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  • Securities Litigation (new) — Class action and derivative lawsuits filed late 2025 alleging misrepresentations about spacecraft demand and Alpha rocket readiness.
NASDAQ: FLY Firefly Aerospace Inc. 10-K

Firefly completes IPO, lunar landing, and SciTec acquisition amid securities litigation

Filed March 20, 2026 · Period ending December 31, 2025 · ~1 min read

Key Changes

  • high

    IPO raised $932.5M in August 2025 at $45/share; proceeds repaid high-cost debt (13.875% rate) and funded SciTec acquisition, leaving $793M cash at year-end despite $298.3M net loss.

    MD&A: IPO and Liquidity verify on EDGAR →
  • high

    First commercial lunar landing achieved March 2, 2025 with Blue Ghost Mission 1, completing all 17 NASA objectives; three additional lunar missions under contract with annual cadence planned.

    Business: Blue Ghost Achievement verify on EDGAR →
  • high

    SciTec acquisition closed October 2025 for $260M (borrowed, later repaid), adding AI-enabled defense software, 470 employees, and classified infrastructure to expand beyond launch services.

    Business: SciTec Acquisition verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify