | (62.0) | (37.3) | (59.2) | (37.6) | (65.1) |