Core Insights - Firefly Aerospace reported a significant increase in backlog to $1.3 billion by the end of July 2025, bolstered by recent contracts and investments [5][12][27] - The company achieved a historic IPO, raising $933.1 million in net proceeds and began trading on Nasdaq on August 7, 2025 [4][5][12] - Firefly's second quarter financial results showed a revenue of $15.5 million, with a net loss of $63.8 million for the quarter [25][26] Financial Performance - Revenue for the second quarter of 2025 was $15.5 million, compared to $21.1 million in the same period of 2024, reflecting a decrease of approximately 26% [25] - The cost of sales for the second quarter was $11.6 million, leading to a gross profit of $4 million [25] - Total operating expenses for the second quarter were $58.3 million, resulting in a loss from operations of $54.4 million [25][26] Recent Developments - Firefly Aerospace's CEO testified before Congress regarding the success of Blue Ghost Mission 1 and the future of NASA's Commercial Lunar Payload Services initiative [5] - The company has entered into several contracts, including a $176.7 million contract from NASA for Blue Ghost Mission 4, contributing to the increased backlog [5][12] - Northrop Grumman invested $50 million in preferred equity to support Firefly's long-term Eclipse™ launch vehicle partnership [5] Guidance and Outlook - For the full year 2025, Firefly expects revenue to be between $133 million and $145 million [7] - The company is ramping up its flight cadence with several Alpha vehicles in production to meet strong demand for launch services [6] Balance Sheet Highlights - As of June 30, 2025, total assets were reported at $466.8 million, with cash and cash equivalents of $205.3 million [27] - Current liabilities totaled $147.4 million, while total liabilities amounted to $411.4 million [27][28]