0001193125-25-277941 | 10-Q | XBRL Viewer

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Goodwill (Additional Information) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Business Combination, Goodwill [Abstract]
Goodwill	$ 17,097	$ 17,097

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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+ Details

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

8. Leases

The following table presents lease expense recognized during the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Finance lease expense:
Amortization of right-of-use assets	$	442	$	217	$	1,190	$	676
Interest on lease liabilities		110		112		355		348
Operating lease expense		182		601		977		1,886
Total lease expense	$	734	$	930	$	2,522	$	2,910

Amortization of right-of-use assets was recorded within research and development, and selling, general, and administrative expenses, interest on lease liabilities was recorded within interest expense, net, and operating lease expense was recorded within research and development, and selling, general, and administrative expenses, each in the unaudited condensed consolidated statements of net loss.

The operating lease for the Company’s primary office location expired on March 31, 2024. The Company is currently on a month-to-month lease and in negotiations with the landlord to renew the lease. During 2025, the Company reassessed the expected renewal term of one of its operating leases, which resulted in decreases in the related right-of-use asset and lease liability of $4.3 million and $4.5 million, respectively.

Operating and finance lease right-of-use assets and liabilities as of September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	9,944	$	14,604
Finance lease right-of-use assets	$	4,143	$	3,708

Liabilities:
Current:
Operating lease liabilities	$	395	$	1,128
Finance lease liabilities	$	1,047	$	856
Noncurrent:
Operating lease liabilities	$	10,553	$	16,466
Finance lease liabilities	$	2,266	$	1,996

As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments.

Failed Sale and Leaseback

The Company leases various equipment through purchase and leaseback agreements with terms between five and seven years. The purchase and leaseback agreements provide an option for Firefly to purchase the equipment for nominal consideration that the Company is reasonably certain to exercise. The purchase and leaseback agreements were evaluated under the sale and leaseback guidance in ASC 842-40, Leases – Sale and Leaseback Transactions. Due to the purchase option, the transactions were accounted for as failed sales and leasebacks, and the Company has accounted for the purchase and leaseback agreements as financings.

As a result, the Company continues to reflect the manufacturing equipment on its unaudited condensed consolidated balance sheets in property and equipment, net, and continues to recognize depreciation expense over its estimated useful life. In 2024, the Company recorded an initial financing liability of $34.7 million, net of transaction costs, in notes payable. As of September 30, 2025, the Company’s related notes payable, current and non-current, were $5.9 million and $22.6 million, respectively. As of December 31, 2024, the Company’s related notes payable, current and non-current, were $5.5 million and $27.1 million, respectively. The Company does not recognize rent expense related to these purchase and leaseback agreements. Instead, periodic lease payments are recognized as interest expense and reductions of the principal balance of the finance liability.

For the three months ended September 30, 2025, payments of $1.4 million were made under the purchase and leaseback agreements, including interest expense of $0.6 million, and during the nine months ended September 30, 2025, payments of $4.1 million were made under the purchase and leaseback agreements, including interest expense of $1.8 million.

For the three months ended September 30, 2024, payments of $1.0 million were made under the purchase and leaseback agreements, including interest expense of $0.5 million, and during the nine months ended September 30, 2024, payments of $1.2 millions were made under the purchase and leaseback agreements, including interest expenses of $0.7 million.

The Company is required to maintain a minimum cash balance of $22.5 million throughout the term of the purchase and leaseback agreements.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 995,162	$ 123,431
Restricted cash, current	829	424
Accounts receivable, net	5,127	1,004
Advanced payments, current	14,259	52,404
Other current assets	7,425	3,454
Total current assets	1,022,802	180,717
Advanced payments, less current portion	45,365	41,770
Property and equipment, net	142,555	135,575
Restricted cash, less current portion	0	13,703
Right-of-use assets - operating leases	9,944	14,604
Right-of-use assets - finance leases	4,143	3,708
Goodwill	17,097	17,097
Other noncurrent assets	14,286	158
Total assets	1,256,192	407,332
Current liabilities:
Accounts payable	30,428	37,633
Accounts payable - related parties	790	86
Accrued expenses	20,171	14,419
Operating lease liability, current	395	1,128
Finance lease liability, current	1,047	856
Deferred revenue, current	95,202	108,069
Notes payable, current	6,985	6,349
Other current liabilities	9,913	10,837
Total current liabilities	164,931	179,377
Operating lease liability, less current portion	10,553	16,466
Finance lease liability, less current portion	2,266	1,996
Deferred revenue, less current portion	74,516	45,904
Notes payable, less current portion	23,228	124,079
Notes payable, less current portion - related parties	0	17,524
Warrant liability	5,267	4,070
Other liabilities, less current portion	26,610	25,956
Total liabilities	307,371	415,372
Commitments and contingencies (See Note 10)
Temporary equity
Redeemable convertible preferred stock, $0.0001 par value; 100,000 and 51,033 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 0 and 41,588 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; $0 and $1,227,158 liquidation preference as of September 30, 2025 and December 31, 2024, respectively	0	759,582
Stockholders' deficit
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	16	1
Additional paid-in capital	1,928,027	0
Accumulated deficit	(979,222)	(767,623)
Total stockholders' equity (deficit)	948,821	(767,622)
Total liabilities, temporary equity, and stockholders' equity (deficit)	$ 1,256,192	$ 407,332

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finance lease expense:
Amortization of right-of-use assets	$ 442	$ 217	$ 1,190	$ 676
Interest on lease liabilities	110	112	355	348
Operating lease expense	182	601	977	1,886
Total lease expense	$ 734	$ 930	$ 2,522	$ 2,910

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	1,000,000	154,397
Common stock, shares, issued (in shares)	148,138	13,241
Common stock, shares, outstanding (in shares)	148,138	13,241
Redeemable Convertible Preferred Stock [Member]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	100,000	51,033
Temporary equity, Shares issued	0	41,588
Temporary equity, Shares outstanding	0	41,588
Aggregate Liquidation Preferences	$ 0	$ 1,227,158

Stockholders Deficit and Redeemable Convertible Preferred Stock (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				9 Months Ended
	Aug. 28, 2025	Nov. 15, 2024	Oct. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Aug. 08, 2025	Jul. 16, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock				$ 943,736	$ 0
Sale of Stock, Consideration Received on Transaction				$ 244,700
Accured Interest From Subordinated Convertible Promissory Notes			$ 25,800
Common stock, shares, issued (in shares)				148,138					13,241
Purchase of an Aggregate of Common Warrant				$ 1,000
Warrant Exercise Price Per Share				$ 0.91
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively				$ 16					$ 1
Number of the Shares Underlying the RPM Call Option		1,900
IPO Closing Preferred Stock Dividend
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ 5,000
Convertible Preferred Stock
Class of Stock [Line Items]
Common stock, shares, issued (in shares)						105,800
Series D Preferred Stock
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			$ 175,500
Preferred Stock, Par or Stated Value Per Share				$ 16.9213
Preferred Stock, Value, Issued				$ 250,000				$ 250,000
Series D-1 Preferred Stock
Class of Stock [Line Items]
Number Of Share Sold		100	10,400
Proceeds from Issuance of Common Stock		$ 1,300
Sale of Stock, Consideration Received on Transaction				5,000
Shares Issued, Price Per Share		$ 16.9213	$ 16.9213
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively				$ 1,300
Preferred stock, shares issued (in shares)				1,800
Series D-3 Preferred Stock
Class of Stock [Line Items]
Common stock, shares, issued (in shares)							3,300
Majority Sponsor Top-Up
Class of Stock [Line Items]
Preferred Stock, Value, Issued				$ 125,000

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
Machinery and equipment	$	46,865		$	42,040
Test stands		39,914			37,209
Buildings		48,999			48,830
Land and land improvements		4,472			3,505
Construction in progress		23,159			17,551
Furniture and fixtures		1,262			1,200
Computer equipment		2,900			2,156
Software		1,142			1,122
Vehicles		430			421
Leasehold improvements		9,881			7,283
Total	$	179,024		$	161,317
Less: Accumulated depreciation		(36,469	)		(25,742	)
Property and equipment, net	$	142,555		$	135,575

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	19,105	45,912
Convertible Series Seed Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	2,023
Convertible Series Seed-1 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	3,273
Convertible Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	6,005
Convertible Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	5,869
Convertible Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	11,159
Convertible Series M Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	2,812
Warrants for Series J Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	646	646
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	15,500	14,125
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,959	0

Segment and Geographical Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table includes the significant expense categories and amounts that are regularly provided to the CODM:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	30,778		$	22,370		$	102,182		$	51,758
Less:
Cost of sales		(22,288	)		(14,599	)		(87,477	)		(42,959	)
Compensation(1)		(28,130	)		(19,955	)		(74,182	)		(59,958	)
Materials and consumables(1)		(18,014	)		(8,067	)		(55,729	)		(40,209	)
Contractors and outside services (1)		(3,695	)		(1,638	)		(11,231	)		(7,972	)
Depreciation and amortization(1)		(3,574	)		(2,598	)		(9,573	)		(7,287	)
Interest expense, net		1,334			(6,658	)		(9,067	)		(14,149	)
Change in fair value of warrant liability		(42,150	)		(341	)		(47,257	)		(372	)
Loss on extinguishment of debt		(30,400	)		—			(30,400	)		—
Other segment items(2)		(17,273	)		(9,304	)		(34,549	)		(25,866	)
Net loss and comprehensive loss	$	(133,412	)	$	(40,790	)	$	(257,283	)	$	(147,014	)

(1) Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses and exclude amounts included in the cost of sales.

(2) Other segment items included primarily related to building and utilities, software licenses and computer services, professional and consulting services fees, loss on disposal of fixed assets, other income, and provision for income taxes.

Notes Payable and Warrants - Interest Expense Related to the Term Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Contractual interest expense	$ 2,055	$ 5,181	$ 11,605	$ 14,201
Amortization of debt issuance costs	759	1,315	4,315	5,403
Total interest expense	$ 2,814	$ 6,496	$ 15,920	$ 19,604

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 179,024	$ 161,317
Less: Accumulated depreciation	(36,469)	(25,742)
Property and equipment, net	142,555	135,575
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	46,865	42,040
Test stands [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	39,914	37,209
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,999	48,830
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,472	3,505
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,159	17,551
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,262	1,200
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,900	2,156
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,142	1,122
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	430	421
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,881	$ 7,283

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

Concentration of Credit Risk

Major customers are defined as those individually comprising more than 10% of the Company’s total revenue. The Company’s revenue related to its major customers during the three and nine months ended September 30, 2025 and 2024 was as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Customer 1		64.9	%		75.6	%		78.0	%		62.2	%
Customer 2		1.5	%		24.3	%		10.1	%		18.4	%
Customer 3		17.4	%		0.0	%		5.2	%		0.0	%
Customer 4		0.0	%		0.0	%		0.0	%		13.2	%

Recently Issued Accounting Standards

ASU 2023-06

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates certain disclosure requirements from the Commission into the FASB Accounting Standards Codification (“ASC”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC topics, allow investors to more easily compare entities subject to the Commission’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the ASC with the Commission’s regulations. The effective date for each amendment will be the date on which the Commission’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. The Company does not expect that ASU 2023-06 will have a material impact on its consolidated financial statements.

ASU 2023-09

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The ASU’s amendments are effective for annual periods beginning after December 15, 2025 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

ASU 2024-03

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

ASU 2025-05

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The Company does not expect that ASU 2025-05 will have a material impact on its consolidated financial statements.

ASU 2025-06

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to improve the operability and application of guidance related to capitalized software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06.

Stockholders Deficit and Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule Of Redeemable Convertible Preferred Stock

At December 31, 2024, the Company’s Preferred Stock consisted of the following:


			December 31, 2024
	Par Value		Authorized Shares		Shares Issued and Outstanding		Carrying Amount
Series Seed Preferred Stock	$	0.0001		2,023		2,023	$	2,950
Series Seed-1 Preferred Stock	$	0.0001		3,273		3,273		204,454
Series A Preferred Stock	$	0.0001		6,005		6,005		74,913
Series B Preferred Stock	$	0.0001		5,869		5,869		72,096
Series C Preferred Stock	$	0.0001		11,159		11,159		213,871
Series M Preferred Stock	$	0.0001		2,812		2,812		10,990
Series J Preferred Stock	$	0.0001		922		—		—
Series D-1 Preferred Stock	$	0.0001		17,729		10,447		180,308
Series D-2 Preferred Stock	$	0.0001		1,241		—		—
Total				51,033		41,588	$	759,582

Stockholders Deficit and Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock

11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock

Preferred Stock Conversion

On August 8, 2025, in connection with the Company's IPO, all of the then-outstanding shares of the Company’s redeemable convertible preferred stock (collectively, the “Preferred Stock”) were automatically converted into 105.8 million shares of common stock.

At December 31, 2024, the Company’s Preferred Stock consisted of the following:


			December 31, 2024
	Par Value		Authorized Shares		Shares Issued and Outstanding		Carrying Amount
Series Seed Preferred Stock	$	0.0001		2,023		2,023	$	2,950
Series Seed-1 Preferred Stock	$	0.0001		3,273		3,273		204,454
Series A Preferred Stock	$	0.0001		6,005		6,005		74,913
Series B Preferred Stock	$	0.0001		5,869		5,869		72,096
Series C Preferred Stock	$	0.0001		11,159		11,159		213,871
Series M Preferred Stock	$	0.0001		2,812		2,812		10,990
Series J Preferred Stock	$	0.0001		922		—		—
Series D-1 Preferred Stock	$	0.0001		17,729		10,447		180,308
Series D-2 Preferred Stock	$	0.0001		1,241		—		—
Total				51,033		41,588	$	759,582

Dividends

On July 10, 2025, the Company’s Board of Directors declared a dividend (the “Preferred Stock Dividend”) payable in shares of the Company's common stock in respect of all accrued and unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock held as of July 11, 2025. The Company paid the Preferred Stock Dividend on July 16, 2025, upon receipt of consents that were required from certain third parties, and issued approximately 3.3 million shares of common stock to the then-existing holders of its Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock.

On August 8, 2025, the Company’s Board of Directors declared a dividend (the “IPO Closing Preferred Stock Dividend”) payable in cash in respect of all unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock that had accrued following July 11, 2025 through the conversion of such Preferred Stock into shares of common stock on August 8, 2025 in connection with the completion of the IPO. On August 28, 2025, the Company paid the IPO Closing Preferred Stock Dividend in an aggregate amount of $5.0 million in cash.

Warrants to Purchase Common Stock

On October 31, 2024, the Company entered into the Series D Purchase Agreement with certain investor parties and on the same date sold 10.4 million shares of its Series D-1 Preferred Stock at a purchase price of $16.9213 per share for aggregate gross proceeds of $175.5 million (the “Series D Initial Closing”), including $25.8 million principal and accrued interest from the conversion of the subordinated convertible promissory notes. On November 15, 2024, the Company completed a subsequent closing (the “Series D Second

Closing”) and sold an additional 0.1 million shares of Series D-1 Preferred Stock at $16.9213 per share for aggregate gross proceeds of $1.3 million.

In connection with the issuance of the Series D-1 Preferred Stock at the Series D Initial Closing, the Company issued investors the Common Warrants to purchase an aggregate of 1.0 million shares of common stock with a ten-year term and exercise price of $0.91 per share (subject to certain adjustments). The Common Warrants were classified as derivative liabilities as they contained a change of control provision that could result in the holders receiving a settlement amount exceeding the fair value of the Common Warrants at the time of settlement and such provision could have also resulted in the Common Warrants being redeemed outside of the Company’s control. The Common Warrants were measured at fair value both initially and subsequently with changes in fair value recognized through earnings. The fair value of the Common Warrants was $1.3 million upon issuance, which created a discount on the Series D-1 Preferred Stock that discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In connection with the IPO on August 8, 2025, all Common Warrants were exercised into the Company’s common stock.

Tranche Obligations

At the time of the Series D Initial Closing, the Company granted the RPM Investor (an investor in the Series D-1 Preferred Stock) the option but not obligation to purchase up to 1.8 million shares of Series D-1 Preferred Stock at a purchase price of $16.9213 per share (the “RPM Call Option”) at the final closing of the Series D Preferred Stock. On November 15, 2024, in connection with the Series D Second Closing, the number of the shares underlying the RPM Call Option was amended to 1.9 million shares.

In addition, at the time of the Series D Initial Closing, the Company and the Majority Sponsor, an affiliate of AE Industrial, agreed that, if the total amount of the Series D Preferred Stock purchased was less than $250.0 million within six months of the Series D Initial Closing, the Majority Sponsor would purchase additional Series D Preferred Stock to make their total investment equal to $125.0 million (the “Majority Sponsor Top-Up,” and together with the RPM Call Option, the “Tranche Obligations”).

The Tranche Obligations are classified as liabilities. The RPM Call Option represents an unconditional obligation to issue Series D-1 Preferred Stock, and the Majority Sponsor Top-Up represents a conditional obligation to issue Series D Preferred Stock. Because the Series D Preferred Stock may be redeemed upon events not within the Company’s control, the Tranche Obligations embody a conditional obligation for the Company to transfer assets to repurchase its equity under such a scenario.

The Tranche Obligations are measured at fair value both initially and subsequently with changes in fair value recognized through earnings. Upon issuance, the aggregate value of the Tranche Obligations created a discount on the Series D-1 Preferred Stock and this discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In March 2025, the Majority Sponsor Top-Up expired unexercised when the total amount of Series D Preferred Stock purchased by investors exceeded $250.0 million. On March 24, 2025, the RPM Call Option was terminated via amendment of the Series D Purchase Agreement. As a result, the Majority Sponsor Top-Up and RPM Call Option were derecognized from the unaudited condensed consolidated balance sheet, with all related amounts recognized in other income, net.

- Definition

The entire disclosure for equity.

+ References

+ Details

Notes Payable and Warrants

9 Months Ended

Sep. 30, 2025

Notes Payable [Abstract]

Notes Payable and Warrants

9. Notes Payable and Warrants

Financing Agreement

On July 17, 2023, the Company entered into a financing agreement (as amended from time to time and last amended August 13, 2024, the “Financing Agreement”) among the Company, as the Borrower, certain subsidiaries of the Company (collectively, “Guarantors”), lenders (the “Lenders”) and U.S. Bank Trust Company, N.A., as administrative agent and collateral agent (“Agent”). The Financing Agreement provided term loans in the aggregate principal amount of $136.1 million, comprised of $103.5 million principal amount of term A loans (the “Term A Loans”) and $32.6 million principal amount of term B loans (the “Term B Loans,” and together with the Term A Loans, and along with the incremental term loans from subsequent amendments from time to time, the “Term Loans”). The Term Loans mature on July 17, 2028 (the “Term Loan Maturity Date”).

All obligations under the Financing Agreement were guaranteed by the Company and Guarantors, comprised of all wholly owned domestic subsidiaries of the Company other than certain excluded subsidiaries, and were secured by substantially all of the Company’s assets.

An AON Insurance Policy was issued to the Agent on behalf of the Lenders, which indemnified the Lenders up to $103.5 million of the Term A Loans for any loss incurred if the Company fails to pay the Term Loans when due. The Company paid the initial insurance premium of $15.0 million using the proceeds from the Term Loans. The Company was required to pay the insurer an exit fee equal to 0.75% of the principal amount of the Term A Loans on the date on which the loans were prepaid.

The Financing Agreement required the Company to fund certain collateral accounts, comprised of interest reserve accounts and an insurance premium reserve account. Cash interest due but not paid from available unrestricted cash was payable from the interest reserve accounts, and funds deposited in the insurance premium account were used to pay the insurance premiums when due.

The Company paid $18.7 million in debt issuance costs, including both lender fees and third-party costs, using the proceeds of the Term Loans.

The Term Loans bore fixed interest rates. The interest rate for the Term A Loans was 13.875% per annum. The interest rate for the Term B Loans is 13.875% per annum from the initial closing date to the third anniversary of the initial closing date and 19.135% per annum thereafter until the Term Loan Maturity Date. Interest was computed on the basis of a 360‑day year for the actual number of days elapsed and payable monthly in cash and in arrears on the last business day of each calendar month.

Mandatory prepayments were required to be made upon the occurrence of certain events. Voluntary prepayments were permitted in whole or in part at any time. All prepayments were subject to a specified premium that applies for the first 32 months following the initial closing date, calculated as the present value of the sum of the amounts of each unpaid interest payment due during the specified premium period computed using a discount rate equal to the treasury rate on the day one business day prior to the date of prepayment, plus 0.5%.

The Financing Agreement contained certain covenants including a requirement for a minimum cash balance, financial covenants, and negative covenants customary for transactions of this type, including a specific covenant to the interest reserve accounts to maintain a minimum interest reserve amount equal to 7.9% of the aggregate balance of the Term Loans.

The initial debt issuance costs, including the insurance premium paid, estimated second premium and final premium, exit fee and discount created by allocating proceeds to the fair value of the Series J Warrants issued in connection with the issuance of the Term Loans (see below “Warrants to Purchase Series J Preferred Stock” for details), were deferred and amortized to interest expense over the contractual term of the Term Loans using the effective interest method.

The subsequent amendments of the Financing Agreement following the initial closing date did not result in a troubled debt restructuring and were all accounted for as debt modifications. As a result, the third-party costs incurred were expensed and newly incurred lender fees, along with the previously deferred and unamortized issuance costs of the Term Loans prior to the amendments, were deferred and amortized over the remaining contractual term of the Term Loans.

Term Loans Extinguishment

On August 8, 2025, the Company completed its IPO and used a portion of the net proceeds to fully repay the outstanding Term Loans under the Financing Agreement. The repayment included the principal amounts of the outstanding Term Loans, accrued interest, and applicable prepayment premiums.

As a result of the extinguishment, the Company recognized a loss on extinguishment of debt of $30.4 million in the three and nine months ended September 30, 2025, which includes the write-off of unamortized debt issuance costs, specified premium, and the exit fee associated with the Term A Loans and Term B Loans. The specified premium applicable to the prepayment was calculated in accordance with the terms of the Financing Agreement.

Following the repayment, all obligations under the Financing Agreement, including guarantees and collateral arrangements, were terminated. The interest reserve accounts and insurance premium reserve account were released, and the related restricted cash balances were reclassified to unrestricted cash.

Interest expense recognized related to the Term Loans for the three and nine months ended September 30, 2025 was as follows:


	For the Three Months Ended September 30, 2025		For the Nine Months Ended September 30, 2025
Contractual interest expense	$	2,055	$	11,605
Amortization of debt issuance costs		759		4,315
Total interest expense	$	2,814	$	15,920

The following table presents the net carrying amounts of the Term Loans as of December 31, 2024:


	Principal Amount Outstanding		Unamortized Debt Issuance Costs		Net Carrying Amount
Term A Loans	$	103,500	$	17,611	$	85,889
Term B Loans		32,617		5,550		27,067
Total	$	136,117	$	23,161	$	112,956

Interest expense recognized related to the Term Loans for the three and nine months ended September 30, 2024 was as follows:


	For the Three Months Ended September 30, 2024		For the Nine Months Ended September 30, 2024
Contractual interest expense	$	5,181	$	14,201
Amortization of debt issuance costs		1,315		5,403
Total interest expense	$	6,496	$	19,604

Series J Warrants

In connection with the execution of the Financing Agreement and issuance of the Term Loans, the Company issued to the Lenders detachable Series J Warrants to purchase an aggregate of 0.6 million shares of Series J Preferred Stock with a 10-year term and an exercise price of $21.1725 per share (subject to certain adjustments). The Series J Warrants are classified as liabilities as they embody an obligation to repurchase the Company’s equity. The Series J Warrants are measured at fair value both initially and subsequently with changes in fair value recognized through earnings.

Convertible Notes

On August 13, 2024, the Company issued $25.0 million in subordinated convertible promissory notes (the “Convertible Notes”) to AE Industrial as the lender. The Convertible Notes accrued 15% interest per annum payable at maturity or upon early prepayment and had an original maturity date of August 18, 2028. The Convertible Notes were subordinated to all other senior indebtedness of the Company.

Pursuant to the terms of the Convertible Notes, the outstanding principal and accrued interest of the Convertible Notes would automatically share settle into the same preferred stock issued to investors at the closing of a qualified financing event, at a settlement price equal to the price of such preferred stock being offered in such financing event. A qualified financing event is a transaction in which the Company sells and issues new preferred shares, including to investors other than AE Industrial or its affiliates.

In the event of a consolidation, or merger of the Company where there is a change of control or a sale, lease or other disposition of all or substantially all of the assets of the Company (“Sale”) prior to a qualified financing event, the Company was required to redeem the Convertible Notes for cash equal to the greater of the outstanding principal plus accrued interest and the amount the lender would have received if the entire outstanding principal amount and all accrued and unpaid interest on the Convertible Notes had been converted into Series C-1 Preferred Stock shares of the Company at the Series C-1 Conversion Price immediately prior to, but contingent upon, the closing of such event.

If neither a qualified financing event or a Sale event occurred prior to the maturity date, the outstanding principal and accrued interest of the Convertible Notes would automatically convert into Series C-1 Preferred Stock of the Company at a conversion price equal to the original issue price of the Series C Preferred Stock (subject to certain adjustments). Series C-1 Preferred Stock would have the same terms as to the Series C Preferred Stock. The outstanding principal and accrued interest of the Convertible Notes could be accelerated by the lender upon the occurrence and continuation of an event of default.

The redemption upon a Sale event feature required bifurcation as an embedded derivative. However, such embedded derivative only had de minimis value given that the probability of the triggering event was considered remote.

The Company did not incur material debt issuance costs. As a result, the effective interest rate of the Convertible Notes is equal to the contractual interest rate of 15% per annum.

The outstanding principal of $25.0 million and accrued interest of $0.8 million of the Convertible Notes automatically share settled into 1.5 million shares of Series D-1 Preferred Stock when the Company closed on the Series D Preferred Stock financing on October 31, 2024. Such settlement was accounted for as a debt extinguishment transaction with no gain or loss being recognized given that the settlement price was at par amount and there was no unamortized debt issuance cost at the time of settlement. Refer to Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail on the Series D-1 Preferred Stock.

Revolving Line of Credit

On August 8, 2025, following the completion of the IPO, the Company entered into a new revolving credit agreement providing for a senior secured revolving credit facility (the “Revolving Credit Facility”) in the aggregate principal amount of $125.0 million, which includes a sublimit for the issuance of letters of credit in an amount up to $15.0 million and a sublimit for swingline loans in an amount up to $7.5 million.

The Revolving Credit Facility matures on August 8, 2028. The loans under the Revolving Credit Facility bear interest at a variable rate per annum equal to, at our option, either (a) term SOFR plus a 3.00% spread or (b) an alternative base rate (as set forth in the credit agreement) plus a 2.00% spread. A commitment fee of 0.375% per annum is applied on the unused commitments under the Revolving Credit Facility.

In connection with the execution of the Revolving Credit Facility, the Company incurred $2.4 million in lender fees, which was deferred and capitalized in other noncurrent assets on the unaudited condensed consolidated balance sheets. As of September 30, 2025, no amounts have been drawn under the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Notes Payable and Warrants (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 08, 2025	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 13, 2024
Debt Instrument [Line Items]
Term loan description					The Company was required to pay the insurer an exit fee equal to 0.75% of the principal amount of the Term A Loans on the date on which the loans were prepaid.
Debt issuance costs					$ 2,083	$ 2,301
Loss on extinguishment of debt		$ 30,400	$ 0		30,400	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000
Letters of credit	15,000
Sublimit for swingline loans	$ 7,500
Variable rate	2.00%
Commitment fee	0.375%
lender fees	$ 2,400
Amount drawn under the revolving credit facility		0			0
Financing Agreement
Debt Instrument [Line Items]
Principal amount		$ 136,100			$ 136,100
Term loan maturity date		Jul. 17, 2028			Jul. 17, 2028
Interest rate for term loans		19.135%			19.135%
Specific additional interest rate of premium					0.50%
Financing Agreement \| Warrants to Purchase Series J Preferred Stock
Debt Instrument [Line Items]
Issued to the lenders series J warrants to purchase					0.6
Exercise price per share		$ 21.1725			$ 21.1725
Term A Loans \| Financing Agreement
Debt Instrument [Line Items]
Principal amount		$ 103,500			$ 103,500
Exit fee				0.75%
Interest rate for term loans		13.875%			13.875%
Term A Loans \| Maximum \| Financing Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 103,500			$ 103,500
Term B Loans \| Financing Agreement
Debt Instrument [Line Items]
Principal amount		32,600			32,600
Term Loan \| Financing Agreement
Debt Instrument [Line Items]
Initial insurance premium		$ 15,000			15,000
Debt issuance costs					$ 18,700
Maintain minimum interest reserve amount		0.079			0.079
Convertible Notes
Debt Instrument [Line Items]
Principal amount							$ 25,000
Term loan maturity date		Aug. 18, 2028			Aug. 18, 2028
Effective interest rate of the term loans		15.00%			15.00%
Outstanding principal amount					$ 25,000
Accrued interest					$ 800
Convertible Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate	3.00%
Convertible Notes \| Series D Preferred Stock
Debt Instrument [Line Items]
Preferred Stock settled shares					1.5

Fair Value Measurement - Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 995,162	$ 137,728
Total financial liabilities	5,267	8,229
Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		170
RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		4,159
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	995,162	95,974
Total financial liabilities	0	0
Level 1 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Level 1 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	41,584
Total financial liabilities	5,267	0
Level 2 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Level 2 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	170
Total financial liabilities	0	8,229
Level 3 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		170
Level 3 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		4,159
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	622,256	81,847
Cash \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	622,256	81,847
Cash \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Cash \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		14,127
Restricted cash \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		14,127
Restricted cash \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Restricted cash \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	372,906	41,584
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	372,906	0
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	41,584
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Series J Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	5,267	2,850
Series J Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	0	0
Series J Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	5,267	0
Series J Warrants \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	$ 0	2,850
Common Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		1,220
Common Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Common Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Common Warrants \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		$ 1,220

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2025
Customer Concentration Risk [Member] \| Customer [Member] \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4.6	$ 3.5	$ 12.5	$ 6.5

The Company, Liquidity, and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Aug. 08, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Accumulated deficit		$ (979,222)		$ (767,623)
Cash flows from operations		(137,665)	$ (117,393)
Series D-1 Preferred Stock funding		$ 244,700
Common stock retained par value		$ 0.0001		$ 0.0001
Common stock reverse split		1-for-3.2544
IPO
Proceeds of underwritng discounts	$ 932,300
Proceeds of commission received	57,400
Offering costs	11,400
Accrued interest	11,400
Stock-based compensation expense.	$ 3,000
Common Stock
Common Stock, Initial public offering	22.2
Common stock retained par value	$ 0.0001
Convertible preferred stock, shares issued upon conversion	105.8
Common stock, share exercised	0.6
Common Stock \| IPO
Common Stock, Initial public offering	2.9
Common stock retained par value	$ 45
Proceeds from initial public offering	$ 998,600
Common Warrants
Common stock, share exercised	1.0
Series D-1 Preferred Stock
Series D-1 Preferred Stock funding		$ 5,000

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease Expense

The following table presents lease expense recognized during the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Finance lease expense:
Amortization of right-of-use assets	$	442	$	217	$	1,190	$	676
Interest on lease liabilities		110		112		355		348
Operating lease expense		182		601		977		1,886
Total lease expense	$	734	$	930	$	2,522	$	2,910

Schedule of Operating and Finance Lease Right-of-Use Assets and Liabilities

Operating and finance lease right-of-use assets and liabilities as of September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	$	9,944	$	14,604
Finance lease right-of-use assets	$	4,143	$	3,708

Liabilities:
Current:
Operating lease liabilities	$	395	$	1,128
Finance lease liabilities	$	1,047	$	856
Noncurrent:
Operating lease liabilities	$	10,553	$	16,466
Finance lease liabilities	$	2,266	$	1,996

Leases - Schedule of Operating and Finance Lease Right-of-use Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 9,944	$ 14,604
Finance lease right-of-use assets	4,143	3,708
Current
Operating lease liabilities	395	1,128
Finance lease liability, current	1,047	856
Noncurrent:
Operating lease liabilities	10,553	16,466
Finance lease liabilities	$ 2,266	$ 1,996

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	IPO	IPO Redeemable Convertible Preferred Stock	IPO Common Stock	IPO Additional Paid-in Capital	IPO Accumulated Deficit	Series C Preferred Stock Redeemable Convertible Preferred Stock	Series D-1 Preferred Stock Redeemable Convertible Preferred Stock	Series D-3 Preferred Stock Redeemable Convertible Preferred Stock	Series D-4 Preferred Stock Redeemable Convertible Preferred Stock	Series M Preferred Stock Redeemable Convertible Preferred Stock
Preferred Stock, Shares Outstanding		29,760
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2023			12,410
Equity, beginning balance at Dec. 31, 2023	$ (504,485)	$ 535,864	$ 1	$ 0	$ (504,486)
Preferred stock beginning balance (in shares) at Dec. 31, 2023		29,760
Issuance of common stock under equity plan (in shares)			179
Issuance of common stock under equity plan	224			224
Stock-based compensation	409			409
Issuance of stock, net (in shares)											1,307				68
Issuance of stock, net											$ 21,000				$ 1,090
Accretion of redeemable convertible preferred stock	(5,219)	$ 5,219		(633)	(4,586)
Net Income (Loss)	(52,771)				(52,771)
Common stock, shares, outstanding, ending balance (in shares) at Mar. 31, 2024			12,589
Equity, ending balance at Mar. 31, 2024	(561,842)	$ 563,173	$ 1	0	(561,843)
Preferred stock ending balance (in shares) at Mar. 31, 2024		31,135
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2023			12,410
Equity, beginning balance at Dec. 31, 2023	(504,485)	$ 535,864	$ 1	0	(504,486)
Preferred stock beginning balance (in shares) at Dec. 31, 2023		29,760
Closing Preferred Stock Dividend	0
Conversion of Preferred Stock to common stock	0
Net exercise of Common Warrants into common stock	0
Net Income (Loss)	(147,014)
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2024			12,994
Equity, ending balance at Sep. 30, 2024	(665,460)	$ 573,919	$ 1	0	(665,461)
Preferred stock ending balance (in shares) at Sep. 30, 2024		31,141
Preferred Stock, Shares Outstanding		31,135
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 31, 2024			12,589
Equity, beginning balance at Mar. 31, 2024	(561,842)	$ 563,173	$ 1	0	(561,843)
Preferred stock beginning balance (in shares) at Mar. 31, 2024		31,135
Issuance of common stock under equity plan (in shares)			284
Issuance of common stock under equity plan	214			214
Stock-based compensation	425			425
Issuance of stock, net (in shares)															6
Issuance of stock, net															$ 96
Accretion of redeemable convertible preferred stock	(5,296)	$ 5,296		(639)	(4,657)
Net Income (Loss)	(53,453)				(53,453)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2024			12,873
Equity, ending balance at Jun. 30, 2024	619,952	$ 568,565	$ 1	0	(619,953)
Preferred stock ending balance (in shares) at Jun. 30, 2024		31,141
Preferred Stock, Shares Outstanding		31,141
Issuance of common stock under equity plan (in shares)			121
Issuance of common stock under equity plan	174			174
Stock-based compensation	462			462
Accretion of redeemable convertible preferred stock	(5,354)	$ 5,354		(636)	(4,718)
Net Income (Loss)	(40,790)				(40,790)
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2024			12,994
Equity, ending balance at Sep. 30, 2024	$ (665,460)	$ 573,919	$ 1	0	(665,461)
Preferred stock ending balance (in shares) at Sep. 30, 2024		31,141
Preferred Stock, Shares Outstanding		31,141
Preferred Stock, Shares Outstanding		41,588
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2024	13,241		13,241
Equity, beginning balance at Dec. 31, 2024	$ (767,622)	$ 759,582	$ 1	0	(767,623)
Preferred stock beginning balance (in shares) at Dec. 31, 2024		41,588
Issuance of common stock under equity plan (in shares)			489
Issuance of common stock under equity plan	748		$ 1	747
Stock-based compensation	431			431
Stock-based compensation (in shares)			15
Issuance of stock, net (in shares)												6,858
Issuance of stock, net												$ 115,304
Accretion of redeemable convertible preferred stock	(12,188)	$ 12,188		(1,178)	(11,010)
Net Income (Loss)	(60,093)				(60,093)
Common stock, shares, outstanding, ending balance (in shares) at Mar. 31, 2025			13,745
Equity, ending balance at Mar. 31, 2025	$ (838,724)	$ 887,074	$ 2	0	(838,726)
Preferred stock ending balance (in shares) at Mar. 31, 2025		48,446
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2024	13,241		13,241
Equity, beginning balance at Dec. 31, 2024	$ (767,622)	$ 759,582	$ 1	0	(767,623)
Preferred stock beginning balance (in shares) at Dec. 31, 2024		41,588
Closing Preferred Stock Dividend	4,990
Conversion of Preferred Stock to common stock	937,087
Net exercise of Common Warrants into common stock	46,060
Net Income (Loss)	$ (257,283)
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2025	148,138		148,138
Equity, ending balance at Sep. 30, 2025	$ 948,821	$ 0	$ 16	1,928,027	(979,222)
Preferred stock ending balance (in shares) at Sep. 30, 2025		0
Preferred Stock, Shares Outstanding		48,446
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 31, 2025			13,745
Equity, beginning balance at Mar. 31, 2025	(838,724)	$ 887,074	$ 2	0	(838,726)
Preferred stock beginning balance (in shares) at Mar. 31, 2025		48,446
Issuance of common stock under equity plan (in shares)			263
Issuance of common stock under equity plan	231			231
Stock-based compensation	760			760
Issuance of stock, net (in shares)												3,546	551
Issuance of stock, net												$ 59,812	$ 10,000
Accretion of redeemable convertible preferred stock	(16,485)	$ 16,485		(991)	(15,494)
Net Income (Loss)	(63,778)				(63,778)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2025			14,008
Equity, ending balance at Jun. 30, 2025	(917,996)	$ 973,371	$ 2	0	(917,998)
Preferred stock ending balance (in shares) at Jun. 30, 2025		52,543
Preferred Stock, Shares Outstanding		52,543
Issuance of common stock under equity plan (in shares)			1,833
Issuance of common stock under equity plan	1,656		$ 1	1,655
Stock-based compensation	4,000			4,000
Issuance of stock, net (in shares)														2,811
Issuance of stock, net														$ 47,880
Accretion of redeemable convertible preferred stock	(6,950)	$ 6,950		(0)	(6,950)
Issuance of Common Stock to Settle Preferred Stock Dividend amount	86,124	(86,124)		11,976	74,148
Issuance of Common Stock to Settle Preferred Stock Dividend Shares			3,251
Issuance Of Underwriting Discounts And Commissions And Other Offering Costs						$ 932,333		$ 2	$ 932,331
Issuance Of Underwriting Discounts And Commissions And Other Offering Costs, Shares								22,190
Closing Preferred Stock Dividend							$ (4,990)		(4,990)	$ 4,990
Conversion of Preferred Stock to common stock						$ (937,006)	$ (937,087)	$ 11	$ 936,995
Conversion of Preferred Stock to common stock, Shares							(55,354)	105,832
Net exercise of Common Warrants into common stock	46,060			46,060
Net exercise of Common Warrants into common stock, Shares			1,024
Net Income (Loss)	$ (133,412)				(133,412)
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2025	148,138		148,138
Equity, ending balance at Sep. 30, 2025	$ 948,821	$ 0	$ 16	$ 1,928,027	$ (979,222)
Preferred stock ending balance (in shares) at Sep. 30, 2025		0
Preferred Stock, Shares Outstanding		0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2025 and December 31, 2024:


		September 30, 2025			December 31, 2024
Payroll-related expenses	$		7,348	$		5,918
Professional services expenses			8,105			4,000
Other accrued expenses			4,718			4,501
Accrued expenses	$		20,171	$		14,419

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Related Party Transactions

The following is a summary of the Company’s related party accounts payable as of September 30, 2025 and December 31, 2024, and related party research and development and selling, general, and administrative expenses for the three and nine months ended September 30, 2025 and 2024:


	September 30, 2025		December 31, 2024
Accounts payable:
AE Industrial	$	46	$	46
Redwire Corporation		744		40
	$	790	$	86


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Expenses:
AE Industrial	$	989	$	150	$	1,139	$	450
G.S. Precision		—		—		223		—
Redwire Corporation		1,173		—		1,425		797
Belcan, LLC		—		129		—		543
	$	2,162	$	279	$	2,787	$	1,790

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

13. Related Party Transactions

Investments and Debts

The following transactions occurred between the Company and AE Industrial, which acquired the Company during 2022 and held a 39.63% equity interest in the Company as of September 30, 2025. Even though the Company is part of AE Industrial’s portfolio of companies, it is not a part of AE Industrial’s consolidated tax return and files its tax returns independently.

During the nine months ended September 30, 2025, AE Industrial purchased 0.3 million shares of the Series D-1 Preferred Stock for an aggregate purchase price of $5.0 million and received $4.5 million for services related to the issuance of Series D-4 Preferred Stock, including placement, negotiation, and closing activities pursuant to a prior agreement. Refer to Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail.

On August 8, 2025, in connection with the Company’s IPO, the Company repaid in full the Term Loans under the Financing Agreement, $21.1 million of which was held by AE Industrial. The repayment occurred prior to the contractual maturity of the Term Loans and triggered early extinguishment fees under the Financing Agreement, including specified premium and exit fees totaling $1.8 million payable to AE Industrial. Refer to Note 9. Notes Payable and Warrants for further detail.

Accounts Payable and Expenses

On August 8, 2025, the Company entered into an Amended and Restated Consulting Agreement (the “Consulting Agreement”) with AE Industrial Operating Partners, LLC (“AE Operating”), an affiliate of AE Industrial. Under the Consulting Agreement, the Company will pay AE Operating an annual fee of approximately $2.4 million for consulting and advisory services until the earlier of August 8, 2027, or the time AE Industrial beneficially owns less than 10% of the Company’s outstanding common stock. Expenses recorded under this agreement for the three and nine months ended September 30, 2025 were $0.3 million.

In addition to AE Industrial, G.S. Precision and Redwire Corporation are also related parties of the Company, as these entities are part of AE Industrial’s portfolio and share a common board of directors. Belcan, LLC was a related party of the Company until August 31, 2024.


	September 30, 2025		December 31, 2024
Accounts payable:
AE Industrial	$	46	$	46
Redwire Corporation		744		40
	$	790	$	86


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Expenses:
AE Industrial	$	989	$	150	$	1,139	$	450
G.S. Precision		—		—		223		—
Redwire Corporation		1,173		—		1,425		797
Belcan, LLC		—		129		—		543
	$	2,162	$	279	$	2,787	$	1,790

In the normal course of business, the Company engages in transactions with certain vendors and customers where AE Industrial maintains a significant ownership interest and/or can exhibit significant influence on the operations of such parties. For the three and nine months ended September 30, 2025 and 2024, transactions with other companies in AE Industrial’s investment portfolio were not material to the Company’s unaudited condensed consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Contingent liabilities	$ 15.7	$ 19.5
Commitments and contingencies (See Note 10)

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Consolidated net loss	$ (133,412)	$ (63,778)	$ (60,093)	$ (40,790)	$ (53,453)	$ (52,771)		$ (257,283)	$ (147,014)
Net loss attributable to common shareholders, basic	(140,362)			(46,144)				(292,906)	(162,883)
Net loss available to common stockholders, diluted	$ (140,362)			$ (46,144)				$ (292,906)	$ (162,883)
Denominator:
Weighted average common shares outstanding - basic	93,849			12,924			12,728	40,389	12,728
Weighted average common shares outstanding - diluted	93,849			12,924			12,728	40,389	12,728
Net loss per share attributable to common stockholders - basic	$ (1.5)			$ (3.57)				$ (7.25)	$ (12.8)
Net loss per share attributable to common stockholders - diluted	$ (1.5)			$ (3.57)				$ (7.25)	$ (12.8)
Series C Preferred Stock
Numerator:
Less: Accretion of dividends	$ 2,298			$ 5,354				$ 13,240	$ 15,869
Series D-1 Preferred Stock
Numerator:
Less: Accretion of dividends	4,524			0				21,989	0
Series D-3 Preferred Stock
Numerator:
Less: Accretion of dividends	$ 128			$ 0				$ 394	$ 0

Fair Value Measurement

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

7. Fair Value Measurement

The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The Company uses the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The carrying amounts of Company’s financial instruments, which include cash equivalents, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities and certain other current liabilities approximate fair value because of their short-term maturities.

The Company issued warrants to purchase Series J Preferred Stock (the “Series J Warrants”) in connection with the Company’s entrance into the Term Loans (as defined in Note 9. Notes Payable and Warrants) and issued warrants to purchase common stock (the “Common Warrants”, together with the “Series J Warrants”, the “Warrants”) and two tranche obligations: (1) the RPM Call Option and (2) the Majority Sponsor Top-Up (both as defined in Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock) in connection with the Company’s issuance of the Series D-1 Preferred Stock. The Company determined that the Warrants and tranche obligations should be classified as either liabilities or assets on the unaudited condensed consolidated balance sheets depending on valuation and are recorded at fair value both initially and subsequently, with changes in fair value recorded through earnings. The Warrants are recorded within warrant liability, the RPM Call Option is recorded within other current liabilities, and the Majority Sponsor Top-Up is recorded within other current assets on the audited consolidated balance sheet as of December 31, 2024. In March 2025, the Majority Sponsor Top-Up expired unexercised when the total amount of Series D-1 Preferred Stock purchased by investors exceeded $250.0 million. On March 24, 2025, the RPM Call Option was terminated via amendment of the Series D stock purchase agreement. As a result, the $0.2 million Majority Sponsor Top-Up and $4.2 million RPM Call Option were derecognized from the unaudited condensed consolidated balance sheet as of September 30, 2025, and recognized in other income, net in the unaudited condensed consolidated statement of net loss and comprehensive loss for the nine months ended September 30, 2025.

Prior to the Company’s IPO on August 8, 2025, the Company used a Monte Carlo simulation model and probability weighted valuations based on different scenarios including change of control, IPO and default scenarios to value the Warrants. The value per Warrant under the change of control scenario was the average value per unit under 50,000 Monte Carlo simulations, the value per Warrant under the IPO scenario was based on the number of common stock equivalent shares (including the Warrants) and total estimated equity value of the Company, and the value per Warrant under the default scenario was assumed to be zero.

In connection with the IPO, the Common Warrants were net exercised into 1.0 million shares of common stock. The Series J Warrants remain outstanding and continue to be classified as liabilities and remeasured at fair value as of September 30, 2025.

Following the IPO, the Company determines the fair value of the Series J Warrants based on the intrinsic value method, calculated as the difference between the trading price of its common stock and the exercise price of the Series J Warrants. As of September 30, 2025, the fair value per Series J Warrant was $8.1475 per warrant.

The following tables present the key inputs applied in the valuations of the Series J Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Average value per Series J Warrant	$	8.43		$	2.86		$	—
Event weighting		55	%		15	%		30	%
Weighted average value per Series J Warrant	$	4.64		$	0.43		$	—
Total probability weighted average value per Series J Warrant							$	5.07

The following tables present the key inputs applied in the valuations of the Common Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Value per Common Warrant on a marketable basis	$	0.98		$	7.03			—
Discount for lack of marketability		40	%		20	%	N/A
Value per Common Warrant on a non-marketable basis	$	0.59		$	5.62		—
Event weighting		55	%		15	%		30	%
Weighted value per Common Warrant	$	0.32		$	0.84			—
Total probability weighted value per Common Warrant							$	1.16

The Company uses the Black-Scholes option-pricing valuation model to value the RPM Call Option. The following table presents the key inputs applied in the valuation of the RPM Call Option as of December 31, 2024:


	December 31, 2024
Weighted average Series D Preferred Stock Price	$	16.53
Exercise price for the RPM Option	$	16.92
Risk-free rate		4.27	%
Volatility		60	%
Term (years)		0.36
Black-Scholes value (per share)	$	2.29
Number of units		1,820
Value of RPM Option	$	4,159

The Company uses the forward pricing valuation model to value the Majority Sponsor Top-Up. The following table presents the key inputs applied in the valuations of the Majority Sponsor Top-Up as of December 31, 2024:


	December 31, 2024
Amount subject to the Majority Sponsor Top-Up	$	20,198
Contractual purchase price for Series D Preferred Stock (per share)	$	16.92
Weighted average Series D Preferred Stock price	$	16.53
Risk-free rate		4.27	%
Term (years)		0.36
Discount factor		0.9849
Value of forward obligation (per share)	$	(0.14	)
Number of units subject to purchase by majority sponsor		1,194
Value of Majority Sponsor Top-Up	$	(170	)

The Company did not issue any Warrants during the three and nine months ended September 30, 2025. The fair value remeasurement of the Series J Warrants resulted in an increase in fair value of $2.7 million and $2.4 million for the three and nine months ended September 30, 2025, respectively, and $0.4 million and $0.5 million for the three and nine months ended September 30, 2024, respectively.

The Company recognized losses of $39.5 million and $44.8 million related to the Common Warrants through their net exercise on August 8, 2025, during the three and nine months ended September 30, 2025, respectively.

The fair value of the Series J Warrants as of September 30, 2025 was $5.3 million.


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	622,256	$	—	$	—	$	622,256
Money market funds		372,906		—		—		372,906
Total financial assets	$	995,162	$	—	$	—	$	995,162
Liabilities:
Series J Warrants		—		5,267		—		5,267
Total financial liabilities	$	—	$	5,267	$	—	$	5,267

The fair value of the Series J Warrants, Common Warrants, and tranche obligations as of December 31, 2024, was $2.9 million, $1.2 million and $4.0 million, respectively. The carrying value of the Term Loans approximated their estimated fair value as of December 31, 2024.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	81,847	$	—	$	—	$	81,847
Restricted cash		14,127		—		—		14,127
Money market funds		—		41,584		—		41,584
Majority Sponsor Top-Up		—		—		170		170
Total financial assets	$	95,974	$	41,584	$	170	$	137,728
Liabilities:
Series J Warrants		—		—		2,850		2,850
Common Warrants		—		—		1,220		1,220
RPM Call Option		—		—		4,159		4,159
Total financial liabilities	$	—	$	—	$	8,229	$	8,229

During the three and nine months ended September 30, 2025, the Company recorded $5.3 million in transfers from Level 3 to Level 2 due to an increase in available observable inputs in market data upon completion of the IPO. There were no transfers between levels within the fair value hierarchy during the three and nine months ended September 30, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “Commission”) for interim financial information. Certain information and disclosures normally included in the audited consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements theretofore the year ended December 31, 2024, included in the Registration Statement on Form S-1 (File No. 333-288646), as amended, initially filed with the Commission in connection with the Company's IPO on July 11, 2025. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated balance sheets, statements of net loss and comprehensive loss, statements of cash flows, and statements of convertible preferred stock and stockholders’ equity (deficit) for these interim periods. The results for the interim period are not necessarily indicative of the results that may be expected for a full year. All intercompany balances and transactions have been eliminated.

Use of Estimates

Concentration of Credit Risk


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Customer 1		64.9	%		75.6	%		78.0	%		62.2	%
Customer 2		1.5	%		24.3	%		10.1	%		18.4	%
Customer 3		17.4	%		0.0	%		5.2	%		0.0	%
Customer 4		0.0	%		0.0	%		0.0	%		13.2	%

Recent Accounting Pronouncements

Recently Issued Accounting Standards

ASU 2023-06

ASU 2023-09

ASU 2024-03

ASU 2025-05

ASU 2025-06

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 169,718	$ 153,973
Launch Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	75,643	65,403
Spacecraft Solutions Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	89,970	87,291
Other Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 4,105	$ 1,279

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Concentration of Credit Risk

The Company’s revenue related to its major customers during the three and nine months ended September 30, 2025 and 2024 was as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Customer 1		64.9	%		75.6	%		78.0	%		62.2	%
Customer 2		1.5	%		24.3	%		10.1	%		18.4	%
Customer 3		17.4	%		0.0	%		5.2	%		0.0	%
Customer 4		0.0	%		0.0	%		0.0	%		13.2	%

Segment and Geographical Information (Additional Information) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment		1
Recognize Revenue		$ 67,200	$ 47,900
Property and equipment, net	$ 142,555	142,555		$ 135,575
Property and Equipment
Segment Reporting Information [Line Items]
Recognize Revenue	0	0
Property and equipment, net	$ 0	$ 0		$ 0

Fair Value Measurement (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Dec. 31, 2024
Average value per unit as per Monte Carlo simulations			Prior to the Company’s IPO on August 8, 2025, the Company used a Monte Carlo simulation model and probability weighted valuations based on different scenarios including change of control, IPO and default scenarios to value the Warrants. The value per Warrant under the change of control scenario was the average value per unit under 50,000 Monte Carlo simulations, the value per Warrant under the IPO scenario was based on the number of common stock equivalent shares (including the Warrants) and total estimated equity value of the Company, and the value per Warrant under the default scenario was assumed to be zero.
Recognized loss	$ 39.5		$ 44.8
Transfers between levels within the fair value hierarchy	5.3		$ 5.3
IPO
Common stock, outstanding common warrants exercised			1.0
Majority Sponsor Top-Up
Preferred stock value					$ 250.0
Call Option derecognized			$ 0.2
tranche obligations
Fair value						$ 4.0
Common Warrant
Fair value						1.2
Call Option
Call Option derecognized			4.2
Series J Warrant
Fair value	5.3		5.3			$ 2.9
Fair value warrant liabilities	$ 2.7	$ 0.4	$ 2.4	$ 0.5
Series J Warrant \| IPO
Public offering price (in USD per share)	$ 8.1475		$ 8.1475

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Tables Present the Key Inputs Applied In the Valuations Warrants

The following tables present the key inputs applied in the valuations of the Series J Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Average value per Series J Warrant	$	8.43		$	2.86		$	—
Event weighting		55	%		15	%		30	%
Weighted average value per Series J Warrant	$	4.64		$	0.43		$	—
Total probability weighted average value per Series J Warrant							$	5.07

The following tables present the key inputs applied in the valuations of the Common Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Value per Common Warrant on a marketable basis	$	0.98		$	7.03			—
Discount for lack of marketability		40	%		20	%	N/A
Value per Common Warrant on a non-marketable basis	$	0.59		$	5.62		—
Event weighting		55	%		15	%		30	%
Weighted value per Common Warrant	$	0.32		$	0.84			—
Total probability weighted value per Common Warrant							$	1.16

Schedule of presents the key inputs applied in the valuation of the RPM Call Option and majority sponsortop-up


	December 31, 2024
Weighted average Series D Preferred Stock Price	$	16.53
Exercise price for the RPM Option	$	16.92
Risk-free rate		4.27	%
Volatility		60	%
Term (years)		0.36
Black-Scholes value (per share)	$	2.29
Number of units		1,820
Value of RPM Option	$	4,159


	December 31, 2024
Amount subject to the Majority Sponsor Top-Up	$	20,198
Contractual purchase price for Series D Preferred Stock (per share)	$	16.92
Weighted average Series D Preferred Stock price	$	16.53
Risk-free rate		4.27	%
Term (years)		0.36
Discount factor		0.9849
Value of forward obligation (per share)	$	(0.14	)
Number of units subject to purchase by majority sponsor		1,194
Value of Majority Sponsor Top-Up	$	(170	)

Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	622,256	$	—	$	—	$	622,256
Money market funds		372,906		—		—		372,906
Total financial assets	$	995,162	$	—	$	—	$	995,162
Liabilities:
Series J Warrants		—		5,267		—		5,267
Total financial liabilities	$	—	$	5,267	$	—	$	5,267

The carrying value of the Term Loans approximated their estimated fair value as of December 31, 2024.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	81,847	$	—	$	—	$	81,847
Restricted cash		14,127		—		—		14,127
Money market funds		—		41,584		—		41,584
Majority Sponsor Top-Up		—		—		170		170
Total financial assets	$	95,974	$	41,584	$	170	$	137,728
Liabilities:
Series J Warrants		—		—		2,850		2,850
Common Warrants		—		—		1,220		1,220
RPM Call Option		—		—		4,159		4,159
Total financial liabilities	$	—	$	—	$	8,229	$	8,229

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

14. Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, restricted stock units, convertible notes and stock options. For the three and nine months ended September 30, 2025 and 2024, there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock are participating securities under the two-class method, however, holders of the Preferred Stock are not required to fund losses. Dividends have been accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock (refer to Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail).

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Consolidated net loss	$	(133,412	)	$	(40,790	)	$	(257,283	)	$	(147,014	)
Less: Accretion of dividends of Series C Preferred Stock		2,298			5,354			13,240			15,869
Less: Accretion of dividends of Series D-1 Preferred Stock		4,524			—			21,989			—
Less: Accretion of dividends of Series D-3 Preferred Stock		128			—			394			—
Net loss available to common stockholders	$	(140,362	)	$	(46,144	)	$	(292,906	)	$	(162,883	)
Denominator:
Weighted average common shares outstanding – basic and diluted		93,849			12,924			40,389			12,728
Net loss per share attributable to common stockholders – basic and diluted	$	(1.50	)	$	(3.57	)	$	(7.25	)	$	(12.80	)

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	September 30, 2025		September 30, 2024
Convertible Series Seed Preferred Stock		—		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273
Convertible Series A Preferred Stock		—		6,005
Convertible Series B Preferred Stock		—		5,869
Convertible Series C Preferred Stock		—		11,159
Convertible Series M Preferred Stock		—		2,812
Series J Warrants		646		646
Stock options		15,500		14,125
Restricted stock units		2,959		—
Total		19,105		45,912

Leases (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Right-of-use assets - operating leases	$ 9,944		$ 9,944		$ 14,604
Right-of-use assets - operating leases decreases	4,300		4,300
Lease Liability	4,500		4,500
Notes payable, current	6,985		6,985		6,349
Notes payable, non-current	23,228		23,228		124,079
Payment for purchase and leaseback agreements	1,400	$ 1,000	4,100	$ 1,200
Interest expense on purchase and leaseback agreement	600	$ 500	1,800	$ 700
Minimum cash balance			22,500
Sale and Leaseback Transactions Member
Lessee, Lease, Description [Line Items]
Notes payable	34,700		34,700
Notes payable, current	5,900		5,900		5,500
Notes payable, non-current	$ 22,600		$ 22,600		$ 27,100
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term			5 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term			7 years

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

The following table presents revenue disaggregated by type for the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Launch revenue	$	9,424	$	13,242	$	20,943	$	17,523
Spacecraft Solutions revenue		21,354		9,128		81,239		34,235
Total revenue	$	30,778	$	22,370	$	102,182	$	51,758

Launch Revenue

The Company has contracts with commercial and government entities to provide launch and integration services for payloads requiring transportation into orbit via launch vehicles. These contracts may include milestone payments and deposits. The Company considers the performance obligation under these contracts to be the initiation of the launch and recognizes revenue at that point in time. When the contract contains multiple performance obligations, stand-alone selling prices are established for each performance obligation in the contract based on cost plus margin or market prices for similar goods and services.

The Company also enters into contracts with its customers to provide engineering services and related components, and to develop and provide licenses for intellectual property. In these cases, the Company’s performance obligation is satisfied over time since the tasks are performed according to the customer’s specifications, which creates an asset with no alternative use to the Company, for which the Company has an enforceable right to payment for performance completed to date. The measure of progress over time is based upon an input method using a cost-to-cost measure which best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total cost at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity, and the costs of overhead. If estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is incurred. Engineering services billed hourly are recognized over time.

Spacecraft Solutions Revenue

The Company contracts with commercial and government entities to provide end-to-end services for the transportation of payloads. These contracts include milestone payments and deposits. The Company considers the performance obligation under these contracts to be the end-to-end commercial payload service. These contracts typically require that the customer make milestone payments as specific conditions and tasks are performed. The Company’s payload services obligation is satisfied over time since the tasks are performed according to the customer’s specifications which creates an asset with no alternative use to the Company where the Company has an enforceable right to payment for performance completed to date. The measure of progress over time is based upon an input method using a cost-to-cost measure which best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity, and the costs of overhead. If estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is incurred.

For all revenue streams, the Company considers milestone payments that are contingent on the success of a mission to be variable consideration. The Company assesses the likelihood of success of a mission at inception and may defer the recognition of some or all of the variable consideration until success of the mission is assured.

The Company’s contracts may provide customers with termination for convenience clauses, which may or may not include termination penalties. In some contracts, the size of the contractual termination penalty increases closer to the scheduled launch date. At the inception of each contract, the Company evaluates the contract’s termination provisions and the impact on the accounting contract term (i.e., the period in which the Company has enforceable rights and obligations). This includes evaluating whether there are termination penalties and if so, whether they are considered substantive. The Company applies judgment in determining whether the termination penalties are substantive.

The Company has elected the following practical expedients for Launch and Spacecraft Solutions revenue: (1) the Company does not account for significant financing components if the period between revenue recognition and when the customer pays for the product or

service will be one year or less, and (2) the Company does not account for shipping and handling activities as a separate performance obligation, but rather as an activity performed to transfer the promised good or service.

The Company includes in its computation of remaining performance obligations customer orders for which it has accepted signed sales orders. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $723.1 million. The Company expects to recognize approximately 20.7% of its remaining performance obligations as revenue within the next 12 months. The remaining performance obligations are expected to be recognized over the next five years.

Contract Balances

Contract assets and liabilities reflect timing differences between the receipt of consideration and the fulfillment of performance obligations under a contract with a customer. Contract assets reflect performance obligations satisfied, and revenue recognized in advance of customer billings. Contract liabilities reflect consideration received in advance of the satisfaction of a performance obligation under a contract with a customer. Contract assets become trade receivables once the Company’s rights to consideration become unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due. Contract costs are those costs directly related to fulfillment of specified customer contracts. Contract assets are recorded within other current assets, and contract liabilities are recorded within deferred revenue on the unaudited condensed consolidated balance sheets.

The Company had Launch contract assets of $2.5 million as of September 30, 2025. The Company did not have any contract asset balances as of December 31, 2024.

Deferred revenue consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Launch	$	75,643	$	65,403
Spacecraft Solutions	$	89,970		87,291
Other	$	4,105		1,279
Total deferred revenue	$	169,718	$	153,973

During the nine months ended September 30, 2025 and 2024, the Company recognized $67.2 million and $47.9 million, respectively, of revenue that was included in the contract liabilities balance at the beginning of each period.

Loss Contracts

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the existence or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract prices. The Company did not recognize any new material loss provisions during the three and nine months ended September 30, 2025 and 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Notes Payable and Warrants - Principal Payments Under the Term Loans (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total	$ 112,956

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Related Party Transactions (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended		9 Months Ended
	Aug. 08, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Percentage of shares acquired				39.63%
Number of shares issued in transaction				0.3
Aggregate purchase price				$ 244,700
Repayments of debt	$ 21,100
Extinguishment fees	1,800
Non operating Income Expense		$ (71,219)	$ (6,596)	(82,196)	$ (14,779)
Consulting Agreement
Consulting and advisory services fees	$ 2,400
Non operating Income Expense		$ 300		300
Equity Method Investment \| Consulting Agreement
Outstanding common stock owning percentage	10.00%
Series D-1 Preferred Stock
Aggregate purchase price				5,000
Series D-4 Preferred Stock
Aggregate purchase price				$ 4,500

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

SciTec Acquisition

On October 5, 2025, the Company entered into an Agreement and Plan of Reorganization (the “Reorganization Agreement”) with Big Bend RV Merger Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Firefly, Big Bend FW Merger Sub, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company, SciTec, Inc., a New Jersey corporation (and, following the consummation of the restructuring transactions contemplated by the Reorganization Agreement, SciTec, LLC, a Delaware limited liability company, collectively, “SciTec”), the individuals executing a signature page thereto, including the trustee named therein as the representative of the SciTec, Inc. Employee Stock Ownership Plan, SciTec Holdco, Inc., a Delaware corporation, and James Lisowski, as representative for the non-ESOP Sellers thereunder. The acquisition will advance Firefly’s comprehensive space services by adding mission-proven defense software analytics, remote sensing, and multi-phenomenology data expertise. The transactions contemplated by the Reorganization Agreement (collectively, the “SciTec Acquisition”) closed on October 31, 2025.

The aggregate purchase price paid upon closing was $855.6 million consisting of (i) $300 million in cash and (ii) 11,111,116 shares of the Company's common stock. The closing cash purchase price remains subject to certain customary post-closing adjustments.

Due to the limited time since the acquisition date, the initial accounting for the SciTec Acquisition is not yet complete. We are not able to provide amounts recognized as of the acquisition date for major classes of assets and liabilities acquired or supplemental pro forma revenue or earnings of the combined businesses.

Amended and Restated Credit Agreement

On November 7, 2025, the Company amended the revolving credit agreement, which provides the Company with the Revolving Credit Facility. The amendment, among other things, increased the commitments under the Revolving Credit Facility by $135.0 million for an aggregate principal amounts of $260.0 million. The Revolving Credit Facility will mature on August 8, 2028.

Revenue (Additional Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation	$ 723.1
Revenue, Remaining Performance Obligation, Percentage	20.70%
Contract assets	$ 2.5		$ 0.0
Contract liability	$ 67.2	$ 47.9

Accrued Expenses

9 Months Ended

Sep. 30, 2025

Disclosure Text Block [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2025 and December 31, 2024:


		September 30, 2025			December 31, 2024
Payroll-related expenses	$		7,348	$		5,918
Professional services expenses			8,105			4,000
Other accrued expenses			4,718			4,501
Accrued expenses	$		20,171	$		14,419

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 30,778	$ 22,370	$ 102,182	$ 51,758
Launch Revenue
Disaggregation of Revenue [Line Items]
Total revenue	9,424	13,242	20,943	17,523
Spacecraft Solutions Revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 21,354	$ 9,128	$ 81,239	$ 34,235

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value Measurement - Schedule of presents the key inputs applied in the valuation of the RPM Call Option and majority sponsortop-up (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Black-Scholes option-pricing valuation
Business Combination [Line Items]
Weighted average Series D Preferred Stock Price	$ 16.53
Contractual purchase price for Series D Preferred Stock (per share)	$ 16.92
Risk-free rate	4.27%
Volatility	60.00%
Term (years)	4 months 9 days
Black-Scholes value (per share)	$ 2.29
Number of units \| shares	1,820
Value of RPM Option \| $	$ 4,159
forward pricing valuation model
Business Combination [Line Items]
Weighted average Series D Preferred Stock Price	$ 16.53
Contractual purchase price for Series D Preferred Stock (per share)	$ 16.92
Risk-free rate	4.27%
Term (years)	4 months 9 days
Amount subject to the Majority Sponsor Top-Up \| $	$ 20,198
Discount factor	0.9849%
Value of forward obligation (per share)	$ (0.14)
Number of units subject to purchase by majority sponsor \| shares	1,194
Value of Majority Sponsor Top-Up \| $	$ (170)

Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions	Oct. 05, 2025	Nov. 07, 2025	Sep. 30, 2025	Aug. 08, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Common stock, shares, issued (in shares)			148,138,000		13,241,000
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 125.0
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 135.0
Revolving credit facility, aggregate principal amounts		$ 260.0
Subsequent Event \| Firefly
Subsequent Event [Line Items]
Business aquisition, aggregate purchase price upon closing	$ 855.6
Common stock, shares, issued (in shares)	11,111,116
Aggregate Purchased price	$ 300.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Customer 1
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	64.90%	75.60%	78.00%	62.20%
Customer 2
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	1.50%	24.30%	10.10%	18.40%
Customer 3
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	17.40%	0.00%	5.20%	0.00%
Customer 4
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	0.00%	0.00%	0.00%	13.20%

- Definition

+ References + Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll-related expenses	$ 7,348	$ 5,918
Professional services expenses	8,105	4,000
Other accrued expenses	4,718	4,501
Accrued expenses	$ 20,171	$ 14,419

Notes Payable and Warrants - Net Carrying Amount of the Term Loans (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding	$ 136,117
Unamortized debt issuance costs	23,161
Net carrying amount	112,956
Term A Loans
Debt Instrument [Line Items]
Principal amount outstanding	103,500
Unamortized debt issuance costs	17,611
Net carrying amount	85,889
Term B Loans
Debt Instrument [Line Items]
Principal amount outstanding	32,617
Unamortized debt issuance costs	5,550
Net carrying amount	$ 27,067

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Accounts payable - related parties	$ 790		$ 790		$ 86
Expenses- related parties	2,162	$ 279	2,787	$ 1,790
AE Industrial
Related Party Transaction [Line Items]
Accounts payable - related parties	46		46		46
Expenses- related parties	989	150	1,139	450
G.S. Precision
Related Party Transaction [Line Items]
Expenses- related parties	0	0	223	0
Redwire Corporation
Related Party Transaction [Line Items]
Accounts payable - related parties	744		744		$ 40
Expenses- related parties	1,173	0	1,425	797
Belcan, LLC
Related Party Transaction [Line Items]
Expenses- related parties	$ 0	$ 129	$ 0	$ 543

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurement - Present the Key Inputs Applied In the Valuations Warrants (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares
Change of Control Scenario \| Common Warrant
Event weighting	55.00%
Value per Common Warrant on a marketable basis	$ 0.98
Discount for lack of marketability	40.00%
Value per Common Warrant on a non-marketable basis	$ 0.59
Weighted Value per Common Warrant	$ 0.32
IPO Scenario \| Common Warrant
Event weighting	15.00%
Value per Common Warrant on a marketable basis	$ 7.03
Discount for lack of marketability	20.00%
Value per Common Warrant on a non-marketable basis	$ 5.62
Weighted Value per Common Warrant	$ 0.84
Default Scenario \| Common Warrant
Event weighting	30.00%
Total probability weighted value per Common Warrant	$ 1.16
Series J Warrant \| Change of Control Scenario
Average value per Series J Warrant	$ 8.43
Event weighting	55.00%
Weighted average value per Series J Warrant	$ 4.64
Series J Warrant \| IPO Scenario
Average value per Series J Warrant	$ 2.86
Event weighting	15.00%
Weighted average value per Series J Warrant	$ 0.43
Series J Warrant \| Default Scenario
Event weighting	30.00%
Total probability weighted average value per Series J Warrant	$ 5.07

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company computes its provision for income taxes by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusts the provision for discrete tax items recorded in the period.

The Company had no income tax expense for either the three or nine months ended September 30, 2025 or for the three and nine months ended September 30, 2024, income tax expense was primarily attributable to the valuation allowance established against U.S. federal and state deferred income tax assets.

- Definition

The entire disclosure for income tax.

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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (257,283)	$ (147,014)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,539	6,510
Loss on sale of fixed assets	0	1,824
Stock-based compensation	5,191	1,296
Change in fair value of warrant liability	47,257	479
Loss on extinguishment of debt	30,400	0
Non-cash interest expense	4,595	5,790
Non-cash inventory write-off	0	247
Changes in operating assets and liabilities:
Accounts receivable	(4,123)	(3,055)
Advanced payments	34,550	(17,205)
Other assets	(996)	5,460
Accounts payable	(5,300)	10,956
Accounts payable - related parties	704	(1,312)
Accrued expenses	(5,035)	(5,941)
Other liabilities	(11,812)	19,334
Right-of-use assets	1,549	2,562
Lease liabilities	(6,646)	(3,616)
Deferred revenue	15,745	6,292
Net cash used in operating activities	(137,665)	(117,393)
Cash Flows from investing activities:
Purchases of property and equipment	(20,757)	(30,041)
Net cash used in investing activities	(20,757)	(30,041)
Cash Flows from financing activities:
Proceeds from issuance of common stock	943,736	0
Payments of offering costs associated with IPO	(4,208)	0
Proceeds from issuance of Preferred Stock, net	235,506	22,186
Principal payments on finance leases	(1,166)	(595)
Proceeds from issuance of notes payable	0	48,990
Payment of IPO Closing Preferred Stock Dividend	(4,990)	0
Proceeds from notes payable - related parties	0	25,000
Repayment of notes payable - related parties	(21,117)	0
Payments on Notes Payable	(131,457)	(2,181)
Payments of debt issuance costs	(2,083)	(2,301)
Proceeds from repayment of employee note	396	206
Proceeds from exercise of stock options	2,238	407
Net cash provided by financing activities	1,016,855	91,712
Net increase (decrease) in cash and cash equivalents and restricted cash	858,433	(55,722)
Balance, beginning of period	137,558	95,146
Balance, end of period	995,991	39,424
Cash and cash equivalents	995,162	26,359
Restricted cash, current	829	1,087
Restricted cash, non-current	0	11,978
Total cash and cash equivalents and restricted cash at the end of the period	995,991	39,424
Supplemental disclosures of cash flow information
Cash paid for interest	14,443	16,828
Non-cash investing and financing activities
Property and equipment additions in accounts payable	1,905	170
Capitalized interest (paid-in-kind)	683	0
Issuance of debt in exchange of software licenses	664	0
Acqusition of software license assets and obligations	10,633	0
Right-of-use asset acquired in exchange for finance lease liabilities	1,625	470
Net exercise of Common Warrants into common stock	46,060	0
Unpaid deferred offering costs associated with IPO	7,195	0
Preferred Stock issuance costs not yet paid	3,510	0
Issuance of common stock to settle Preferred Stock Dividends	86,124	0
Conversion of Preferred Stock to common stock	$ 937,087	$ 0

Notes Payable and Warrants (Tables)

9 Months Ended

Sep. 30, 2025

Notes Payable [Abstract]

Schedule of Interest Expense Related to the Term Loans

Interest expense recognized related to the Term Loans for the three and nine months ended September 30, 2025 was as follows:


	For the Three Months Ended September 30, 2025		For the Nine Months Ended September 30, 2025
Contractual interest expense	$	2,055	$	11,605
Amortization of debt issuance costs		759		4,315
Total interest expense	$	2,814	$	15,920

Interest expense recognized related to the Term Loans for the three and nine months ended September 30, 2024 was as follows:


	For the Three Months Ended September 30, 2024		For the Nine Months Ended September 30, 2024
Contractual interest expense	$	5,181	$	14,201
Amortization of debt issuance costs		1,315		5,403
Total interest expense	$	6,496	$	19,604

Series J Warrants

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (133,412)	$ (63,778)	$ (60,093)	$ (40,790)	$ (53,453)	$ (52,771)	$ (257,283)	$ (147,014)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Contingencies

The Company recognized $15.7 million and $19.5 million in contingent liabilities related to Spaceflight, Inc. contracts as of September 30, 2025 and December 31, 2024, respectively, which is included in other non-current liabilities in the unaudited condensed consolidated balance sheets.

Stockholders Deficit and Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, shares authorized (in shares)		51,033
Temporary equity, Shares issued		41,588
Temporary equity, Shares outstanding		41,588
Temporary equity, Carrying value		$ 759,582
Series Seed Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		2,023
Temporary equity, Shares issued		2,023
Temporary equity, Shares outstanding		2,023
Temporary equity, Carrying value		$ 2,950
Series Seed-1 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		3,273
Temporary equity, Shares issued		3,273
Temporary equity, Shares outstanding		3,273
Temporary equity, Carrying value		$ 204,454
Series A Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		6,005
Temporary equity, Shares issued		6,005
Temporary equity, Shares outstanding		6,005
Temporary equity, Carrying value		$ 74,913
Series B Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		5,869
Temporary equity, Shares issued		5,869
Temporary equity, Shares outstanding		5,869
Temporary equity, Carrying value		$ 72,096
Series C Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		11,159
Temporary equity, Shares issued		11,159
Temporary equity, Shares outstanding		11,159
Temporary equity, Carrying value		$ 213,871
Series M Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		2,812
Temporary equity, Shares issued		2,812
Temporary equity, Shares outstanding		2,812
Temporary equity, Carrying value		$ 10,990
Series J Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		922
Temporary equity, Shares issued		0
Temporary equity, Shares outstanding		0
Temporary equity, Carrying value		$ 0
Series D-1 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		17,729
Temporary equity, Shares issued		10,447
Temporary equity, Shares outstanding		10,447
Temporary equity, Carrying value		$ 180,308
Series D-2 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		1,241
Temporary equity, Shares issued		0
Temporary equity, Shares outstanding		0
Temporary equity, Carrying value		$ 0
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	100,000	51,033
Temporary equity, Shares issued	0	41,588
Temporary equity, Shares outstanding	0	41,588

The Company, Liquidity, and Basis of Presentation

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company, Liquidity, and Basis of Presentation

1. The Company, Liquidity, and Basis of Presentation

Firefly Aerospace Inc., together with its wholly owned subsidiaries (collectively, “Firefly” or the “Company”), is based in Cedar Park, Texas. The Company was incorporated under the laws of the State of Delaware on January 27, 2017, and commenced operations on May 1, 2017.

On August 8, 2025, the Company completed an initial public offering (“IPO”) of shares of its common stock, par value $0.0001 per share. The Company’s common stock trades on the NASDAQ under the ticker “FLY”.

The Company is a market-leading space and defense technology company providing comprehensive mission solutions to national security, government and commercial customers with an established track record of mission success. The Company’s mission is to enable responsive and reliable launch, transit, and operations in space for its national security and commercial customers globally. The Company is a leading provider of fully integrated launch and space services technology, committed to enabling launch, transit and operations in space through responsive, reliable and affordable solutions – anywhere, anytime. The Company’s vertically integrated approach encompasses the design, manufacturing and operation of small to medium launch vehicles, landers, and spacecraft, allowing it to service the entire lifecycle of government and commercial missions from Low Earth Orbit to the Moon and to deep space. Its purpose-built family of products aligns with the ongoing paradigm shift in government missions and procurement processes, where speed, efficiency, and economics drive customer decision-making. Through its offerings across launch, lander and spacecraft, its vertically integrated product line, and its infrastructure, Firefly serves as a critical provider for commercial and government customers.

Since Firefly’s formation, it has established itself as a category leader across a diverse range of products and services that takes a comprehensive approach to providing a family of solutions to its customers’ space-based opportunities.

As an early-stage company with a limited commercial operating history, Firefly is subject to all the risks and expenses associated with a start-up company. The Company must, among other things, respond to competitive developments, attract, retain, and motivate qualified personnel, and support the expense of marketing new products based on innovative technology. The Company expects to transition to operating as a manufacturing company, capable of producing and selling products at scale, as of the date the technological feasibility of the Alpha rocket is confirmed. The Company defines technological feasibility as satisfying three specific conditions: (i) reaching product qualification, (ii) achieving production readiness, and (iii) having successfully deployed a customer’s payload into its specific orbit and final destination. The Company has successfully deployed customer payloads into their specific orbits or destinations as of September 30, 2025. The Company’s executive leadership comprised of at least the Chief Operating Officer and the Chief Technology Officer shall determine at what point the Company’s products have been fully qualified to reach technological feasibility and full-rate production. Until this determination is made, the Company has not recorded any inventory amounts, and all costs incurred are expensed.

Liquidity and Initial Public Offering

The unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business. From inception, the Company has incurred an accumulated deficit totaling $979.2 million and $767.6 million as of September 30, 2025 and December 31, 2024, respectively, and has incurred $137.7 million and $117.4 million in negative cash flows from operations during the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Company raised $244.7 million, through its Series D-1, Series D-3, and Series D-4 Preferred Stock financings.

On August 8, 2025, the Company completed its IPO of an aggregate of 22.2 million shares of its common stock, par value $0.0001, which includes the exercise in full by the underwriters of their option to purchase an additional 2.9 million shares of common stock, at a public offering price of $45.00 per share, for an aggregate offering price of $998.6 million. The Company received aggregate proceeds of $932.3 million, net of $57.4 million of underwriting discounts and commissions and $11.4 million of offering costs.

In connection with the closing of the IPO, all outstanding shares of the Company's Preferred Stock (as defined in Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock) were converted into 105.8 million shares of common stock. All outstanding Common Warrants were automatically exercised into 1.0 million shares of common stock and 0.6 million shares of common stock are reserved for issuance upon exercise of the Series J Warrants (each as defined in Note 7. Fair Value Measurement).

On August 8, 2025, the Company used a portion of the net proceeds from the IPO to repay the Term Loans under the Financing Agreement (each as defined in Note 9. Notes Payable and Warrants), together with the specified prepayment premium of $11.4 million, and accrued interest.

Certain of the Company's previously granted and outstanding stock options included both service-based and performance-based vesting conditions. The performance condition related to these awards was satisfied upon the effectiveness of the IPO, resulting in the one-time recognition of $3.0 million of stock-based compensation expense.

In connection with the IPO, the Company effected a 1-for-3.2544 reverse stock split of its common stock and a proportionate decrease in the number of its authorized shares. All share and per share information, including share-based compensation, throughout the accompanying unaudited condensed consolidated financial statements has been retroactively adjusted to reflect the reverse stock split.

Firefly plans to manage expenses and obtain additional funds as needed through the issuance of additional equity and debt. Future capital requirements will depend on many factors, including the rate of revenue growth, the selling price of the Company’s products, the expansion of sales and marketing activities, and the timing and extent of spending on research and development activities. If the Company is unable to obtain adequate financing on satisfactory terms when required, the ability to grow or support the business and to respond to business challenges could be significantly limited.

Basis of Presentation

Segment and Geographical Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting Information [Line Items]

Cost of sales

$ (22,288)

$ (14,599)

$ (87,477)

$ (42,959)

Change in fair value of warrant liability

(47,257)

(479)

Loss on extinguishment of debt

(30,400)

Net loss and comprehensive loss

(133,412)

$ (63,778)

$ (60,093)

(40,790)

$ (53,453)

$ (52,771)

(257,283)

(147,014)

Operating Segments [Member]

Segment Reporting Information [Line Items]

Revenue

30,778

22,370

102,182

51,758

Cost of sales

(22,288)

(14,599)

(87,477)

(42,959)

Compensation

^[1]

(28,130)

(19,955)

(74,182)

(59,958)

Materials and consumables

^[1]

(18,014)

(8,067)

(55,729)

(40,209)

Contractors and outside services

^[1]

(3,695)

(1,638)

(11,231)

(7,972)

Depreciation and amortization

^[1]

(3,574)

(2,598)

(9,573)

(7,287)

Interest expense, net

1,334

(6,658)

(9,067)

(14,149)

Change in fair value of warrant liability

(42,150)

(341)

(47,257)

(372)

Loss on extinguishment of debt

(30,400)

Other segment items

^[2]

(17,273)

(9,304)

(34,549)

(25,866)

Net loss and comprehensive loss

$ (133,412)

$ (40,790)

$ (257,283)

$ (147,014)

[1]	Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses and exclude amounts included in the cost of sales.
[2]	Other segment items included primarily related to building and utilities, software licenses and computer services, professional and consulting services fees, loss on disposal of fixed assets, other income, and provision for income taxes.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Consolidated net loss	$	(133,412	)	$	(40,790	)	$	(257,283	)	$	(147,014	)
Less: Accretion of dividends of Series C Preferred Stock		2,298			5,354			13,240			15,869
Less: Accretion of dividends of Series D-1 Preferred Stock		4,524			—			21,989			—
Less: Accretion of dividends of Series D-3 Preferred Stock		128			—			394			—
Net loss available to common stockholders	$	(140,362	)	$	(46,144	)	$	(292,906	)	$	(162,883	)
Denominator:
Weighted average common shares outstanding – basic and diluted		93,849			12,924			40,389			12,728
Net loss per share attributable to common stockholders – basic and diluted	$	(1.50	)	$	(3.57	)	$	(7.25	)	$	(12.80	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	September 30, 2025		September 30, 2024
Convertible Series Seed Preferred Stock		—		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273
Convertible Series A Preferred Stock		—		6,005
Convertible Series B Preferred Stock		—		5,869
Convertible Series C Preferred Stock		—		11,159
Convertible Series M Preferred Stock		—		2,812
Series J Warrants		646		646
Stock options		15,500		14,125
Restricted stock units		2,959		—
Total		19,105		45,912

Condensed Consolidated Statements of Net Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 30,778	$ 22,370	$ 102,182	$ 51,758
Cost of sales	22,288	14,599	87,477	42,959
Gross profit	8,490	7,771	14,705	8,799
Operating expenses
Research and development	48,763	29,858	142,549	107,037
Selling, general and administrative	21,920	10,305	47,243	32,173
Loss on disposal of fixed assets	0	1,802	0	1,824
Total operating expenses	70,683	41,965	189,792	141,034
Loss from operations	(62,193)	(34,194)	(175,087)	(132,235)
Other expense
Change in fair value of warrant liability	(42,150)	(341)	(47,257)	(372)
Loss on extinguishment of debt	(30,400)	0	(30,400)	0
Interest income (expense), net	1,334	(6,658)	(9,067)	(14,149)
Other (expense) income, net	(3)	403	4,528	(258)
Total other expense, net	(71,219)	(6,596)	(82,196)	(14,779)
Loss before provision for income taxes	(133,412)	(40,790)	(257,283)	(147,014)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	(133,412)	(40,790)	(257,283)	(147,014)
Net loss attributable to common shareholders, basic	(140,362)	(46,144)	(292,906)	(162,883)
Net loss available to common stockholders, diluted	$ (140,362)	$ (46,144)	$ (292,906)	$ (162,883)
Net loss per common share
Basic	$ (1.5)	$ (3.57)	$ (7.25)	$ (12.8)
Diluted	$ (1.5)	$ (3.57)	$ (7.25)	$ (12.8)
Weighted-average common shares outstanding
Basic	93,849	12,924	40,389	12,728
Diluted	93,849	12,924	40,389	12,728
Series C Preferred Stock
Other expense
Less: Accretion of dividends	$ 2,298	$ 5,354	$ 13,240	$ 15,869
Series D-1 Preferred Stock
Other expense
Less: Accretion of dividends	4,524	0	21,989	0
Series D-3 Preferred Stock
Other expense
Less: Accretion of dividends	$ 128	$ 0	$ 394	$ 0

Segment and Geographical Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment and Geographical Information

15. Segment and Geographical Information

The Company has determined that it operates in one operating segment and as a result, manages its operations and allocates resources as a single operating segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	30,778		$	22,370		$	102,182		$	51,758
Less:
Cost of sales		(22,288	)		(14,599	)		(87,477	)		(42,959	)
Compensation(1)		(28,130	)		(19,955	)		(74,182	)		(59,958	)
Materials and consumables(1)		(18,014	)		(8,067	)		(55,729	)		(40,209	)
Contractors and outside services (1)		(3,695	)		(1,638	)		(11,231	)		(7,972	)
Depreciation and amortization(1)		(3,574	)		(2,598	)		(9,573	)		(7,287	)
Interest expense, net		1,334			(6,658	)		(9,067	)		(14,149	)
Change in fair value of warrant liability		(42,150	)		(341	)		(47,257	)		(372	)
Loss on extinguishment of debt		(30,400	)		—			(30,400	)		—
Other segment items(2)		(17,273	)		(9,304	)		(34,549	)		(25,866	)
Net loss and comprehensive loss	$	(133,412	)	$	(40,790	)	$	(257,283	)	$	(147,014	)

The measure of segment assets, including goodwill, is reported on the unaudited condensed consolidated balance sheets as total consolidated assets. Assets provided to the CODM are consistent with those reported on the unaudited condensed consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, and there are no other significant segment assets that would require disclosure or are regularly provided to the CODM.

The Company does not recognize revenue or hold material property and equipment outside of the United States for the three and nine months ended September 30, 2025, and as of September 30, 2025 and December 31, 2024, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 10, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42789
Entity Registrant Name	Firefly Aerospace Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5194980
Entity Address, Address Line One	1320 Arrow Point Drive #109
Entity Address, City or Town	Cedar Park
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78613
City Area Code	512
Local Phone Number	893-5570
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	FLY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		159,251,122
Entity Central Index Key	0001860160
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31

Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
Machinery and equipment	$	46,865		$	42,040
Test stands		39,914			37,209
Buildings		48,999			48,830
Land and land improvements		4,472			3,505
Construction in progress		23,159			17,551
Furniture and fixtures		1,262			1,200
Computer equipment		2,900			2,156
Software		1,142			1,122
Vehicles		430			421
Leasehold improvements		9,881			7,283
Total	$	179,024		$	161,317
Less: Accumulated depreciation		(36,469	)		(25,742	)
Property and equipment, net	$	142,555		$	135,575

Depreciation expense was $4.6 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively, and $12.5 million and $6.5 million for the nine months ended September 30, 2025 and 2024, respectively, and was recorded in the unaudited condensed consolidated statements of net loss within cost of sales, research and development, and selling, general, and administrative expenses.

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table presents revenue disaggregated by type for the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Launch revenue	$	9,424	$	13,242	$	20,943	$	17,523
Spacecraft Solutions revenue		21,354		9,128		81,239		34,235
Total revenue	$	30,778	$	22,370	$	102,182	$	51,758

Schedule of Deferred Revenue

Deferred revenue consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Launch	$	75,643	$	65,403
Spacecraft Solutions	$	89,970		87,291
Other	$	4,105		1,279
Total deferred revenue	$	169,718	$	153,973

Goodwill

9 Months Ended

Sep. 30, 2025

Business Combination, Goodwill [Abstract]

Goodwill

6. Goodwill

The Company completed its annual goodwill impairment assessment as of October 1, 2024 and determined that no adjustments to the carrying value of goodwill were necessary. Goodwill is allocated to the Company’s single reporting unit, which is both its sole operating segment and only reportable segment. The carrying amount of the Company’s goodwill was $17.1 million at both September 30, 2025 and December 31, 2024.