Firefly Aerospace Inc.'s stock plummeted 5.39% during intraday trading on Tuesday, reversing earlier pre-market gains.
The decline came despite the company reporting first-quarter revenue that beat analyst estimates. Firefly Aerospace posted revenue of $80.88 million, surpassing the consensus estimate of $77.07 million, with growth driven by its Blue Ghost lunar lander and Electra spacecraft programs.
However, investors focused on the company's wider-than-expected operating loss of approximately $96 million, compared to analyst projections of an $87 million loss. The space and defense technology company also reported an adjusted EBITDA loss of $64.7 million and negative free cash flow of $78.9 million, reflecting ongoing heavy investments in growth and innovation.
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