Firefly Aerospace, Inc. (FLY) Q2 2026 Earnings Report

The call presented strong operational and commercial momentum highlighted by record quarterly revenue ($117.7M), a record $1.5B backlog, substantial liquidity (~$940M), multiple high-profile contract wins (NASA lunar missions, MoonFall, SkyFall, Golden Dome, GBRD) and meaningful production and engine test milestones (Miranda engine). Non-GAAP profitability metrics showed quarterly improvement, and strategic acquisitions (Space-ng, SciTec) improved vertical integration. Offsetting these positives were sizable GAAP losses, negative free cash flow (worsened q/q), a slight decline in GAAP gross margin, increased operating and stock-based compensation expenses, share dilution from an equity raise, and execution/timing risks tied to launch schedules and external approvals. Given the combination of accelerating revenue/backlog, cash runway, and technical progress versus ongoing operating losses and near-term cash burn, the overall tone is constructive and growth-oriented but still depends on successful execution of launches and margin expansion.

Firefly reiterated 2026 revenue guidance of $420–$450 million, anchored by Q2 results of $117.7 million (up 46% sequentially and 659% year‑over‑year), with Spacecraft revenue of $108.3M and Launch $9.4M, and a record backlog of ~$1.5 billion (up from $1.3B) and roughly 95% of 2026 revenue booked at the midpoint; Q2 GAAP gross margin was 20.3% (vs 21.6% prior), GAAP operating expenses $119.1M/non‑GAAP $94.3M, GAAP operating loss $95.2M/non‑GAAP operating loss $70.4M, GAAP net loss $92.3M/non‑GAAP net loss $67.7M, GAAP EPS ‑$0.57/non‑GAAP EPS ‑$0.42 (weighted average shares 161.8M, 166.2M outstanding at quarter end, ~167.2M expected in Q3, rising ~1M per quarter); adjusted EBITDA loss was $61.2M, total liquidity stood at $940.3M ($635.3M cash/short‑term investments + $305M revolver), Q2 capex was $24.8M, free cash flow outflow $106.3M (including a ~ $24M SciTec payment), the June equity raise contributed ~$182.6M net, and notable program and contract metrics cited include Elytra MoonFall $75M, JPL SkyFall $13M, GBRD $94M, Space‑ng adding ~15 engineers, a target of three Alpha launches in 2026 with Flight 8 targeting Q4 (Flights 10–11 in production), Miranda engine >150 hot fires including a 226s flight‑like test (MDC 206s), and an inaugural Eclipse launch targeted no earlier than 2027.