Earnings call Firefly Aerospace reported Q2 2025 revenue of $15.5M, down sequentially from $55.9M due to timing of Blue Ghost Mission 1. Gross margin improved to 25.7% from 4% QoQ. Backlog rose to ...
Firefly Aerospace has a $1.3B backlog but volatile revenue, FCF burn, and PE overhang raise risks at 30x sales. Read more on this Hold thesis of FLY stock.