Fubotv earnings beat by $0.10, revenue topped estimates
Investing.com -- Space company Firefly Aerospace raised $868 million in its initial public offering, selling more than 19 million shares at $45 each.
The Cedar Park, Texas-based company’s stock is scheduled to begin trading Thursday on the Nasdaq stock exchange under the ticker symbol (NASDAQ:FLY). Market participants will be monitoring the stock’s performance as an indicator of both U.S. IPO market strength and investor interest in space companies.
Firefly Aerospace, which successfully completed a moon landing earlier this year, plans to use part of the IPO proceeds to reduce its debt, according to its prospectus.
The company reported revenue of approximately $61 million in 2024, representing a 10% increase from 2023. However, its net loss expanded to $231 million from $136 million during the same period.
Research and development spending at Firefly increased 27% to nearly $150 million in 2024, primarily driven by development work on its Eclipse rocket and Elytra vehicle.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.