Firefly Aerospace (FLY) Financials

Firefly Aerospace’s latest quarter shows rapid top-line growth, but the company is still burning a significant amount of cash and remains deeply unprofitable. Q1 2026 revenue rose to $80.9 million, up sharply from $30.8 million in Q3 2025 and well above prior-year quarters. However, the company reported a net loss of $96.7 million for the quarter, and operating cash flow was still negative at -$62.5 million.

On balance, Firefly looks like a company in a high-investment, high-risk growth phase: sales are accelerating, but expenses, interest costs, and cash consumption are still heavy. Investors will likely focus on whether revenue can keep scaling fast enough to improve margins before the company’s cash balance is pressured further.

• Revenue growth accelerated materially. Q1 2026 revenue of $80.9 million was far above the $30.8 million posted in Q3 2025 and $15.5 million in Q2 2025, showing strong momentum in sales.
• Gross profit improved in absolute dollars. Q1 2026 gross profit was $17.5 million, versus $8.5 million in Q3 2025 and $4.0 million in Q2 2025.
• Cash and short-term investments remain substantial. As of Q1 2026, Firefly held $326.2 million in cash and equivalents plus $225.4 million in short-term investments.
• Current assets exceed current liabilities. Q1 2026 current assets were $673.5 million versus current liabilities of $266.2 million, suggesting near-term liquidity is still manageable.
• Deferred revenue remains meaningful. Current deferred revenue of $146.2 million and noncurrent deferred revenue of $52.5 million indicate a backlog of future revenue recognition, but the exact timing is uncertain.
• Balance sheet includes a large goodwill and intangible asset base. Goodwill of $453.4 million and intangible assets of $160.2 million make up a sizable portion of assets, which can be vulnerable if execution weakens.
• Debt is not huge relative to assets, but financing activity is volatile. Q1 2026 debt totaled about $26.8 million, but the company also repaid $260.0 million in debt during the quarter, showing active balance sheet management.
• Losses remain very large. Q1 2026 net loss was $96.7 million, and Firefly was also loss-making in every comparable quarter shown.
• Operating cash flow is still negative. Q1 2026 operating cash burn was $62.5 million, after negative operating cash flow of $67.3 million in Q4 2025 and $53.0 million in Q3 2025.
• Cash declined sharply in the latest quarter. Net change in cash and equivalents was -$466.8 million in Q1 2026, reflecting heavy investing and financing outflows.

Looking at the trend across the last several quarters, the clearest positive is that revenue is scaling quickly. That said, the company is still spending heavily on R&D and SG&A, and interest expense also remains a drag. In Q1 2026, operating expenses totaled $113.1 million, which overwhelmed gross profit and led to a large operating loss.

For retail investors, the key question is whether Firefly can convert its rising revenue into better margins and positive cash flow before the current cash pile is meaningfully reduced. At this stage, the story is still more about execution and scaling than near-term profitability.