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

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Previous Report: Q1 2026

FLY Q2 2026 EPS Results

Actual EPS-$0.42

Consensus EPS-$0.51

Beat/MissBeat by +$0.09

One Year Ago EPS-$5.78

FLY Q2 2026 Revenue Results

Actual Revenue$117.68M

Expected Revenue$88.20M

Beat/MissBeat by +$29.48M

YoY Revenue Growth+656.85%

Earnings Announcement Details

QuarterQ2 2026

Date08/11/2026

TimeAfter Close

Conference CallTuesday, August 11, 2026

FLY Upcoming Earnings

Firefly Aerospace, Inc.'s next earnings date is estimated for November 18, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

FLY Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 11, 2026|

% Change Since:

Earnings Call Sentiment|Positive

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.

Company Guidance

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.

Record Quarterly Revenue

Second quarter revenue of $117.7 million, up 46% sequentially and 659% year-over-year, driven by strong Spacecraft Solutions execution (Spacecraft revenue $108.3M; Launch $9.4M).

Record Backlog and Strong Contract Wins

Backlog reached a record $1.5 billion (up from $1.3B last quarter, ~15% quarter-over-quarter growth) following multiple awards including two additional NASA lunar missions, the $75M MoonFall JPL subcontract, a $13M SkyFall JPL aeroshell award, Lockheed Martin multi-launch extension, Golden Dome prime role, and a $94M SciTec GBRD award from the Space Force.

Large Liquidity Cushion

Ended the quarter with $940.3 million total liquidity (approximately $635.3M cash, cash equivalents and short-term investments plus $305M undrawn revolving credit capacity). Cash balance included ~$182.6M net proceeds from a June equity offering.

Operational and Production Ramp Progress

Significant production throughput improvements between May and August: increased Alpha mandrel tooling efficiency, higher Reaver engine integration rates, Cortex facility added 55,000 sq ft; Flights 8–11 are in production pipeline enabling higher cadence.

Eclipse Miranda Engine Test Milestone

Miranda engine surpassed 150 hot-fire tests, including a 226-second flight-like Mission Duty Cycle (exceeding 206-second requirement); engine qualification described as imminent and flight engines in production.

Progress on Lunar & Interplanetary Programs

Executing five lunar missions in parallel; Blue Ghost far-side mission assembly progressed (primary structures passed acceptance), Elytra serving as long-haul comms relay and commercial Ocula imaging host; awarded first Mars contract work (SkyFall aeroshell), extending capabilities beyond lunar missions.

Improving Non-GAAP Profitability Metrics

Non-GAAP operating loss improved to $70.4M from $76.2M (≈7.6% improvement q/q). Non-GAAP net loss improved to $67.7M from $74.0M (≈8.5% improvement q/q). Adjusted EBITDA loss narrowed to $61.2M from $64.7M (≈5.4% improvement).

Strategic Acquisitions and Vertical Integration

Acquired Space-ng (AI vision/navigation and autonomous guidance) and integrated SciTec acquisition synergies; Space-ng brings ~15 software engineers and augments autonomous landing/vision capabilities for Blue Ghost and Elytra.

FLY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 18, 2026	2026 (Q3)	-0.53 / -	-1.5	―
Aug 11, 2026	2026 (Q2)	-0.51 / -0.42	-5.78	92.73% (+5.36)
May 04, 2026	2026 (Q1)	-0.52 / -0.46	-0.47	2.13% (<+0.01)
Mar 19, 2026	2025 (Q4)	-0.44 / -0.38	-0.716	46.93% (+0.34)
Nov 12, 2025	2025 (Q3)	-0.41 / -1.50	-0.321	-367.29% (-1.18)
Sep 23, 2025	2025 (Q2)	-0.43 / -5.78	-0.409	-1313.20% (-5.37)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed