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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $28.1M, roughly 1.1× ARS Pharmaceuticals, Inc.). ARS Pharmaceuticals, Inc. runs the higher net margin — -147.1% vs -433.5%, a 286.3% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
FLY vs SPRY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $28.1M |
| Net Profit | $-133.4M | $-41.3M |
| Gross Margin | 27.6% | — |
| Operating Margin | -202.1% | -147.6% |
| Net Margin | -433.5% | -147.1% |
| Revenue YoY | 37.6% | -67.6% |
| Net Profit YoY | -227.1% | -182.8% |
| EPS (diluted) | $-1.50 | $-0.41 |
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 | — | $28.1M | ||
| Q3 25 | $30.8M | $32.5M | ||
| Q2 25 | $15.5M | $15.7M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | — | $86.6M | ||
| Q3 24 | $22.4M | $2.1M | ||
| Q2 24 | $21.1M | $500.0K | ||
| Q1 24 | — | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-133.4M | $-51.2M | ||
| Q2 25 | $-63.8M | $-44.9M | ||
| Q1 25 | — | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | $-40.8M | $-19.1M | ||
| Q2 24 | $-53.5M | $-12.5M | ||
| Q1 24 | — | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | 27.6% | — | ||
| Q2 25 | 25.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 14.0% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | -202.1% | -163.7% | ||
| Q2 25 | -349.5% | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | -152.9% | -1051.6% | ||
| Q2 24 | -232.1% | -3068.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | -433.5% | -157.4% | ||
| Q2 25 | -410.2% | -285.6% | ||
| Q1 25 | — | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | -182.3% | -925.0% | ||
| Q2 24 | -253.7% | -2503.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | $-1.50 | $-0.52 | ||
| Q2 25 | $-5.78 | $-0.46 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | $-3.57 | $-0.20 | ||
| Q2 24 | $-4.60 | $-0.13 | ||
| Q1 24 | — | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $948.8M | $114.3M |
| Total Assets | $1.3B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | $995.2M | $288.2M | ||
| Q2 25 | $205.3M | $240.1M | ||
| Q1 25 | — | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | $26.4M | $204.6M | ||
| Q2 24 | $21.9M | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | $948.8M | $147.7M | ||
| Q2 25 | $-918.0M | $192.3M | ||
| Q1 25 | — | $229.0M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | $-665.5M | $201.0M | ||
| Q2 24 | $-620.0M | $215.2M | ||
| Q1 24 | — | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | $1.3B | $372.8M | ||
| Q2 25 | $466.8M | $313.5M | ||
| Q1 25 | — | $327.3M | ||
| Q4 24 | — | $351.2M | ||
| Q3 24 | — | $217.6M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | — | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-43.5M |
| Free Cash FlowOCF − Capex | $-62.0M | — |
| FCF MarginFCF / Revenue | -201.3% | — |
| Capex IntensityCapex / Revenue | 29.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | $-53.0M | $-47.0M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.7M | ||
| Q4 24 | — | $42.0M | ||
| Q3 24 | — | $-14.5M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | $-62.0M | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | -201.3% | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 29.0% | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
