FJET

Starfighters Space is a pre-revenue concept stock that only began trading on the NYSE American on Dec 18, 2025. Across both reported years there is no revenue line at all, and the loss is accelerating: net income went from -$7.91M in FY2024 to -$16.5M in FY2025 (YoY -109.2%), with diluted EPS of -$0.76 and ROE of -66.4%. Operating cash flow was -$8.23M and swung 112.9% more negative year over year. The one genuinely clean part of the story is the balance sheet: the December IPO and the automatic conversion of convertible debentures (3.83M shares at a 40% discount) and the Space Florida note into equity pushed stockholders' equity up 522.7% to $24.9M and cut liabilities 78.5% to $3.49M, leaving liabilities/equity at a benign 0.14x. But that deleveraging came entirely from issuing stock, not from operating performance.

The critical tension is runway versus burn. Despite raising $22.1M gross in the IPO, cash stood at just $4.58M at year-end — down 35% YoY and less than one year of the current -$8.23M operating burn. Much of the proceeds appears to have gone toward satisfying prior obligations and the phased Aerovision aircraft acquisition rather than building a cash cushion. With R&D of only $1.03M, the company is still at the wind-tunnel/CFD stage of STARLAUNCH 1 (Mach 0.85–1.3 separation tests, now moving to 'procurement of instrumented drop test articles') — years and multiple capital raises away from recurring launch revenue. That points to near-certain further dilution on top of a share count that already jumped via the IPO and debenture conversion.