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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and IT TECH PACKAGING, INC. (ITP). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $25.6M, roughly 1.2× IT TECH PACKAGING, INC.). IT TECH PACKAGING, INC. runs the higher net margin — -5.7% vs -433.5%, a 427.8% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs 2.1%). IT TECH PACKAGING, INC. produced more free cash flow last quarter ($1.5M 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.
IT TECH PACKAGING, INC. is a paper manufacturing enterprise primarily operating in China. It produces and distributes a diverse portfolio of paper products including corrugated packaging paper, boxboard, and printing-use cultural paper, serving sectors such as consumer goods packaging, logistics, and commercial printing across its core market.
FLY vs ITP — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $25.6M |
| Net Profit | $-133.4M | $-1.4M |
| Gross Margin | 27.6% | 7.9% |
| Operating Margin | -202.1% | -3.9% |
| Net Margin | -433.5% | -5.7% |
| Revenue YoY | 37.6% | 2.1% |
| Net Profit YoY | -227.1% | 26.6% |
| EPS (diluted) | $-1.50 | $-0.11 |
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 | $25.6M | ||
| Q2 25 | $15.5M | $24.8M | ||
| Q1 25 | — | $10.9M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $22.4M | $25.1M | ||
| Q2 24 | $21.1M | $26.2M | ||
| Q1 24 | — | $6.9M | ||
| Q4 23 | — | $21.0M |
| Q3 25 | $-133.4M | $-1.4M | ||
| Q2 25 | $-63.8M | $-2.0M | ||
| Q1 25 | — | $-3.5M | ||
| Q4 24 | — | $-4.0M | ||
| Q3 24 | $-40.8M | $-2.0M | ||
| Q2 24 | $-53.5M | $-77.7K | ||
| Q1 24 | — | $-3.7M | ||
| Q4 23 | — | $-4.0M |
| Q3 25 | 27.6% | 7.9% | ||
| Q2 25 | 25.7% | 5.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | 34.7% | 7.6% | ||
| Q2 24 | 14.0% | 12.4% | ||
| Q1 24 | — | 5.8% | ||
| Q4 23 | — | 1.2% |
| Q3 25 | -202.1% | -3.9% | ||
| Q2 25 | -349.5% | -7.1% | ||
| Q1 25 | — | -31.0% | ||
| Q4 24 | — | -21.5% | ||
| Q3 24 | -152.9% | -5.8% | ||
| Q2 24 | -232.1% | 2.1% | ||
| Q1 24 | — | -51.0% | ||
| Q4 23 | — | -18.1% |
| Q3 25 | -433.5% | -5.7% | ||
| Q2 25 | -410.2% | -7.9% | ||
| Q1 25 | — | -32.2% | ||
| Q4 24 | — | -22.9% | ||
| Q3 24 | -182.3% | -7.9% | ||
| Q2 24 | -253.7% | -0.3% | ||
| Q1 24 | — | -54.6% | ||
| Q4 23 | — | -19.0% |
| Q3 25 | $-1.50 | $-0.11 | ||
| Q2 25 | $-5.78 | $-0.16 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | — | $-0.40 | ||
| Q3 24 | $-3.57 | $-0.20 | ||
| Q2 24 | $-4.60 | $-0.01 | ||
| Q1 24 | — | $-0.37 | ||
| Q4 23 | — | $-0.40 |
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 | — |
| Total DebtLower is stronger | — | $4.7M |
| Stockholders' EquityBook value | $948.8M | $152.0M |
| Total Assets | $1.3B | $175.7M |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $995.2M | — | ||
| Q2 25 | $205.3M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $26.4M | — | ||
| Q2 24 | $21.9M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | — | $4.7M | ||
| Q2 25 | $136.1M | $4.7M | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.7M | ||
| Q3 24 | — | $8.9M | ||
| Q2 24 | — | $11.3M | ||
| Q1 24 | — | $11.4M | ||
| Q4 23 | — | $11.4M |
| Q3 25 | $948.8M | $152.0M | ||
| Q2 25 | $-918.0M | $152.3M | ||
| Q1 25 | — | $152.8M | ||
| Q4 24 | — | $156.1M | ||
| Q3 24 | $-665.5M | $164.3M | ||
| Q2 24 | $-620.0M | $163.5M | ||
| Q1 24 | — | $164.3M | ||
| Q4 23 | — | $168.3M |
| Q3 25 | $1.3B | $175.7M | ||
| Q2 25 | $466.8M | $175.2M | ||
| Q1 25 | — | $175.2M | ||
| Q4 24 | — | $177.5M | ||
| Q3 24 | — | $190.0M | ||
| Q2 24 | — | $191.4M | ||
| Q1 24 | — | $177.5M | ||
| Q4 23 | — | $194.7M |
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.03× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× | ||
| Q4 23 | — | 0.07× |
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 | $1.5M |
| Free Cash FlowOCF − Capex | $-62.0M | $1.5M |
| FCF MarginFCF / Revenue | -201.3% | 5.9% |
| Capex IntensityCapex / Revenue | 29.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.8M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-53.0M | $1.5M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | $-2.5M | ||
| Q4 24 | — | $3.5M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | $721.9K | ||
| Q1 24 | — | $624.4K | ||
| Q4 23 | — | $5.4M |
| Q3 25 | $-62.0M | $1.5M | ||
| Q2 25 | — | $1.3M | ||
| Q1 25 | — | $-2.5M | ||
| Q4 24 | — | $3.5M | ||
| Q3 24 | — | $1.2M | ||
| Q2 24 | — | $668.3K | ||
| Q1 24 | — | $615.4K | ||
| Q4 23 | — | $-7.7M |
| Q3 25 | -201.3% | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 9.0% | ||
| Q4 23 | — | -36.7% |
| Q3 25 | 29.0% | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.1% | ||
| Q4 23 | — | 62.4% |
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% |
ITP
Segment breakdown not available.
