Firefly Aerospace Inc (FLY) Q2 2020 Earnings Report

Firefly Aerospace reported Q2 2020 revenue of $79.96 million, representing a 45.6% year-over-year decline and a 34.22% sequential drop. Notwithstanding the top-line weakness, the company delivered EBITDA of $16.97 million and operating income of $37.86 million, yielding a net income of $9.61 million and earnings per share (EPS) of $0.315 for the quarter. The divergence between solid operating profitability and subdued net income is driven primarily by a substantial interest expense of $26.44 million and notable depreciation of $31.98 million, underscoring Firefly’s capital-intensive asset base and leverage exposure during a period of ramp-up in launch-related development activities.