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Firefly Aerospace cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$106M in Q2 2026 · −$326M over twelve months

Operating cash flow−$81.6M
Capital spending−$24.7M
Free cash flow−$106M
Cash conversion cycle-8 days

Analysis

In Q2 2026, Firefly Aerospace generated −$81.6M of operating cash flow and spent $24.7M on capital projects, leaving free cash flow of −$106M. That is $69.0M less than in Q2 2025 (−$37.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$264M; the largest uses were acquisitions ($281M), operating cash flow ($264M), other financing ($178M); besides operations, cash came from shares issued ($1.2B), net borrowing (+) / repaid (−) ($661K); the cash balance rose by $238M.

Operating cash flow was −$81.6M against net income of −$92.3M. The largest differences: stock-based pay +$17.0M, payables +$14.3M, depreciation & amortization +$14.0M.

Its cash conversion cycle was -8 days (receivables 40 + inventory 0 − payables 48): suppliers fund its working capital.

Free cash flow

Firefly Aerospace: free cash flow by quarterFirefly Aerospace: free cash flow by quarter−$44.8MQ3 2024−$42.9MQ4 2024−$59.2MQ1 2025−$37.3MQ2 2025−$62.0MQ3 2025−$79.3MQ4 2025−$78.9MQ1 2026−$106MQ2 2026
Operating cash flow less capital spending.
Firefly Aerospace: operating cash flow against capital spendingFirefly Aerospace: operating cash flow against capital spendingOperating cash flowCapital spending−$36.6M$8.2MQ3 2024−$40.3M$2.7MQ4 2024−$56.5M$2.7MQ1 2025−$28.1M$9.2MQ2 2025−$53.0M$8.9MQ3 2025−$67.3M$12.1MQ4 2025−$62.5M$16.3MQ1 2026−$81.6M$24.7MQ2 2026
Latest (Q2 2026): Operating cash flow −$81.6M, Capital spending $24.7M.

Capital allocation, year by year

Firefly Aerospace: where the cash came from (up) and went (down), by fiscal yearFirefly Aerospace: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2023: Operating cash flow −$93.4MFY2023: Net borrowing $100MFY2023: Shares issued $150MFY2023: Capital spending −$77.2MFY2023: Acquisitions $7.3M$258MFY2023FY2024: Operating cash flow −$158MFY2024: Net borrowing $48.9MFY2024: Shares issued $190MFY2024: Capital spending −$32.7M$239MFY2024FY2025: Operating cash flow −$205MFY2025: Net borrowing $237MFY2025: Shares issued $1.2BFY2025: Asset sales $280KFY2025: Capital spending −$32.8MFY2025: Acquisitions −$277M$1.4BFY2025
Over these 3 years operating cash flow totalled −$456M; the largest uses were operating cash flow ($456M) and acquisitions ($277M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$635M
Debt$136M
Net cash$499M
Due within a year$7.2M
Cash runway23 months

Firefly Aerospace is burning cash: its operations consume cash, a free cash flow of −$326M a year at the current rate against $635M of cash and investments: a runway of about 23 months; $7.2M of debt also comes due within a year, which the cash covers before any new financing.

Firefly Aerospace: debt maturities by year (FY2025)Firefly Aerospace: debt maturities by year (FY2025)$7.2MYear 1$6.9MYear 2$267MYear 3$5.1MYear 4$1.9MYear 5$663KAfter year 5
Principal due in each year as disclosed in the annual report, against $635M of cash and investments now.

Where the cash came from and went

Firefly Aerospace: sources (+) and uses (−) of cash, Q2 2026Firefly Aerospace: sources (+) and uses (−) of cash, Q2 2026Other financing$181MCash drawn (+) / kept (−)−$134MOperating cash flow−$81.6MOther investing$46.3MCapital spending−$24.7MShares issued$11.6MNet borrowing (+) / repaid (−)$1.5M
Firefly Aerospace: sources (+) and uses (−) of cash, TTM to Q2 2026Firefly Aerospace: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$1.2BAcquisitions−$281MOperating cash flow−$264MCash drawn (+) / kept (−)−$238MOther financing−$178MOther investing−$166MCapital spending−$62.1MNet borrowing (+) / repaid (−)$661K

From profit to cash

Firefly Aerospace: net income to operating cash flow, Q2 2026Firefly Aerospace: net income to operating cash flow, Q2 2026Net income−$92.3MDepreciation & amortization$14.0MStock-based pay$17.0MReceivables−$13.2MPayables$14.3MAccrued liabilities$5.3MDeferred revenue$10.8MPrepaid and other assets$1.6MOther liabilities−$12.9MOperating cash flow−$81.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202640—48-8
Q1 202651—54-4
Q4 202541—73-32
Q3 202516—131-115

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$81.6M−$24.7M$1.5M$11.6M−$134M−$106M
Q1 2026−$62.5M−$16.3M−$260M$452K$467M−$78.9M
Q4 2025−$67.3M−$12.1M−$254K−$3.6M$203M−$79.3M
Q3 2025−$53.0M−$8.9M−$18.2M$997M−$774M−$62.0M
Q2 2025−$28.1M−$9.2M−$908K$69.0M−$29.3M−$37.3M
Q1 2025−$56.5M−$2.7M$25K$116M−$54.7M−$59.2M
Q4 2024−$40.3M−$2.7M$511K$167M−$98.1M−$42.9M
Q3 2024−$36.6M−$8.2M$25.2M$92K−$3.1M−$44.8M

Firefly Aerospace: income statement and cash flow

Firefly Aerospace, Q2 2026: revenue $118M (+657% year over year), operating margin -80.9%. The chart follows the revenue to costs, profit and cash.

Firefly Aerospace: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.