Filing Flows › Firefly Aerospace (FLY) › Q1 2026 › vs Q4 2025
Firefly Aerospace (FLY) Q1 2026 vs Q4 2025 (quarter over quarter)
Firefly Aerospace's revenue rose $23.2M (+40%) from $57.7M in Q4 2025 to $80.9M in Q1 2026. The biggest changes: Spacecraft Solutions Revenue +$17.6M (+35%); Launch Revenue +$5.6M (+73%).
Firefly Aerospace, Q1 2026: revenue $80.9M (+45% year over year), operating margin -118.3%, net loss $96.7M, operating cash flow −$62.5M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Spacecraft Solutions Revenue | $67.6M | $50.0M | $17.6M | +35% |
| Launch Revenue | $13.3M | $7.7M | $5.6M | +73% |
| Revenue | $80.9M | $57.7M | $23.2M | +40% |
| Net loss | $96.7M | $41.1M | $55.6M | +135% |
| Costs & expenses | $178M | $143M | $34.3M | +24% |
| Operating costs | $177M | $143M | $33.3M | +23% |
| Interest & other, net | $941K | −$7.4M | $8.4M | — |
| Income tax | $67K | −$37.1M | $37.2M | — |
| Cost of revenue | $63.4M | $41.7M | $21.7M | +52% |
| Research & development | $67.5M | $57.6M | $9.9M | +17% |
| SG&A | $45.6M | $44.0M | $1.6M | +4% |
| Operating cash sources | $96.7M | $41.1M | $55.6M | +135% |
| Depreciation & amortization | $15.9M | $9.6M | $6.3M | +66% |
| Share-based compensation | $12.5M | $12.6M | −$137K | -1% |
| Working capital & other | $5.7M | −$48.5M | $54.2M | — |
| Cash used in operations | $62.5M | $67.3M | −$4.7M | -7% |
| Net loss absorbed | $96.7M | $41.1M | $55.6M | +135% |
Questions
How much did Firefly Aerospace's revenue grow quarter over quarter in Q1 2026?
Firefly Aerospace's revenue rose $23.2M (+40%) from $57.7M in Q4 2025 to $80.9M in Q1 2026.
What drove Firefly Aerospace's revenue change in Q1 2026?
Spacecraft Solutions Revenue +$17.6M (+35%); Launch Revenue +$5.6M (+73%).