Firefly Aerospace Q4 2025 Earnings: Record Revenue, $420M-$450M 2026 Outlook

Firefly Aerospace Delivers Strong Q4 2025 Results

Firefly Aerospace reports transformative financial performance for the fourth quarter and full year 2025, marked by record annual revenue and significant operational milestones. The company achieved $159.9 million in full-year revenue, a 163% increase from $60.8 million in 2024. Fourth-quarter revenue surged to $57.7 million, up from $9.0 million in the prior-year period.

Financial Highlights

Gross profit for the full year reached $30.7 million, reversing a $11.4 million loss from 2024. In Q4, gross profit stood at $16.0 million, compared to a $20.2 million loss a year earlier. Despite increased investments, the net loss narrowed in Q4 to $41.1 million from $84.1 million. Full-year net loss widened to $298.3 million from $231.1 million, reflecting expansion efforts.

Adjusted EBITDA loss for Q4 improved to $57.3 million from $67.7 million, while full-year loss was $198.6 million versus $190.6 million. Cash and equivalents strengthened to $793 million as of December 31, 2025, up from $123 million at year-end 2024.

Operational Achievements

Firefly marked 2025 with key successes, including the first commercial moon landing via Blue Ghost Mission 1, which completed 14 days of lunar operations. The company executed a successful IPO, acquired SciTec to enhance national security capabilities, and secured NASA’s Blue Ghost Mission 4 contract targeting the moon’s south pole.

Alpha rocket achieved Flight 7 success on March 11, deploying a Lockheed Martin payload and validating Block 2 upgrades for improved reliability and production. Firefly joined the Missile Defense Agency’s SHIELD contract with a $151 billion ceiling and expanded the Space Force’s FORGE program to $372 million.

CEO Commentary

“2025 was a transformative year in Firefly’s history, as we more than doubled our annual revenue while executing across multiple launch, spacecraft, and ground programs,” stated CEO Jason Kim. “Our laser focus on safety, quality, and reliability resulted in the successful return-to-flight of Alpha.”

Kim highlighted progress on Eclipse rocket development, multiple Blue Ghost missions, and Elytra contracts, positioning Firefly as a leader in space exploration and defense.

2026 Revenue Guidance

Firefly projects full-year 2026 revenue between $420 million and $450 million, driven by scaled production, new contracts, and expanded capabilities in launch, lunar landers, and AI-enabled defense systems.