FLY — Firefly Aerospace Inc. Dilution Risk Tracker

Firefly Aerospace Inc. (FLY) has a DilutionScore of 41/100, rated Medium dilution risk. This tier indicates some dilution exposure — often an older shelf registration with remaining capacity, warrants not yet exercised, or a cash position that will require monitoring over the next several quarters. Score as of July 14, 2026.

The most significant dilution vector for FLY is its shelf registration capacity of $190.1M. A shelf registration (typically an S-3 filing) gives a company pre-approved access to raise capital quickly without a traditional roadshow. The registered amount represents the maximum that can be raised — not necessarily what will be raised — but active shelves combined with tight cash positions are the pattern DilutionWatch monitors most closely. FLY has an active ATM (at-the-market) program with $480.0M remaining capacity. ATM programs allow companies to sell shares continuously into the open market through a broker-dealer — without announcing a secondary offering. This creates a silent but steady source of share dilution that shows up in quarterly share count increases rather than a discrete offering event.

DilutionWatch tracks over 25 SEC filing types for FLY in real-time, scanning EDGAR every 60 seconds. The DilutionWatch screener shows real-time score changes for FLY alongside comparable medium-risk stocks. Not financial advice — this analysis is for informational purposes only.