Firefly Space is taking its orbital ambitions to the general public markets. The corporate, which notched a string of successes this yr, together with a historic industrial Moon touchdown, submitted its formal declaration to regulators Friday detailing its plans to IPO someday this yr.
The S-1 document submitted to the U.S. Securities and Change offers a wide-ranging look into the corporate’s funds and governance plans, although the variety of shares to be provided and their worth vary has not been disclosed. This implies the the ultimate valuation continues to be to be decided.
Firefly is heading into the Preliminary Public Providing with $176.9 million in money and money equivalents. And whereas it has incurred detrimental money flows and losses from operations, Firefly projected that its money is enough to fulfill its liquidity wants for not less than 12 months.
The corporate does have plenty of debt: about $173.6 million, together with a $136.1 million time period mortgage with a 13.87% rate of interest. The online proceeds from the IPO might be utilized in half to repay that excellent borrowing, in keeping with the S-1.
Firefly reportedly scored $55.8 million in income as of March 31, up from simply $8.3 million for a similar interval in 2024. The vast majority of that — round $50 million — is from “spacecraft options,” or its Blue Ghost lander missions, and simply $5 million from launch. However {hardware} is an costly endeavor, and Firefly continues to be burning some huge cash: the price of gross sales, or incurred bills, was practically as a lot as income: about $53 million as of March 31, leaving simply $2.2 million in gross revenue.
The corporate operated at a web lack of $231.1 million for the 2024 fiscal yr, up from $135.5 million in 2023. Its web losses on the finish of the primary quarter had been $60.1 million.
But the corporate tells potential traders that it sees nothing however progress forward, and there’s a handful of giant developments within the pipeline that would show that to be true. That features a main partnership with protection large Northrop Grumman for a brand new, reusable launch automobile known as Eclipse, a launch settlement for as much as 25 launches with Lockheed Martin, and the approaching industrial debut of Elytra, a spacecraft line designed for in-space transportation companies.
The corporate additionally cited robust buyer demand, noting that as of March 31 it had about $1.1 billion price of backlogged launch orders and spacecraft contracts. That’s about double from the $560 million in backlogged orders it had from a yr prior. That huge increase got here from three multi-launch agreements for Firefly’s small Alpha rocket and an extra lunar supply contract for its Blue Ghost lander.
The regulatory doc additionally states Firefly intends to be a “managed firm” — basically, that it’s going to leverage Nasdaq guidelines to make sure that AE Industrial Companions, the non-public fairness agency that purchased a majority stake in Firefly in 2022, will retain important governance management over the corporate even after it’s listed on the general public markets.
The corporate intends to checklist on the Nasdaq World Markets beneath the ticker image $FLY. The information comes after a relative quiet interval of area firm exits. There was a slew of area corporations that went public through mergers with particular goal acquisition corporations in 2021 and 2022, a lot of which have didn’t carry out.
Firefly’s IPO will possible present some much-needed liquidity to the market. Its IPO comes only one month after Voyager Area, an area firm constructing the non-public area station Starlab, filed its IPO paperwork final month.