Firefly Aerospace | 10-Q: Quarterly report

Firefly Aerospace reported Q3 2025 revenue of $30.8 million, up 38% year-over-year, driven by a 134% increase in Spacecraft Solutions revenue to $21.4 million. Launch revenue decreased 29% to $9.4 million due to lower launch cadence. Gross profit grew 9% to $8.5 million, while operating expenses rose 68% to $70.7 million.The company completed its IPO on August 8, 2025, raising net proceeds of $932.3 million. The funds were partially used to repay all outstanding Term Loans, resulting in a $30.4 million loss on debt extinguishment. Research and development expenses increased 63% to $48.8 million, primarily for Alpha and Eclipse development. The net loss widened to $133.4 million from $40.8 million in Q3 2024.As of September 30, 2025, Firefly had cash and cash equivalents of $995.2 million and total backlog of $1.3 billion. The company entered into a new $125 million revolving credit facility and subsequently increased it to $260 million in November. On October 31, 2025, Firefly completed the acquisition of SciTec for $855.6 million to enhance its defense software analytics capabilities.

Firefly Aerospace reported Q3 2025 revenue of $30.8 million, up 38% year-over-year, driven by a 134% increase in Spacecraft Solutions revenue to $21.4 million. Launch revenue decreased 29% to $9.4 million due to lower launch cadence. Gross profit grew 9% to $8.5 million, while operating expenses rose 68% to $70.7 million.The company completed its IPO on August 8, 2025, raising net proceeds of $932.3 million. The funds were partially used to repay all outstanding Term Loans, resulting in a $30.4 million loss on debt extinguishment. Research and development expenses increased 63% to $48.8 million, primarily for Alpha and Eclipse development. The net loss widened to $133.4 million from $40.8 million in Q3 2024.As of September 30, 2025, Firefly had cash and cash equivalents of $995.2 million and total backlog of $1.3 billion. The company entered into a new $125 million revolving credit facility and subsequently increased it to $260 million in November. On October 31, 2025, Firefly completed the acquisition of SciTec for $855.6 million to enhance its defense software analytics capabilities.