Why Firefly Aerospace Stock Collapsed 35% Last Month

Shares of Firefly Aerospace (NASDAQ: FLY) fell 35.4% in September, according to data from S&P Global Market Intelligence. The recent initial public offering (IPO) stock and rocket launch provider had an explosive misfire when testing one of its rockets late last month. As an early-stage developer of rockets trying to compete with SpaceX and Rocket Lab, seeing rockets explode on the launchpad is a negative for building its brand with potential launch customers.Here's why Firefly Aerospace stock fell last month and what it means for the company going forward.Firefly Aerospace has developed spacecraft and rockets to serve the growing space economy. It works on missions for both commercial and government customers, and earlier this year, it worked on the first commercial moon landing with the Blue Ghost Mission 1. This perhaps led the company to time its IPO earlier this summer, raising close to $1 billion in the process to fund future development. As of its second-quarter update, Firefly Aerospace claimed a backlog of $1.3 billion compared to just $15 million in revenue last quarter.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool