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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
SmartRent, Inc. is the larger business by last-quarter revenue ($36.5M vs $30.8M, roughly 1.2× Firefly Aerospace Inc.). SmartRent, Inc. runs the higher net margin — -8.9% vs -433.5%, a 424.6% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs 3.1%). SmartRent, Inc. produced more free cash flow last quarter ($7.7M 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.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
FLY vs SMRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $36.5M |
| Net Profit | $-133.4M | $-3.2M |
| Gross Margin | 27.6% | 38.6% |
| Operating Margin | -202.1% | -10.9% |
| Net Margin | -433.5% | -8.9% |
| Revenue YoY | 37.6% | 3.1% |
| Net Profit YoY | -227.1% | 71.6% |
| EPS (diluted) | $-1.50 | $-0.02 |
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 | — | $36.5M | ||
| Q3 25 | $30.8M | $36.2M | ||
| Q2 25 | $15.5M | $38.3M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $35.4M | ||
| Q3 24 | $22.4M | $40.5M | ||
| Q2 24 | $21.1M | $48.5M | ||
| Q1 24 | — | $50.5M |
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $-133.4M | $-6.3M | ||
| Q2 25 | $-63.8M | $-10.9M | ||
| Q1 25 | — | $-40.2M | ||
| Q4 24 | — | $-11.4M | ||
| Q3 24 | $-40.8M | $-9.9M | ||
| Q2 24 | $-53.5M | $-4.6M | ||
| Q1 24 | — | $-7.7M |
| Q4 25 | — | 38.6% | ||
| Q3 25 | 27.6% | 26.4% | ||
| Q2 25 | 25.7% | 33.1% | ||
| Q1 25 | — | 32.8% | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | 34.7% | 33.2% | ||
| Q2 24 | 14.0% | 35.7% | ||
| Q1 24 | — | 38.5% |
| Q4 25 | — | -10.9% | ||
| Q3 25 | -202.1% | -19.4% | ||
| Q2 25 | -349.5% | -30.5% | ||
| Q1 25 | — | -99.9% | ||
| Q4 24 | — | -36.6% | ||
| Q3 24 | -152.9% | -29.0% | ||
| Q2 24 | -232.1% | -14.3% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | — | -8.9% | ||
| Q3 25 | -433.5% | -17.3% | ||
| Q2 25 | -410.2% | -28.3% | ||
| Q1 25 | — | -97.2% | ||
| Q4 24 | — | -32.3% | ||
| Q3 24 | -182.3% | -24.5% | ||
| Q2 24 | -253.7% | -9.5% | ||
| Q1 24 | — | -15.2% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | $-1.50 | $-0.03 | ||
| Q2 25 | $-5.78 | $-0.06 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | $-3.57 | $-0.05 | ||
| Q2 24 | $-4.60 | $-0.02 | ||
| Q1 24 | — | $-0.04 |
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 | $104.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $232.1M |
| Total Assets | $1.3B | $320.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $104.5M | ||
| Q3 25 | $995.2M | $100.0M | ||
| Q2 25 | $205.3M | $105.0M | ||
| Q1 25 | — | $125.6M | ||
| Q4 24 | — | $142.5M | ||
| Q3 24 | $26.4M | $163.4M | ||
| Q2 24 | $21.9M | $187.4M | ||
| Q1 24 | — | $204.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $232.1M | ||
| Q3 25 | $948.8M | $234.4M | ||
| Q2 25 | $-918.0M | $238.8M | ||
| Q1 25 | — | $250.7M | ||
| Q4 24 | — | $289.4M | ||
| Q3 24 | $-665.5M | $305.1M | ||
| Q2 24 | $-620.0M | $329.4M | ||
| Q1 24 | — | $333.1M |
| Q4 25 | — | $320.9M | ||
| Q3 25 | $1.3B | $335.8M | ||
| Q2 25 | $466.8M | $354.0M | ||
| Q1 25 | — | $366.1M | ||
| Q4 24 | — | $420.2M | ||
| Q3 24 | — | $448.6M | ||
| Q2 24 | — | $475.3M | ||
| Q1 24 | — | $485.5M |
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 | $7.7M |
| Free Cash FlowOCF − Capex | $-62.0M | $7.7M |
| FCF MarginFCF / Revenue | -201.3% | 21.0% |
| Capex IntensityCapex / Revenue | 29.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.7M | ||
| Q3 25 | $-53.0M | $-2.1M | ||
| Q2 25 | — | $-14.9M | ||
| Q1 25 | — | $-12.2M | ||
| Q4 24 | — | $-12.0M | ||
| Q3 24 | — | $-3.7M | ||
| Q2 24 | — | $-13.9M | ||
| Q1 24 | — | $-3.3M |
| Q4 25 | — | $7.7M | ||
| Q3 25 | $-62.0M | $-2.2M | ||
| Q2 25 | — | $-16.2M | ||
| Q1 25 | — | $-14.3M | ||
| Q4 24 | — | $-13.3M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | — | $-14.1M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | — | 21.0% | ||
| Q3 25 | -201.3% | -6.1% | ||
| Q2 25 | — | -42.3% | ||
| Q1 25 | — | -34.7% | ||
| Q4 24 | — | -37.5% | ||
| Q3 24 | — | -9.7% | ||
| Q2 24 | — | -29.1% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 29.0% | 0.2% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.1% |
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% |
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
