Revenue of $420 million to $450 million. Firefly has not issued a profitability target.
The May follow-on offering was expected to add approximately $181.9 million of net proceeds to Firefly. The company received no proceeds from the 8 million shares sold by existing holders.
Firefly is no longer only a small-launch company. Its strongest current business is spacecraft solutions, built around Blue Ghost lunar delivery and SciTec national-security software. Alpha gives it sovereign responsive-launch relevance, while Eclipse is the larger capital bet that could move Firefly into the medium-lift market. The near-term test is not contract headlines. It is whether Firefly converts backlog into revenue while funding several hardware programs at once.
Firefly Aerospace builds and operates launch vehicles, lunar landers, orbital spacecraft and defense mission software. Alpha provides dedicated small-launch service. Blue Ghost carries government and commercial payloads to the Moon. Elytra supplies in-space transport, hosting and mission operations. SciTec adds missile-warning, tracking and command-and-control software. The company is also developing Eclipse with Northrop Grumman for the medium-lift market.
The portfolio matters to national security because it connects several procurement lanes that are usually separate: responsive launch, missile-warning data processing, lunar logistics and on-orbit mobility. A customer can use Firefly hardware to reach orbit or the Moon, then use Firefly spacecraft and software to move payloads, process sensor data and support operations. That integration can shorten handoffs, but it also forces the company to execute across rockets, spacecraft and software at the same time.
For capital and industrial capacity, Firefly is building around a shared Central Texas manufacturing base. The operating headquarters and spacecraft campus in Cedar Park totals 144,000 square feet. Rocket Ranch covers 200 acres, includes 217,000 square feet of facilities and supports propulsion and stage testing across six test stands.
Alpha is a two-stage liquid-fueled rocket designed to place roughly 1 metric ton into low-Earth orbit. Firefly markets it for dedicated commercial missions and rapid national-security launch. Flight 7 reached orbit on 11-MAR-2026 after the Flight 6 anomaly. Flight 8 is intended to fly the complete Block II configuration, making it the next major reliability gate.
Eclipse is a reusable medium-lift rocket under development with Northrop Grumman. Firefly describes a payload target above 16 metric tons to low-Earth orbit. The vehicle has no flight heritage and should be treated as a development program rather than current launch capacity.
Blue Ghost Mission 1 landed on 02-MAR-2025, operated through a full lunar day and carried 10 NASA instruments. Follow-on missions now create a repeat production line rather than a one-off demonstrator. Firefly has announced six contracted lunar missions, including NASA Commercial Lunar Payload Services task orders and Jet Propulsion Laboratory subcontracts.
Elytra is Firefly's family of orbital vehicles for transfer, hosting, payload delivery and mission operations. The platform supports Earth-orbit and cislunar missions, including the MoonFall subcontract that pairs an Elytra vehicle with four lunar drones. Elytra is also a pathway for technology developed through Blue Ghost to serve other missions.
SciTec is a wholly owned Firefly subsidiary whose brand remains active. It develops missile-warning, missile-tracking, data-fusion and command-and-control software for U.S. national-security customers. Programs include Future Operationally Resilient Ground Evolution, or FORGE, and work tied to the Advanced Battle Management System, Golden Dome and Air Force Research Laboratory algorithm development.
Firefly acquired Space-ng on 25-JUN-2026 and is integrating its autonomous navigation, perception and flight-software capabilities under the Firefly brand. Founder Ethan Rublee became Firefly's Chief Engineer of Software. Ocula is a planned Moon-imaging and on-orbit processing service using Firefly spacecraft and NVIDIA Jetson hardware. It has strategic promise but no material operating revenue disclosed yet.
The Cedar Park cleanroom is four times larger than Firefly's prior spacecraft cleanroom. Rocket Ranch supports propulsion, stage and integrated-system work. This shared infrastructure is central to Firefly's claim that it can scale Alpha, Blue Ghost, Elytra and Eclipse without building a separate factory for each program.
The current Firefly Aerospace was formed in 2017 after assets from the earlier Firefly Space Systems entered new ownership. AE Industrial Partners became the controlling sponsor and funded a vertically integrated launch and spacecraft strategy. Alpha first reached orbit in 2022. Blue Ghost Mission 1 then gave Firefly a more valuable proof point in 2025 by completing a sustained commercial lunar surface mission.
Firefly became a public company in August 2025 under ticker FLY. The listing gave it access to public capital but did not remove sponsor control. AE Industrial retained substantial ownership and, through director-election voting arrangements, continued to control more than 50% of the voting power used to elect directors. Firefly therefore qualifies as a Nasdaq controlled company and may use certain corporate-governance exemptions.
The SciTec transaction changed the company fastest. Firefly announced the acquisition in October 2025 at an implied value of approximately $855 million, based on $300 million of cash plus 11,111,111 Firefly shares valued at $50 each. The deal closed on 31-OCT-2025. Firefly's subsequent purchase accounting recorded $550.3 million of total consideration net of cash acquired, consisting primarily of $277.4 million in cash, $269.6 million in equity and a $3.3 million working-capital adjustment. The two numbers are not interchangeable: one was an announcement-date implied value and the other is the accounting consideration carried in the financial statements.
Firefly followed with the Space-ng acquisition on 25-JUN-2026. Terms were not publicly disclosed. The company said Space-ng would be fully integrated rather than maintained as a separate operating brand. In May 2026, Firefly also completed a follow-on offering at $48 per share. Firefly sold 4 million new shares and expected approximately $181.9 million in net proceeds. Selling holders sold another 8 million shares, with no proceeds going to the company.
Firefly generated $159.9 million of revenue in 2025. Spacecraft solutions produced $131.2 million, or 82.1%, while launch generated $28.6 million. In Q1 2026, revenue rose 44.8% year over year to $80.9 million. Spacecraft solutions contributed $67.6 million and launch contributed $13.3 million. The mix shows that Blue Ghost and SciTec, not Alpha, currently carry most of the revenue base.
Backlog was $1.293 billion at 31-MAR-2026, down from $1.351 billion at year-end. The more restrictive remaining-performance-obligation balance was $652.6 million. Firefly expected 36.9% of that amount to convert within 12 months, with the remainder extending across roughly five years. The gap matters because backlog can include work subject to future funding, milestones, options and termination rights.
Customer concentration is severe. Three customers generated 24.5%, 19.3% and 14.1% of Q1 revenue, or 57.9% combined. Two customers represented 67% of trade receivables. In 2025, the five largest customers generated more than 86% of revenue and the five largest backlog customers represented roughly 81% of backlog. Firefly does not publicly name every customer behind those figures.
The 2026 revenue guide of $420 million to $450 million depends on several simultaneous ramps: conversion of SciTec's national-security backlog, continued Blue Ghost milestone acceptance, higher Alpha activity and progress on Elytra. Longer-term upside comes from Eclipse, repeat lunar missions and software contracts. The constraint is production concurrency. Firefly must build rockets, landers and orbital vehicles while integrating SciTec and Space-ng, all before consistent positive cash flow has been demonstrated.
Near term: SciTec task execution and Blue Ghost milestones. Mid term: higher Alpha cadence and Elytra missions. Long term: Eclipse qualification and recurring lunar logistics. The first two are contracted businesses. The last two still carry substantial development and schedule risk.
Firefly is a Nasdaq controlled company. AE Industrial affiliates owned 36.7% of outstanding shares as of 30-APR-2026 and, through nomination rights and voting proxies, controlled more than 50% of the voting power used to elect directors. That gives the sponsor influence beyond its direct economic ownership and allows Firefly to rely on certain controlled-company governance exemptions.
| Filed | Form | Description | Link |
|---|---|---|---|
| 05-JUN-2026 | 8-K | Annual meeting voting results | View → |
| 29-MAY-2026 | 424B4 | Final prospectus for the May follow-on offering, including primary and selling-stockholder shares, use of proceeds and controlled-company disclosures | View → |
| 28-MAY-2026 | 8-K | Public offering priced at $48 per share | View → |
| 04-MAY-2026 | 10-Q | Quarter ended 31-MAR-2026, including revenue, backlog, RPO, customer concentration and SciTec purchase accounting | View → |
| 20-MAR-2026 | 10-K | Year ended 31-DEC-2025 | View → |
| Date | Awarding Body / Vehicle | Program / Scope | Value | Status |
|---|---|---|---|---|
| 07-JUL-2026 | NASA Jet Propulsion Laboratory · subcontract | SkyFall Mars aeroshell design, build and environmental test | $13M | Awarded · subcontractor |
| 30-JUN-2026 | NASA · Commercial Lunar Payload Services task order | Accelerated Blue Ghost mission carrying NASA payloads to the lunar surface | $144M | Awarded · prime |
| 02-JUN-2026 | U.S. Air Force · Advanced Battle Management System IDIQ option | SciTec Collaborative Battle Management Command and Control, or CBC2, data-fusion capabilities | $5.5M option | Exercised option |
| 26-MAY-2026 | NASA Jet Propulsion Laboratory · subcontract | MoonFall mission using Elytra to deploy four drones over the lunar south pole | $75M | Awarded · subcontractor |
| 11-MAY-2026 | Air Force Research Laboratory | SciTec advanced-algorithm research, development and verification architecture | Undisclosed | Awarded |
| 04-MAY-2026 | U.S. Space Force · prototype OTA | SciTec Space-Based Interceptor work under Golden Dome | Individual value undisclosed | Prototype agreement |
| 04-MAY-2026 | U.S. Space Force · FORGE Enterprise OPIR Services | Engineering change proposal to accelerate and expand missile-warning data-center delivery | $109M | Reported awarded |
| 29-JUL-2025 | NASA · Commercial Lunar Payload Services task order | Blue Ghost Mission 4 to the lunar south pole | $176.7M | Awarded · target 2029 |
| 18-DEC-2024 | NASA · Commercial Lunar Payload Services task order | Blue Ghost Mission 3 to the Gruithuisen Domes | ≈$179.6M | Awarded |
The Space-Based Interceptor prototype announcement cited up to $3.2 billion across 20 agreements awarded to 12 companies. That is an aggregate program ceiling, not SciTec's individual contract value and not Firefly backlog unless separately disclosed.
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 04-JUN-2026 | Seven non-employee directors · annual compensation | RSU grants | 25,410 total | $0 | Non-cash awards |
| 01-JUN-2026 | AE Industrial affiliated holders · 10% owner group | Sale | 8,000,000 | $48.00 | $384.0M |
| 18-MAY-2026 | David Leigh Wheeler · General Counsel at filing date | Exercise + sale | 3,765 | $45.1221 sale | ≈$169,885 |
Firefly's strategic value is real, but its operating model is carrying more ambition than its current revenue base. Blue Ghost and SciTec have already moved the company beyond a single-product launch story. The next proof point is disciplined conversion: turn the $1.293 billion backlog into accepted milestones, raise Alpha cadence and keep Eclipse from consuming capital faster than the mature programs can replenish it.
Near-term catalysts: Q2 results on 11-AUG-2026, Alpha Flight 8 with the complete Block II configuration, Blue Ghost production milestones and SciTec delivery against FORGE and other missile-warning work. These events matter because they test both revenue conversion and program reliability.
Industrial upside: Firefly has assembled a rare portfolio spanning launch, lunar delivery, on-orbit mobility and defense software. If the Cedar Park and Rocket Ranch expansion produces repeatable hardware rather than bespoke missions, Firefly can reuse engineering, test infrastructure and customer relationships across several programs.
Capital reality: Q1 operating cash use was $62.5 million. Purchases of property, plant and equipment plus capitalized software brought quarterly free cash flow to approximately negative $78.9 million. The May offering strengthened liquidity, but it also increased shares outstanding and created a visible sponsor-liquidity overhang. More funding could still be required if Eclipse or lunar schedules slip.
National-security relevance: Alpha supports responsive access to orbit. SciTec processes missile-warning and battle-management data. Blue Ghost and Elytra build U.S. cislunar logistics experience. The combined portfolio gives Firefly multiple routes into U.S. government missions, but the same concentration makes federal budgets, acceptance milestones and procurement changes decisive.
Flight-proven lunar operations: Blue Ghost Mission 1 completed a sustained lunar surface campaign with 10 NASA instruments. That record is difficult to copy quickly because it reflects navigation, propulsion, thermal control, communications and mission operations working together.
Cross-domain portfolio: Firefly can combine Alpha, Blue Ghost, Elytra, Space-ng autonomy and SciTec software. The portfolio creates more ways to enter a customer program and can reduce handoffs between launch, spacecraft and mission software. The moat exists only if Firefly turns that integration into schedule and cost advantages rather than internal complexity.
Vertical manufacturing and test: Large composite structures, propulsion, stage testing and spacecraft assembly are concentrated in Central Texas. Owning critical production steps can improve iteration speed and supply-chain control. It also loads fixed costs onto a company that still needs more volume.
Government program access: NASA lunar task orders, Space Force missile-warning work, Air Force data-fusion programs and responsive-launch missions create customer access across multiple agencies. Those relationships are valuable, but many awards remain milestone-based and government customers retain termination and funding rights.
The weak point: Alpha has limited cadence, Eclipse has no flight heritage and SciTec integration is recent. Firefly's moat is strongest in lunar mission execution and specialized defense software. It is less proven in routine launch economics and scaled concurrent production.
Mission execution: Launch, lander or orbital-vehicle failure can trigger investigations, schedule delays and customer claims. Flight 7 returned Alpha to orbit, but Flight 8 must validate the complete Block II configuration.
Cash consumption and profitability: Firefly recorded a $96.7 million Q1 net loss and used $62.5 million of operating cash. The May offering improved liquidity, but sustained hardware development can consume the proceeds quickly.
Backlog quality: Backlog is not funded revenue. The $652.6 million remaining-performance-obligation balance was materially lower than the $1.293 billion broader backlog, and only 36.9% of RPO was expected within 12 months.
Customer concentration: Three customers produced 57.9% of Q1 revenue. Two customers represented 67% of receivables. A delayed acceptance, budget change or lost recompete can move results sharply.
Controlled-company governance: AE Industrial controls director-election voting power despite owning less than a majority of outstanding shares. Public holders have less influence over board composition than the economic ownership percentage alone suggests.
Acquisition integration and goodwill: SciTec added a large software workforce and approximately $450 million of goodwill. Space-ng adds another specialist team. Retention problems, weaker contract conversion or missed integration targets could force impairment or reduce expected synergies.
Eclipse development: Medium-lift launch requires large capital commitments, new infrastructure and qualification success. Delays can push revenue years to the right while costs arrive immediately.
Manufacturing concurrency: Alpha, Blue Ghost, Elytra and Eclipse share management attention and parts of the industrial base. A bottleneck in propulsion, composites, avionics or test can affect more than one program.
Dilution and sponsor liquidity: Firefly issued 4 million new shares in May. AE Industrial affiliates sold 8 million shares in the same offering. Additional equity could fund growth but dilute existing holders, while further sponsor sales can pressure market supply.
Government dependence: Most current opportunity depends on NASA, Space Force, Air Force or other federal work. Appropriations, protests, option decisions and changing architectures can alter timing or scope.
Watch seven numbers: Alpha launches completed, Blue Ghost milestone acceptance, SciTec revenue conversion, RPO converted within 12 months, quarterly operating cash use, customer concentration and Eclipse qualification progress. Those indicators matter more than raw award-ceiling headlines.