Firefly Aerospace (FLY) Working to scale, and expand the business

Equity Research 14 August 2026 | 4:30PM EDT

Firefly Aerospace (FLY) Working to scale, and expand the business; Neutral

FLY 12m Price Target: $34.00 Price: $26.77 Upside: 27.0% NEUTRAL Noah Poponak, CFA | Our view on the stock post 2Q26 earnings Goldman Sachs & Co. LLC

FLY reported 2Q26 revenue, adjusted EBITDA and EPS above Connor Dessert | FactSet consensus. The company is targeting to launch Alpha two Goldman Sachs & Co. LLC

additional times in 2026, and expects Eclipse first launch no earlier Nizar Mesani | than 2027. FLY is aligned with growing demand for launch vehicles Goldman Sachs India SPL

and space missions; however, competition in these verticals is tough and we wait to see further progress along the maturity timeline of its Key Data _____________________________________ efforts. We are Neutral rated on the stock. Market cap: $4.3bn Enterprise value: $3.8bn 3m ADTV: $219.9mn United States Key elements of the quarter Americas Aerospace & Defense M&A Rank: 3 FLY reported 2Q26 revenue of $117.7mn, 33% above FactSet GS Forecast __________________________________ consensus. Backlog was 1.5bn, up 31% yoy and up 14% sequentially. 12/25 12/26E 12/27E 12/28E

Adjusted EBITDA was $(61)mn, above consensus at $(73)mn. Revenue ($ mn) New ,070.4 Revenue ($ mn) Old ,055.8 Adjusted diluted EPS was $(0.42). Free cash flow in the quarter was EBITDA ($ mn) (

$(106)mn compared to $(79)mn last quarter. Firefly maintained EBIT ($ mn) EPS ($) New ( ) FY26 guidance, which included revenue between $420-$450mn (vs. EPS ($) Old ( ) P/E (X) NM NM NM NM consensus of $440mn). Dividend yield (%) -- -- -- -- Net debt/EBITDA (X) -- -- -- (9.8)

6/26 9/26E 12/26E 3/27E EPS ($) ( )

GS Factor Profile ______________________________ Growth

Percentile 20th 40th 60th 80th 100th

FLY relative to Americas Coverage FLY relative to Americas Aerospace & Defense

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

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Goldman Sachs Firefly Aerospace (FLY)

Firefly Aerospace (FLY) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Nov 19, 2025 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory 0.0 0.0 0.0 0.0 Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) NM NM NM NM Net PP&E EV/EBITDA (X) NM NM NM 111.9 Net intangibles EV/sales (X) 9.8 8.5 5.7 3.8 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) ( Other long-term assets EV/DACF (X) NM NM NM 16.1 Total assets 1,824.9 1,661.2 1,614.6 1,836.4 CROCI (%) ( ROE (%) ( ) Accounts payable Net debt/EBITDA (X) -- -- -- (9.8) Short-term debt -- -- -- -- Net debt/equity (%) ( ) Current lease liabilities -- -- -- -- Interest cover (X) ( ) Other current liabilities Inventory days -- -- -- -- Total current liabilities Receivable days Long-term debt Days payable outstanding Non-current lease liabilities Growth & Margins (%) ______________________________________ Other long-term liabilities /25 12/26E 12/27E 12/28E Total long-term liabilities Total revenue growth Total liabilities EBITDA growth ( Preferred shares -- -- -- -- EPS growth ( Total common equity 1,189.9 1,146.0 1,008.2 1,173.2 DPS growth NM NM NM NM Minority interest -- -- -- -- Gross margin Total liabilities & equity 1,824.9 1,661.2 1,614.6 1,836.4 EBIT margin ( ) BVPS ($)

Price Performance __________________________________________ Cash Flow ($ mn) ___________________________________________ 12/25 12/26E 12/27E 12/28E FLY ($) S&P 500 Net income ( ,500 D&A add-back ,000 Minority interest add-back -- -- -- -- Net (inc)/dec working capital ,500 Others ,000 Cash flow from operations (…