Filing Flows › Firefly Aerospace (FLY) › Q1 2026
Firefly Aerospace (FLY) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Firefly Aerospace (FLY) reported revenue of $80.9M for the first quarter 2026 (Q1 2026), +45% from a year earlier and +40% from the quarter before. Operating margin was -118.3%, net loss $96.7M (119.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $80.9M | +40% | +45% |
| Operating profit | −$95.7M | — | — |
| Net earnings | −$96.7M | — | — |
| Operating cash flow | −$62.5M | — | — |
What changed
Revenue was $80.9M in Q1 2026, up 45% year over year and up 40% from the previous quarter. Spacecraft Solutions Revenue was the largest line at 84% of revenue. Spacecraft Solutions Revenue added $16.9M year over year (up 33%), 68% of the total change.
Gross margin was 21.6%, up 17.6 points from a year earlier. Operating costs exceeded revenue by $95.7M, an operating margin of -118.3%. Operating expenses grew 86% against revenue growth of 45%. The fastest-growing cost line was SG&A (+258%). The quarter ended with a net loss of $96.7M, wider than the previous quarter's $41.1M loss.
Operating cash flow was −$62.5M. Non-cash charges added back $15.9M of depreciation and amortization and $12.5M of share-based compensation. Working capital and other items added $5.7M. Capital expenditures of $16.3M exceeded it, leaving free cash flow of −$78.9M.
Questions
What was Firefly Aerospace's revenue in the first quarter 2026?
Firefly Aerospace (FLY) reported revenue of $80.9M for the first quarter 2026 (Q1 2026), +45% from a year earlier and +40% from the quarter before.
Was Firefly Aerospace profitable in the first quarter 2026?
Operating loss was $95.7M (-118.3% of revenue) and net loss $96.7M.
Source: Firefly Aerospace 10-Q on SEC EDGAR.