TLDR
- Firefly Aerospace posted record Q2 revenue of $117.7 million, up 659% year over year
- Adjusted loss per share of 42 cents came in better than analyst expectations
- Total backlog hit a record $1.5 billion, up from $1.3 billion last quarter
- The company added two new Moon missions and secured a role in NASA’s $13 million SkyFall Mars mission
- Full-year 2026 revenue guidance reiterated at $420 million to $450 million
Firefly Aerospace (FLY) rose 4.17% in pre-market trading on Wednesday after reporting record second-quarter results. The stock closed Tuesday at $26.36, up 2.33% on the day, and is up nearly 11% year to date.
Q2 revenue came in at $117.7 million, marking the first time the company has topped $100 million in a single quarter. That figure represents a 659% jump year over year and a 45.5% rise from Q1 2026.
Spacecraft revenue drove the bulk of results at $108.3 million, while launch revenue contributed $9.4 million. Gross margin came in at 20.3%, slightly down from 21.6% in the prior quarter.
FIREFLY AEROSPACE $FLY Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $117.7M (Est. $88.2M) 🟢; +659% YoY
🔹 Adj. EPS: -$0.42 (Est. -$0.52) 🟢FY Guide:
🔹 Revenue: $420M-$450M (Est. $440M) 🟡— Wall St Engine (@wallstengine) August 11, 2026
The adjusted loss of 42 cents per share beat analyst estimates. On a GAAP basis, the net loss was $92.3 million, an improvement from the $96.7 million loss in Q1.
Backlog reached a record $1.5 billion, up from $1.3 billion the previous quarter. That gives the company a solid runway of contracted work heading into the back half of the year.
Key Contract Wins
CEO Jason Kim said the quarter included more than six contract wins across rockets, spacecraft, and software programs.
Among the highlights: two additional NASA lunar missions added to the manifest, a $75 million MoonFall subcontract, and a $94 million Space Force GBARD contract.
Firefly also signed on to NASA’s SkyFall mission, a Mars-focused project worth $13 million. The company will manufacture, test, and deliver the aeroshell, the protective structure used during atmospheric entry. Launch is scheduled for late 2028.
Lockheed Martin extended its multi-launch agreement with Firefly through 2031, and the majority of the 2027 Alpha launch manifest is already sold.
Financials and Outlook
Free cash flow was an outflow of $106.3 million in Q2, up from $78.9 million in Q1. The company cited the final SciTec acquisition payment as a contributing factor.
Capital expenditures rose to $24.8 million from $16.3 million in Q1. Total liquidity stands at $940.3 million, including $635.3 million in cash and short-term investments.
Alpha launch cadence has been trimmed to three launches in 2026, with Flight 8 pushed to Q4.
The Eclipse next-generation rocket program continues to progress. The Miranda engine has completed more than 150 hot-fire tests and finished a flight-like mission duty-cycle test.
Firefly also acquired Space-ng during the quarter, adding AI-powered vision navigation and autonomous guidance systems to its capabilities.
Full-year 2026 revenue guidance was held steady at $420 million to $450 million.
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