Slide 1: Financial Results Q3 2025
FINANCIAL RESULTS Q3 2025 PRESENTED BY JASON KIM CEO DARREN MA CFO November 12, 2025
Slide 2: Disclaimer
DISCLAIMER Cautionary Note Regarding Forward-Looking Statements Adjusted EBITDA This presentation contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as We define Adjusted EBITDA as net loss adjusted for interest (inc
Slide 3: Third Quarter Overview
THIRD QUARTER OVERVIEW Firefly is honored to support America’s boldest National Security missions, ensuring we remain the Land of the Free and Home of the Brave. Update on Alpha Flight 7 SciTec Acquisition Closed Firefly Business Updates Financial Performance 3
Slide 4: Alpha Flight 7
ALPHA FLIGHT 7 Second Stage and Fairing Delivered Corrective Measures Implemented ALPHA STAGE 1 PREPARING TO SHIP TO THE ALPHA’S FLIGHT 7, STAGE 2 PAD FOR FLIGHT 7 AT THE LAUNCH SITE Upgrading Test Stand First Stage Getting Ready to Ship Preparing to Return to Flight Targeting Launch Between Late Q4
Slide 5: SciTec Acquisition
SCITEC ACQUISITION Delivering rockets and spacecraft to support national security, exploration, and commercial missions + Together, Firefly and SciTec keep America at the Forefront of Space Delivering ground and onboard data processing with AI-enabled systems in support of advanced threat tracking a
Slide 6: Firefly + SciTec
FIREFLY + SCITEC THE FULL-SERVICE HARDWARE AND 1 Expands and further diversifies Firefly’s responsive mission services for space and defense customers. SOFTWARE SPACE AND DEFENSE COMPANY 2 Adds mission-proven defense software, state-of-the- art facilities and servers, and multi-phenomenology data ex
Slide 7: Spacecraft: BGM4 $177M and BGM2
SPACECRAFT $177M BGM4 NASA Award of Blue Ghost Mission 4 Contract ▪ Five NASA payloads to Moon’s South Pole in 2029 BLUE GHOST MISSION 4 BGM2 UNDERGOING TESTING BGM2 ▪ Built and fit checked structural qualification models ▪ Performed initial systems-level qualification on-site in Texas before delive
Slide 8: Spacecraft: Elytra Mission
SPACECRAFT ELYTRA MISSION 1 Conducted Simulation to Prepare for Launch ▪ More than 200 hours of rehearsals, simulating dozens of orbits around the Earth ELYTRA 2 SPACECRAFT FOR BGM2 Assembly Underway in our Cleanroom ELYTRA MISSION 1 ▪ Will initiate Ocula lunar imaging service ELYTRA MISSION 3 Compl
Slide 9: Launch
LAUNCH ▪ Build of all first flight Miranda engines is underway ▪ Signed IDIQ and task order for hypersonic test mission on Alpha with a confidential customer ▪ First Vira development engine, which powers upper stage of Eclipse, has completed majority of design reviews, clearing ▪ Signed SPACE manufa
Slide 10: Condensed Consolidated Statements of Net Loss and Comprehensive Loss (GAAP)
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS (GAAP) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2025 2024 2025 2024 Revenue $ 30,778 $ 22,370 $ 102,182 $ 51,758 Cost of sales 22,288 14,599 87,477 42,959 Gross profit 8,490 7,771 14,705 8,79
Slide 11: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, September 30, December 31, 2025 2024 2025 2024 Assets Liabilities Current assets Current liabilities Cash and cash equivalents $ 995,162 $ 123,431 Accounts payable $ 30,428 $ 37,633 Restricted cash, current 829 424 Accounts payable - r
Slide 12: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Cash flows from operating activities Cash flows from investing activities Net loss $ (257,283 ) $ (147,014 ) Purchases of property and equipment (20,757
Slide 13: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES For the Three Months Ended For the Nine Months Ended For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Net loss $ (133,412 ) $ (40,790 ) $ (257,283 ) $ (14
Slide 14: Unaudited Pro Forma Non-GAAP Net Loss and Net Loss Per Share
UNAUDITED PRO FORMA NON-GAAP NET LOSS AND NET LOSS PER SHARE For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Numerator Net loss available to common stockholders $ (140,362) $ (46,144) $ (292,906) $ (162,883) Pro forma adjustments to: Reverse the i
Slide 15: Additional Progress
ADDITIONAL PROGRESS BLUE GHOST MISSION 2 BLUE GHOST MISSION 1 Firefly took delivery of the Rashid 2 Rover at our Spacecraft Facilities in Texas. TIME named BGM1 to “Best Inventions of 2025” The rover was built by the United Arab Emirates’ Mohammed Bin Rashid Space Centre, and one of our commercial p
Slide 16: Q&A
Q&A 16