Firefly Aerospace: No Profits, No Bull Case

Firefly Aerospace Inc. remains a Hold due to high valuation, persistent losses, and significant execution risk despite robust revenue growth and backlog expansion. FLY Q4 revenue surged 163% YoY to $57.7M, driven by spacecraft milestones and defense contracts, but operating expenses and cash burn also rose sharply. FLY's forward EV/sales of 5.97x and negative margins highlight expensive valuation and ongoing financial strain, with heavy CapEx and dilution concerns.