Firefly Aerospace Inc. Earnings Per Share Disclosure
17. Net Loss Per Share
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during each period.
Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, RSUs, convertible notes and stock options. For the years ended December 31, 2025, 2024, and 2023 there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock are participating securities under the two-class method, however,
holders of the Preferred Stock are not required to fund losses. Dividends have been accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock (refer to Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail).
The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:
|
|
For the Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Consolidated net loss |
|
$ |
(298,340 |
) |
|
$ |
(231,133 |
) |
|
$ |
(135,457 |
) |
Less: Accretion of dividends of Series C Preferred Stock |
|
|
13,240 |
|
|
|
21,224 |
|
|
|
20,814 |
|
Less: Accretion of dividends of Series D-1 Preferred Stock |
|
|
21,989 |
|
|
|
13,453 |
|
|
|
— |
|
Less: Accretion of dividends of Series D-3 Preferred Stock |
|
|
394 |
|
|
|
— |
|
|
|
— |
|
Net loss available to common stockholders |
|
$ |
(333,963 |
) |
|
$ |
(265,810 |
) |
|
$ |
(156,271 |
) |
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding – basic and diluted |
|
|
69,204 |
|
|
|
12,819 |
|
|
|
11,977 |
|
Net loss per share attributable to common stockholders – basic and diluted |
|
$ |
(4.83 |
) |
|
$ |
(20.74 |
) |
|
$ |
(13.05 |
) |
A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:
|
|
For the Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Convertible Series Seed Preferred Stock |
|
|
— |
|
|
|
2,023 |
|
|
|
2,023 |
|
Convertible Series Seed-1 Preferred Stock |
|
|
— |
|
|
|
3,273 |
|
|
|
3,273 |
|
Convertible Series A Preferred Stock |
|
|
— |
|
|
|
6,005 |
|
|
|
6,005 |
|
Convertible Series B Preferred Stock |
|
|
— |
|
|
|
5,869 |
|
|
|
5,869 |
|
Convertible Series C Preferred Stock |
|
|
— |
|
|
|
11,159 |
|
|
|
9,852 |
|
Convertible Series M Preferred Stock |
|
|
— |
|
|
|
2,812 |
|
|
|
2,738 |
|
Series J Warrants |
|
|
646 |
|
|
|
646 |
|
|
|
579 |
|
Common Warrants |
|
|
— |
|
|
|
1,045 |
|
|
|
— |
|
Convertible Series D-1 Preferred Stock |
|
|
— |
|
|
|
10,447 |
|
|
|
— |
|
Stock options |
|
|
15,365 |
|
|
|
16,000 |
|
|
|
14,195 |
|
RSUs |
|
|
3,889 |
|
|
|
— |
|
|
|
— |
|
Convertible Notes |
|
|
— |
|
|
|
69 |
|
|
|
— |
|
Total |
|
|
19,900 |
|
|
|
59,348 |
|
|
|
44,534 |
|
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.