Slide 1: Q2 2025 Financial Results
Q2 2025 Presented by JASON KIM CEO FINANCIAL RESULTS DARREN MA CFO1 SEPTEMBER 22, 2025
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements (including within the meaning of Section 21E of the United States Adjusted EBITDA Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements incl
Slide 3: Firefly is a Space and Defense Leader
F I R E F LY I S A S PAC E A N D D E F E N S E L E A D E R We deliver rockets and spacecraft to support national security, exploration, and commercial missions, keeping America at the forefront of space FIRST & ONLY FIRST OF ITS KIND FIRST U.S.-Based Company with an ~24-HOUR Partnership on Eclipse D
Slide 4: Our Revenue Generating Products
O U R R E V E N U E G E N E R AT I N G P R O D U C T S SPACECRAFT LAUNCH BLUE GHOST ELYTRA ALPHA ECLIPSE Operational Targeting 2025 Operational Targeting 2026 Q2 2025 Financial Results 4
Slide 5: Spacecraft – Congressional Testimony
S PAC E C R A F T – CO N G R E S S I O N A L T E ST I M O N Y “Our mission inspired humanity. With the help of Congress and NASA, Firefly is honored to lead America forward into the stars.” – Jason Kim Q2 2025 Financial Results 5
Slide 6: Spacecraft – Blue Ghost
S PAC E C R A F T – B LU E G H O ST Blue Ghost Mission 1 Blue Ghost Mission 2 Blue Ghost Mission 3 Blue Ghost Mission 4 $112m NASA CLPS Contract $130m NASA CLPS Contract $180m NASA CLPS Contract $177m NASA CLPS Contract Completed Mar. 16 1st Successful Commercial Moon Landing 4 Blue Ghost Signed $
Slide 7: Spacecraft – Elytra
S PAC E C R A F T – E LY T R A Elytra Mission 1 Target launch: 2025 Elytra Mission 2 Supporting Xtenti FANTM-RIDE demo for the NRO Multi-Mission Multi-Orbit 1st Elytra Mission ready for Target launch: 2026 launch in 2025 Serving as BGM2 transfer vehicle & comms relay 3 Elytra Configurations
Slide 8: Launch – Alpha
L AU N C H – A L P H A 1 2 3 1-ton Only Operational U.S. Rocket in This Class 4 Alpha Flight 8 Alpha Flight 7 1 6 Vandenberg Space Force Base, SLC-2 Launches To Date California Operational 4 2 NASA Wallops Flight Launch Site Options Facility, Pad 0A Virginia Target launch: 2026 30+ Reaver Engine
Slide 9: Launch – Eclipse
L AU N C H – E C L I P S E Engine Bay Testing 16-tons to LEO $50m Equity investment by Northrop Grumman 7 Eclipse Flight First Stage Fit Check Miranda engines powering the First Stage Miranda 100% Power Hot Fire 90+ Miranda engine hot fire tests to date Reusable First Stage Q2 2025 Financial Results
Slide 10: Condensed Consolidated Statements of Net Loss and Comprehensive Loss (GAAP)
C O N D E N S E D C O N S O L I D AT E D S TAT E M E N T S O F N E T LO S S A N D C O M P R E H E N S I V E LO S S ( G A A P ) For the Three Months For the Six Months Ended June 30, Ended June 30, 2025 2024 2025 2024 Revenue $ 15,549 $ 21,071 $ 71,404 $ 29,388 Cost of sales 11,554 18,120 65,189 28,3
Slide 11: Condensed Consolidated Balance Sheets
C O N D E N S E D C O N S O L I D AT E D B A L A N C E S H E E T S June 30, 2025 Dec. 31, 2024 June 30, 2025 Dec. 31, 2024 Assets Liabilities, temporary equity, and stockholders' deficit Current assets Current liabilities Cash and cash equivalents $ 205,286 $ 123,431 Accounts payable $ 32,877 $ 37,6
Slide 12: Condensed Consolidated Statements of Cash Flows
C O N D E N S E D C O N S O L I D AT E D S TAT E M E N T S O F C A S H F LO W S For the Six Months Ended June 30 For the Six Months Ended June 30 2025 2024 2025 2024 Cash flows from operating activities Cash flows from investing activities Net loss $ (123,871) $ (106,224) Purchases of property and e
Slide 13: Reconciliation of Non-GAAP Financial Measures
R E C O N C I L I AT I O N O F N O N - G A A P F I N A N C I A L M E A S U R E S For the Three Months Ended For the Six Months Ended For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net
Slide 14: Our Vision
Alpha / Eclipse Elytra OUR VISION Blue Ghost LEO/SSO MEO GEO CISLUNAR DEEP SPACE Interplanetary Constellations Dynamic Space Optical Operations Crosslinks Lunar Transfer Reusability Services Hypersonics Small Landers & Sample Rovers Return Station Servicing Interoperability Large Landers Long Haul C
Slide 15: Q&A
Q&A Q2 2025 Financial Results