Q2 2026 Firefly Aerospace Inc Earnings Call Transcript
Key Points
- Record Q2 revenue of $117.7 million, a 659% year-over-year increase, and a record backlog of $1.5 billion.
- Won multiple flagship contracts, including two additional NASA lunar missions, a $75 million MoonFall subcontract, and a $94 million Space Force GBARD contract.
- Strategic acquisition of Space-ng enhances vertical integration with AI-powered vision navigation and autonomous guidance systems.
- Strong demand for Alpha launch vehicle, with majority of 2027 manifest sold and Lockheed Martin multi-launch agreement extended to 2031.
- Eclipse development progressing well, with Miranda engine surpassing 150 hot-fire tests and completing a flight-like mission duty-cycle test.
- GAAP net loss of $92.3 million in Q2, though improved from $96.7 million in Q1.
- Free cash flow outflow increased to $106.3 million, partly due to the final SciTec acquisition payment.
- Alpha launch cadence reduced to three launches in 2026, with Flight 8 delayed to Q4.
- Gross margin slightly declined to 20.3% from 21.6% in Q1, due to Forge hardware purchases.
- Heavy reliance on government contracts (NASA, Space Force) exposes revenue to geopolitical and budgetary risks.
Greetings. Welcome to the Firefly Aerospace second-quarter 2026 financial results conference call.
(Operator Instructions) Please note, this conference call is being recorded.
I would now like to turn the conference over to Michael Sheetz, Firefly's Director of Investor Relations. Michael, you may begin.
Thank you, Carmen. Hello there. I'm Michael Sheetz. And welcome to Firefly's second-quarter financial results call.
I'm pleased to be joined on the call by CEO, Jason Kim; and CFO, Darren Ma, as we report for the period ending June 30, 2026.
Today's call will include forward-looking statements, including, but not limited to, statements the company will make about its future financial and operating performance, growth strategy, and market outlook. Actual results may differ materially from those contemplated by these forward-looking statements.
Factors that could cause the actual results and trends to differ materially are set forth in our annual
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