Filing Flows › Firefly Aerospace (FLY) › Q2 2025
Firefly Aerospace (FLY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Sep 22, 2025
Firefly Aerospace (FLY) reported revenue of $15.5M for the second quarter 2025 (Q2 2025), -26% from a year earlier and -72% from the quarter before. Operating margin was -349.5%, net loss $63.8M (410.2% of revenue).
Firefly Aerospace, Q2 2025: revenue $15.5M (-26% year over year), operating margin -349.5%, net loss $63.8M, operating cash flow −$28.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.5M | -72% | -26% |
| Operating profit | −$54.4M | — | — |
| Net earnings | −$63.8M | — | — |
| Operating cash flow | −$28.1M | — | — |
What changed
Revenue was $15.5M in Q2 2025, down 26% year over year and down 72% from the previous quarter. Spacecraft Solutions Revenue was the largest line at 59% of revenue. Spacecraft Solutions Revenue lost $8.9M year over year (down 49%), 161% of the total change.
Gross margin was 25.7%, up 11.7 points from a year earlier. Operating costs exceeded revenue by $54.4M, an operating margin of -349.5%. Operating expenses grew 13% against a revenue fall of 26%. The fastest-growing cost line was Research & development (+16%). The quarter ended with a net loss of $63.8M, wider than the previous quarter's $60.1M loss.
Operating cash flow was −$28.1M. Non-cash charges added back $3.9M of depreciation and amortization and $760K of share-based compensation. Working capital and other items added $31.0M. Capital expenditures of $9.2M exceeded it, leaving free cash flow of −$37.3M.
Questions
What was Firefly Aerospace's revenue in the second quarter 2025?
Firefly Aerospace (FLY) reported revenue of $15.5M for the second quarter 2025 (Q2 2025), -26% from a year earlier and -72% from the quarter before.
Was Firefly Aerospace profitable in the second quarter 2025?
Operating loss was $54.4M (-349.5% of revenue) and net loss $63.8M.
Source: Firefly Aerospace 10-Q on SEC EDGAR.