How Firefly Aerospace makes money

Period

FY2025

How does Firefly Aerospace make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Firefly Aerospace Inc. · FY2025 · year ended 2025-12-31

Revenue$160MNet loss$298M · 187%Cost of revenue$129M · 81%Gross profit$31M · 19%Operating expenses$291M · 182%R&D$200M · 125%SG&A$91M · 57%Other expense$38M · 24%Spacecraft Solutions Revenue$131M · 82%Launch Revenue$29M · 18%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.