Firefly Aerospace (FLY) financial statements
Firefly Aerospace reported revenue of $160M in fiscal 2025, up 70.1% a year over 2 years.
Net income was -$298M and the operating margin -163.1%, against -238.8% in 2023.
Free cash flow was -$238M.
The diluted share count rose 478% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Firefly Aerospace's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $55M | $61M | $160M |
| Cost of revenue | $29M | $72M | $129M |
| Gross profit | $27M | -$11M | $31M |
| Research and development | $118M | $149M | $200M |
| Selling, general and admin | $41M | $47M | $91M |
| Operating income | -$132M | -$209M | -$261M |
| Interest expense | $9M | $25M | $16M |
| Pre-tax income | -$135M | -$231M | -$335M |
| Income tax | $4,000 | $0 | -$37M |
| Net income | -$135M | -$231M | -$298M |
| EPS (diluted) | -$13.05 | -$20.74 | -$4.83 |
| Diluted shares | 12M | 13M | 69M |
| Gross margin | 48.2% | -18.7% | 19.2% |
| Operating margin | -238.8% | -344.5% | -163.1% |
| Net margin | -245.2% | -380.2% | -186.6% |
Balance sheet
Fiscal years, from Firefly Aerospace's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $82M | $123M | $893M |
| Receivables | — | $1M | $46M |
| Total current assets | — | $181M | $963M |
| Property, plant and equipment | — | $136M | $164M |
| Goodwill | $17M | $17M | $450M |
| Total assets | — | $407M | $1.8B |
| Total current liabilities | — | $179M | $214M |
| Total liabilities | — | $415M | $635M |
| Shareholders' equity | -$504M | -$768M | $1.2B |
| Net debt | -$82M | -$117M | -$786M |
Cash flow
Fiscal years, from Firefly Aerospace's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$93M | -$158M | -$205M |
| Capital spending | $77M | $33M | $33M |
| Free cash flow | -$171M | -$190M | -$238M |
| Stock-based compensation | $2M | $2M | $18M |
| Free cash flow margin | -309.0% | -313.1% | -148.7% |
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Open FLY in InvestinglyQuestions
What was Firefly Aerospace's revenue in 2025?
$160M in fiscal 2025, from its 10-K filing.
How much free cash flow does Firefly Aerospace generate?
-$238M in fiscal 2025 (operating cash flow minus capital spending).
From Firefly Aerospace's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.