Shares of Firefly Aerospace Inc. (FLY) plummeted 13.17% in pre-market trading on Tuesday following the release of the company's disappointing second-quarter earnings report. This marks a rocky start for the space and defense technology firm in its first financial disclosure since going public last month.
Firefly Aerospace reported a wider loss and lower revenue for the quarter ended June 30, falling short of analyst expectations. The company posted a loss of $80.3 million, or $5.78 per share, 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.
Despite the underwhelming results, Firefly's CEO Jason Kim emphasized the company's progress, stating, "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 some positive developments, including an increase in its backlog to $1.3 billion by the end of July and the successful completion of its Initial Public Offering 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, which aligns with analysts' expectations of $138.5 million. As Firefly Aerospace navigates its early days as a public company, its ability to meet future projections and demonstrate growth in the competitive space technology market will likely be closely watched by investors.
