Firefly Aerospace Inc (NASDAQ:FLY) shares are under pressure during Thursday's trading session. The decline comes as the company prepares to release its fourth quarter (Q4) 2025 earnings after the market closes today.

The downward move is primarily due to a combination of anticipated quarterly financial results and a severe sell-off in the broader market. The aerospace player is facing stiff resistance from the macroeconomic environment. The Nasdaq has dropped 0.87%, while the S&P 500 has shed 0.62%.

Despite today’s dip, Firefly recently confirmed its Alpha Flight 7 mission successfully reached orbit. The rocket deployed a technology demonstrator for Lockheed Martin Corp (NYSE:LMT).

Strategic Defense Partnerships

Firefly remains deeply embedded in government programs. The company holds a multi-launch agreement with Lockheed Martin Corp for up to 25 Alpha missions through 2029.

Additionally, the firm has secured contracts with L3Harris Technologies Inc (NYSE:LHX). Starting in 2026, Alpha will fly three dedicated missions for L3Harris from Vandenberg Space Force Base.

Technical Analysis

Firefly is trading 5.3% above its 20-day simple moving average (SMA), but 2% below its 100-day SMA, showing short-term stabilization that hasn't fully flipped the bigger trend back to bullish.

Shares are down 63.06% over the past 12 months and are positioned closer to their 52-week lows than highs, which keeps the longer-term recovery narrative fragile.

The RSI is at 53.41, which sits in neutral territory. Meanwhile, MACD is at 0.1020 versus a signal line at -0.4872,

FLY Stock Price Activity: Firefly Aerospace shares were down 3.92% at $22.28 at the time of publication on Thursday, according to Benzinga Pro data.

Firefly Aerospace-Photo by T. Schneider via Shutterstock