Firefly Aerospace Inc (FLY) is a space and defense technology company that provides launch vehicles, lunar landers, and spacecraft mission solutions to national security, government, and commercial customers. Revenue is primarily derived from long-term contracts for launch and integration services, end-to-end payload transportation, and products and services for national defense missions, as disclosed in the FY2025 10-K filed 2026-03-20. Firefly operates in the small-to-medium launch market with its Alpha rocket and is developing the medium-class Eclipse launch vehicle. The company completed a fully successful Moon landing with its Blue Ghost lander under NASA's Commercial Lunar Payload Services program and holds three additional CLPS task orders. Its acquisition of SciTec added AI-enabled national security software covering missile warning and defense, intelligence surveillance and reconnaissance, and space domain awareness. Customers span U.S. government national security agencies, NASA, and commercial payload operators.

Revenue model

Long-term contracts for launch and integration services, spacecraft mission services (lunar lander payload hosting, transit, and data services), and national defense software and data processing products. Revenue recognition follows percentage-of-completion or milestone-based methods typical of government and commercial space contracts.

Products and services

Alpha small-launch rocket; Eclipse medium-class launch vehicle (in development, powered by Miranda and Vira engines, Stage 1 designed for reusability); Blue Ghost lunar lander (NASA CLPS missions, ride-share and dedicated payload delivery); spacecraft solutions including payload hosting, transport, utility, and data services in LEO, MEO, and GEO; SciTec national security software covering missile defense, ISR, space domain awareness, remote sensing, and autonomous command and control.

Customers and end markets

U.S. federal government national security agencies, NASA (Commercial Lunar Payload Services program), Department of Defense, and commercial payload operators. End markets include national security launch, commercial launch, lunar exploration, missile defense, and space domain awareness.

Value-chain role

Vertically integrated launch and spacecraft provider. Develops and manufactures launch vehicles and engines in-house, operates launch missions, provides cislunar transit and landing services, and delivers national security software and big data processing through SciTec. Sits between payload customers and orbit or lunar surface delivery.

Geographic exposure

U.S.-based operations. Launch facilities referenced include Virginia's Mid-Atlantic Regional Spaceport on Wallops Island, with Eclipse designed to be compatible with additional east and west coast U.S. launch ranges. Primary customer base is U.S. government; international launch markets also targeted for Eclipse.

Source: SEC 10-K, filed 2026-03-20

Industry: Guided Missiles & Space Vehicles & Parts