Firefly Aerospace reported a strong third quarter, with revenues surging 98% quarter-over-quarter to $30.8 million, prompting the company to raise its full-year revenue guidance to between $150 million and $158 million.
The announcement, released after market close on Wednesday, sent Firefly’s stock up more than 15% in after-hours trading, though shares remain well below the company’s IPO price of $45.
Despite the revenue boost, Firefly posted a net loss of $140.4 million for the quarter, reflecting higher operating expenses as it scales up operations across multiple hardware programs.
The company’s milestones this year include becoming the first commercial entity to land and complete a mission on the Moon, part of NASA’s Commercial Lunar Payload Services (CLPS) initiative. Firefly also secured a $176.7 million NASA contract in July for its fourth Blue Ghost lunar lander mission.
Across its product lines — including the Alpha and Eclipse launch vehicles, the Blue Ghost lunar lander, and the Elytra satellite platform — Firefly reported a revenue backlog of $1.3 billion.
However, operational challenges persist. The company’s seventh Alpha rocket exploded during a preflight test in September, delaying upcoming launches. Firefly now expects to resume flight operations between late 2025 and early 2026.
The Q3 report marks Firefly’s first earnings release since completing its $855 million acquisition of SciTec, a firm specializing in remote sensing, missile warning, and AI-driven data analytics. The acquisition expands Firefly’s reach into the defense and national security sectors.
CEO Jason Kim said Firefly plans to integrate SciTec’s AI and data-processing tools with its space hardware to enhance “Golden Dome” defense applications.
“With SciTec, Firefly will be able to provide the Golden Dome program with comprehensive end-to-end capabilities,” Kim said. “That’s something that gives us multiple shots on goal for Golden Dome.”
Firefly outlined three Golden Dome focus areas: deploying space-based interceptors aboard Elytra spacecraft, conducting hypersonic tests with the Alpha rocket, and developing a network of sensors for fire control using SciTec’s processing technology.
The company’s next milestones include returning the Alpha rocket to flight and preparing for its upcoming NASA CLPS missions, which it hopes will cement Firefly’s position as a leading U.S. space and defense contractor.
