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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and Inspirato Inc (ISPO). Click either name above to swap in a different company.
Inspirato Inc is the larger business by last-quarter revenue ($55.5M vs $30.8M, roughly 1.8× Firefly Aerospace Inc.). Inspirato Inc runs the higher net margin — -8.1% vs -433.5%, a 425.3% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -19.6%). Inspirato Inc produced more free cash flow last quarter ($-3.0M 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.
Inspirato Inc is a luxury travel and hospitality subscription service provider catering primarily to high-net-worth consumers across North America. It offers curated premium villa rentals, exclusive resort access, customized trip planning, and corporate travel incentive solutions for enterprise clients.
FLY vs ISPO — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $55.5M |
| Net Profit | $-133.4M | $-4.5M |
| Gross Margin | 27.6% | 31.4% |
| Operating Margin | -202.1% | -8.0% |
| Net Margin | -433.5% | -8.1% |
| Revenue YoY | 37.6% | -19.6% |
| Net Profit YoY | -227.1% | -204.4% |
| EPS (diluted) | $-1.50 | $-0.36 |
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.
| Q3 25 | $30.8M | $55.5M | ||
| Q2 25 | $15.5M | $63.1M | ||
| Q1 25 | — | $65.9M | ||
| Q4 24 | — | $63.1M | ||
| Q3 24 | $22.4M | $69.1M | ||
| Q2 24 | $21.1M | $67.4M | ||
| Q1 24 | — | $80.2M | ||
| Q4 23 | — | $70.7M |
| Q3 25 | $-133.4M | $-4.5M | ||
| Q2 25 | $-63.8M | $-5.3M | ||
| Q1 25 | — | $1.6M | ||
| Q4 24 | — | $-2.3M | ||
| Q3 24 | $-40.8M | $4.3M | ||
| Q2 24 | $-53.5M | $-8.7M | ||
| Q1 24 | — | $1.3M | ||
| Q4 23 | — | $-8.8M |
| Q3 25 | 27.6% | 31.4% | ||
| Q2 25 | 25.7% | 27.5% | ||
| Q1 25 | — | 38.8% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | 34.7% | 71.5% | ||
| Q2 24 | 14.0% | 24.0% | ||
| Q1 24 | — | 39.5% | ||
| Q4 23 | — | 27.2% |
| Q3 25 | -202.1% | -8.0% | ||
| Q2 25 | -349.5% | -8.3% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | -3.2% | ||
| Q3 24 | -152.9% | 9.8% | ||
| Q2 24 | -232.1% | -22.8% | ||
| Q1 24 | — | 3.0% | ||
| Q4 23 | — | -22.7% |
| Q3 25 | -433.5% | -8.1% | ||
| Q2 25 | -410.2% | -8.4% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | -3.6% | ||
| Q3 24 | -182.3% | 6.3% | ||
| Q2 24 | -253.7% | -12.9% | ||
| Q1 24 | — | 1.6% | ||
| Q4 23 | — | -12.4% |
| Q3 25 | $-1.50 | $-0.36 | ||
| Q2 25 | $-5.78 | $-0.42 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $-3.57 | $0.62 | ||
| Q2 24 | $-4.60 | $-2.33 | ||
| Q1 24 | — | $-0.18 | ||
| Q4 23 | — | $-2.58 |
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 | $13.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $-134.0M |
| Total Assets | $1.3B | $228.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $995.2M | $13.7M | ||
| Q2 25 | $205.3M | $16.7M | ||
| Q1 25 | — | $16.4M | ||
| Q4 24 | — | $21.8M | ||
| Q3 24 | $26.4M | $13.5M | ||
| Q2 24 | $21.9M | $18.8M | ||
| Q1 24 | — | $22.6M | ||
| Q4 23 | — | $36.6M |
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | $948.8M | $-134.0M | ||
| Q2 25 | $-918.0M | $-129.7M | ||
| Q1 25 | — | $-125.2M | ||
| Q4 24 | — | $-129.9M | ||
| Q3 24 | $-665.5M | $-134.6M | ||
| Q2 24 | $-620.0M | $-35.2M | ||
| Q1 24 | — | $-27.5M | ||
| Q4 23 | — | $-30.2M |
| Q3 25 | $1.3B | $228.3M | ||
| Q2 25 | $466.8M | $252.6M | ||
| Q1 25 | — | $270.1M | ||
| Q4 24 | — | $273.9M | ||
| Q3 24 | — | $273.3M | ||
| Q2 24 | — | $301.7M | ||
| Q1 24 | — | $313.0M | ||
| Q4 23 | — | $330.7M |
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 | $-2.2M |
| Free Cash FlowOCF − Capex | $-62.0M | $-3.0M |
| FCF MarginFCF / Revenue | -201.3% | -5.4% |
| Capex IntensityCapex / Revenue | 29.0% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-31.2M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-53.0M | $-2.2M | ||
| Q2 25 | — | $1.1M | ||
| Q1 25 | — | $-6.6M | ||
| Q4 24 | — | $-15.8M | ||
| Q3 24 | — | $-13.7M | ||
| Q2 24 | — | $-1.8M | ||
| Q1 24 | — | $-7.2M | ||
| Q4 23 | — | $-6.0M |
| Q3 25 | $-62.0M | $-3.0M | ||
| Q2 25 | — | $468.0K | ||
| Q1 25 | — | $-7.5M | ||
| Q4 24 | — | $-21.2M | ||
| Q3 24 | — | $-14.8M | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-8.5M | ||
| Q4 23 | — | $-7.5M |
| Q3 25 | -201.3% | -5.4% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | -33.7% | ||
| Q3 24 | — | -21.5% | ||
| Q2 24 | — | -5.5% | ||
| Q1 24 | — | -10.6% | ||
| Q4 23 | — | -10.6% |
| Q3 25 | 29.0% | 1.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 1.6% | ||
| Q4 23 | — | 2.1% |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -4.09× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -3.16× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -5.70× | ||
| Q4 23 | — | — |
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% |
ISPO
| Residence And Hotel Travel | $25.9M | 47% |
| Subscription | $19.4M | 35% |
| Experiences And Bespoke Travel | $8.0M | 14% |
| Rewards And Other Revenue | $2.3M | 4% |
