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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $15.8M, roughly 1.9× Spire Global, Inc.). Spire Global, Inc. runs the higher net margin — -176.6% vs -433.5%, a 256.8% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -26.9%). Spire Global, Inc. produced more free cash flow last quarter ($-16.2M 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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
FLY vs SPIR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $15.8M |
| Net Profit | $-133.4M | $-28.0M |
| Gross Margin | 27.6% | 40.2% |
| Operating Margin | -202.1% | -164.1% |
| Net Margin | -433.5% | -176.6% |
| Revenue YoY | 37.6% | -26.9% |
| Net Profit YoY | -227.1% | 42.7% |
| EPS (diluted) | $-1.50 | $-0.85 |
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 | — | $15.8M | ||
| Q3 25 | $30.8M | $12.7M | ||
| Q2 25 | $15.5M | $19.2M | ||
| Q1 25 | — | $23.9M | ||
| Q4 24 | — | $21.7M | ||
| Q3 24 | $22.4M | $28.6M | ||
| Q2 24 | $21.1M | $25.4M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | — | $-28.0M | ||
| Q3 25 | $-133.4M | $-19.7M | ||
| Q2 25 | $-63.8M | $119.6M | ||
| Q1 25 | — | $-20.7M | ||
| Q4 24 | — | $-48.8M | ||
| Q3 24 | $-40.8M | $-12.5M | ||
| Q2 24 | $-53.5M | $-16.6M | ||
| Q1 24 | — | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | 27.6% | 36.6% | ||
| Q2 25 | 25.7% | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | 34.7% | 44.5% | ||
| Q2 24 | 14.0% | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | — | -164.1% | ||
| Q3 25 | -202.1% | -166.1% | ||
| Q2 25 | -349.5% | -122.7% | ||
| Q1 25 | — | -106.5% | ||
| Q4 24 | — | -144.1% | ||
| Q3 24 | -152.9% | -48.0% | ||
| Q2 24 | -232.1% | -48.6% | ||
| Q1 24 | — | -34.4% |
| Q4 25 | — | -176.6% | ||
| Q3 25 | -433.5% | -155.3% | ||
| Q2 25 | -410.2% | 623.4% | ||
| Q1 25 | — | -86.5% | ||
| Q4 24 | — | -225.2% | ||
| Q3 24 | -182.3% | -43.7% | ||
| Q2 24 | -253.7% | -65.2% | ||
| Q1 24 | — | -73.3% |
| Q4 25 | — | $-0.85 | ||
| Q3 25 | $-1.50 | $-0.61 | ||
| Q2 25 | $-5.78 | $3.72 | ||
| Q1 25 | — | $-0.77 | ||
| Q4 24 | — | $-1.93 | ||
| Q3 24 | $-3.57 | $-0.50 | ||
| Q2 24 | $-4.60 | $-0.68 | ||
| Q1 24 | — | $-1.17 |
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 | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $112.9M |
| Total Assets | $1.3B | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.8M | ||
| Q3 25 | $995.2M | $96.8M | ||
| Q2 25 | $205.3M | $117.6M | ||
| Q1 25 | — | $35.9M | ||
| Q4 24 | — | $19.2M | ||
| Q3 24 | $26.4M | $36.6M | ||
| Q2 24 | $21.9M | $45.8M | ||
| Q1 24 | — | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | — | $112.9M | ||
| Q3 25 | $948.8M | $133.1M | ||
| Q2 25 | $-918.0M | $149.2M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | — | $-11.7M | ||
| Q3 24 | $-665.5M | $30.8M | ||
| Q2 24 | $-620.0M | $40.3M | ||
| Q1 24 | — | $52.5M |
| Q4 25 | — | $211.0M | ||
| Q3 25 | $1.3B | $224.3M | ||
| Q2 25 | $466.8M | $239.5M | ||
| Q1 25 | — | $208.8M | ||
| Q4 24 | — | $193.6M | ||
| Q3 24 | — | $224.2M | ||
| Q2 24 | — | $230.8M | ||
| Q1 24 | — | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | $-62.0M | $-16.2M |
| FCF MarginFCF / Revenue | -201.3% | -102.1% |
| Capex IntensityCapex / Revenue | 29.0% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $-53.0M | $-12.0M | ||
| Q2 25 | — | $-35.1M | ||
| Q1 25 | — | $-8.4M | ||
| Q4 24 | — | $-19.2M | ||
| Q3 24 | — | $14.0M | ||
| Q2 24 | — | $-4.4M | ||
| Q1 24 | — | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | $-62.0M | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | -201.3% | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | 29.0% | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SPIR
Segment breakdown not available.
