Core Viewpoint - Firefly Aerospace's revenue growth is overshadowed by rising expenses, leading to significant net losses despite initial strong performance post-IPO [1][6]. Revenue Performance - Firefly reported nearly $60 million in revenue for Q1 2025, driven by a successful lunar landing for NASA, but Q2 2025 revenue plummeted to $15.5 million, marking a 26% year-over-year decline [4][5]. - The company anticipates total revenue for the year to reach between $133 million and $145 million, representing a potential increase of up to 138% year-over-year [8]. Expense Analysis - Selling, general, and administrative expenses rose by 2% in Q2, while research and development costs increased by 16%, contributing to an $80.3 million net loss, equating to $5.78 per share [7]. - Interest expenses grew by 40%, and "other" expenses saw a fivefold increase, further exacerbating the financial strain [7]. Future Projections - Analysts predict that Firefly's revenue could triple in 2026 after doubling in 2025, with expectations of reaching over $765 million by 2027 [9][10]. - Despite rapid revenue growth, profitability is not expected until 2027, with projected earnings of $0.33 per share, potentially doubling to $0.73 per share in 2028 [10]. Stock Performance - Firefly's stock price has declined by 35% since its IPO, closing at just over $29 per share, which is 36% below the IPO offer price [2][3][11]. - The current valuation at 89 times projected earnings suggests that while the stock is becoming more attractive, it is not yet an obvious buy [12].