Firefly Aerospace Inc.

Greetings. Welcome to the Firefly Aerospace second quarter 2025 financial results conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal remarks. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please note, This conference call is being recorded. I will now turn the conference over to Michael Sheets, Firefly's Director of Investor Relations. Michael, you may begin.

Thank you, Operator. Hello there. I'm Michael Sheets, and welcome to Firefly's inaugural quarterly financial results call. I'm pleased to be joined on the call by CEO Jason Kim and CFO Darren Ma as we report our second quarter 2025 results for the period ending June 30th, 2025. Today's call will include forward-looking statements, including but not limited to statements the company will make about its future financial and operating performance, growth strategy, and market outlook. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause the actual results and trends to differ materially are set forth in the annual and quarterly reports filed with the SEC. Firefly assumes no obligation to update any forward-looking statements, which speak only as of their respective dates. Also in this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the second quarter 2025 filing. Unless otherwise stated, financial information referenced in this call will be non-GAAP. Our earnings press release, SEC filings, and a replay of today's call can be found on our investor relations website at investors.fireflyspace.com. Now, I'll turn the call over to Jason.

Thank you, Michael, and welcome to our second quarter 2025 earnings call. We're proud to be reporting quarterly results for the first time on the heels of our historic IPO, the largest by a U.S. space and defense company and one of the largest of any industrial company in the 21st century. raising $1 billion in gross proceeds to supercharge our growth. For those new to our journey, Firefly is a space and defense company delivering rockets and satellites to perform the hardest missions in space for national security, exploration, and commercial technology, built to keep America as the leader in space. Our products position us to support the $175 billion Golden Dome opportunity, as well as NASA's Moon to Mars plan, We have four revenue-generating products, our small-lift Alpha rocket, medium-lift Eclipse rocket, blue-ghost lunar lander, and electric satellite orbiter. Today, these products have a robust backlog of $1.3 billion. Our backlog consists of high-quality customers with critical missions that shape the world we live in. Alpha is differentiated as the only operational one-ton-to-orbit rocket. It is the first and only rocket to successfully perform a tactically responsive space launch with a 24-hour notice for the U.S. Space Force. Alpha's one-ton capability gives our customers more options to perform critical high-stakes missions to help deter threats and maintain our freedom. Earlier this year, Kratos onboarded Alpha to the Missile Defense Agency's Mach TV 2.0 contract to launch hypersonic missile tests. further diversifying the upside opportunities to our backlog. All of Alpha's proven technologies are scaled up to our larger reusable Eclipse rocket, capable of carrying 16 tons to orbit. This medium-lift rocket is built to support commercial constellations, exploration, and the National Security Space Launch Program. Eclipse is a right-side launch vehicle, meeting the growing customer demand for dedicated missions. Earlier this year, Firefly became the first company in the world to successfully land on the moon. In total, Blue Ghost sent nearly 120 gigabytes of data back to Earth, supporting 10 NASA payloads and unlocking new insights that will have a substantial impact on future human and robotic missions to the moon, Mars, and beyond. Blue Ghost Mission 1 was not only the longest commercial operation on the moon to date, but also sets the tone for the future of commercial exploration across cislunar space. The other spacecraft in our portfolio is ELECTRA, a multi-orbit, multi-mission satellite capable of high-performance maneuvering missions. ELECTRA will support national security capabilities, including space domain awareness with rendezvous proximity operations, resilient long-haul communications, and high-resolution planetary observations. Now turning to our business update, in the second quarter, we completed a host of program milestones while also winning new contracts across our product lines. I'll start with spacecraft. In April, I had the honor of testifying before the United States Congress, speaking to the House Committee on Science, Space, and Technology about the success of Blue Ghost Mission One and its historic role in NASA's Commercial Lunar Payload Services Initiative. The bipartisan congressional support for more lunar missions is a welcome boon to Firefly as we ramp up annual cargo deliveries to the moon's surface. NASA continues to be an outstanding customer, especially as Blue Ghost delivers research and science to maximize returns on investment. Firefly is working with NASA to pave the way for international and commercial partners to build the logistics that support the lunar economy on and around the moon. And Firefly is steadily working on our next lunar missions. Blue Ghost Mission 2, valued at $130 million, will deliver our lander to the far side of the moon, marking the first such mission by a U.S. lander. The structures for this mission entered assembly in our spacecraft clean room after completing the crucial integration readiness review earlier this year. The first payloads arrived with Australian company Fleet Space delivering it fighter payload, and NASA's Jet Propulsion Laboratory delivering their user terminal. We are also conducting specter engine testing in preparation for Blue Ghost Mission 2. Additionally, we signed another customer to Blue Ghost Mission 2 through our contract with the United Arab Emirates Mohammed bin Rashid Space Center to fly their Rashid 2 rover. This UAE contract carries dual significance. It represents both Firefly's expansion of Blue Ghost services to commercial and international customers. It also shows how we can add value to core NASA contracts by selling additional capacity on our lander. In December, NASA awarded Firefly's third Blue Ghost contract, valued at $180 million. Our team completed a systems requirements review, allowing us to move forward with design and development of the lander system. And as you will hear more about later, NASA awarded a $177 million contract for Blue Ghost Mission 4 in July. All of these missions support the growing NASA Eclipse initiative, which recently received a $250 million budget increase for fiscal year 2026. Moving to Electro Product Line under Firefly Spacecraft Business. In the second quarter, we secured a contract from the Pentagon's Defense Innovation Unit for Electra Mission 3 flying in 2027 to demonstrate responsive rendezvous proximity operations using our Electra vehicle. This mission positions us well for upcoming opportunities like the Space Force's RGXX Geosynchronous Space Domain Awareness Program of Record. Notably, the high thrust maneuverability, ample fuel reserves, and generous payload capacity of Electra are well-suited for future Golden Dome space-based interceptor hosts. We also unveiled our Ocular Imaging Service, which ELECTRA will host on upcoming Blue Ghost missions. This groundbreaking commercial lunar imaging capability, enabled through telescopes provided by Lawrence Livermore Laboratory, uses our ELECTRA vehicles in lunar orbit to provide high-resolution data. Ocular will map the surface of the Moon and provide space domain awareness services for customers to purchase during five-year missions. Finally, we're looking forward to ELECTRA's first demonstration mission. The spacecraft completed testing and is preparing to launch. ELECTRA Mission 1 will test and validate ELECTRA's core capabilities, as well as demonstrate XTENTI Phantom Ride Dispenser for the National Reconnaissance Office. Shifting to the launch side of our business, the FAA approved ALPHA to return to flight. Alongside the FAA, government agencies customers, and industry experts, our independent review board conducted a thorough mishap investigation that found Alpha's flight safety system performed as expected through all phases of flight and posed no risk to public safety. In the words of our Alpha chief engineer, technical challenges are not roadblocks. They are catalysts and opportunities to improve. As a result, we increased the thermal protection system thickness on stage one and will reduce our angle of attack during key phases of the flight. Above all, safety and quality are of the highest importance. With FAA approval to return to flight and corrective actions implemented, Firefly is now working to determine the next available launch window for Alpha Flight 7. We are ramping Alpha Flight cadence to meet the strong demand for launch services, especially for responsive national security missions and our best-in-class customers. We expect to launch ALPHA two more times this year and are building ahead with several additional ALPHA vehicles in production. Earlier this year, ALPHA won a Space Force Award for the Victus Sol mission, a $22 million contract under the growing Tactically Responsive Space Program. That program received a $135 million budget increase for fiscal year 2026. In the second quarter, Alpha won an award from the Air Force Research Laboratory. This contract will work on developing a ceramic rocket engine nozzle, which aims to reduce nozzle mass by up to 50% through use of lightweight materials. We are finding ways to enhance performance as we scale up Alpha production to deliver a more robust vehicle and a faster launch cadence for our customers. Additionally, the United States and Sweden signed a technology safeguards agreement we've already partnered with the Swedish Space Corporation to launch Alpha vehicles from Europe. This critical regulatory milestone unlocks international growth opportunities and supports higher Alpha launch cadences. Moving to our Eclipse launch vehicle, Northrop Grumman invested $50 million into Firefly to further advance production. Alongside Northrop, we continue to make progress in developing Eclipse flight hardware with qualification testing underway. Eclipse is steadily completing milestones to our inaugural launch next year. We've built and fit-checked the first stage tanks for Eclipse's debut flight, and we've begun structural and load testing of the engine bay that will house our seven Miranda engines. These powerful Miranda engines are progressing through our rigorous test campaign with more than 90 hot-fire tests completed to date, including full-power and mission-duty cycle firings. Our team is hard at work executing on Eclipse development, especially as we prepare to compete for national security launches alongside our partner, Northrop Grumman. Our 200-foot tall, 15-foot wide Eclipse fills an important gap for dedicated missions for our customers. With that business summary, I'll turn it over to Darren for a review of the second quarter financials.