Firefly Aerospace Announces Second Quarter 2025 Financial Results After Historic IPO

Core Insights - Firefly Aerospace reported a significant increase in backlog to $1.3 billion by the end of July 2025, bolstered by a $176.7 million contract from NASA for lunar payload delivery [7] - The company expects full-year revenue for 2025 to be between $133 million and $145 million [4] - Firefly's initial quarterly results as a public company reflect steady progress across its launch and spacecraft products [2] Financial Performance - For the second quarter ended June 30, 2025, Firefly reported revenue of $15.5 million, a decrease from $21.1 million in the same period of 2024 [22] - The cost of sales for the second quarter was $11.6 million, leading to a gross profit of $4 million [22] - Operating expenses totaled $58.3 million, resulting in a loss from operations of $54.4 million for the quarter [22] Cash Flow and Balance Sheet - As of June 30, 2025, the company had cash and cash equivalents of $205.3 million, up from $123.4 million at the end of 2024 [24] - The total assets increased to $466.8 million from $407.3 million at the end of 2024 [24] - Firefly's net loss for the six months ended June 30, 2025, was $123.9 million, compared to a net loss of $106.2 million for the same period in 2024 [26] Recent Developments - The FAA cleared Firefly's Alpha vehicle for return to flight on August 26, 2025, with plans to determine the next available launch window [7] - The company has completed 95 hot fire tests of the Miranda engine, which will power the upcoming Eclipse launch [7] - Firefly hosted a conference call to discuss its second-quarter financial results and full-year outlook [8]