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Firefly Aerospace announced its second quarter 2025 financial results following its historic IPO.

Intuitive Machines reported record quarterly revenue of $206M, over four times Q2 2025, with quarter-end backlog of $1.8B. The company booked $920M of awards in Q2 plus a further $300M in Q3 to date, signed a $600M+ contract for three commercial GEO satellites, and grew national security revenue from 3% to 30% of the total year over year. Drivers cited: spacecraft production, CLPS, OMES and the Lanteris platforms.

In its debut quarterly report as a public company, SpaceX reported Q2 2026 revenue of $7.81B (vs $6.93B consensus), up 92% YoY, with a 9-cent loss per share (vs 26-cent expected) and net loss narrowed to $541M from $4.28B in Q1. All three segments beat: Connectivity/Starlink $4.29B (12M subscribers, +1.7M QoQ), AI Infrastructure $2.56B (loss narrowed to $1.26B), Space/launch $962M. Adjusted EBITDA $3.5B (+75% vs consensus). Company issued its first-ever formal full-year guidance in 24 years, raising it ~$500M above consensus, and disclosed 'Terafab' — a $55B first-phase (up to $119B) semiconductor plant in Texas with Tesla and Intel. First mandatory 10-Q filed. A ~911.5M-share insider lock-up releases Aug 6.

Q2 2026 group sales rose 5% year-on-year to $10,876m and 10% sequentially, with operating income of $1.1bn (10.1% margin) and diluted EPS of $7.68 versus $8.15 a year earlier (the prior-year quarter included a $150m divestiture benefit). Net awards of $20bn lifted backlog to a new company record of $105bn. The company raised 2026 guidance: sales to $43.75-44.25bn (up $250m) and MTM-adjusted EPS to $28.60-29.10 (up $1.20). Space Systems sales rose 4% to $2,753m but segment operating income fell 16% to $236m; first-half Space sales were flat at $5,233m with operating income down 16% to $471m. Not flagged a big event despite the guidance raise and record backlog - see notes.