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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and i-80 Gold Corp. (IAUX). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $21.3M, roughly 1.4× i-80 Gold Corp.). i-80 Gold Corp. runs the higher net margin — -401.9% vs -433.5%, a 31.6% gap on every dollar of revenue. i-80 Gold Corp. produced more free cash flow last quarter ($-39.2M vs $-62.0M).
Firefly Aerospace, Inc. (Firefly) is an American aerospace firm based in Cedar Park, Texas. Firefly develops small- and medium-lift launch vehicles for commercial launches to orbit. Firefly's stated purpose is to increase access to space, similar to other private spaceflight companies.
i-80 Gold Corp is a mineral exploration and development firm focused on gold and silver asset operations in Nevada, US. It advances high-potential mining projects, using responsible extraction practices to deliver precious metals to global industrial and investment markets.
FLY vs IAUX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $21.3M |
| Net Profit | $-133.4M | $-85.6M |
| Gross Margin | 27.6% | 22.0% |
| Operating Margin | -202.1% | -291.6% |
| Net Margin | -433.5% | -401.9% |
| Revenue YoY | 37.6% | — |
| Net Profit YoY | -227.1% | — |
| EPS (diluted) | $-1.50 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $21.3M | ||
| Q3 25 | $30.8M | $32.0M | ||
| Q2 25 | $15.5M | $27.8M | ||
| Q1 25 | — | $14.0M | ||
| Q3 24 | $22.4M | $11.5M | ||
| Q2 24 | $21.1M | $7.2M |
| Q4 25 | — | $-85.6M | ||
| Q3 25 | $-133.4M | $-41.9M | ||
| Q2 25 | $-63.8M | $-30.2M | ||
| Q1 25 | — | $-41.2M | ||
| Q3 24 | $-40.8M | $-43.1M | ||
| Q2 24 | $-53.5M | $-41.0M |
| Q4 25 | — | 22.0% | ||
| Q3 25 | 27.6% | 9.7% | ||
| Q2 25 | 25.7% | 2.9% | ||
| Q1 25 | — | 20.7% | ||
| Q3 24 | 34.7% | -42.7% | ||
| Q2 24 | 14.0% | -171.4% |
| Q4 25 | — | -291.6% | ||
| Q3 25 | -202.1% | -86.7% | ||
| Q2 25 | -349.5% | -67.4% | ||
| Q1 25 | — | -112.3% | ||
| Q3 24 | -152.9% | -210.0% | ||
| Q2 24 | -232.1% | -435.2% |
| Q4 25 | — | -401.9% | ||
| Q3 25 | -433.5% | -130.8% | ||
| Q2 25 | -410.2% | -108.5% | ||
| Q1 25 | — | -293.3% | ||
| Q3 24 | -182.3% | -374.5% | ||
| Q2 24 | -253.7% | -570.8% |
| Q4 25 | — | $-0.10 | ||
| Q3 25 | $-1.50 | $-0.05 | ||
| Q2 25 | $-5.78 | $-0.05 | ||
| Q1 25 | — | $-0.10 | ||
| Q3 24 | $-3.57 | $-0.11 | ||
| Q2 24 | $-4.60 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $995.2M | $63.2M |
| Total DebtLower is stronger | — | $174.7M |
| Stockholders' EquityBook value | $948.8M | $346.8M |
| Total Assets | $1.3B | $703.4M |
| Debt / EquityLower = less leverage | — | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.2M | ||
| Q3 25 | $995.2M | $102.9M | ||
| Q2 25 | $205.3M | $133.7M | ||
| Q1 25 | — | $13.5M | ||
| Q3 24 | $26.4M | $21.8M | ||
| Q2 24 | $21.9M | $47.8M |
| Q4 25 | — | $174.7M | ||
| Q3 25 | — | $175.9M | ||
| Q2 25 | $136.1M | $175.8M | ||
| Q1 25 | — | $197.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | $346.8M | ||
| Q3 25 | $948.8M | $423.0M | ||
| Q2 25 | $-918.0M | $463.5M | ||
| Q1 25 | — | $318.0M | ||
| Q3 24 | $-665.5M | $346.9M | ||
| Q2 24 | $-620.0M | $377.2M |
| Q4 25 | — | $703.4M | ||
| Q3 25 | $1.3B | $756.2M | ||
| Q2 25 | $466.8M | $782.9M | ||
| Q1 25 | — | $659.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-53.0M | $-34.3M |
| Free Cash FlowOCF − Capex | $-62.0M | $-39.2M |
| FCF MarginFCF / Revenue | -201.3% | -184.3% |
| Capex IntensityCapex / Revenue | 29.0% | 23.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-93.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-34.3M | ||
| Q3 25 | $-53.0M | $-15.2M | ||
| Q2 25 | — | $-11.3M | ||
| Q1 25 | — | $-22.7M | ||
| Q3 24 | — | $-23.5M | ||
| Q2 24 | — | $-24.6M |
| Q4 25 | — | $-39.2M | ||
| Q3 25 | $-62.0M | $-18.5M | ||
| Q2 25 | — | $-12.4M | ||
| Q1 25 | — | $-23.1M | ||
| Q3 24 | — | $-23.8M | ||
| Q2 24 | — | $-25.1M |
| Q4 25 | — | -184.3% | ||
| Q3 25 | -201.3% | -57.8% | ||
| Q2 25 | — | -44.7% | ||
| Q1 25 | — | -164.1% | ||
| Q3 24 | — | -206.7% | ||
| Q2 24 | — | -349.1% |
| Q4 25 | — | 23.1% | ||
| Q3 25 | 29.0% | 10.2% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | 2.5% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 7.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
IAUX
| Granite Creek Mining Company | $20.3M | 95% |
| Ruby Hill Mining Company LLC | $991.0K | 5% |
| Lone Tree Minning Company | $3.0K | 0% |
