Revenue growth is accelerating, but widening losses and unchanged guidance cap upside. Monitor for execution on the $420-450M revenue target and progress on margin improvement. The stock price may react to the revenue beat but tempered by cash burn and lack of guidance raise.
Price Chart
Executive Summary
Firefly Aerospace reported Q1 2026 revenue of $80.9M, a record, up 45% YoY and 40% sequentially, beating the consensus estimate of $74.9M (Q4 2025 consensus). Non-GAAP EPS of -$0.46 beat the Street consensus of -$0.50 by 8%, while GAAP EPS was -$0.61. FY2026 revenue guidance of $420-$450M was maintained. Despite revenue growth, net loss widened to $96.7M from $60.1M a year ago due to increased R&D and SG&A spending.
Key Financial Metrics
Key Facts
- Record Q1 2026 revenue of $80.9M, up 45% YoY and 40% sequentially from Q4 2025
- Non-GAAP EPS -$0.46 vs Street consensus -$0.50 (8% beat); GAAP EPS -$0.61
- Gross profit improved to $17.5M (21.6% margin) from $2.2M (4.0%) in Q1 2025
- Net loss widened to $96.7M from $60.1M, driven by higher R&D ($67.5M vs $48.0M) and SG&A ($45.6M vs $12.8M)
- FY2026 revenue guidance maintained at $420M-$450M, unchanged from March 2026
- Operating cash flow -$62.5M; free cash flow -$78.9M; cash balance $326M at quarter end
- Selected for Golden Dome space-based interceptor program and awarded $109M FORGE contract expansion
Financial Impact
Record revenue of $80.9M beat expectations, but net loss widened; cash burn elevated.
Risk Factors
- Sustained cash burn and negative free cash flow
- Dilution from stock-based compensation ($12.5M in Q1)
- Dependence on government contracts; potential budget or program delays
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001860160-26-000008 |
| Document: fly-20260504.htm | 0001860160-26-000008 |
| Document: 0001860160-26-000008-index-headers.html | 0001860160-26-000008 |
| Document: 0001860160-26-000008-index.html | 0001860160-26-000008 |
| Document: 0001860160-26-000008.txt | 0001860160-26-000008 |
| 8-K Data (Synthetic) | 0001860160-26-000008 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | Press Release | $26.54 $20.90 | ▼ −21.25% | ▼ −19.35% | $23.32 (−12.13%) |
Aug 9, 2026 7w ago | Institutional Cluster | $25.76 $22.90 | ▼ −11.10% | ▼ −10.19% | $23.32 (−9.47%) |
Jul 15, 2026 11w ago | Press Release | $19.03 $26.77 | ▲ +40.67% | ▲ +37.05% | $23.32 (+22.54%) |
Jun 30, 2026 13w ago | Press Release | $28.37 $17.84 | ▼ −37.12% | ▼ −34.93% | $23.32 (−17.80%) |
Jun 2, 2026 17w ago | 8-K | $43.37 $28.37 | ▼ −34.59% | ▼ −33.02% | $23.32 (−46.23%) |
May 29, 2026 18w ago | EFFECT | $46.49 $29.05 | ▼ −37.51% | ▼ −35.72% | $23.32 (−49.84%) |
May 29, 2026 18w ago | Press Release | $46.49 $29.05 | ▲ +37.51% | ▲ +35.72% | $23.32 (+49.84%) |
May 26, 2026 18w ago | Press Release | $57.28 $24.61 | ▼ −57.04% | ▼ −55.13% | $23.32 (−59.29%) |
May 4, 2026 21w ago | Press Release | $31.52 $43.37 | ▲ +37.60% | ▲ +32.64% | $23.32 (−26.02%) |
May 4, 2026 21w ago | 8-K | $31.52 $43.37 | ▲ +37.60% | ▲ +32.64% | $23.32 (−26.02%) |
US Market Status
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