Slide 1: Financial Results Q4 2025
FINANCIAL RESULTS Q4 2025 03.19.2026
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 We define Adjusted EBITDA as net loss, adjusted for interest income, inte
Slide 3: A Record-Breaking Year
A RECORD-BREAKING YEAR Annual Revenue Growth (in millions) BLUE GHOST MISSION 1 SCITEC ACQUISITION $180 $160 $140 163% 11 $120 1st Successful Commercial Moon Landing Bolstering National Security Programs $100 INITIAL PUBLIC OFFERING $159.9 $80 $60 $40 $60.8 $20 $0 2024 2025 Fortified Our Balance She
Slide 4: The Full-Service Space and Defense Company
THE FULL-SERVICE SPACE AND DEFENSE COMPANY LAUNCH SPACECRAFT Tactically responsive Commercial constellations Science missions on the Space domain awareness AI-powered defense launch Moon and Mars software and big data National security space Long-haul center processing Dedicated sate
Slide 5: Lighting the Way to the Moon
LIGHTING THE WAY TO THE MOON Blue Ghost Misson 1 established Firefly as the leading commercial lunar company BGM1 AWARDS National Aeronautic Association - The Robert J. Collier Trophy TIME – Best Inventions of 2025 National Space Club Goddard Award – Jackson Aerospace Memorial American Astronautical
Slide 6: Supporting Major National Security Programs
SUPPORTING MAJOR NATIONAL SECURITY PROGRAMS Onboarded to the Missile Defense Agency’s Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) contract, a $151 Billion IDIQ that supports Golden Dome. Q4 2025 Financial Results 6
Slide 7: Launch
LAUNCH ALPHA FLIGHT 7 LAUNCHED Completed all mission objectives Validated Block II Subsystems ≫ Deployed test demonstration for Lockheed ≫ Consolidated in-house Batteries & Martin Avionics ≫ On target flight that launched at the ≫ Enhanced thermal protection opening minute of the window system BLOCK
Slide 8: Launch
LAUNCH ALL MAJOR FLIGHT ARTICLES IN BUILD & TEST Rocket Ranch is hardware rich with Miranda and Vira engines for testing & qualification ≫ Automated Fiber Placement (AFP) manufacturing process refined Interstage passed qualification ≫ Major milestone completed following inspections after stress test
Slide 9: Spacecraft
SPACECRAFT FORGE ACTIVE IN OPERATION U.S. Space Force’s 11th Space Warning Squadron utilizing FORGE for defensive support ≫ Real-time AI-enabled architecture has been informing defensive operations against over 1,000 threat events related to Iran conflict ≫ SciTec teams providing around-the-clock su
Slide 10: Spacecraft
SPACECRAFT BLUE GHOST MISSION 2 Structural qualification completed testing at NASA’s Jet Propulsion Lab Payloads arriving in our clean room ≫ NASA’s LuSEE-Night arrived at Firefly’s clean room ≫ UAE Rashid Rover Payload arrived and tested ≫ JPL User Terminal & Fleet Space SPIDER delivered ≫ Added an
Slide 11: Spacecraft
SPACECRAFT BLUE GHOST TRANSFER VEHICLE Elytra Dark supporting Blue Ghost Mission 2 ≫ Completed separation testing ahead of flight hardware assembly ≫ Supports BGM2 long-haul communications as well as hosts the Ocula lunar imagery service SINEQUONE PROJECT Completed Critical Design Review with our na
Slide 12: Strong Year-Over-Year Growth
STRONG YEAR-OVER-YEAR GROWTH Year-over-Year Q4 Revenue 163% $60 Annual Revenue Growth (in millions) $50 $200 $40 $180 $57.7 $30 541% $159.9 $20 $160 $10 $9.0 $140 $0 Q4 2024 Q4 2025 (in millions) $120 $100 $131.2 Quarter-over-Quarter Revenue $80 $60 $60.8 $50 $60 $40 $38.2 $40 $57.7 $30 92% $20 $20
Slide 13: Healthy Backlog
HEALTHY BACKLOG GROWTH DRIVERS Total Year-End Backlog (in billions) Notable 2025 contract wins ≫ Blue Ghost Mission 4 from NASA ≫ VICTUS SOL Alpha launch from U.S. Space Force ≫ Elytra Mission 3 from DIU 23% ≫ INCUS Alpha launch from NASA ≫ Hypersonic test Alpha launch from a confidential customer ≫
Slide 14: 2026 Outlook $420 Million - $450 Million
2026 OUTLOOK 2026 Annual Revenue $420 MILLION - $450 MILLION Q4 2025 Financial Results 14
Slide 15: Q&A
Q&A LAUNCH LAND OPERATE Q4 2025 Financial Results 15