# EDGAR Filing Document

**Accession Number:** 0001860160
**File Stem:** 0001193125-25-211266
**Filing Date:** 2025-9
**Character Count:** 61474
**Document Hash:** b23b3f1de04a943b5b902b7f613fce9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-211266.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-211266

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250922

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Firefly Aerospace Inc.
- **CENTRAL INDEX KEY:** 0001860160
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 815194980
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42789
- **FILM NUMBER:** 251330053

**BUSINESS ADDRESS:**
- **STREET 1:** 1320 ARROW POINT DR
- **STREET 2:** SUITE 109
- **CITY:** CEDAR PARK
- **STATE:** TX
- **ZIP:** 78613
- **BUSINESS PHONE:** 5122776959

**MAIL ADDRESS:**
- **STREET 1:** 1320 ARROW POINT DR
- **STREET 2:** SUITE 109
- **CITY:** CEDAR PARK
- **STATE:** TX
- **ZIP:** 78613

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** September 22, 2025<br>

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Firefly Aerospace Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-42789 | 81-5194980 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1320 Arrow Point Drive, #109 |  |  |
| Cedar Park**,** Texas |  | 78613 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 512 893-5570<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | FLY | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On September 22, 2025, Firefly Aerospace Inc. (the "Company") issued a press release (the "Press Release") announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The Company is hosting a conference call on September 22, 2025, to discuss its second quarter 2025 financial and operating results, during which the Company will provide an update on the business.

The Company is making reference to financial measures not presented in accordance with U.S. generally accepted accounting principles ("GAAP") in the Press Release, an investor presentation concerning its second quarter 2025 financial and operating results (the "Investor Presentation"), and a conference call. A reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures is contained in the Press Release. The Company believes these non-GAAP financial measures provide useful information to investors because they allow for a more direct comparison of its second quarter 2025 performance to its performance in the comparable prior-year period. The non-GAAP financial measures are provided in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 (the "Section") of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

## Item 7.01 Regulation FD Disclosure
In conjunction with the Press Release, the Company also made available the Investor Presentation. The Investor Presentation, which is available under the "Investor Relations" section of the Company's corporate website, located at investors.fireflyspace.com, is included as Exhibit 99.2 to this Current Report on Form 8-K, which, in its entirety, is incorporated herein by reference. Information on the Company's corporate website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the U.S. Securities and Exchange Commission.

The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**<u>Number</u>** | **<u>Description</u>** |

---

---

| | |
|:---|:---|
| 99.1 | [<u>Press Release of Firefly Aerospace Inc. dated September 22, 2025.</u>](fly-ex99_1.htm) |
| 99.2 | [<u>Investor Presentation dated September 22, 2025.</u>](fly-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **FIREFLY AEROSPACE INC.** |
| Date: | September 22, 2025 | By:  | /s/ **Jason Kim** |
|  |  |  | **Chief Executive Officer** |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | September 22, 2025 | By:  | /s/ **Darren Ma** |
|  |  |  | **Chief Financial Officer** |

---

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## Exhibit 99.1

![img187228946_0.jpg](img187228946_0.jpg)

Firefly Aerospace Announces Second Quarter 2025 Financial Results After Historic IPO

*Company increased backlog to $1.3 billion by end of July and bolstered balance sheet; FAA cleared Alpha for return to flight*

![img187228946_1.jpg](img187228946_1.jpg)

*Firefly Aerospace rang the Bell at the Nasdaq MarketSite on August 7, 2025.*

**Cedar Park, Texas, September 22, 2025** – Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today issued financial results for the second quarter ended June 30, 2025.

"Firefly's historic IPO last month reflects the bold culture of our generational company, which delivers on the most challenging missions in space," said Firefly Aerospace CEO Jason Kim. "We're pleased to announce our initial quarterly results as a public company, reflecting the steady progress across our launch and spacecraft products."

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![img187228946_0.jpg](img187228946_0.jpg)

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CEO Jason Kim testified before Congress on the success of Blue Ghost Mission 1 and the critical future of NASA's Commercial Lunar Payload Services (CLPS) initiative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Blue Ghost Mission 2 structures entered assembly in Firefly's spacecraft cleanroom after completing the Integration Readiness Review, with first payload delivery accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United Arab Emirates' Rashid 2 Rover announced as an international payload customer on Blue Ghost Mission 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Elytra Mission 3 contract awarded by the U.S. Department of Defense's Defense Innovation Unit for a 2027 national security mission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ocula high-resolution imaging service unveiled, providing more than five years of commercial services in lunar orbit via Firefly's Elytra spacecraft supporting each upcoming Blue Ghost mission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sweden signed Technology Safeguards Agreement with the U.S., clearing the way for Alpha launches from Esrange Space Center through Firefly's partnership with the Swedish Space Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Northrop Grumman invested $50 million in preferred equity, backing Firefly's long-term Eclipse™ launch vehicle partnership with additional financial support.

**Additional Recent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raised $933.1 million in net proceeds from Initial Public Offering of common stock and listed and began trading on the Nasdaq on August 7, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NASA awarded Blue Ghost Mission 4 contract worth $176.7 million for lunar payload delivery on July 29, 2025, increasing Firefly's total backlog to approximately $1.3 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of September 22, 2025, reached 95 hot fire tests of the Miranda engine, which will power the debut launch of Eclipse which is expected to take place as early as next year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FAA issued Return to Flight determination for Alpha on August 26, 2025, with Firefly working to determine the next available launch window for Alpha Flight 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NASA awarded $10 million contract addendum on September 22, 2025, for acquisition of additional lunar data collected beyond the initial contractual requirements for Blue Ghost Mission 1.

"We're ramping our flight cadence and have several Alpha vehicles in production to meet the strong demand for launch services, especially for responsive national security missions and our best-in-class customers," Kim added.

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![img187228946_0.jpg](img187228946_0.jpg)

**2025 Full-Year Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Firefly expects 2025 full-year revenue to be between $133 million and $145 million.

**Conference Call**

Firefly will host a conference call today at 4:00 p.m. CT (5:00 p.m. ET) to discuss its second quarter financial results, as well as provide Firefly's full year outlook.

The live webcast and accompanying presentation, as well as a replay of the webcast, will be available on Firefly's Investor Relations website: investors.fireflyspace.com.

**About Firefly Aerospace**

Firefly Aerospace is a space and defense technology company that enables government and commercial customers to launch, land, and operate in space – anywhere, anytime. As the partner of choice for responsive space missions, Firefly is the only commercial company to launch a satellite to orbit with approximately 24-hour notice. Firefly is also the only company to achieve a fully successful landing on the Moon. Established in 2017, Firefly's engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation. The company's small- to medium-lift launch vehicles, lunar landers, and orbital vehicles are built with common flight-proven technologies to enable speed, reliability, and cost efficiencies for each mission from low Earth orbit to the Moon and beyond. For more information, visit www.fireflyspace.com. Firefly utilizes its website as a means to distribute material information about the company to the public.

**Cautionary Note Regarding Forward-Looking Statements**

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements included in this press release that are not statements of historical fact, including statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, our guidance, outlook and forecasts for full-year 2025, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation, our ability or expectations to establish new partnerships, our expectations regarding new vehicle launches and launch

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![img187228946_0.jpg](img187228946_0.jpg)

timelines, and our ability to retain existing customers and maintain their bookings are forward-looking statements. Accordingly, undue reliance should not be placed on such statements.

Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: our failure to manage our growth effectively and our ability to achieve and maintain profitability; the potential for delayed or failed launches, and any failure of our launch vehicles and spacecraft to operate as intended; our inability to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand; the hazards and operational risks that our products and service offerings are exposed to, including the wide and unique range of risks due to the unpredictability of space; the market for commercial launch services for small- and medium-sized payloads not achieving the growth potential we expect; our dependence on contracts entered into in the ordinary course of business and our dependence on major customers and vendors; a loss of, or default by, one or more of our major customers, or a material adverse change in any such customer's business or financial condition, could materially reduce our revenues and backlog; uncertain global macro-economic and political conditions, including the implementation of tariffs; disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government; the failure of our information technology systems, physical or electronic security protections; the inability to operate Alpha at our anticipated launch rate (including due to potential regulatory delays) or finalize the development and delivery of Eclipse; our failure to establish and maintain important relationships with government agencies and prime contractors; the inability to realize our backlog; evolving government laws and regulations; our ability to remediate the material weakness with respect to our internal control over financial reporting and disclosure controls and procedures; our ability to implement and maintain effective internal control over financial reporting in the future; and other factors set forth in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

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![img187228946_0.jpg](img187228946_0.jpg)

**Use of Non-GAAP Financial Measures**

Adjusted EBITDA, Non-GAAP Operating Expenses, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Other Expense, and Free Cash Flow are non-GAAP financial measures. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with U.S. GAAP is included in the supplemental financial data attached to this press release. Non-GAAP financial measures have important limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of Firefly's performance or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Firefly believes non-GAAP financial information provides additional insight into the Company's ongoing performance. Therefore, Firefly provides this information to investors for a more consistent basis of comparison and to help them evaluate the Company's ongoing performance and liquidity and to enable more meaningful period to period comparisons.

***Adjusted EBITDA***

We define Adjusted EBITDA as net loss adjusted for interest expense, net, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of warrant liabilities, loss on disposal of fixed assets, transaction costs, and other expenses. In addition to net loss, we use Adjusted EBITDA to evaluate our business, measure its performance, and make strategic decisions.

We believe that Adjusted EBITDA provides useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net loss. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

***Non-GAAP Operating Expenses***

We define Non-GAAP Operating Expenses as operating expenses, less stock-based compensation expense, one-time costs related to the IPO, and loss on disposal of fixed assets. Management believes this non-GAAP measure provides investors with meaningful

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![img187228946_0.jpg](img187228946_0.jpg)

insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

***Non-GAAP Research and Development***

We define Non-GAAP Research and Development as research and development less stock-based compensation expense. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

***Non-GAAP Selling, General, and Administrative***

We define Non-GAAP Selling, General and Administrative as selling, general and administrative less stock-based compensation expense and one-time costs related to the IPO. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

***Non-GAAP Other Expense***

We define Non-GAAP Other Expense as other expense less change in fair value of warrant liabilities and certain other items that are not expected to recur in the future. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.

***Free Cash Flow***

We define Free Cash Flow as net cash used in operating activities, less purchases of property and equipment. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from or used in operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.

Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under U.S. GAAP. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital, and changes in our cash conversion cycle.

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![img187228946_0.jpg](img187228946_0.jpg)

**Contacts**

Media Relations<br>press@fireflyspace.com

Investor Relations<br>investors@fireflyspace.com

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![img187228946_2.jpg](img187228946_2.jpg)

**CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS**

(unaudited; in thousands, except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br>Ended June 30,** | **For the Three Months<br>Ended June 30,** | **For the Six Months<br>Ended June 30,** | **For the Six Months<br>Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $15549 | $21071 | $71404 | $29388 |
| Cost of sales | 11554 | 18120 | 65189 | 28360 |
| **Gross profit** | **3995** | **2951** | **6215** | **1028** |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 45774 | 39544 | 93786 | 77179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 12571 | 12288 | 25323 | 21868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets |  | 19 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **58345** | **51851** | **119109** | **99069** |
| **Loss from operations** | **(54350)** | **(48900)** | **(112894)** | **(98041)** |
| **Other expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (5237) | (3738) | (10401) | (7491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (4191) | (815) | (576) | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | **(9428)** | **(4553)** | **(10977)** | **(8183)** |
| **Loss before provision for income taxes** | $**(63778)** | $**(53453)** | $**(123871)** | $**(106224)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **—** | **—** | **—** | **—** |
| **Net loss and comprehensive loss** | $**(63778)** | $**(53453)** | $**(123871)** | $**(106224)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accretion of dividends of Series C Preferred Stock | 5363 | 5296 | 10942 | 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accretion of dividends of Series D-1 Preferred Stock | 10856 |  | 17465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accretion of dividends of Series D-3 Preferred Stock | 266 |  | 266 |  |
| **Net loss available to common stockholders** | $**(80263)** | $**(58749)** | $**(152544)** | $**(116739)** |
| **Net loss per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(5.78) | $(4.60) | $(11.17) | $(9.24) |
| **Weighted-average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 13877 | 12765 | 13659 | 12630 |

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![img187228946_2.jpg](img187228946_2.jpg)

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(unaudited; in thousands, except per share amounts)

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $205286 | $123431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, current | 829 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 5638 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced payments, current | 13626 | 52404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 8730 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **234109** | **180717** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced payments, less current portion | 41770 | 41770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 138654 | 135575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, less current portion | 15428 | 13703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets - operating leases | 14366 | 14604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets - finance leases | 4585 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 17097 | 17097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | 784 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**466793** | $**407332** |
| **Liabilities, temporary equity, and stockholders' deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $32877 | $37633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - related parties | 441 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 16664 | 14419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability, current | 316 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability, current | 1067 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 82706 | 108069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, current | 6869 | 6349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 6495 | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **147435** | **179377** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability, less current portion | 15215 | 16466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability, less current portion | 2528 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, less current portion | 75824 | 45904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, less current portion | 123479 | 124079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, less current portion - related parties | 18079 | 17524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liability | 9177 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, less current portion | 19681 | 25956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**411418** | $**415372** |
| Commitments and contingencies |  |  |
| **Temporary equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable convertible preferred stock, $0.0001 par value; 65,408 and 51,033 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 52,543 and 41,588 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; $1,599,250 and $1,227,158 liquidation preference as of June 30, 2025 and December 31, 2024, respectively | 973371 | 759582 |
| **Stockholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 168,772 and 154,397 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 14,008 and 13,241 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital, net of issuance costs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (917998) | (767623) |
| **Total stockholders' deficit** | **(917996)** | **(767622)** |
| **Total liabilities, temporary equity, and stockholders' deficit** | $**466793** | $**407332** |

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![img187228946_3.jpg](img187228946_3.jpg)

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(unaudited; in thousands)

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(123871) | $(106224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7916 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of fixed assets |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1191 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | 5107 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 3586 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash inventory write-off |  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (4634) | (3660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced payments | 38778 | (16261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (4238) | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (3344) | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - related parties | 355 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 2245 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (11190) | 19334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 986 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (2063) | (3323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 4557 | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | $**(84619)** | $**(80815)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (11837) | (21834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | $**(11837)** | $**(21834)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of preferred stock | 184116 | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on finance leases | (883) | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable |  | 24599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on notes payable | (3195) | (1008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (575) | (2001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayment of employee note | 383 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 595 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | $**180441** | $**43816** |
| **Net increase (decrease) in cash and cash equivalents and restricted cash** | $**83985** | $**(58833)** |
| **Cash and cash equivalents and restricted cash** |  |  |
| Balance, beginning of period | 137558 | 95146 |
| **Balance, end of period** | $**221543** | $**36313** |
| **Reconciliation of cash and cash equivalents and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $205286 | $21865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, current | 829 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, non-current | 15428 | 11978 |
| **Total cash and cash equivalents and restricted cash at the end of the period** | $**221543** | $**36313** |
| **Supplemental disclosures of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $11101 | $10666 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment additions in accounts payable | $1413 | $560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest (paid-in-kind) | $573 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt in exchange of software licenses | $664 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset acquired in exchange for finance lease liabilities | $1625 | $339 |

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![img187228946_3.jpg](img187228946_3.jpg)

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

(unaudited; in thousands)

The following tables present reconciliations of Adjusted EBITDA, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Other Expense, and Free Cash Flow to their most directly comparable financial measures presented in accordance with U.S. GAAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net loss | $(63778) | $(53453) | $(123871) | $(106224) |
| Adjusted for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 5237 | 3738 | 10401 | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3920 | 1541 | 7916 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 760 | 425 | 1191 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 4191 | 31 | 5107 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets |  | 19 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time costs related to the IPO <sup>(1)</sup> | 1767 |  | 4220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 8 |  | 33 |
| **Adjusted EBITDA** | $**(47903)** | $**(47691)** | $**(95036)** | $**(94776)** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Research and development** | $**45774** | $**39544** | $**93786** | $**77179** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | (177) | (118) | (295) | (242) |
| **Non-GAAP Research and Development** | $**45597** | $**39426** | $**93491** | $**76937** |
| **Selling, general, and administrative** | $**12571** | $**12288** | $**25323** | $**21868** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | (583) | (307) | (896) | (592) |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time costs related to the IPO <sup>(1)</sup> | (1767) |  | (4220) |  |
| **Non-GAAP Selling, General, and Administrative** | $**10221** | $**11981** | $**20207** | $**21276** |
| **Operating expenses** | $**58345** | $**51851** | $**119109** | $**99069** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | (760) | (425) | (1191) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time costs related to the IPO <sup>(1)</sup> | (1767) | - | (4220) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets |  | (19) |  | (22) |
| **Non-GAAP Operating Expenses** | $**55818** | $**51407** | $**113698** | $**98213** |
| **Other expense** | $**9428** | $**4553** | $**10977** | $**8183** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (4191) | (31) | (5107) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (8) |  | (33) |
| **Non-GAAP Other Expense** | $**5237** | $**4514** | $**5870** | $**8119** |
| (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future. | (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future. | (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future. | (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future. | (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future. |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net cash used in operating activities | $(28082) | $(20232) | $(84619) | $(80815) |
| Purchases of property and equipment | (9183) | (17331) | (11837) | (21834) |
| **Free Cash Flow** | $**(37265)** | $**(37563)** | $**(96456)** | $**(102649)** |

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###

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## Exhibit 99.2

![Slide 1](fly-ex99_2s1.jpg)

Q2 2025 Financial Results September 22, 2025 Presented by Jason Kim CEO Darren Ma CFO

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![Slide 2](fly-ex99_2s2.jpg)

Disclaimer This presentation contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements included in this press release that are not statements of historical fact, including statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, our guidance, outlook and forecasts for full-year 2025, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation, our ability or expectations to establish new partnerships, our expectations regarding new vehicle launches and launch timelines, and our ability to retain existing customers and maintain their bookings are forward-looking statements. Accordingly, undue reliance should not be placed on such statements. Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: our failure to manage our growth effectively and our ability to achieve and maintain profitability; the potential for delayed or failed launches, and any failure of our launch vehicles and spacecraft to operate as intended; our inability to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand; the hazards and operational risks that our products and service offerings are exposed to, including the wide and unique range of risks due to the unpredictability of space; the market for commercial launch services for small- and medium-sized payloads not achieving the growth potential we expect; our dependence on contracts entered into in the ordinary course of business and our dependence on major customers and vendors; a loss of, or default by, one or more of our major customers, or a material adverse change in any such customer's business or financial condition, could materially reduce our revenues and backlog; uncertain global macro-economic and political conditions, including the implementation of tariffs; disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government; the failure of our information technology systems, physical or electronic security protections; the inability to operate Alpha at our anticipated launch rate (including due to potential regulatory delays) or finalize the development and delivery of Eclipse; our failure to establish and maintain important relationships with government agencies and prime contractors; the inability to realize our backlog; evolving government laws and regulations; our ability to remediate the material weakness with respect to our internal control over financial reporting and disclosure controls and procedures; our ability to implement and maintain effective internal control over financial reporting in the future; and other factors set forth in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law. Use of Non-GAAP Financial Measures Adjusted EBITDA, Non-GAAP Operating Expenses, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Other Expense, and Free Cash Flow are non-GAAP financial measures. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with U.S. GAAP is included in the supplemental financial data attached to this press release. Non-GAAP financial measures have important limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of Firefly's performance or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Firefly believes non-GAAP financial information provides additional insight into the Company's ongoing performance. Therefore, Firefly provides this information to investors for a more consistent basis of comparison and to help them evaluate the Company's ongoing performance and liquidity and to enable more meaningful period to period comparisons. Adjusted EBITDA We define Adjusted EBITDA as net loss adjusted for interest expense, net, provision for income taxes, depreciation and amortization, stock-based compensation expense, the change in fair value of warrant liabilities, loss (gain) on disposal of fixed assets, transaction costs, and other expenses. In addition to net loss, we use Adjusted EBITDA to evaluate our business, measure its performance, and make strategic decisions. We believe that Adjusted EBITDA provides useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net loss. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Non-GAAP Operating Expenses We define Non-GAAP Operating Expenses as operating expenses, less stock-based compensation expense, one-time costs related to the IPO, and loss on disposal of fixed assets. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business. Non-GAAP Research and Development We define Non-GAAP Research and Development as research and development less stock-based compensation expense. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business. Non-GAAP Selling, General, and Administrative We define Non-GAAP Selling, General and Administrative as selling, general and administrative less stock-based compensation expense and one-time costs related to the IPO. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business. Non-GAAP Other Expense We define Non-GAAP Other Expense as other expense less change in fair value of warrant liabilities and certain other items that are not expected to recur in the future. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business. Free Cash Flow We define Free Cash Flow as net cash used in operating activities, less purchases of property and equipment. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from or used in operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under U.S. GAAP. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital, and changes in our cash conversion cycle.

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![Slide 3](fly-ex99_2s3.jpg)

We deliver rockets and spacecraft to support national security, exploration, and commercial missions, keeping America at the forefront of space Firefly is a space and defense leader FIRST & ONLY U.S.-Based Company with an Operational Rocket in the 1,000 kg Category ~24-HOUR Record Setting Responsive Launch FIRST OF ITS KIND Partnership on Eclipse Development with Northrop FIRST Commercial Company to Fully Successfully Land on the Moon

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![Slide 4](fly-ex99_2s4.jpg)

Our revenue generating products ALPHA ECLIPSE LAUNCH Operational Targeting 2026 BLUE GHOST ELYTRA SPACECRAFT Operational Targeting 2025

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![Slide 5](fly-ex99_2s5.jpg)

Spacecraft – Congressional testimony "Our mission inspired humanity. With the help of Congress and NASA, Firefly is honored to lead America forward into the stars." – Jason Kim

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![Slide 6](fly-ex99_2s6.jpg)

4 Blue Ghost missions for NASA Spacecraft – Blue Ghost 1st Successful Commercial Moon Landing Targeting 2029 landing near Moon's south pole Targeting 2028 landing at Gruithuisen Domes Targeting 2026 landing on the Moon's far side Signed $10M NASA data contract addendum in Q3 Blue Ghost Mission 1 $112m NASA CLPS Contract Blue Ghost Mission 2 $130m NASA CLPS Contract Blue Ghost Mission 3 $180m NASA CLPS Contract Blue Ghost Mission 4 $177m NASA CLPS Contract Completed Mar. 16 3 Elytra Dark vehicles supporting missions +$500M In Blue Ghost contracts awarded Blue Ghost Mission 2 Qualification Structure Blue Ghost Mission 2 Payload Deliveries

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![Slide 7](fly-ex99_2s7.jpg)

3 Elytra Configurations For On-Orbit Missions 1st Elytra Mission ready for launch in 2025 >1,550 Delta-V (m/sec) with 50kg payload Spacecraft – elytra Multi-Mission Multi-Orbit Elytra Mission 1 Elytra Mission 3 Ocula lunar imaging service by Elytra Elytra Mission 2 Target launch: 2026 Serving as BGM2 transfer vehicle & comms relay DIU SINEQUONE Target launch: 2027 Responsive space maneuvers for national security Target launch: 2025 Supporting Xtenti FANTM-RIDE demo for the NRO

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![Slide 8](fly-ex99_2s8.jpg)

1-ton Only Operational U.S. Rocket in This Class 6 Launches To Date 30+ Launches in Backlog Launch – Alpha 1 4 2 3 Vandenberg Space Force Base, SLC-2 California Operational 1 NASA Wallops Flight Facility, Pad 0A Virginia Target launch: 2026 2 Esrange Space Center, LC-3C Sweden Target launch: 2027 3 Cape Canaveral SFS Launch Site, SLC-20Florida Reserved capacity 4 4 Launch Site Options Alpha Flight 8 Alpha Flight 7 Reaver Engine Hot Fire

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![Slide 9](fly-ex99_2s9.jpg)

16-tons to LEO 7 Miranda engines powering the First Stage $50m Equity investment by Northrop Grumman Launch – eclipse Eclipse Flight First Stage Fit Check Miranda 100% Power Hot Fire Reusable First Stage 90+ Miranda engine hot fire tests to date Engine Bay Testing

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![Slide 10](fly-ex99_2s10.jpg)

CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS (GAAP) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2025 2024 2025 2024 Revenue $15,549 $21,071 $71,404 $29,388 Cost of sales 11,554 18,120 65,189 28,360 Gross profit 3,995 2,951 6,215 1,028 Operating expenses Research and development 45,774 39,544 93,786 77,179 Selling, general, and administrative 12,571 12,288 25,323 21,868 Loss on disposal of fixed assets — 19 — 22 Total operating expenses 58,345 51,851 119,109 99,069 Loss from operations (54,350) (48,900) (112,894) (98,041) Other expense Interest expense, net (5,237) (3,738) (10,401) (7,491) Other expense, net (4,191) (815) (576) (692) Total other expense, net (9,428) (4,553) (10,977) (8,183) Loss before provision for income taxes $(63,778) $(53,453) $(123,871) $(106,224) Provision for income taxes — — — — Net loss and comprehensive loss $(63,778) $(53,453) $(123,871) $(106,224) Less: Accretion of dividends of Series C Preferred Stock 5,363 5,296 10,942 10,515 Less: Accretion of dividends of Series D-1 Preferred Stock 10,856 — 17,465 — Less: Accretion of dividends of Series D-3 Preferred Stock 266 — 266 — Net loss available to common stockholders $(80,263) $(58,749) $(152,544) $(116,739) Net loss per common share Basic and diluted $(5.78) $(4.60) $(11.17) $(9.24) Weighted-average common shares outstanding Basic and diluted 13,877 12,765 13,659 12,630 (unaudited; in thousands, except per share amounts)

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![Slide 11](fly-ex99_2s11.jpg)

(unaudited; in thousands) June 30, 2025 Dec. 31, 2024 Assets Current assets Cash and cash equivalents $205,286 $123,431 Restricted cash, current 829 424 Accounts receivable, net 5,638 1,004 Advanced payments, current 13,626 52,404 Other current assets 8,730 3,454 Total current assets 234,109 180,717 Advanced payments, less current portion 41,770 41,770 Property and equipment, net 138,654 135,575 Restricted cash, less current portion 15,428 13,703 Right-of-use assets - operating leases 14,366 14,604 Right-of-use assets - finance leases 4,585 3,708 Goodwill 17,097 17,097 Other noncurrent assets 784 158 Total assets $466,793 $407,332 June 30, 2025 Dec. 31, 2024 Liabilities, temporary equity, and stockholders' deficit Current liabilities Accounts payable $32,877 $37,633 Accounts payable - related parties 441 86 Accrued expenses 16,664 14,419 Operating lease liability, current 316 1,128 Finance lease liability, current 1,067 856 Deferred revenue, current 82,706 108,069 Notes payable, current 6,869 6,349 Other current liabilities 6,495 10,837 Total current liabilities 147,435 179,377 Operating lease liability, less current portion 15,215 16,466 Finance lease liability, less current portion 2,528 1,996 Deferred revenue, less current portion 75,824 45,904 Notes payable, less current portion 123,479 124,079 Notes payable, less current portion - related parties 18,079 17,524 Warrant liability 9,177 4,070 Other liabilities, less current portion 19,681 25,956 Total liabilities $411,418 $415,372 June 30, 2025 Dec. 31, 2024 Commitments and contingencies Temporary equity Redeemable convertible preferred stock, $0.0001 par value; 65,408 and 51,033 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 52,543 and 41,588 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; $1,599,250 and $1,227,158 liquidation preference as of June 30, 2025 and December 31, 2024, respectively 973,371 759,582 Stockholders' deficit Common stock, $0.0001 par value, 168,772 and 154,397 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 14,008 and 13,241 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2 1 Additional paid-in capital, net of issuance costs — — Accumulated deficit (917,998) (767,623) Total stockholders' deficit (917,996) (767,622) Total liabilities, temporary equity, and stockholders' deficit $466,793 $407,332 CONDENSED CONSOLIDATED BALANCE SHEETS

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![Slide 12](fly-ex99_2s12.jpg)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30 2025 2024 Cash flows from operating activities Net loss $(123,871) $(106,224) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 7,916 3,037 Loss on sale of fixed assets — 22 Stock-based compensation 1,191 834 Change in fair value of warrant liability 5,107 (31) Non-cash interest expense 3,586 4,088 Non-cash inventory write-off — 247 Changes in operating assets and liabilities: Accounts receivable (4,634) (3,660) Advanced payments 38,778 (16,261) Other assets (4,238) 6,303 Accounts payable (3,344) 3,320 Accounts payable - related parties 355 701 Accrued expenses 2,245 119 Other liabilities (11,190) 19,334 Right-of-use assets 986 1,744 Lease liabilities (2,063) (3,323) Deferred revenue 4,557 8,935 Net cash used in operating activities $(84,619) $(80,815) For the Six Months Ended June 30 2025 2024 Cash flows from investing activities Purchases of property and equipment (11,837) (21,834) Net cash used in investing activities $(11,837) $(21,834) Cash flows from financing activities Proceeds from issuance of preferred stock 184,116 22,186 Principal payments on finance leases (883) (398) Proceeds from notes payable — 24,599 Payments on notes payable (3,195) (1,008) Payments of debt issuance costs (575) (2,001) Proceeds from repayment of employee note 383 123 Proceeds from exercise of stock options 595 315 Net cash provided by financing activities $180,441 $43,816 Net increase (decrease) in cash and cash equivalents and restricted cash $83,985 $(58,833) Cash and cash equivalents and restricted cash Balance, beginning of period 137,558 95,146 Balance, end of period $221,543 $36,313 Reconciliation of cash and cash equivalents and restricted cash Cash and cash equivalents $205,286 $21,865 Restricted cash, current 829 2,470 Restricted cash, non-current 15,428 11,978 Total cash and cash equivalents and restricted cash at the end of the period $221,543 $36,313 For the Six Months Ended June 30 2025 2024 Supplemental disclosures of cash flow information Cash paid for interest $11,101 $10,666 Non-cash investing and financing activities Property and equipment additions in accounts payable $1,413 $560 Capitalized interest (paid-in-kind) $573 $— Issuance of debt in exchange of software licenses $664 $— Right-of-use asset acquired in exchange for finance lease liabilities $1,625 $339 (unaudited; in thousands)

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The tables above present reconciliations of Adjusted EBITDA, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Other Expense, and Free Cash Flow to their most directly comparable financial measures presented in accordance with U.S. GAAP: For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss $(63,778) $(53,453) $(123,871) $(106,224) Adjusted for: Interest expense, net 5,237 3,738 10,401 7,491 Depreciation and amortization 3,920 1,541 7,916 3,037 Stock-based compensation expense 760 425 1,191 834 Change in fair value of warrant liabilities 4,191 31 5,107 31 Loss on disposal of fixed assets — 19 — 22 One-time costs related to the IPO (1) 1,767 — 4,220 — Other — 8 — 33 Adjusted EBITDA $(47,903) $(47,691) $(95,036) $(94,776) For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Research and development $45,774 $39,544 $93,786 $77,179 Stock-based compensation expense (177) (118) (295) (242) Non-GAAP Research and Development $45,597 $39,426 $93,491 $76,937 Selling, general, and administrative $12,571 $12,288 $25,323 $21,868 Stock-based compensation expense (583) (307) (896) (592) One-time costs related to the IPO (1) (1,767) — (4,220) — Non-GAAP Selling, General, and Administrative $10,221 $11,981 $20,207 $21,276 For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Operating expenses $$58,345 $51,851 $119,109 $99,069 Stock-based compensation expense (760) (425) (1,191) (834) One-time costs related to the IPO (1) (1,767) - (4,220) — Loss on disposal of fixed assets — (19) — (22) Non-GAAP Operating Expenses $$55,818 $51,407 $113,698 $98,213 Other expense $$9,428 $4,553 $10,977 $8,183 Change in fair value of warrant liabilities (4,191) (31) (5,107) (31) Other — (8) — (33) Non-GAAP Other Expense $$5,237 $4,514 $5,870 $8,119 (1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction but are not expected to recur in the future. For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net cash used in operating activities $(28,082) $(20,232) $(84,619) $(80,815) Purchases of property and equipment (9,183) (17,331) (11,837) (21,834) Free Cash Flow $(37,265) $(37,563) $(96,456) $(102,649) (unaudited; in thousands)

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Our vision Interoperability Station Servicing LEO/SSO MEO GEO Interplanetary DEEP SPACE CISLUNAR In-Space Mobility, Hosting, and Servicing ` De-Orbit & Reentry Reusability Responsive Launch Lunar Transfer Services Relay Services Sample Return Small Landers & Rovers Constellations Space Situational Awareness Hypersonics Dynamic Space Operations Large Landers Lunar Mapping Long Haul Comms Optical Crosslinks Allied Launch Access Alpha / Eclipse Elytra Blue Ghost Lunar Logistics & Infrastructure

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Q&A