Filing Flows › Firefly Aerospace (FLY) › Q3 2025
Firefly Aerospace (FLY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Firefly Aerospace (FLY) reported revenue of $30.8M for the third quarter 2025 (Q3 2025), +38% from a year earlier and +98% from the quarter before. Operating margin was -202.1%, net loss $133M (433.5% of revenue).
Firefly Aerospace, Q3 2025: revenue $30.8M (+38% year over year), operating margin -202.1%, net loss $133M, operating cash flow −$53.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.8M | +98% | +38% |
| Operating profit | −$62.2M | — | — |
| Net earnings | −$133M | — | — |
| Operating cash flow | −$53.0M | — | — |
What changed
Revenue was $30.8M in Q3 2025, up 38% year over year and up 98% from the previous quarter. Spacecraft Solutions Revenue was the largest line at 69% of revenue. Spacecraft Solutions Revenue added $12.2M year over year (up 134%), 145% of the total change. Launch Revenue declined 29%.
Gross margin was 27.6%, down 7.2 points from a year earlier. Operating costs exceeded revenue by $62.2M, an operating margin of -202.1%. Operating expenses grew 68% against revenue growth of 38%. The fastest-growing cost line was SG&A (+113%). The quarter ended with a net loss of $133.4M, wider than the previous quarter's $63.8M loss. Net interest and other expense of $71.2M was the main reason.
Operating cash flow was −$53.0M. Non-cash charges added back $5.6M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $70.7M. Capital expenditures of $8.9M exceeded it, leaving free cash flow of −$62.0M.
Questions
What was Firefly Aerospace's revenue in the third quarter 2025?
Firefly Aerospace (FLY) reported revenue of $30.8M for the third quarter 2025 (Q3 2025), +38% from a year earlier and +98% from the quarter before.
Was Firefly Aerospace profitable in the third quarter 2025?
Operating loss was $62.2M (-202.1% of revenue) and net loss $133M.
Source: Firefly Aerospace 10-Q on SEC EDGAR.