Firefly Aerospace reported third‑quarter 2025 revenue of $30.8 million, a 38 % year‑over‑year increase and a 98 % jump from the $15.5 million reported in Q2. The surge was driven by strong demand for the company’s Blue Ghost lunar lander contracts and the Alpha launch vehicle, which together accounted for the majority of the revenue growth. The company’s spacecraft solutions segment, which includes satellite platforms and lunar lander services, contributed the largest share of the increase, while launch services revenue also rose, reflecting a higher launch cadence and new commercial contracts.
GAAP net loss widened to $140.4 million, or $1.50 per share, compared with a $40.8 million GAAP loss in Q3 2024. The company also reported an adjusted net loss of $133.4 million, or $0.33 per share, which beat the consensus adjusted loss estimate of $0.41–$0.42 per share. The larger GAAP loss reflects one‑time costs associated with the completion of the SciTec acquisition and additional R&D and launch‑operations expenses, while the adjusted figure removes those items to provide a clearer view of ongoing operating performance.
Firefly raised its full‑year 2025 revenue guidance to $150 million–$158 million, up from the prior $133 million–$145 million range. The upgrade signals management’s confidence in a robust backlog of $1.3 billion, including $170 million of new contracts from the SciTec acquisition, and an accelerated launch cadence for both Alpha and Eclipse vehicles. The guidance increase also reflects the company’s expectation to secure additional NASA Commercial Lunar Payload Services contracts and new commercial launch customers in the coming months.
The company completed the acquisition of defense‑technology firm SciTec on November 12, valuing the deal at approximately $855 million, comprised of $300 million in cash and $555 million in Firefly shares. The acquisition expands Firefly’s software and AI capabilities, positioning it as a full‑service space and defense provider and strengthening its competitive position in large‑scale national‑security programs such as the Golden Dome initiative.
Firefly’s Alpha launch vehicle suffered a first‑stage explosion during a ground test in September, prompting a pause in flight operations. The company’s engineering team has identified the root cause and is implementing corrective actions, with a return‑to‑flight plan slated for late Q4 2025 or early Q1 2026. The incident underscores the company’s commitment to safety and quality, and management has emphasized confidence that the revised design will meet launch readiness requirements.
Analysts highlighted the revenue beat and the significant upward revision of full‑year guidance as the primary catalysts for the positive market reaction. The completion of the SciTec acquisition and the resulting backlog expansion were also cited as tailwinds, while the Alpha test failure was noted as a headwind that the company is actively addressing. The overall sentiment among market participants was optimistic, reflecting confidence in Firefly’s execution and growth trajectory.
CEO Jason Kim said, ‘Our strong third‑quarter revenue growth reflects steady execution of our spacecraft teams on multiple contracts as well as progress made by our launch teams.’ He added, ‘As we enhance our culture of safety, quality, and reliability, we are confident in our Alpha team to return us to flight safely.’ The comments reinforce the company’s focus on operational excellence and its belief that the recent setbacks will be overcome through disciplined engineering and rigorous testing.
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