Firefly Aerospace’s stock saw a notable rebound on Wednesday, climbing 15% after the Texas-based space technology company released its third-quarter earnings report, which exceeded Wall Street expectations and came with an upgraded revenue forecast for the rest of the year.

The company reported third-quarter revenues of $30.8 million, marking a 38% increase from $22.4 million in the same period last year and nearly double the revenue from the previous quarter. This impressive growth highlights Firefly’s accelerating momentum in the commercial and government space sectors.

Despite the revenue surge, Firefly still posted a net loss of $140.4 million, or $1.50 per share. The company attributed a significant portion of the loss to one-time expenses tied to its initial public offering, foreign exchange fluctuations, and executive severance payments.

Looking ahead, Firefly raised its full-year guidance, forecasting revenues between $150 million and $158 million—up from its prior estimate of $133 million to $145 million. The upward revision reflects stronger-than-expected contract activity and growing demand for its launch and defense technology services.

This marks Firefly’s second earnings report since going public on the Nasdaq in August, during a period of renewed investor enthusiasm for space exploration and private-sector innovation. The U.S. government and NASA have increasingly relied on partnerships with private companies like Firefly and SpaceX to advance lunar and deep-space missions.

However, Firefly’s journey as a public company has been far from smooth. Since its debut, the stock has lost roughly 70% of its value, with its market capitalization shrinking from around $8.5 billion at its August launch to about $2.7 billion as of Wednesday’s close.

The company faced a major setback in September when one of its rockets exploded during a ground test at its Texas facility, just days after receiving regulatory clearance from the Federal Aviation Administration for another test-related issue. Firefly said it has since implemented “corrective measures” to prevent similar incidents. The mishap contributed to a 35% stock drop in September, followed by another 24% decline earlier this month.

Despite these challenges, Firefly continues to strengthen its strategic position in the aerospace and defense sectors. In July, the company secured a nearly $177 million NASA contract for an upcoming moon mission, underscoring its growing reputation as a key player in government-funded space initiatives. The following month, Firefly announced the acquisition of defense technology firm SciTec, a move designed to expand its capabilities in national security and intelligence systems.

As the company works to stabilize operations and rebuild investor confidence, Firefly’s leadership remains focused on executing upcoming launches and fulfilling government contracts that could drive long-term growth. While the road ahead remains volatile, the latest financial results suggest that Firefly Aerospace is beginning to regain its footing in an increasingly competitive space technology market.