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Firefly Aerospace to price US IPO as it sets sights on a positive liftoff
By Pritam Biswas and Arasu Kannagi Basil (Reuters) -Northrop Grumman-backed Firefly Aerospace, the buzzy space technology startup that put a lander on the moon, is set to price its U.S. IPO later on Wednesday. In a nascent but rapidly growing commercial space industry, Firefly's IPO has attracted investor attention because it successfully landed its uncrewed Blue Ghost spacecraft on the moon in its first attempt in March. Cedar Park, Texas-based Firefly Aerospace is set to sell 16.2 million shares of its stock, priced between $41 and $43 apiece. This range was raised earlier this week, signaling strong demand. U.S. President Donald Trump's focus on commercializing space technology and safeguarding the national interests in space has attracted venture capital firms and billionaires. Elon Musk's SpaceX — the most valuable private company in the world — has become a critical part of the U.S. satellite network, even prompting a need across the government to look for more contractors. The U.S. government is betting that diversifying its contractor base will foster innovation and cut the huge costs of sending rockets to space, as well as reduce over-reliance on a single provider for critical missions. NASA's procurement process now includes new entrants such as Firefly Aerospace and Sierra Space, alongside legacy companies, leveraging commercial partnerships for lunar landers, space station modules and cargo deliveries. While space-related IPOs have been scarce in recent years, the tide is starting to turn in 2025. Firefly's listing comes on the heels of the successful New York flotations of space and defense firms Karman, AIRO Group and Voyager. As of Tuesday's close, shares of Karman have more than doubled from their offer price, while Voyager has gained 10%. "Given Firefly and the success of Voyager, I think you are going to see several more space-related companies test the waters of a public offering," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. TO THE MOON Formed in 2017, Firefly designs and manufactures small- to medium-lift launch vehicles, lunar landers and orbital vehicles. It had a backlog of roughly $1.1 billion and over 30 planned launches under contract as of March 31. While Houston-based Intuitive Machines' Odysseus lander was the first private lander to reach the moon last year, it made a lopsided touchdown, landing mostly intact but dooming many of its onboard instruments. Firefly's was the second, but its Blue Ghost spacecraft landed safely, reaching the moon's surface a month and a half after launching atop a SpaceX rocket from NASA's Kennedy Space Center in Florida. Last month, Firefly secured a $176.7 million contract to deliver five NASA payloads to the Moon's South Pole in 2029. Firefly was valued at more than $2 billion in a 2024 funding round. The company's backers include aerospace-focused private investment firm AE Industrial Partners. U.S. defense contractor Northrop Grumman, which invested $50 million into Firefly to aid the production of their jointly developed rocket, is one of three suppliers of solid rocket motors (SRMs) to the United States. Firefly is expected to begin trading on the Nasdaq under the ticker symbol "FLY" on Thursday.
Yahoo
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HubSpot (NYSE:HUBS) Beats Q2 Sales Targets, Full-Year Outlook Slightly Exceeds Expectations
Sales and marketing software maker HubSpot (NYSE:HUBS) announced better-than-expected revenue in Q2 CY2025, with sales up 19.4% year on year to $760.9 million. Guidance for next quarter's revenue was better than expected at $786 million at the midpoint, 1.4% above analysts' estimates. Its non-GAAP profit of $2.19 per share was 3.1% above analysts' consensus estimates. Is now the time to buy HubSpot? Find out in our full research report. HubSpot (HUBS) Q2 CY2025 Highlights: Revenue: $760.9 million vs analyst estimates of $739.3 million (19.4% year-on-year growth, 2.9% beat) Adjusted EPS: $2.19 vs analyst estimates of $2.12 (3.1% beat) Adjusted Operating Income: $129.1 million vs analyst estimates of $124.9 million (17% margin, 3.4% beat) The company lifted its revenue guidance for the full year to $3.08 billion at the midpoint from $3.04 billion, a 1.4% increase Management raised its full-year Adjusted EPS guidance to $9.50 at the midpoint, a 1.8% increase Operating Margin: -3.2%, in line with the same quarter last year Free Cash Flow Margin: 15.3%, down from 16.5% in the previous quarter Customers: 267,982, up from 258,258 in the previous quarter Billings: $785.3 million at quarter end, up 21.2% year on year Market Capitalization: $25.96 billion 'Q2 was another solid quarter of continued revenue growth and customer expansion,' said Yamini Rangan, Chief Executive Officer at HubSpot. Company Overview Started in 2006 by two MIT grad students, HubSpot (NYSE:HUBS) is a software-as-a-service platform that helps small and medium-sized businesses market themselves, sell, and get found on the internet. Revenue Growth Reviewing a company's long-term sales performance reveals insights into its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last three years, HubSpot grew its sales at a decent 23.1% compounded annual growth rate. Its growth was slightly above the average software company and shows its offerings resonate with customers. This quarter, HubSpot reported year-on-year revenue growth of 19.4%, and its $760.9 million of revenue exceeded Wall Street's estimates by 2.9%. Company management is currently guiding for a 17.4% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to grow 14.9% over the next 12 months, a deceleration versus the last three years. Despite the slowdown, this projection is healthy and implies the market is baking in success for its products and services. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. Billings Billings is a non-GAAP metric that is often called 'cash revenue' because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized in pieces over the length of a contract. HubSpot's billings punched in at $785.3 million in Q2, and over the last four quarters, its growth was impressive as it averaged 20.1% year-on-year increases. This performance aligned with its total sales growth, indicating robust customer demand. The high level of cash collected from customers also enhances liquidity and provides a solid foundation for future investments and growth. Customer Base HubSpot reported 267,982 customers at the end of the quarter, a sequential increase of 9,724. That's roughly in line with what we've observed over the last year, confirming that the company is maintaining its sales momentum. Key Takeaways from HubSpot's Q2 Results We enjoyed seeing HubSpot beat analysts' billings expectations this quarter. We were also glad its full-year EPS guidance slightly exceeded Wall Street's estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 4.4% to $512 immediately following the results. HubSpot put up rock-solid earnings, but one quarter doesn't necessarily make the stock a buy. Let's see if this is a good investment. We think that the latest quarter is just one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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Beyond Meat misses quarterly revenue estimates as plant-based demand weakens
By Neil J Kanatt (Reuters) -Beyond Meat missed Wall Street estimates for second-quarter revenue on Wednesday, hurt by weak demand for its plant-based meat products in the U.S. amid ongoing macroeconomic uncertainty. Shares of the company, which also announced a 6% reduction in its global workforce, fell about 4% after the bell. U.S. consumer demand for plant-based meat continued to decline this quarter amid skepticism over taste, processing and price. Macroeconomic uncertainty has pressured consumer spending in the U.S., prompting many to opt for cheaper animal protein. "Consumers' growing concerns about processed foods are severely diminishing the appeal of Beyond Meat's product line, causing retailers and quick service restaurants to pull back sharply on orders," Rachel Wolff, analyst at Emarketer, said. Retail sales of refrigerated plant-based meat alternative products in the U.S. have fallen 17.2% so far this year, and frozen plant-based meat alternatives have fallen 8.1%, according to data from SPINS. The El Segundo-based company said it will lay off 44 North American employees to cut costs, incurring a one-time charge of $0.8–$1.3 million. Revenue for the quarter ended June 28 fell nearly 20% to $75 million, compared with analysts' average estimate of $82 million, according to data compiled by LSEG. It also reported a loss per share of 43 cents, compared with estimates of a 37-cent loss. The company withdrew its annual sales target, citing macroeconomic volatility, earlier in May.
