FLY — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-04

• The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the sections entitled “Risk Factors”, “C…

• Our company is a market-leading space and defense technology company providing comprehensive mission solutions to national security, government, and commercial customers with an established track record of success. Our mission is to reliably and repeatedly launch, land, and operate space systems fro…

• Launch: Our launch vehicles provide dedicated and responsive launch capabilities for national security, government, and commercial customers. We are the only U.S. company with a liquid-powered orbital launch vehicle in the 1,000-kilogram payload class. Our Alpha launch vehicle employs a distinct com…

• Eclipse is powered by eight Firefly-developed engines: seven first-stage Miranda engines and one second-stage Vira engine. The Miranda engine is built using the same engine architecture and patented tap-off cycle as the Reaver engine, while the Vira engine is based on Alpha’s second-stage vacuum-opt…

• Spacecraft Solutions: Firefly is the only company to achieve a fully successful Moon landing, completing 100% of our mission objectives set out before launch. Following Blue Ghost Mission 1, we have a total of three additional missions under NASA CLPS task orders. We expect our Blue Ghost lander to …

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. The following discussion and analysis should be read in conjunction with the sections entitled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Stateme…

• Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results we expect for the full fiscal year or any other period. Unless the context otherwise requires, all references …

• Our company is a market leading space and defense technology company providing comprehensive mission solutions to national security, government, and commercial customers with an established track record of success. Our mission is to enable responsive and reliable launch, transit, and operations in s…

• We operate as a single reportable segment and serve this critical domain through our differentiated and scalable platform of Launch and Spacecraft Solutions. Our offerings include:

• Launch: Our launch vehicles provide dedicated and responsive launch capabilities for national security, government, and commercial customers. We are the only U.S. company with a liquid-powered orbital launch vehicle in the 1,000-kilogram payload class.

Text added vs the prior filing · source: 10-Q · 2026-05-04

• Although we did not have any fixed-rate debt outstanding as of March 31, 2026, we are exposed to interest rate risk primarily though our Revolving Credit Facility. As of March 31, 2026, there were no borrowings under the Revolving Credit Facility, however, we may draw upon loans under the Revolving …

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Although we no longer have any fixed-rate debt outstanding as of September 30, 2025, we are exposed to interest rate risk primarily though our Revolving Credit Facility, which we may draw upon in the future and bears interest at the compounded SOFR plus a 3% spread. As of September 30, 2025, there w…

Text added vs the prior filing · source: 10-Q · 2026-05-04

• There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15(d)-15(f) of the Exchange Act during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Except for the remediation measures in connection with the material weakness described below, during the quarter ended September 30, 2025, there were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that have materially …

• Remediation of Previously Reported Material Weakness in Internal Control Over Financial Reporting

• As previously disclosed, we identified a material weakness in our internal control over financial reporting related to our controls around the accounting for certain complex transactions that were not effectively designed or maintained. A material weakness is a deficiency, or a combination of defici…

• During 2025 we implemented a series of remediation measures designed to address the identified material weakness. These measures included the following:

• appointing an experienced Chief Accounting Officer in March 2025 with significant experience in public company reporting and complex transactions;

Text added vs the prior filing · source: 10-Q · 2026-05-04

• This information set forth under “Note 12 – Commitments and Contingencies – Legal Proceedings” to the unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q is incorporated herein by reference.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• In the ordinary course of business, we are involved in various pending and threatened litigation matters. In the future, we may be subject to additional legal proceedings, the scope and severity of which is unknown and could adversely affect our business. In addition, from time to time, we may recei…

• Although the results of litigation and claims cannot be predicted with certainty, we do not believe that, if determined adversely to us, the ultimate resolution of any present legal proceedings against us would, individually or in the aggregate, have a material adverse effect on our business, financ…