Firefly Aerospace Inc. Segments Disclosure
18. Segment and Geographical Information
The Company has determined that it operates in one operating segment and as a result, manages its operations and allocates resources as a single operating segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results.
The following table includes the significant expense categories and amounts that are regularly provided to the CODM:
|
|
For the Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue |
|
$ |
159,855 |
|
|
$ |
60,792 |
|
|
$ |
55,235 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
Cost of sales |
|
|
(129,189 |
) |
|
|
(72,157 |
) |
|
|
(28,635 |
) |
Compensation(1) |
|
|
(121,925 |
) |
|
|
(82,628 |
) |
|
|
(71,656 |
) |
Materials and consumables(1) |
|
|
(76,525 |
) |
|
|
(58,021 |
) |
|
|
(48,283 |
) |
Contractors and outside services(1) |
|
|
(16,063 |
) |
|
|
(10,568 |
) |
|
|
(8,886 |
) |
Depreciation and amortization(1) |
|
|
(20,511 |
) |
|
|
(12,545 |
) |
|
|
(4,707 |
) |
Interest income |
|
|
18,187 |
|
|
|
2,597 |
|
|
|
2,920 |
|
Interest expense |
|
|
(21,563 |
) |
|
|
(22,970 |
) |
|
|
(6,883 |
) |
Change in fair value of warrant liability |
|
|
(50,295 |
) |
|
|
(1,649 |
) |
|
|
(147 |
) |
Loss on extinguishment of debt |
|
|
(30,400 |
) |
|
|
— |
|
|
|
— |
|
Gain on settlement of contingent liabilities |
|
|
8,397 |
|
|
|
|
|
|
|
||
Other segment items(2) |
|
|
(18,308 |
) |
|
|
(33,984 |
) |
|
|
(24,415 |
) |
Consolidated net loss |
|
$ |
(298,340 |
) |
|
$ |
(231,133 |
) |
|
$ |
(135,457 |
) |
(1) Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses, and exclude amounts included in cost of sales.
(2) Other segment items included primarily those related to IPO and other transaction costs, building and utilities, professional and consulting services fees, software and hardware expense, and other general corporate expenses and research and development expenses.
The measure of segment assets, including goodwill, is reported on the consolidated balance sheets as total consolidated assets. Assets provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, and there are no other significant segment assets that would require disclosure or are regularly provided to the CODM.
The Company does not recognize revenue or hold material property and equipment outside of the United States for the years ended December 31, 2025, 2024, and 2023, and as of December 31, 2025 and 2024, respectively.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.