Why Firefly Aerospace Stock Is Flying Higher Today

Providing fuel for the bulls to bid the space stock higher today, Firefly Aerospace (NASDAQ:FLY) reported strong third-quarter 2026 financial results yesterday after the market closed. Plus, firms are offering optimistic views on Firefly stock, contributing to Main Street investors' enthusiasm.

As of 11:20 a.m. ET, shares of Firefly are up 9.8%, while the S&P 500 is up 0.8%.

$1.7 billion in backlog represents a new high-water mark

Beating analysts' expectations of $103.2 million, Firefly reported Q3 2026 sales of $110.7 million, a 259% year-over-year increase. The company also provided a surprise at the bottom of the income statement, reporting an adjusted loss per share of $0.45 -- better than the $0.50 analysts had anticipated.

Firefly reported a record backlog of $1.7 billion as of the end of September 2026, a 13.3% increase from the $1.5 billion backlog at the end of the previous quarter. Management credited its five lunar missions, along with a strategic deal with AST SpaceMobile, as factors contributing to the increase in backlog.

In addition, Firefly projected full-year 2026 revenue between $440 million and $450 million. Should it achieve the midpoint of this guidance, it will represent a 178% year-over-year increase.

Following the company's financial report, Barclays raised its price target on Firefly to $35 from $34, and B. Riley hiked its price target to $54 from $40.

Firefly develops small- to medium-lift launch vehicles, lunar landers, and orbital vehicles. It touts itself as the first commercial company to launch a satellite into orbit with 24 hours' notice and the first and only commercial company to achieve a successful lunar landing.

Is Firefly stock a buy?

While the company reported a strong third quarter and expects significant revenue growth in 2026 compared to 2025, investors must do their due diligence before loading up on Firefly stock. Because the company remains unprofitable, there are significant risks to a Firefly investment. For those with lower risk tolerances, therefore, choosing an exchange-traded fund (ETF) that includes Firefly may be a better option.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile and Firefly Aerospace. The Motley Fool has a disclosure policy.