Firefly Aerospace Inc. Q2 FY2026 10-Q, explained in plain English

Key financials — as reported

Total revenue	$117.7M
Gross margin	20.3%
Operating income	−$95.2M
Net income	−$92.3M
Diluted EPS	−$0.57
Cash & equivalents	$459.8M
Total assets	$1.6B
Long-term debt	— not reported

Key takeaway

Revenue grew more than sevenfold year-over-year to $117.7M, led by Spacecraft Solutions revenue of $108.3M versus $9.2M a year ago, largely reflecting the SciTec and Space-ng acquisitions.

🔒 4 more takeaways in the full analysis

Beneath the surface

Operating cash flow was negative $144.1M while net loss was only $92.3M, a $52M gap driven by working-capital use (accounts receivable up $11.8M, other liabilities down $11.3M) that is more severe than the income statement loss suggests.

🔒 4 more insights a headline reader would miss