Firefly Aerospace Inc.

Welcome to the Firefly Aerospace third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal remarks. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please note this conference is being recorded. I will now turn the conference over to Michael Sheets, Firefly Director of Investor Relations. Michael, you may begin.

Thank you, Operator. Hello there. I'm Michael Sheets, and welcome to Firefly's third quarter financial results call. I'm pleased to be joined on the call by CEO Jason Kim and CFO Darren Ma as we report for the period ending September 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 third quarter 2025 filing. Unless otherwise stated, financial information referred 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 Investors Relations website at investors.fireflyspace.com. Now, I'll turn the call over to Jason.

Thank you, Michael, and welcome to our third quarter 2025 earnings call. As yesterday was Veterans Day, I want to kick off today's call by thanking our country's service members for the dedication, courage, and sacrifices in serving our nation. ensuring we remain the home of the free and the land of the brave. Firefly proudly employs many veterans like myself, and we are honored to continue to serve as we work critical national security missions supporting our warfighters. Firefly is a space and defense company delivering innovative hardware and software to perform the hardest missions in space for national security, exploration, and commercial technology. built to keep America as the leader in space while inspiring the world. Our hardware is represented by four revenue-generating products, our Small Lift Alpha Rocket, Medium Lift Eclipse Rocket, Blue Ghost Lunar Lander, and Electro Satellite Orbiter. These hardware products have a robust backlog of $1.3 billion at the end of quarter three. Our software offerings come through our recent strategic acquisition of SciTech. These capabilities include AI-enabled defense software proven in operations including missile warning and defense, intelligence surveillance and reconnaissance, space domain awareness, remote sensing and analysis, and autonomous command and control to support diverse spacecraft missions. Firefly's product suite is strategically tailored to support the growing opportunities in space. Every day, there are new industry tailwinds for the space sector. Artificial intelligence development, data center expansion, and an intensifying focus on the strategic and economic benefits of the moon. In addition, we have seen a major shift on defense funding and priorities supporting Golden Dome. with $175 billion planned for the program over three years. We are positioned to meet the call from the Secretary of War in his Arsenal Freedom Address, where he demanded commercial speed and scale, similar to what we delivered on the U.S. Space Force with the 24-hour turnaround Victus Knox launch, as well as our landing on the moon earlier this year at a fraction of the time and cost of previous missions. Before I get into our third quarter business updates, I will provide an update on the status of one of our multiple product lines, Alpha. A few weeks ago, an event during a ground test firing at our facility in Texas led to the loss of the Alpha first stage booster that we were preparing for flight seven. Following a thorough review, Firefly identified a process error during stage one integration that resulted in a minute hydrocarbon contamination, which then led to a combustion event in one of the engines during the ground tests. Proper safety protocols were followed and all personnel were safe. The test stand structure remained fully intact and no other facilities were impacted. We immediately took action and implemented corrective measures, including a production stand down day As this was not a design issue, those corrections included increasing inspection requirements for the fluid systems, optimizing the first stage sensors, and incorporating additional automated aborts for testing. We also implemented key process improvements following the stand down day, where the production, integration, and test teams conducted exercises to review and optimize existing procedures. As part of Firefly's effort to improve reliability and quality, the team will continue to hold regular exercises for sustained process enhancements. Flight 7 will now utilize the next Alpha First Stage booster from our production line, which is currently undergoing final preparations for shipment to our launch site in Vandenberg. Prior to the event, we had already tested the second stage and fairing and delivered them to the launch site. As part of Firefly's test campaign ahead of each launch, the team will then conduct a static fire test at our launch pad prior to Flight 7 launch. Our Flight 7 launch is targeted between late fourth quarter to early first quarter, depending on range availability. Firefly will have more details to share on the technology demo mission in the coming weeks, and I have full confidence in our vehicle's design, as well as our passionate and dedicated Alpha team to return to flight safely. Additionally, we're concurrently upgrading the Alpha stage test stand at our Briggs facility. These previously planned upgrades are expected to be complete in the next few months. Another key update since the end of the third quarter is that Firefly closed the acquisition of SciTech in line with our strategic growth plan. SciTech is an exceptional company with more than four decades of operational excellence, bringing game-changing proven software applications and big data processing elements that bolster Firefly's proven hardware elements. As an analogy, Firefly builds the hardware smartphone, such as our launch vehicles and spacecraft. SciTech develops the software apps, such as mission autonomy, targeting, and sensor intelligence. Together, we expand from hardware-centric programs into long-term software-enabled revenue. SciTech has operational defense software applications and big data processing. Their infrastructure is state-of-the-art with classified facilities in support of the Department of War, intelligence community, and commercial customers. SciTech is differentiated from other defense software companies through its industry-leading multi-phenomenology expertise, are closely linked with spacecraft and constellations. Together with SciTech, Firefly will be able to provide the Golden Dome program with comprehensive end-to-end capabilities. There are three major elements of Golden Dome that we are pursuing. We can fly and deliver space-based interceptors utilizing our Electra spacecraft, launch surrogate targets and hypersonic tests with our Alpha rocket, as well as integrate data processing from a network of sensors to perform fire control with SciTech ground processing. This closes the fire control loop with an integrated network of interceptors, essentially filling the missing link for the air and missile defense shield for the U.S. homeland. Firefly's workforce following the SciTech acquisition stands at over 1,300 strong. SciTech's highly technical employees are made up largely of PhDs and software developers, 90% of whom have security clearances. Now turning to our business updates. In the third quarter, we completed important program milestones across each of our revenue generating product lines. Let's start with spacecraft. As the only company to have successfully landed and completed a NASA commercial lunar payload services mission, We were honored to have the agency award us with back-to-back contracts worth $177 million to fly Blue Ghost Mission 4. Targeting a 2029 launch, this mission will see Blue Ghost deliver five NASA payloads to the Moon's south pole, supporting our annual lunar flight cadence. On this mission, Blue Ghost will enable NASA to evaluate the Moon's south pole resources, such as hydrogen and water, as well as study the radiation and thermal environment. The Moon's south pole is a strategic priority for our nation as we anticipate a high density of resources that supports the growth of the lunar ecosystem. Another opportunity we are able to provide to our customers was collecting additional data above contractual requirements during our first mission. In September, NASA awarded us a $10 million contract addendum for Blue Ghost Mission 1 for the acquisition of additional lunar data collected. This stands as a historic lunar economic milestone as it represents the start of monetizing valuable data of the moon to support more science and exploration, the understanding of the geographic futures of the moon's surface, and to support future human, mobility, mining, and infrastructure initiatives. Of note, we continue to pursue additional sales opportunities beyond NASA for our Blue Ghost Mission 1 lunar data. We're in discussions with multiple commercial and international organizations about how the information gathered by Blue Ghost Mission 1 can benefit future missions, such as how we successfully landed and maintained operations through extreme temperature ranges on the moon. The Blue Ghost data cell also serves as validation for our Ocula commercial imaging and mapping service model we are debuting with our Blue Ghost Mission 2. Hosted by an electro-orbiter, Ocula will continue to provide even higher resolution imagery, videos, and multispectral phenomenology data that can support NASA, the commercial lunar industry, international entities, and the U.S. Space Force missions on and around the moon. Blue Ghost Mission 2, targeted to launch next year, is well underway. We've built and fit-checked the structural qualification models that will support our second mission. as well as performed initial systems-level qualification testing on site in Texas before delivering to the Jet Propulsion Laboratory in Pasadena, California, where further testing is underway. This pioneering multi-mission effort will land on the far side of the moon, which will be a first for a U.S. lunar lander, and then perform the NASA Lucy Knight science mission to sense radio frequency signals traveling over millions of years that could help unlock answers about our universe. In addition, our lander will deploy the Rashid Rover 2 for the United Arab Emirates Mohammed bin Rashid Space Center. The full stack will also include an electric transfer vehicle that will deploy the lander, as well as a European Space Agency lunar pathfinder satellite. We are excited about the nation, Congress, and world's growing focus on the moon. We anticipate the next NASA administrator to further reinforce this, leveraging transformative commercial technologies and increasing both the magnitude and frequency of high return on investment programs like that of the Commercial Lunar Payload Services Program. Moving to ELECTRA, our Mission 1 team conducted simulation testing in preparation for the spacecraft to ship out for launch. This rigorous testing campaign saw our team perform more than 200 hours of rehearsals simulating dozens of orbits around the Earth. Back in our Hive spacecraft cleanroom, assembly is underway of our Electra Mission 2 spacecraft, which will support Blue Ghost Mission 2, as mentioned earlier. And Electra Mission 3 completed its preliminary design review, maturing the vehicle's high maneuverability design as we prepare for the Defense Innovation Unit's high-priority national security space domain awareness demonstration mission in 2027. and reduce risk for future space domain awareness programs of record. In addition, our SciTech team can enhance the mission with its over four decades of classified data processing and mission operations experience. Additionally, ELECTRA is increasingly supporting more NASA initiatives. We partnered with Advanced Space to support NASA's LunaNet communications relay service. We're developing a mission framework that utilizes our Electra vehicle as a transfer stage for the relay network, similar to how we will use Electra on Blue Ghost missions. NASA also awarded an Electra study contract to demonstrate how to meet the need for multi-spacecraft and multi-orbit delivery to difficult to reach orbits beyond current launch service offerings, highlighting the multi-mission capability of Electra. Shifting to the launch side of our business, we signed an IDIQ and task order for a hypersonic test mission on Alpha with a confidential customer. We're proud to have Alpha support these critical national security missions, which further diversifies Alpha customer base, and we look forward to sharing more information when possible. We also signed an agreement with Space Catan to study launching Alpha from the Hikato spaceport in Japan, in addition to work underway at our coming launch sites in Virginia and Sweden. This potential launch site in northern Japan offers strategic orbital access advantages, provides resiliency and launch pads, and would allow us to tap into the large satellite industry in Asia, while also supporting US allies in the region. Development of Eclipse, our medium lift reusable rocket, continued to progress in the third quarter. The build of all first flight Miranda engines is underway. The first VERA development engine, which powers the upper stage of Eclipse, has completed the majority of design reviews, clearing the way for manufacturing to begin build. We're on track to begin VERA hot fire testing in the first half of next year. And we've begun final assembly of the launch site hold down release adapter ahead of a fit check with the first flight engine bay. I am so proud of our Fireflies and the SciTechers who are now part of our team. They achieved historical milestones, proven to deliver operational systems, and continue to do the boldest missions in space. And we are just getting started. We are focused on executing our strategic growth plan, fostering a culture of safety, quality, reliability, and innovation. We are enhancing our products, and with our dedicated and passionate Firefly team, we collaborate with our partners in achieving new category-defining missions in space to help protect, connect, and explore. With that business summary, I'll turn it over to Darren for a review of the third quarter financials.