TLDR
- Firefly Aerospace (FLY) stock was up about 1% to $24 in Wednesday premarket trading.
- Q3 revenue rose 259% to $110.7 million, topping the $102.3 million estimate.
- The adjusted loss was 45 cents a share, narrower than the 48 cents expected.
- Backlog hit a record $1.7 billion, and the full-year revenue outlook was narrowed to $440 million to $450 million.
- CEO Jason Kim said Firefly has more customers than rockets in the near-term manifest.
Firefly Aerospace (FLY) stock was up about 1% to $24 in Wednesday premarket trading. The move came after a third-quarter report that beat Wall Street’s targets.
The stock had slid 3.7% to $22.83 right after the report hit Tuesday. It had already dropped 2.5% during regular trading that day.
Revenue came in at $110.7 million, up 259% from a year ago. Analysts expected $102.3 million.
Firefly reported Q3 results, with a $1.7 Billion record backlog.
"Firefly’s third quarter reflects the power of our diversified and vertically-integrated business," said Jason Kim, CEO of Firefly Aerospace.
Read the full release and listen to the earnings call today at 4:00… pic.twitter.com/gbhp6qIRmE
— Firefly Aerospace (@FireflySpace) November 10, 2026
The adjusted loss was 45 cents a share, better than the 48-cent loss expected. The adjusted EBITDA loss was $69.5 million, compared with the $78 million Wall Street had penciled in.
Losses did grow from last year. The adjusted EBITDA loss was $46.3 million a year earlier, and the non-GAAP operating loss rose to $78.7 million from $52.8 million.
Backlog Grows, and the Rockets Are Spoken For
Backlog reached a record $1.7 billion, up from $1.5 billion at the end of the second quarter. CEO Jason Kim said, “We have more customers than we have rockets available in the near-term manifest.”
Firefly narrowed its full-year revenue forecast to $440 million to $450 million. The old range was $420 million to $450 million.
The AST SpaceMobile (ASTS) deal is worth more than $1.3 billion and covers 36 rocket engines over three years. Firefly stock jumped 37% on Friday after the news and another 17% on Monday.
Firefly expects that revenue to ramp up in 2027 as it hits contract milestones. Engine deliveries should climb in the second year of the agreement.
Even with the run, the stock is still down roughly 60% from its May high above $60. Firefly is not yet profitable, and Wall Street projects positive EBITDA in 2029.
Total liquidity stood at $839.7 million. That includes $409.3 million in cash, $125.4 million in short-term investments and $305 million in available credit.
Alpha Block 2, Eclipse and Moon Missions
Alpha Flight 8 is set for the first quarter of 2027 and will debut the upgraded Block 2 design. Firefly is also advancing Flights 9 through 12, with 24 Reaver engine chambers in production.
Recent launch deals include two flights from Sweden with SSC Space and up to 10 for Japan’s Synspective through 2030. Firefly also extended its Lockheed Martin agreement and won another hypersonic mission order.
The Eclipse rocket, built with Northrop Grumman, has finished more than 175 Miranda engine hot-fire tests. Those add up to 4,230 seconds across 20 engines.
On the moon side, Firefly is working on five lunar missions at once. Its expanded clean room has four times the space and can hold up to 12 landers and orbital vehicles.
Blue Ghost Mission 2 finished proof testing ahead of a 2027 launch. The Gruithuisen Domes mission is in hardware production for 2028.
Firefly also landed a $75 million NASA Moonfall subcontract and a $13 million subcontract for NASA’s SkyFall mission, its first Mars project. A StarCloud agreement will test AI computing aboard its Electra spacecraft.
Firefly will announce its 2027 Alpha launch forecast on its fourth-quarter earnings call.
