10-Q · August 11, 2026
Firefly delivered strong Q2 top-line momentum, with revenue of $117.683 million versus $81 million in Q1 and consensus of $88.736 million, while diluted EPS of negative $0.42 improved sequentially and beat estimates.…
FLY earnings analysis
10-Q · Filed November 10, 2026 · Our reading of the company's report
The latest report
Q3 revenue was $110.682 million, representing substantial year-over-year growth, while gross margin improved sequentially to approximately 22.9% and diluted EPS improved to negative $0.45. However, the company continued…
Read full summary
Q3 revenue was $110.682 million, representing substantial year-over-year growth, while gross margin improved sequentially to approximately 22.9% and diluted EPS improved to negative $0.45. However, the company continued to report a $94.198 million net loss and negative $85.259 million of free cash flow. Management raised 2026 revenue guidance to $440 million-$450 million, but the filing reported no material changes to the risk factors from the latest Form 10-K.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.45
- Gross margin
- 22.86%
What stood out
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Revenue remained sharply above prior year
Revenue was $110.682 million, up from $118 million in Q2 2026? No—sequentially, revenue declined approximately 6.2% from $118 million, but increased approximately 257% from $31 million in Q3 2025.
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Gross margin improved sequentially
Gross profit was $25.3 million, implying a gross margin of approximately 22.9%, up from 20.3% in Q2 2026 but below 27.6% in Q3 2025.
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EPS loss narrowed
Diluted EPS was negative $0.45, improving from negative $0.57 in Q2 2026 and negative $1.50 in Q3 2025.
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Cash burn improved sequentially
Free cash flow was negative $85.259 million, an improvement from negative $106 million in Q2 2026 and negative $62 million in Q3 2025.
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No revolver borrowings outstanding
There were no borrowings under the Revolving Credit Facility as of September 30, 2026, and the company had no fixed-rate debt outstanding.
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Full-year revenue outlook raised
The 2026 revenue outlook increased to $440 million-$450 million from $420 million-$450 million, raising the low end by $20 million.
What to watch
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Substantial losses and cash burn
The company reported a net loss of $94.198 million and free cash flow of negative $85.259 million for the quarter, indicating continued substantial losses and cash consumption.
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Receivables and credit exposure increased
Accounts receivable increased to $56.4 million as of September 30, 2026 from $46.1 million at December 31, 2025, increasing customer-credit exposure and working-capital requirements.
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Future variable-rate debt exposure
Although the company had no borrowings under its Revolving Credit Facility at September 30, 2026, any future borrowings would carry variable interest at term SOFR plus 3.25% or the alternative base rate plus 2.25%.
Management's outlook
2026 revenue outlook was raised to $440 million-$450 million from $420 million-$450 million, increasing the low end by $20 million. No numeric EPS guidance was provided.
Earlier filings 2
10-Q · May 4, 2026
Fly Firefly Aerospace reported strong revenue growth of 45% year-over-year, reaching $80.9 million, driven by both their launch and spacecraft solutions segments. Despite an increase in operating losses to $96.7…
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