Firefly Aerospace Q3 Results Boost Outlook
Firefly Aerospace Q3 Results raised 2025 revenue guidance and closed the $855M SciTec deal, boosting backlog, liquidity and investor confidence.
KEY TAKEAWAYS
- Q3 revenue rose to $30.8 million, supporting a raised 2025 guide of $150-$158 million.
- Backlog reached approximately $1.3 billion and liquidity included $995 million cash plus a $260 million revolver.
- Negative EBITDA and high R&D left analysts trimming forecasts despite the guidance lift.
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Firefly Aerospace reported stronger revenue and a narrower loss in its third quarter results on Nov. 12, 2025. The company also closed its acquisition of SciTec and raised its full-year revenue guidance, moves management said would expand defense capabilities and backlog.
Quarter Results and Guidance
Firefly said in a press release that Q3 2025 revenue reached $30.8 million, up 98% sequentially and 38% year over year. Management attributed the increase to accelerating commercial and government work supporting the raised outlook.
The company posted a GAAP net loss of $140.4 million, or $1.50 a share, a 58% improvement from the prior-year loss of $3.57 a share. The narrower loss reflects one-time items and operational progress, though the business remains unprofitable on other measures.
Firefly raised its 2025 revenue guidance to $150 million–$158 million, citing a robust backlog and a pipeline of NASA and U.S. defense contracts. Executives said the outlook depends on executing newly awarded contracts and integrating SciTec into operations.
SciTec Acquisition and Backlog
Firefly completed the $855 million acquisition of SciTec in November 2025, structured as roughly $300 million in cash and $555 million in Firefly stock valued at $50 per share. The transaction immediately broadens Firefly’s hardware and software offerings for space and defense customers.
SciTec brings about 475 employees across six facilities and had $164 million in trailing-12-month revenue. It will operate as a Firefly subsidiary, with SciTec CEO Jim Lisowski reporting to Firefly CEO Jason Kim. Certain program approvals remain subject to regulatory review, and full integration depends on final government clearances.
The company reported backlog of approximately $1.3 billion as of Q3 2025, supported by new NASA and defense contracts including a $176.7 million award for Blue Ghost Mission 4 and a $10 million addendum to Blue Ghost Mission 1. Management cited this pipeline as central to the raised guidance.
Firefly’s liquidity was strengthened by $995 million in cash and equivalents as of Sept. 30, 2025, and an upsized revolving credit facility of $260 million. The combined cash and credit capacity provide room to fund integration and near-term program activity.
The company reported negative EBITDA, a proxy for operating profit, of $200.94 million in Q3 2025 and research-and-development expenses of $48.8 million for the quarter. Some analysts reduced near-term forecasts on Nov. 13, citing persistent negative EBITDA and elevated R&D spending despite the raised guidance.
Firefly plans Alpha Flight 7 between late Q4 2025 and early Q1 2026, linking the timing to future revenue recognition and execution of its plan. Management’s ability to integrate SciTec and deliver contract milestones will be key to meeting the raised guidance.
