FLY on Nasdaq
Firefly Aerospace Inc.
Firefly Aerospace Inc. is an American guided missiles and space vehicles and parts company based in Leander.1
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Last updated Oct 21, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue28¢$129.2M
- Research and development44¢$200.1M
- Selling, general and admin20¢$91.2M
- Income tax8¢$37.1M
Out of $159.9M in revenue.3 The company lost money this year.
Financial statements
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $55.2M3 | $60.8M3 | $159.9M3 | |
| Cost of revenue | $28.6M3 | $72.2M3 | $129.2M3 | |
| Gross profit | $26.6M3 | -$11.4M3 | $30.7M3 | |
| Research and development | $117.9M3 | $149.5M3 | $200.1M3 | |
| Selling, general and admin | $40.6M3 | $46.8M3 | $91.2M3 | |
| Operating expenses | $158.5M3 | $198.1M3 | $291.4M3 | |
| Operating income | -$131.9M3 | -$209.5M3 | -$260.7M3 | |
| Income before tax | -$135.5M3 | -$231.1M3 | -$335.5M3 | |
| Income tax | $4.0K3 | $03 | -$37.1M3 | |
| Net income | -$135.5M3 | -$231.1M3 | -$298.3M3 | |
| Earnings per share | -$13.053 | -$20.743 | -$4.833 | |
| Earnings per share (diluted) | -$13.053 | -$20.743 | -$4.833 | |
| Shares (weighted, basic) | 12.0M shares3 | 12.8M shares3 | 69.2M shares3 | |
| Shares (weighted, diluted) | 12.0M shares3 | 12.8M shares3 | 69.2M shares3 |
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash | $17.8M3 | $81.9M3 | $123.4M3 | $793.0M3 |
| Receivables | $1.0M3 | $46.1M3 | ||
| Current assets | $180.7M3 | $963.2M3 | ||
| Property, plant and equipment | $135.6M3 | $163.7M3 | ||
| Goodwill | $17.1M3 | $17.1M3 | $450.1M3 | |
| Intangible assets | $03 | $165.7M3 | ||
| Total assets | $407.3M3 | $1.8B3 | ||
| Accounts payable | $37.6M3 | $35.6M3 | ||
| Short-term debt | $6.3M3 | $7.1M3 | ||
| Current liabilities | $179.4M3 | $213.6M3 | ||
| Total liabilities | $415.4M3 | $635.0M3 | ||
| Retained earnings | -$767.6M3 | -$1.0B3 | ||
| Shareholders’ equity | -$350.7M3 | -$504.5M3 | -$767.6M3 | $1.2B3 |
| Shares outstanding | 13.2M shares3 | 159.3M shares3 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash from operations | -$93.4M3 | -$157.7M3 | -$204.9M3 | |
| Depreciation and amortization | $4.7M3 | $12.5M3 | $23.2M3 | |
| Stock-based compensation | $1.6M3 | $1.8M3 | $17.8M3 | |
| Capital spending | $77.2M3 | $32.7M3 | $32.8M3 | |
| Free cash flow | -$170.7M | -$190.3M | -$237.8M | |
| Cash from investing | -$70.0M3 | -$32.7M3 | -$401.6M3 | |
| Cash from financing | $240.7M3 | $232.8M3 | $1.3B3 |
Corporate structure
Firefly Aerospace Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Firefly Aerospace Inc.
- AEROEQUITY GP, LLC Filed SCHEDULE 13G/A on Firefly Aerospace Inc., latest Aug 14, 2026 (3 filings since Nov 14, 2025)
- Thomas E. Markusic Filed SCHEDULE 13G/A on Firefly Aerospace Inc., latest Aug 14, 2026
- Institute Astera Filed SCHEDULE 13G/A on Firefly Aerospace Inc., latest Aug 11, 2026 (2 filings since Nov 10, 2025)
- Firefly Aerospace Inc. Leander, Texas
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Firefly Aerospace Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $205.8M3 Dec 31, 2025 | $161.3M3 Dec 31, 2024 | +27.6% |
| Accumulated depreciation | $42.1M3 Dec 31, 2025 | $25.7M3 Dec 31, 2024 | +63.5% |
| Property and equipment, net | $163.7M3 Dec 31, 2025 | $135.6M3 Dec 31, 2024 | +20.8% |
| Finance-lease assets | $3.7M3 Dec 31, 2025 | $3.7M3 Dec 31, 2024 | +0.7% |
| Operating-lease assets (leased space) | $13.9M3 Dec 31, 2025 | $14.6M3 Dec 31, 2024 | −4.6% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Area of land | 44,576 sq ft3 Oct 24, 2025 |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $793.0M3 Dec 31, 2025 | $123.4M3 Dec 31, 2024 | +542.4% |
| Marketable securities, current | $100.0M3 Dec 31, 2025 | $03 Dec 31, 2024 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $450.1M3 Dec 31, 2025 | $17.1M3 Dec 31, 2024 | +2532.7% |
| Intangible assets, net (excluding goodwill) | $165.7M3 Dec 31, 2025 | $03 Dec 31, 2024 | |
| Finite-lived intangibles, gross | $171.5K3 Dec 31, 2025 | ||
| Accumulated amortization | -$5.8K3 Dec 31, 2025 | ||
| Finite-lived intangibles, net | $165.7M3 Dec 31, 2025 |
Properties, in its own words
As of December 31, 2025, our principal facilities are located just north of Austin, Texas, including our corporate headquarters and Hive spacecraft facility in Cedar Park, Texas and our Rocket Ranch manufacturing and testing site in Briggs, Texas. We own our facilities in Briggs, Texas and lease our other facilities. We also operate a launch site at Vandenberg Space Force Base in California, and we are building out infrastructure at Virginia’s Mid-Atlantic Regional Spaceport on Wallops Island to facilitate launches of our Alpha and Eclipse launch vehicles and Esrange Space Center in Sweden to enable launches of our Alpha launch vehicle. We also have a lease for a launch site at Cape Canaveral in Florida to support future launch needs. We have contractual rights to access these facilities but do not own these launch sites. Our properties also include SciTec's principal facilities leased in Colorado and New Jersey, which include data centers, modeling and simulation labs, instrumentation fabrication, test labs, mission operations centers, and classified infrastructure.
Item 2 of the 10-K filed Mar 20, 2026.6
Leadership
Who has led Firefly Aerospace Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerJesung Kim Aug 6, 2025 to now7
- Chief financial officerDarren Ma Aug 6, 2025 to now8
- Chief operating officerDaniel Frank Fermon Aug 6, 2025 to Dec 23, 20259
- Chief operating officerRamon Gilbert Sanchez Dec 23, 2025 to now10
Board members and other officers (12)
- Chief Accounting OfficerRemington Wu Aug 6, 2025 to now11
- Chief Technology OfficerRussell Shea Ferring Aug 6, 2025 to now12
- Board memberChristopher Plummer Emerson Iv. Aug 6, 2025 to now13
- Board memberJesung Kim Aug 6, 2025 to now7
- Board memberJonathan Donald Lusczakoski Aug 6, 2025 to now14
- Board memberKirk Michael Konert Aug 6, 2025 to now15
- Board memberMarc Allen Weiser Aug 6, 2025 to now16
- Board memberPamela Joyce Braden Aug 6, 2025 to now17
- Board memberRyan Michael Boland Aug 6, 2025 to now18
- Board memberThomas Hansueli Zurbuchen Aug 6, 2025 to now19
- General counselNathan O'Konek Jun 23, 2026 to now20
- General counselDavid Leigh Wheeler Aug 6, 2025 to now21
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Chief Executive Officer and DirectorJason Kim named Nov 15, 2024 to Jul 8, 202622
- Chief Technology OfficerShea Ferring named Jul 8, 202622
- Chief Executive OfficerWilliam Weber named Mar 1, 202423
- Director of Commercial Business DevelopmentEric Salwan named Mar 29, 202224
- Chief Information OfficerPete Starnes named Mar 29, 202224
- DirectorKevin McAllister named Jul 8, 202622
- DirectorJed Shea McCaleb named Nov 15, 202425
- DirectorThomas Shea Markusic named Nov 15, 202425
- DirectorJed McCaleb named Mar 29, 2022 to Mar 1, 202423
- DirectorPete Cannito named Mar 1, 202423
- DirectorPeter Schumacher named Mar 29, 2022 to Mar 1, 202423
- DirectorThomas Markusic named Mar 29, 2022 to Mar 1, 202423
Timeline
- Oct 6, 20268-K Executive or director change26
- Aug 11, 20268-K Results of operations27
- Jun 5, 20268-K Shareholder vote28
- Jun 2, 20268-K Entered a material agreement29
- May 4, 20268-K Results of operations30
- Apr 21, 20268-K Executive or director change31
- Apr 3, 20268-K Entered a material agreement; New debt or obligation; Executive or director change32
- Mar 19, 20268-K Results of operations33
- Mar 3, 20268-K Executive or director change34
- Dec 11, 20258-K Executive or director change; Regulation FD disclosure35
- Nov 12, 20258-K Results of operations; Regulation FD disclosure36
- Nov 10, 20258-K Entered a material agreement; New debt or obligation37
- Aug 6, 2025New chief executive Jesung Kim becomes CEO7
Calendar
Coming up
- Nov 10, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.33) a share, on Nov 12, 2025.38
When it reported results
- Aug 11, 2026Reported quarterly or annual results27
- May 4, 2026Reported quarterly or annual results30
- Mar 19, 2026Reported quarterly or annual results33
- Nov 12, 2025Reported quarterly or annual results36
- Sep 22, 2025Reported quarterly or annual results39
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
150 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 17 major events, 68 insider forms, 6 large holders, 6 private raises, 48 other. The latest 20:
- Oct 7, 20264 EDGAR
- Oct 7, 20263 EDGAR
- Oct 6, 2026424B3 EDGAR
- Oct 6, 20268-K EDGAR
- Oct 2, 20264 EDGAR
- Sep 23, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Sep 18, 20264 EDGAR
- Aug 18, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 2026424B3 EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 11, 20268-K EDGAR
- Aug 11, 2026SCHEDULE 13G/A EDGAR
- Aug 6, 20264 EDGAR
- Jul 8, 2026D EDGAR
- Jun 23, 20263 EDGAR
The 150 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
9 open-market trades by officers, directors and large owners since October 2021: 6 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 1, 2026 | Glow NS Holdings, LLC10% owner | Sale | 8,000,000 | $48.00 | $384.0M | Form 4 |
| May 18, 2026 | Wheeler David LeighGeneral Counsel | Sale | 3,765 | $45.12 | $169.9K | Form 4 |
| Apr 17, 2026 | Wheeler David LeighGeneral Counsel | Sale | 3,766 | $45.04 | $169.6K | Form 4 |
| Aug 6, 2025 | Lusczakoski Jonathan DonaldDirector | Buy | 2,222 | $45.00 | $100.0K | Form 4 |
| Aug 6, 2025 | Konert Kirk MichaelDirector | Buy | 3,333 | $45.00 | $150.0K | Form 4 |
| Aug 6, 2025 | Lusczakoski Jonathan DonaldDirector | Buy | 266 | $45.00 | $12.0K | Form 4 |
| Aug 6, 2025 | Braden Pamela JoyceDirector | Buy | 8,888 | $45.00 | $400.0K | Form 4 |
| Aug 6, 2025 | Zurbuchen Thomas HansueliDirector | Buy | 800 | $45.00 | $36.0K | Form 4 |
| Aug 6, 2025 | AE INDUSTRIAL PARTNERS STRUCTURED SOLUTIONS I, LP10% owner | Buy | 11,111 | $45.00 | $500.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- AEROEQUITY GP, LLCSCHEDULE 13G/A, 3 filings Nov 14, 2025 to Aug 14, 202640
- Thomas E. MarkusicSCHEDULE 13G/A, 1 filing Aug 14, 202641
- Institute AsteraSCHEDULE 13G/A, 2 filings Nov 10, 2025 to Aug 11, 202642
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Money raised
Private offerings the company reported to the SEC on Form D.
- Jun 23, 2026Raised $22 million in a private offering of equity Form D: 18 investors so far Form D
- Oct 31, 2024Raised $175.5 million in a private offering of equity Form D: 10 investors so far Form D
- Jul 17, 2023Raised $12.3 million in a private offering of equity Form D: 2 investors so far Form D
- Feb 2, 2023Raised $179.3 million in a private offering of equity Form D: 9 investors so far Form D
- Mar 22, 2022Raised $50 million in a private offering of equity Form D: $75 million offered in all Form D
SEC filer profile
How Firefly Aerospace Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFirefly Aerospace Inc.1
- CIK0001860160
- Employer ID (EIN)81-51949806
- Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)3760 Guided Missiles & Space Vehicles & Parts1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address2203 Scottsdale Drive, Leander, TX 7864163321
- Phone51227769591
- Shares outstanding167,404,645 as of Aug 6, 20265
- Public float$0 as of Jun 30, 20253
- AuditorGRANT THORNTON LLP, Austin, Texas PCAOB ID 248; no auditor attestation of internal control over financial reporting6
- On EDGAR sinceMay 11, 20211
- Filings151 in all: 4 (46), 3 (21), 8-K (17), 424B3 (11), CORRESP (6), D (6), 144 (5), 10-Q (4)1
All 29 form types
SCHEDULE 13G/A (4), EFFECT (3), S-1 (3), S-1/A (3), UPLOAD (3), 424B4 (2), DRS (2), SCHEDULE 13G (2), 10-K (1), 4/A (1), 8-A12B (1), ARS (1), CERT (1), D/A (1), DEF 14A (1), DEFA14A (1), DRS/A (1), DRSLTR (1), POS EX (1), S-1MEF (1), S-8 (1)
- Latest filingsAnnual report (10-K) Mar 20, 2026
Quarterly report (10-Q) Aug 11, 2026
Proxy statement (DEF 14A) Apr 17, 2026
Latest 8-K (8-K) Oct 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.0001 par value | FLY | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Firefly Aerospace Inc. names in Item 1A of its 10-K filed Mar 20, 2026: 75 risks under these headings, as written.6
- Risks Related to Our Business
- Risks Related to Litigation and Regulation
- Risks Related to Our Indebtedness
- Risks Related to Our common stock Risks
- Related to Our Organizational Structure
- If we fail to manage our growth effectively, we may be unable to execute our business plan and our business, financial conditions, and results of operations could be harmed.
- We have a history of losses, we anticipate increasing operating expenses and capital expenditures in the future and we may not be able to achieve and, if ever achieved, maintain profitability.
- We have in the past and may in the future experience delayed launches, launch failures, failure of our launch vehicles, landers, or orbital vehicles to reach their planned orbital locations, significant increases in the costs related to launches of launch vehicles, landers, or orbital vehicles, and insufficient capacity available from third-party providers of launch services with whom we partner.
- Any such issue could result in the loss of our launch vehicles, landers, or orbital vehicles or cause significant delays in their deployment, which could harm our business, financial condition, and results of operations.
- If we are unable to adapt to and satisfy customer demands with respect to our product and service offerings in a timely and cost-effective manner, or if we are unable to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand, our ability to grow our business may suffer.
- Space is a harsh and unpredictable environment where our products and service offerings are exposed to a wide and unique range of environmental risks, including, among others, coronal mass ejections, solar flares, and other extreme space weather events and potential collision with space debris or another spacecraft, which could adversely affect our launch vehicle and spacecraft performance.
- We derive a substantial amount of our revenues and backlog from only a few of our customers. A loss of, or default by, one or more of these major customers, or a material adverse change in any such customer’s business or financial condition, could materially reduce our revenues and backlog.
The other 68 risks
- Disruptions in U.S. government operations and funding could have a material adverse effect on our revenues, earnings, and cash flows, and otherwise adversely affect our financial condition.
- Our business may be adversely affected by changes in budgetary priorities of the U.S. government.
- Increased congestion from the proliferation of LEO constellations could materially increase the risks of potential collision with space debris or another spacecraft and limit or impair our launch flexibility and/or access to our own orbital slots.
- The market for commercial launch services for small- and medium-sized payloads is still emerging, and shifting, and the market may not achieve the growth potential we expect. Our own growth relies on our ability to add new launch sites, which could be delayed by business or regulatory challenges.
- If we are unable to manage the increasing technological complexity of our business, or achieve or manage our expected growth, our business could be adversely affected.
- We have a limited operating history in an evolving industry, which makes it difficult to forecast our revenue, plan our expenses and evaluate our business and future prospects.
- If we continue to expand outside the United States, we will be exposed to a variety of risks associated with international operations that could materially and adversely affect our business.
- Many of our contracts are government contracts or issued under government contracts. The inability to comply with any of our contracts or meet eligibility requirements may result in financial liabilities, failure to receive security clearance certifications, and loss of current and future business.
- We are subject to certain unique business risks as a result of supplying services to the U.S. government.
- Our business is substantially dependent on contracts entered into with customers in the ordinary course of business. As such, we are subject to counterparty risk. If a counterparty to one of our contracts were to default or otherwise fail to perform or be delayed in its performance on any of its contractual obligations to us, such default, failure to perform or delay could have a material adverse effect on our business, financial condition, and results of operations.
- We may not be successful in developing new technology, and the technology we are successful in developing may not meet the needs of our customers or potential new customers.
- Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition.
- If critical components or raw materials used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business.
- The U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year could have an adverse impact on our business, financial condition, and results of operations.
- A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyber attacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations.
- We are subject to the U.S. Government’s security requirements, including the DoW’s National Industrial Security Program Operating Manual, for our facility and personnel security clearances, which are prerequisites to our ability to perform on classified contracts and work for the U.S. Government.
- Our systems utilize third-party open-source software, and any failure to comply with the terms of one or more of these open-source software licenses could adversely affect our business, subject us to litigation, or create potential liability.
- We depend on our current CEO and other executive officers, senior management team, and highly trained employees, and any work stoppage, difficulty in hiring similar employees, or ineffective succession planning could materially adversely affect our business and could impair our relationships with U.S. government customers and disrupt the management of our business.
- Misconduct of employees, subcontractors, agents, suppliers, business partners, or joint ventures and others working on our behalf could cause us to lose existing contracts or customers and adversely affect our ability to obtain new contracts and customers and could have a material adverse impact on our reputation, business, financial condition, and results of operations.
- Changes in our accounting estimates and assumptions could negatively affect our financial position and results of operations.
- We often rely on a single vendor or a limited number of vendors to provide certain key products or services and the inability of these key vendors to meet our needs could have a material adverse effect on our business.
- We face significant competition.
- Any inability to operate Alpha at our anticipated launch rate could adversely impact our business, financial condition, and results of operations.
- Any inability to finalize the development and delivery of Eclipse could adversely impact our business, financial condition, and results of operations.
- We may need to invest in new information technology systems and infrastructure to scale our operations.
- Tariffs on certain imports to the United States and other potential changes to U.S. tariff and import/export regulations could have a material adverse effect on global economic conditions and our business, financial condition, and results of operations.
- Interruption or failure of our infrastructure could hurt our ability to effectively perform our daily operations and provide and produce our products and services, which could damage our reputation and harm our operating results.
- Our operating results may fluctuate significantly, which makes forecasting our future operating results difficult and could cause our operating results to fall below expectations or any guidance we may provide.
- Our customers’ inability to obtain financing for their purchases from us and/or their inability to obtain financing to maintain their business could have a material adverse effect on our business.
- Our business involves significant risks and uncertainties that may not be covered by insurance. Also, due to the inherent risks associated with commercial spaceflight, there is the possibility that any accident or catastrophe could lead to the loss of human life or a medical emergency.
- We routinely conduct hazardous operations in manufacturing, test, and launch of our launch systems, space products and various subsystems, which could result in damage to property or persons. The release, unplanned ignition, explosion, or improper handling of dangerous materials used in our business could disrupt our operations and adversely affect our financial results.
- We are subject to many hazards and operational risks that can disrupt our business, including interruptions or disruptions in service at our corporate headquarters and Hive spacecraft facility in Cedar Park, Texas and our Rocket Ranch manufacturing and testing site in Briggs, Texas, which could have a material adverse effect on our business, financial condition, and results of operations.
- Our insurance, customer indemnifications, or other liability protections may be insufficient to protect us from product and other liability claims or losses.
- A significant portion of our management team has limited experience managing a public company.
- Adverse publicity stemming from any incident involving us, our competitors, or our customers could have a material adverse effect on our business, financial condition, and results of operations.
- Labor-related matters, including labor disputes, may adversely affect our operations.
- Efforts by the U.S. government to revise its organizational conflict of interest rules could limit our ability to successfully compete for new contracts or task orders, which would materially adversely affect our business, financial condition, and results of operations.
- Our revenue, results of operations and reputation may be negatively impacted if our products contain defects or fail to operate in the expected manner.
- If our launch vehicles and spacecraft fail to operate as intended, we may experience warranty claims for product failures, schedule delays or other problems with existing or new products, which could have a material adverse effect on our business, financial condition, and results of operations.
- If we fail to adequately protect our proprietary intellectual property rights, including our unpatented proprietary intellectual property, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights. We have granted licenses in our intellectual property to certain customers, which creates an additional risk of unauthorized use or disclosure of our intellectual property.
- Protecting and defending against intellectual property claims may have a material adverse effect on our business.
- A significant deferment of orders by customers could have a material adverse effect on our business, results of operations, prospects, and financial condition.
- Shortfalls in available external R&D funding could adversely affect us.
- Due to the competitive process to obtain contracts and the likelihood of bid protests, we may be unable to achieve or sustain revenue growth and profitability.
- The U.S. government’s determination to award a future contract or contract option may be challenged by an interested party, and, if that challenge is successful, that future contract or option may be terminated.
- Environmental matters, including costs associated with compliance and remediation efforts and government and third-party claims, could have a material adverse effect on our reputation and our business, financial condition, and results of operations.
- Failure to maintain a level of corporate social responsibility could damage our reputation and could materially adversely affect our business, financial condition, and results of operations.
- Our business with various governmental entities is concentrated in a small number of primary contracts. The loss or reduction in scope of our IDIQ contracts could impair our ability to attract new business.
- Some of our contracts with the U.S. government allow it to use technical data developed under the contracts and to disclose technical data to third parties, which could harm our ability to compete.
- A preference for small, small disadvantaged, service-disabled veteran-owned, woman-owned businesses or other preferred socioeconomic designations could impact our ability to be a prime contractor and limit our opportunity to work as a subcontractor on certain governmental procurements.
- If we fail to establish and maintain important relationships with government agencies and prime contractors, our ability to successfully maintain and develop new business could be materially adversely affected.
- We have classified contracts with the U.S. government, which may limit investor insight into portions of our business.
- U.S. government contracts are generally not fully funded at inception, contain certain provisions that may be unfavorable to us and may be undefinitized, or without final contract terms, at the time of the start of performance, which could prevent us from realizing our backlog and materially harm our business, financial condition, and results of operations.
- Our cash flow and profitability could be reduced if expenditures are incurred prior to the final receipt of a contract.
- We may experience difficulties or disruptions in consummating future acquisitions and integrating the operations of acquired companies into our business, or entering into any partnerships or joint ventures, and in realizing the expected benefits of these transactions.
- We may not realize the potential benefits and synergies sought with our recent acquisition of SciTec.
- When we enter into fixed-price contracts with some of our customers, we take the risk of cost overruns.
- Our operations depend on our manufacturing facilities, which are subject to physical and other risks that could disrupt production.
- Our leases may be terminated, or we may be unable to renew our leases on acceptable terms and if we wish to relocate, we may incur additional costs if we terminate a lease.
- We currently have, and will continue to have, significant lease obligations, and our failure to meet those obligations could adversely affect our financial condition and business.
- Certain future operational facilities may require significant expenditures in capital improvements and operating expenses to develop and foster basic levels of service needed for our operations, and the ongoing need to maintain existing operational facilities requires us to expend capital.
- Our future revenue and operating results are dependent on our ability to generate a sustainable order rate for our products and services and develop new technologies to meet the needs of our customers or potential new customers.
- We may require additional capital to support business growth and this capital might not be available or may be available only by diluting existing stockholders.
- We previously identified a material weakness in our internal control over financial reporting. If we are unable to maintain effective internal controls, the accuracy and timeliness of our financial reporting may be materially adversely affected, which could cause the market price of our common stock to decline, lessen investor confidence and harm our business.
- Changes in Laws and Regulations.
- Import and Export Restrictions.
- U.S. Government Approval Requirements.
- Competitive Impact of U.S. Regulations.
Legal proceedings
In the ordinary course of business, we are involved in various pending and threatened litigation matters. In the future, we may be subject to additional legal proceedings, the scope and severity of which is unknown and could adversely affect our business. In addition, from time to time, we may receive letters or other forms of communication asserting claims against us.
On November 11, 2025, one of our purported stockholders filed a putative class action complaint in the United States District Court for the Western District of Texas in an action captioned Diamond v. Firefly Aerospace Inc., et al., Case No. 1:25-cv-01812 (W.D. Tex.) (the “Securities Action”). The complaint names us and certain of our current and former directors and officers as defendants, and
asserts claims for alleged violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder and Sections 11 and 15 of the Securities Act arising from allegedly false or misleading statements or omissions of purportedly material fact concerning the demand and growth prospects of our Spacecraft Solutions offerings and the operational readiness and commercial viability of the Alpha rocket. Defendants’ time to answer, move to dismiss, or otherwise respond to the Diamond complaint has been stayed pending the Court’s appointment of a lead plaintiff pursuant to the Private Securities Litigation Reform Act of 1995.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 7SEC EDGARJesung Kim, Chief executive officer
- 8SEC EDGARDarren Ma, Chief financial officer
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- 15SEC EDGARKirk Michael Konert, Board member
- 16SEC EDGARMarc Allen Weiser, Board member
- 17SEC EDGARPamela Joyce Braden, Board member
- 18SEC EDGARRyan Michael Boland, Board member
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- 20SEC EDGARNathan O'Konek, General counsel
- 21SEC EDGARDavid Leigh Wheeler, General counsel
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- 26SEC EDGARExecutive or director change
- 27SEC EDGARResults of operations
- 28SEC EDGARShareholder vote
- 29SEC EDGAREntered a material agreement
- 30SEC EDGARResults of operations
- 31SEC EDGARExecutive or director change
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- 33SEC EDGARResults of operations
- 34SEC EDGARExecutive or director change
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- 38NasdaqNasdaq calendar
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