10-Q

Quarterly report

✓ VerifiedFirefly's Q2 2026 revenue increased 657% to $117.7 million, driven mainly by the SciTec acquisition and progress on Blue Ghost and Elytra missions.

Filed Aug 11, 2026 · 17:15 ET

Summary

Total revenue increased by $102.1 million, or 657%, to $117.7 million during the three months ended June 30, 2026, from $15.5 million a year earlier.
Spacecraft Solutions revenue increased by $99.1 million, or 1,077%, to $108.3 million, driven by the inclusion of SciTec, acquired October 31, 2025, and continued progress on Blue Ghost and Elytra missions.
Selling, general, and administrative expenses increased by $35.0 million, or 278%, to $47.5 million, and research and development rose by $25.8 million, or 56%, to $71.5 million.
Firefly reported approximately $1.5 billion in backlog as of June 30, 2026, and an accumulated deficit of $1.2 billion.
On June 1, 2026, Firefly completed a primary offering of 4.0 million shares at $48.00 per share for net proceeds of $181.6 million, and repaid $260.0 million drawn under its Revolving Credit Facility.
Cash and cash equivalents and short-term investments amounted to $635.3 million as of June 30, 2026, with the Revolving Credit Facility undrawn.

Key facts

Q2 revenue: $117.7 million
From the filing for Q2 revenue
“Total revenue increased by $102.1 million, or 657%, to $117.7 million during the three months ended June 30, 2026”
Spacecraft Solutions revenue: $108.3 million
From the filing for Spacecraft Solutions revenue
“Spacecraft Solutions revenue increased by $99.1 million, or 1,077%, to $108.3 million during the three months ended June 30, 2026”
Backlog: approximately $1.5 billion
From the filing for Backlog
“approximately $1.5 billion in backlog and multi-launch agreements across our product lines as of June 30, 2026”
Accumulated deficit: $1.2 billion
From the filing for Accumulated deficit
“as reflected in our accumulated deficit of $1.2 billion as of June 30, 2026”
Cash and short-term investments: $635.3 million
From the filing for Cash and short-term investments
“our cash and cash equivalents, and short-term investments amounted to $635.3 million, and our financial debt amounted to $27.0 million”
Equity offering: 4.0 million shares at $48.00 per share
From the filing for Equity offering
“we completed an underwritten primary offering of 4.0 million shares of our common stock at a price of $48.00 per share”
Net proceeds: $181.6 million
From the filing for Net proceeds
“We received total net proceeds of $181.6 million after deducting underwriting discounts and commissions of $7.9 million and other offering expenses of $2.6 million”
Revolving facility repayment: $260.0 million
From the filing for Revolving facility repayment
“net cash used in financing activities primarily consisted of $260.0 million to repay the aggregate principal amount then drawn under the Revolving Credit Facility”

Why it mattersThe results capture the first full quarter reflecting the SciTec acquisition, which now drives the majority of Firefly's revenue, while the company repaid its drawn credit facility and raised equity to fund Alpha production and Eclipse development.

Filed: Aug 11, 2026
Accepted: 2026-08-11 21:15Z
Period: Jun 30, 2026
Accession no.: 0001860160-26-000023
Size: 15.2 MB
Index: Filing index

Summary

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