Firefly Aerospace just proved the space economy isn't all hype. The rocket maker's stock surged 15% Wednesday after posting third-quarter revenues that jumped 38% to $30.8 million and raising its full-year guidance - a welcome turnaround for a company that's shed 70% of its value since going public in August.
Firefly Aerospace just delivered the kind of earnings surprise that reminds investors why they bet on the space economy in the first place. The Cedar Park, Texas-based rocket maker sent its stock soaring 15% Wednesday after reporting third-quarter revenues that nearly doubled from the previous quarter and beat expectations across the board.
The numbers tell a compelling turnaround story. Revenues jumped 38% year-over-year to $30.8 million, significantly outpacing the $22.4 million posted in the same period last year. More importantly for growth-hungry investors, that figure nearly doubled from the previous quarter, according to company filings.
"We've been building momentum across multiple revenue streams," CEO Jason Kim told investors during the earnings call. The confidence showed in Firefly's decision to raise its full-year guidance to between $150 million and $158 million - a substantial jump from previous expectations of $133 million to $145 million.
The earnings beat comes at a crucial moment for Firefly, which has endured a bruising few months since its August debut on the Nasdaq. Shares have plummeted 70% from their opening day close, dragging the company's market cap from roughly $8.5 billion to just $2.7 billion as of Wednesday's close.
That decline wasn't without reason. September proved particularly painful when a rocket exploded during ground testing at the company's Texas facility, sending shares down 35% for the month. The incident came just days after receiving FAA clearance over a separate safety matter, highlighting the operational risks that define the space industry.
But Wednesday's results suggest Firefly is finding its footing in an increasingly competitive landscape. The company's diversification strategy appears to be paying dividends, with recent wins including a nearly $177 million NASA contract for a moon mission and October's acquisition of defense tech firm SciTec to strengthen its national security portfolio.
