Firefly Aerospace Inc. (NASDAQ:FLY) reported first-quarter earnings beat after market close on Monday.

Earnings Snapshot

Revenue of $80.88 million beat the consensus estimate of $77.07 million, according to Benzinga Pro. Revenue benefited from its Blue Ghost lunar lander and Electra spacecraft programs.

The space and defense technology company reported a first-quarter adjusted loss of 46 cents per share, beating estimates for a loss of 48 cents per share.

The company ended the quarter with a backlog of roughly $1.3 billion, providing solid long-term visibility, though profitability remained pressured with an adjusted EBITDA loss of $64.7 million due to ongoing investment in growth and innovation.

Margins were impacted by a higher mix of cost-plus contracts and elevated R&D spending, with free cash flow remaining negative at $78.9 million due to continued investment in infrastructure, manufacturing, and technology.

Firefly continues to expect full-year 2026 revenue to be in the range of $420 million to $450 million, versus estimates of $432.45 million.

This is backed by strong demand from NASA and national security customers.

Major Deals & Contract Wins

During the quarter, Firefly collaborated with Nvidia Corp. (NASDAQ:NVDA) to enable rapid, on-orbit data processing for its Ocula Moon imaging service.

The effort integrates an Nvidia Jetson module into high-resolution telescopes developed by Lawrence Livermore National Laboratory, ahead of deployment on Firefly’s Elytra orbital vehicle.

Also, Firefly secured new agreements with the United States Space Force for a space-based interceptor program and continues to advance development of its reusable Eclipse rocket.

Key Developments

The company is expanding lunar exploration efforts led by NASA, particularly under Artemis-related initiatives.

The company is scaling Firefly’s Blue Ghost lander, following a successful commercial lunar mission, for a higher launch cadence. Also, its Electra vehicle is advancing capabilities in communications, imaging, and lunar infrastructure.

On the defense front, Firefly is growing its presence via its SciTech unit, securing contracts with the United States Space Force, including participation in the Golden Dome missile defense initiative. Its AI-enabled systems are already supporting applications such as missile tracking and space domain awareness.

The company is also advancing development of its reusable medium-lift Eclipse rocket and demonstrating rapid-response launch capabilities through military exercises.

FLY Price Action: Firefly Aerospace shares were up 11.87% at $37.33 during premarket trading on Tuesday, according to Benzinga Pro data.

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