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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and Redwire Corp (RDW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Redwire Corp is the larger business by last-quarter revenue ($108.8M vs $30.8M, roughly 3.5× Firefly Aerospace Inc.). Redwire Corp runs the higher net margin — -433.5% vs -78.6%, a 354.9% gap on every dollar of revenue. On growth, Redwire Corp posted the faster year-over-year revenue change (56.4% vs 37.6%). Redwire Corp produced more free cash flow last quarter ($-26.5M 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.
Redwire Corporation is an American aerospace manufacturer and space infrastructure technology company headquartered in Jacksonville, Florida. The company was formed on June 1, 2020, by the private equity firm AE Industrial Partners, through the combination of its portfolio companies Adcole Space and Deep Space Systems. Redwire went public in January 2021.
FLY vs RDW — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $108.8M |
| Net Profit | $-133.4M | $-85.5M |
| Gross Margin | 27.6% | 9.6% |
| Operating Margin | -202.1% | -75.0% |
| Net Margin | -433.5% | -78.6% |
| Revenue YoY | 37.6% | 56.4% |
| Net Profit YoY | -227.1% | -27.3% |
| EPS (diluted) | $-1.50 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $108.8M | ||
| Q3 25 | $30.8M | $103.4M | ||
| Q2 25 | $15.5M | $61.8M | ||
| Q1 25 | — | $61.4M | ||
| Q4 24 | — | $69.6M | ||
| Q3 24 | $22.4M | $68.6M | ||
| Q2 24 | $21.1M | $78.1M | ||
| Q1 24 | — | $87.8M |
| Q4 25 | — | $-85.5M | ||
| Q3 25 | $-133.4M | $-41.2M | ||
| Q2 25 | $-63.8M | $-97.0M | ||
| Q1 25 | — | $-2.9M | ||
| Q4 24 | — | $-67.2M | ||
| Q3 24 | $-40.8M | $-21.0M | ||
| Q2 24 | $-53.5M | $-18.1M | ||
| Q1 24 | — | $-8.1M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | 27.6% | 16.3% | ||
| Q2 25 | 25.7% | -30.9% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | 34.7% | 17.5% | ||
| Q2 24 | 14.0% | 16.6% | ||
| Q1 24 | — | 16.9% |
| Q4 25 | — | -75.0% | ||
| Q3 25 | -202.1% | -40.5% | ||
| Q2 25 | -349.5% | -148.8% | ||
| Q1 25 | — | -23.3% | ||
| Q4 24 | — | -27.3% | ||
| Q3 24 | -152.9% | -18.2% | ||
| Q2 24 | -232.1% | -9.1% | ||
| Q1 24 | — | -4.1% |
| Q4 25 | — | -78.6% | ||
| Q3 25 | -433.5% | -39.8% | ||
| Q2 25 | -410.2% | -157.0% | ||
| Q1 25 | — | -4.8% | ||
| Q4 24 | — | -96.6% | ||
| Q3 24 | -182.3% | -30.5% | ||
| Q2 24 | -253.7% | -23.2% | ||
| Q1 24 | — | -9.2% |
| Q4 25 | — | $-0.49 | ||
| Q3 25 | $-1.50 | $-0.29 | ||
| Q2 25 | $-5.78 | $-1.41 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $-1.39 | ||
| Q3 24 | $-3.57 | $-0.37 | ||
| Q2 24 | $-4.60 | $-0.42 | ||
| Q1 24 | — | $-0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $995.2M | $94.5M |
| Total DebtLower is stronger | — | $85.2M |
| Stockholders' EquityBook value | $948.8M | $1.1B |
| Total Assets | $1.3B | $1.4B |
| Debt / EquityLower = less leverage | — | 0.08× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $94.5M | ||
| Q3 25 | $995.2M | $52.3M | ||
| Q2 25 | $205.3M | $76.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $33.7M | ||
| Q3 24 | $26.4M | $27.8M | ||
| Q2 24 | $21.9M | $30.8M | ||
| Q1 24 | — | $32.6M |
| Q4 25 | — | $85.2M | ||
| Q3 25 | — | $191.0M | ||
| Q2 25 | $136.1M | $190.7M | ||
| Q1 25 | — | $105.2M | ||
| Q4 24 | — | $125.7M | ||
| Q3 24 | — | $123.3M | ||
| Q2 24 | — | $95.4M | ||
| Q1 24 | — | $90.5M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $948.8M | $928.0M | ||
| Q2 25 | $-918.0M | $907.6M | ||
| Q1 25 | — | $-68.1M | ||
| Q4 24 | — | $-188.7M | ||
| Q3 24 | $-665.5M | $-96.4M | ||
| Q2 24 | $-620.0M | $-78.3M | ||
| Q1 24 | — | $-49.8M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $466.8M | $1.5B | ||
| Q1 25 | — | $314.1M | ||
| Q4 24 | — | $292.6M | ||
| Q3 24 | — | $289.9M | ||
| Q2 24 | — | $260.3M | ||
| Q1 24 | — | $259.5M |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-53.0M | $-24.3M |
| Free Cash FlowOCF − Capex | $-62.0M | $-26.5M |
| FCF MarginFCF / Revenue | -201.3% | -24.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 29.0% | 2.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-190.8M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $-24.3M | ||
| Q3 25 | $-53.0M | $-20.3M | ||
| Q2 25 | — | $-87.7M | ||
| Q1 25 | — | $-45.1M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $-17.7M | ||
| Q2 24 | — | $-9.5M | ||
| Q1 24 | — | $2.8M |
| Q4 25 | — | $-26.5M | ||
| Q3 25 | $-62.0M | $-26.9M | ||
| Q2 25 | — | $-90.6M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | — | $4.7M | ||
| Q3 24 | — | $-19.3M | ||
| Q2 24 | — | $-10.4M | ||
| Q1 24 | — | $1.2M |
| Q4 25 | — | -24.3% | ||
| Q3 25 | -201.3% | -26.0% | ||
| Q2 25 | — | -146.7% | ||
| Q1 25 | — | -76.3% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | -28.1% | ||
| Q2 24 | — | -13.3% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 29.0% | 6.3% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.8% |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
RDW
Segment breakdown not available.
