The revenue beat and strong guidance are positive catalysts, but the GAAP EPS miss and accelerating cash burn are concerning. Watch for the earnings call for color on cash runway and path to profitability; the $326M cash balance provides ~12 months of runway at current burn rate. The Golden Dome contract win is a significant long-term catalyst but near-term cash flow remains the key risk.
Price Chart
Executive Summary
Firefly Aerospace reported Q1 2026 revenue of $80.9M, up 40% sequentially and beating $74.9M consensus, while GAAP EPS of -$0.61 missed the Street consensus of -$0.52 on a GAAP basis. The company issued full-year 2026 revenue guidance of $420M-$450M, implying strong growth, but operating losses widened to $95.7M and cash burn accelerated, with free cash flow of -$78.9M.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $80.9M, up 40% sequentially and 45% YoY from $55.9M, beating $74.9M consensus
- GAAP EPS -$0.61 vs consensus -$0.52 (miss of 17.3%)
- Non-GAAP net loss per share -$0.46 vs -$5.09 in prior year quarter
- Gross profit surged to $17.5M from $2.2M YoY, gross margin improved to 21.6% from 4.0%
- Operating loss widened to -$95.7M from -$58.5M YoY, driven by R&D spend of $67.5M and SG&A of $45.6M
- Free cash flow -$78.9M vs -$59.2M YoY, cash burn accelerating
- Cash and equivalents fell to $326.2M from $793.0M at year-end 2025, after repaying $260M revolver
- Full-year 2026 revenue guidance $420M-$450M (midpoint $435M vs consensus ~$380M implied)
- Selected for Golden Dome space-based interceptor program; awarded $109M FORGE contract modification
- Launched Alpha Flight 7, completed all mission objectives
Financial Impact
Revenue beat of $6M (8%) vs consensus; GAAP EPS miss of $0.09 (17%); FY2026 guidance midpoint $435M implies ~55% YoY growth from 2025 estimated revenue
Risk Factors
- Cash burn accelerating: FCF -$78.9M in Q1 alone, cash balance down 59% from year-end
- GAAP EPS miss of 17% vs consensus may pressure the stock despite revenue beat
- Operating expenses growing faster than revenue (86% YoY vs 45% revenue growth)
- Dependence on government contracts for growth; any budget disruption could impact guidance
- Material weakness in internal controls noted in forward-looking statements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287154 |
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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