Firefly Aerospace Stock Plummets Despite Record Revenue and NASA Contracts
Firefly Aerospace shares have fallen approximately 75% from their peak despite record revenue growth and multiple lunar and defense contracts.
Shares of Firefly Aerospace have declined approximately 75% from an all-time high of $73.80 reached in August 2025, with the stock trading around $18.23. The company saw a further 11.1% drop on October 30, 2026, despite a lack of immediate negative catalysts or analyst downgrades. This valuation slump is attributed to a broader market shift toward artificial intelligence and a cooling of space stocks following the initial public offering of Space Exploration Technologies Corp.
Financial reports show a stark contrast between growth and profitability. Second-quarter 2026 revenue reached $117.7 million, a 659% year-over-year increase. However, operating losses expanded to $190.9 million in the first half of the year, up from $112.9 million in the same period the previous year. Analysts expect a third-quarter loss of no more than $0.50 per share to meet Wall Street expectations ahead of the November 10 earnings report.
Operationally, the company continues to secure high-profile milestones. Following the first successful commercial lunar landing of its Blue Ghost lander in March 2025, Firefly secured a $144 million NASA contract for an additional mission and passed preliminary design work for the $75 million MoonFall mission. Additionally, the company partnered with Lockheed Martin and Northrop Grumman Corporation, and its subsidiary, SciTec, passed a milestone test for a $259 million United States Space Force software contract.
