Firefly Aerospace Inc.

Listed Company

FLYCIK 0001860160NasdaqNon-AcceleratedEmerging GrowthGuided Missiles & Space Vehicles & PartsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$159.85M

Net Income

$-298.34M

Total Assets

$1.82B

Equity

$1.19B

Shares Out

159.95M

Op. Cash Flow

$-204.90M

Business

Firefly Aerospace Inc. is a publicly listed company in Guided Missiles & Space Vehicles & Parts, incorporated in Delaware. Common stock trades on Nasdaq under the ticker FLY.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenue	160	61	55
Cost of sales	129	72	29
Gross profit	31	−11	27
Research and development	200	149	118
Selling, general and administrative	91	47	41
(Gain) loss on disposal of fixed assets	−9,000	2	−1,000
Total operating expenses	291	198	158
Loss from operations	−261	−209	−132
Change in fair value of warrant liability	−50	−2	−147,000
Loss on extinguishment of debt	−30	0	0
Interest income	18	3	3
Interest expense, net	−22	−23	−7
Gain from settlement of contingent liabilities	8	0	0
Other income (expense), net	894,000	342,000	528,000
Total other expense, net	−75	−22	−4
Loss before income tax benefit	−335	−231	−135
Income tax benefit	37	0	−4,000
Net loss and comprehensive loss	−298	−231	−135
Net loss attributable to common shareholders, basic	−334	−266	−156
Net loss available to common stockholders, diluted	−334	−266	−156
Basic (per share)	−4.83	−20.74	−13.05
Diluted (per share)	−4.83	−20.74	−13.05
Basic (shares)	69	13	12
Diluted (shares)	69	13	12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	793	123	82	—
Short-term investments	100	0	—	—
Restricted cash, current	0	424,000	2	—
Accounts receivable, net	46	1	—	—
Advanced payments, current	12	52	—	—
Other current assets	12	3	—	—
Total current assets	963	181	—	—
Advanced payments, less current portion	60	42	—	—
Property and equipment, net	164	136	—	—
Restricted cash, less current portion	0	14	—	—
Right-of-use assets - operating leases	14	15	—	—
Right-of-use assets - finance leases	4	4	—	—
Intangible assets, net	166	0	—	—
Goodwill	450	17	17	—
Other noncurrent assets	4	158,000	—	—
Total assets	1,825	407	—	—
Accounts payable	36	38	—	—
Accounts payable - related parties	330,000	86,000	—	—
Accrued expenses	43	14	—	—
Operating lease liability, current	1	1	—	—
Finance lease liability, current	1	856,000	—	—
Deferred revenue, current	116	108	—	—
Notes payable, current	7	6	—	—
Other current liabilities	9	11	—	—
Total current liabilities	214	179	—	—
Operating lease liability, less current portion	16	16	—	—
Finance lease liability, less current portion	2	2	—	—
Deferred revenue, less current portion	93	46	—	—
Notes payable, less current portion	281	124	—	—
Notes payable, less current portion - related parties	0	18	—	—
Warrant liability	12	4	—	—
Other liabilities, less current portion	17	26	—	—
Total liabilities	635	415	—	—
Commitments and contingencies (See Note 10)	—	—	—	—
Redeemable convertible preferred stock, $0.0001 par value; 100,000 and 51,033 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 0 and 41,588 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; $0 and $1,227,158 liquidation preference as of September 30, 2025 and December 31, 2024, respectively	0	760	—	—
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	17,000	1,000	—	—
Additional paid-in capital	2,210	0	—	—
Accumulated deficit	−1,000	−768	—	—
Total stockholders' equity (deficit)	1,190	−768	−504	−351
Total liabilities, temporary equity, and stockholders' equity (deficit)	1,825	407	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−298	−231	−135
Depreciation and amortization	23	13	5
(Gain) loss on disposal of fixed assets	−9,000	2	−1,000
Stock-based compensation	18	2	2
Change in fair value of warrant liability	50	3	147,000
Non-cash interest expense	6	8	2
Non-cash interest income	−1	0	0
Non-cash inventory write-off	0	247,000	0
Deferred income taxe	−37	0	0
Accounts receivable	644,000	2	−1
Advanced payments	21	−35	−40
Other assets	−314,000	5	4
Accounts payable	−17	8	10
Accounts payable - related parties	244,000	−1	1
Accrued expenses	−23	−2	4
Other liabilities	−26	36	452,000
Right-of-use assets	2	6	2
Lease liabilities	−7	−4	−578,000
Deferred revenue	53	31	53
Net cash used in operating activities	−205	−158	−93
Purchases of property and equipment	−33	−33	−77
Purchases of time deposits	100	0	0
Acquisition of business, net of acquired cash	−277	0	7
Proceeds from sale of property and equipment	280,000	0	0
Proceeds from sale of short-term investments	8	0	0
Net cash used in investing activities	−402	−33	−70
Proceeds from issuance of common stock	944	0	0
Costs associated with initial public offering	−12	0	0
Proceeds from issuance of Preferred Stock	232	189	150
Principal payments on finance leases	−1	−84,000	−2
Proceeds from issuance of notes payable	0	49	102
Payment of initial public offering closing Preferred Stock Dividend	−5	0	0
Proceeds from notes payable - related parties	0	0	21
Repayment of notes payable - related parties	−21	0	0
Payments on notes payable	−133	−4	−985,000
Payments on mortgage principal	0	0	−188,000
Payments of debt issuance costs	−4	−2	−25
Payments of debt issuance costs - related parties	0	0	−5
Proceeds from repayment of employee note	601,000	247,000	307,000
Proceeds from Revolving Credit Facility	260	0	0
Proceeds from exercise of stock options	2	600,000	559,000
Net cash provided by financing activities	1,262	233	241
Net increase in cash and cash equivalents and restricted cash	655	42	77
Cash paid for interest	16	21	13
Property and equipment additions in accounts payable	4	3	6
Capitalized interest (paid-in-kind)	683,000	0	0
Equity issued for business combination	270	0	10
Issuance of debt in exchange of software licenses	663,000	0	0
Acquisition of internal-use software licenses and obligations	18	0	0
Right-of-use asset acquired in exchange for operating lease liabilities	0	0	3
Right-of-use asset acquired in exchange for finance lease liabilities	2	109,000	4
Initial fair value of warrants at issuance	0	107,000	844,000
Property and equipment acquired through loans	0	0	630,000
Property and equipment acquired through finance leases	0	0	4
Net exercise of Common Warrants into common stock	46	0	0
Issuance of Preferred Stock Dividend	86	0	0
Conversion of Preferred Stock to common stock upon initial public offering	937	0	0

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