Shares of Firefly Aerospace Inc. (NASDAQ: FLY) experienced a sharp pre-market plunge of 12.42% on Tuesday following the release of its second-quarter earnings report. The space and defense technology company, which recently made its stock market debut last month, reported disappointing financial results that fell short of analysts' expectations.
Firefly Aerospace posted a wider loss of $80.3 million, or $5.78 per share, for the quarter ended June 30, compared to a loss of $58.7 million, or $4.60 per share, in the same period last year. Revenue declined to $15.5 million from $21.1 million a year ago, missing the $16.8 million forecast by analysts polled by FactSet. The company's first earnings report as a public entity revealed challenges in its financial performance, prompting investor concerns.
Despite the setback, Firefly's CEO Jason Kim emphasized the company's progress and future potential. Kim stated, "We're ramping our flight cadence and have several Alpha vehicles in production to meet the strong demand for launch services, especially for responsive national security missions." The company also highlighted positive developments, including an increased backlog of $1.3 billion by the end of July and the successful completion of its IPO in August, which raised $933.1 million in net proceeds. Looking ahead, Firefly provided guidance for full-year 2025 revenue between $133 million and $145 million, aligning with analysts' expectations of $138.5 million. As Firefly Aerospace navigates its early days as a public company, investors will be closely watching its ability to capitalize on the growing demand for space technology and improve its financial performance in the coming quarters.
