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Firefly Aerospace vs Voyager Technologies: revenue, profit, margins and growth compared

Firefly Aerospace brought in $159.9M of revenue in fiscal 2025, Voyager Technologies $166.4M in fiscal 2025. Revenue changed by +163.0% at Firefly Aerospace and +15.4% at Voyager Technologies on the year before, so Firefly Aerospace grew faster. Firefly Aerospace kept -186.6% of its revenue as net profit, Voyager Technologies -63.0%. Free cash flow was -$237.8M at Firefly Aerospace and -$205.6M at Voyager Technologies.

Side by side, latest fiscal year

FLYVOYG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$159.9M$166.4M
Revenue growth+163.0%+15.4%
Net income-$298.3M-$104.8M
Net margin-186.6%-63.0%
Free cash flow-$237.8M-$205.6M
Free cash flow margin-148.7%-123.6%
Earnings per share (diluted)-$4.83-$2.89
Cash$793M$491.3M
Debtn/an/a
Price to earningsn/an/a
Market value$4.1B$1.9B
Dividend yieldn/an/a
Rank by revenue in sector#367 of 451 · Industrials#364 of 451 · Industrials

Over the years

Revenue
FLY FY2023: $55.2MFLY FY2025: $60.8MFLY FY2025: $159.9MVOYG FY2023: $136.1MVOYG FY2025: $144.2MVOYG FY2025: $166.4MFY23FY25
FLY $159.9MVOYG $166.4M
Net income
FLY FY2023: -$135.5MFLY FY2025: -$231.1MFLY FY2025: -$298.3MVOYG FY2023: -$25.4MVOYG FY2025: -$62.1MVOYG FY2025: -$104.8MFY23FY25
FLY -$298.3MVOYG -$104.8M
Net margin
FLY FY2023: -245.2%FLY FY2025: -380.2%FLY FY2025: -186.6%VOYG FY2023: -18.7%VOYG FY2025: -43.1%VOYG FY2025: -63.0%FY23FY25
FLY -186.6%VOYG -63.0%
Free cash flow
FLY FY2023: -$170.7MFLY FY2025: -$190.3MFLY FY2025: -$237.8MVOYG FY2023: -$32.6MVOYG FY2025: -$108.2MVOYG FY2025: -$205.6MFY23FY25
FLY -$237.8MVOYG -$205.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Firefly Aerospace and Voyager Technologies

Which is bigger by revenue, Firefly Aerospace or Voyager Technologies?

Voyager Technologies is bigger by revenue: $166.4M in fiscal 2025, against $159.9M for Firefly Aerospace in fiscal 2025.

Which keeps more of its revenue as profit, Firefly Aerospace or Voyager Technologies?

Firefly Aerospace had a net margin of -186.6% in fiscal 2025; Voyager Technologies had -63.0% in fiscal 2025.

Which grew revenue faster, Firefly Aerospace or Voyager Technologies?

In their latest fiscal years revenue changed by +163.0% at Firefly Aerospace and +15.4% at Voyager Technologies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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