Firefly Aerospace (FLY) delivered a 1Q26 beat on revenue and EBITDA while maintaining its full-year guidance. Goldman Sachs remains Neutral with a $35 price target, citing early-stage scaling efforts despite strong demand.
Key Takeaways
- 1.Firefly Aerospace reported 1Q26 results that exceeded consensus expectations across revenue, EBITDA, and EPS.
- 2.Management maintained its FY26 revenue guidance of $420mn to $450mn.
- 3.The 12-month price target was raised to $35 from $32, reflecting peer valuation adjustments and the company's progress in launch plans.
Table of Contents
- Our view on the stock post 1Q26 earnings
- Key elements of the quarter
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- Revenue
- Adjusted EBITDA
- Backlog
- Balance sheet and cash flow
- Guidance
- Price target methodology and risks
- Disclosure Appendix
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Authors
Noah Poponak, CFAConnor DessertWill Ortmayer
Securities
FLY
Themes
Launch Scaling and CadenceOperational Execution RiskGrowth through M&A
Regions
North AmericaUnited States