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# Firefly Aerospace Sales Soar 259% — Its Operating Loss Still Widens To $101.6 Million
- URL: https://www.bullished.co/firefly-aerospace-sales-soar-259-its-operating-loss-still-widens-to-101-6-million-638abc57/
- Published: 2026-11-10T21:27:10.000Z
- Updated: 2026-11-10T21:27:10.000Z
- Description: Unfilled orders grew to $1.7 billion from $1.5 billion, while quarterly cash use increased as Firefly expanded production.
- Author: Matteo Parrino
- Tags: SEC Filings, FLY, Industry: Industrials

[Firefly Aerospace](https://www.bullished.co/tag/fly/), which builds rockets and spacecraft for government and commercial customers, increased third-quarter sales [259% to $110.7 million](https://www.sec.gov/Archives/edgar/data/0001860160/000186016026000030/fly-ex99%5F1.htm?ref=bullished.co), yet its operating loss widened to $101.6 million from $62.2 million a year earlier. The company released the results Tuesday alongside an [SEC filing](https://www.sec.gov/Archives/edgar/data/0001860160/000186016026000030/fly-20261110.htm?ref=bullished.co).

## More Sales, More Cash Used

Year-earlier sales were $30.8 million. Unfilled orders rose to $1.7 billion at quarter-end from $1.5 billion in the previous quarter—a total Firefly called a record—and the company expects 2026 revenue of $440 million to $450 million.

Gross profit increased to $25.3 million from $8.5 million, but operating expenses reached $126.9 million, compared with $70.7 million a year earlier. Research spending accounted for $76.0 million, versus $48.8 million, while selling and administrative costs climbed to $50.9 million from $21.9 million.

The [net loss narrowed](https://www.sec.gov/Archives/edgar/data/0001860160/000186016026000030/fly-ex99%5F1.htm?ref=bullished.co) to $94.2 million from $133.4 million. Outside operations, warrant valuation produced a $4.0 million gain rather than the prior year's $42.2 million loss; the year-earlier quarter also included a $30.4 million charge for extinguishing debt.

Cash use told a different story. Operations consumed $69.7 million, versus $53.0 million, and equipment and software purchases increased to $15.6 million from $8.9 million. Together, those outflows reached $85.3 million, compared with $62.0 million. Firefly ended the quarter with $409.3 million in cash and $125.4 million in short-term investments.

## Capacity For Moon And Defense Missions

Firefly's products span the Alpha rocket, the larger reusable Eclipse rocket being developed with Northrop Grumman, Blue Ghost lunar landers and Elytra orbital spacecraft. Its SciTec business supplies defense software and data processing.

The company began operating its expanded spacecraft cleanroom, paid for through a Texas Space Commission grant. The facility can accommodate assembly and integration of up to 12 landers and orbital vehicles at once.

Firefly CEO Jason Kim said the company is "converting our pipeline and backlog into results." He cited five simultaneous Moon missions, Alpha Block II's progress toward launch and SciTec's national-security programs.

Lockheed Martin extended its launch agreement to cover up to 25 Alpha missions through 2031\. SSC Space booked two launches from Sweden's Esrange Space Center, Firefly's first European launch contracts.

Defense and planetary work added a $94 million Space Force contract to modernize ground-based radar and a $13 million subcontract for NASA JPL's SkyFall Mars mission. Firefly will build, test and deliver the mission's aeroshell ahead of a launch targeted for late 2028.

## Engine Deal Funds The Build-Out

The expansion also has a previously announced funding source: Friday's AST SpaceMobile agreement, valued at [more than $1.3 billion](https://www.globenewswire.com/news-release/2026/11/06/3397457/0/en/firefly-aerospace-signs-rocket-engine-deal-valued-at-more-than-1-3-billion-with-ast-spacemobile.html?ref=bullished.co) in cash and stock over three years. Firefly agreed to provide 27 Miranda engines and nine Vira engines and license manufacturing while keeping ownership of its engine intellectual property.

Firefly said the agreement is intended to pay for hiring, equipment, infrastructure and additional engine-test bays in Briggs, Texas.

A separate Synspective agreement covers [up to 10](https://www.globenewswire.com/news-release/2026/11/10/3399538/0/en/firefly-aerospace-signs-multi-launch-agreement-with-synspective-for-up-to-10-alpha-missions-through-2030.html?ref=bullished.co) Alpha missions through 2030\. Firefly plans to launch the Japanese company's radar satellites from Wallops in Virginia and Vandenberg in California.

Firefly's larger order book now sits alongside higher operating losses and cash use—the financial cost of expanding its rocket, spacecraft and defense businesses.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Firefly Aerospace Inc. (FLY)](https://www.sec.gov/Archives/edgar/data/0001860160/000186016026000030/fly-20261110.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit fly-ex99\_1.htm — Firefly Aerospace Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001860160/000186016026000030/fly-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Firefly Aerospace Signs Multi-Launch Agreement with](https://www.globenewswire.com/news-release/2026/11/10/3399538/0/en/firefly-aerospace-signs-multi-launch-agreement-with-synspective-for-up-to-10-alpha-missions-through-2030.html?ref=bullished.co) — globenewswire.com
- [Firefly Aerospace Signs Rocket Engine Deal Valued at More](https://www.globenewswire.com/news-release/2026/11/06/3397457/0/en/firefly-aerospace-signs-rocket-engine-deal-valued-at-more-than-1-3-billion-with-ast-spacemobile.html?ref=bullished.co) — globenewswire.com

### More on Firefly Aerospace

- [Firefly Aerospace Adds Former Lockheed Space Chief Rick Ambrose To Audit And Pay Committees](https://www.bullished.co/firefly-aerospace-adds-former-lockheed-space-chief-rick-ambrose-to-audit-and-pay-bc72e8ed/)

[All Firefly Aerospace (FLY) coverage →](https://www.bullished.co/tag/fly/)