olivLaw · US equity research
Starfighters Space, Inc. FJET
Air Transportation, Scheduled · SIC 4512 · Vertical: Air Transportation, Scheduled (SIC 4512)
Starfighters Space, Inc. operates the world's only commercial fleet of flight-ready supersonic F-104 aircraft from Kennedy Space Center, and is seeking to expand into air-launched space access and hypersonic testing. The company has been listed on NYSE American since December 2025 and still reports net losses with almost no revenue.
At the close of 04 Nov 2026, Starfighters Space, Inc. (FJET) stock was 0.85 USD (−0.91% on the day), with market capitalisation 46.8 m USD, beta 3.15, 52-week range 0.68–31.50 USD. Latest reported quarter (Q2 2026): net income of -11.5 m USD, diluted EPS -0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.44 – 1.67
- in the lower half of the band · %B 0.33 · band width 115.7%
- SMA 50 / 200
- 1.80 / 4.96
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.30 / -0.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −47.5% | −1.1% | −46.4 pp | — |
| 3 months | −77.2% | −0.5% | −76.8 pp | — |
| 6 months | −83.6% | +4.4% | −88.0 pp | — |
| Year to date | −92.7% | +12.3% | −105.0 pp | — |
| 1 year | unavailable | +13.5% | unavailable | +2.3% |
| 3 years | unavailable | +76.4% | unavailable | +65.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0 | — | — | — | 0 | — |
| Research & development | 0 | 0 | 255.5 k | 186.5 k | 194.2 k | 391.0 k | 83.3 k | 1.9 k |
| SG&A | — | — | — | 2.0 m | — | — | — | 6.4 m |
| Operating income | — | — | — | -2.2 m | — | — | — | -11.6 m |
| Depreciation & amortisation | 5.8 k | 5.8 k | 5.1 k | 5.1 k | 5.1 k | 21.2 k | 88.6 k | 99.4 k |
| Interest expense | 71.5 k | 100.2 k | 118.4 k | 152.1 k | 153.8 k | 131.6 k | 0 | 0 |
| Pre-tax income | — | — | -2.7 m | — | — | — | -4.3 m | — |
| Net income | -2.4 m | -642.5 k | -2.7 m | -1.9 m | -2.0 m | -10.3 m | -4.3 m | -11.5 m |
| Diluted EPS | -0.15 | -0.03 ≈ | -0.13 | -0.09 | -0.09 | -0.42 ≈ | -0.10 | -0.24 |
| Operating cash flow | — | -1.9 m | -1.7 m | -1.8 m ≈ | -1.5 m ≈ | -3.2 m | -4.0 m | -6.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Revenue YoY | unavailable | unavailable |
| Net income | -7.9 m | -16.5 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.46 | -0.76 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | -3.9 m | -8.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 24.9 m USD
- Total assets
- 28.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.60x
- ROE
- unavailable
- ROA
- -85.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 0 | 0 | SEC (XBRL)· 21 Jul 2026verified |
| Research & development | 0 | 1.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 15.3 k | 36.4 k | SEC (XBRL)· 15 Apr 2026verified |
| Interest expense | 486.7 k | 556.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | -7.9 m | -16.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 0 | 0 | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -7.9 m | -16.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | -0.46 | -0.76 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 17.2 m | 21.7 m | SEC (XBRL)· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 7.1 m | 4.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 8.4 m | 20.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 82.6 k | 2.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 10.3 m | 28.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 731.8 k | 966.1 k | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 16.0 m | 3.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 16.2 m | 3.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | -5.9 m | 24.9 m | SEC (XBRL)· 15 Apr 2026verified |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -3.9 m | -8.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 0 | 150.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -3.9 m ≈ | -8.4 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -1.3 m | -20.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 10.5 m | 26.1 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 46.8 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 11.9x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -32.2% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STARFIGHTERS SPACE, INC. (FJET). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -94.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 11.9x
What contradicts it
- FCF yield: -32.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Air Transportation, Scheduled (SIC 4512) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | −1% / unavailable |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 58.7 bn | 17.8 | 15.9% | 4.6% | +2.8% | +39% / +142% |
| UALUnited Airlines Holdings, Inc. | 37.6 bn | 10.6 | 22.3% | 5.5% | +3.5% | +14% / +194% |
| LUVSouthwest Airlines Co | 22.7 bn | 22.9 | 13.9% | 3.3% | +2.1% | +33% / +82% |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for FJET from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Starfighters Space, Inc. operates the world's only commercial fleet of flight-ready supersonic F-104 aircraft from Kennedy Space Center, and is seeking to expand into air-launched space access and hypersonic testing. The company has been listed on NYSE American since December 2025 and still reports net losses with almost no revenue.
SWOT
Strengths
- The only commercial fleet of flight-ready F-104 aircraft, with a long operating history and no reported in-flight mishaps over more than 15 years at Kennedy Space Center.
- Access to Kennedy Space Center infrastructure and a relationship with Space Florida that provide market connections and resources.
- STARLAUNCH 1 separation tests in a wind tunnel were reported as successful, which reduces technical risk for the programme.
Weaknesses
- Very low revenue and repeated net losses, with no profitability forecast in the short term.
- Dependence on private financing and market access to cover expenses, with doubts raised by auditors about going concern.
- Leadership changes and ongoing litigation, which could distract management and weigh on investor confidence.
Opportunities
- Hypersonic testing contracts with government agencies and defence companies, if demand materialises.
- Air-launched small payload services, which could become a new revenue source once the programme is certified.
- Training for pilots of future commercial supersonic aircraft, a segment that could grow as that industry develops.
Threats
- Competitors with much greater financial resources and longer operating histories, which could reduce market share.
- Delays in FAA or other agency authorisations, which could postpone launches and expected revenue.
- The risk of not recovering deposits paid to an aircraft supplier if the litigation does not succeed.
Risks
- Going concernhigh
Auditors have flagged conditions that raise substantial doubt about the company's ability to continue operating if financing is insufficient.
- Licences and certificationshigh
Launches depend on FAA licences and required tests, and delays could affect the commercial timeline.
- Litigation with aircraft suppliermedium
Deposits paid to Aerovision have been fully impaired, and recovering them depends on the outcome of the lawsuit.
- Leadership changesmedium
The resignation of the former chief executive and a family member on the board could affect operational stability.
- Dependence on major customerslow
The company expects to rely on a small number of major customers, and losing one could materially reduce revenue.
Investment thesis
What would need to be true (bull case)
- If the StarLaunch programme achieves certification and first commercial launches, the company could become a niche provider for small payloads.
- The only commercial F-104 fleet and long operating experience could offer an advantage in hypersonic testing.
- Capital raised in the May 2026 private placement could support infrastructure and launch programme development.
What would break the thesis
- Revenue remains almost nil while net losses grow, which could keep reliance on external funding in place.
- Auditors have raised doubts about going concern, and if funding is insufficient operations could be scaled back.
- Leadership changes and ongoing litigation could weigh on investor confidence and execution of the development plan.
What to watch
- Results of drop test articles and first flight data from the separation programme2026
- FAA decision on the launch licence application and timing of the first commercial launchby end 2026
- Trend in net loss and operating expenses in the coming quartersQ2 2026
- Outcome of the lawsuit against Aerovision and recovery of the depositsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Starfighters Space, Inc. is a commercial aerospace company incorporated in Delaware, whose stated goal is to make space accessible at a high cadence and the right cost. According to its annual report, the company operates the world's only commercial fleet of flight-ready F-104 supersonic aircraft, seven in total, based at Kennedy Space Center and Midland International Air & Space Port. Its historical services include pilot and astronaut training and in-flight testing, while new lines target payload launch and hypersonic testing. Per fiscal 2025 results, the company had no significant revenue, reported net losses, and its auditors flagged a going concern risk.
The company obtained a NYSE American listing under the symbol FJET in December 2025 after a Regulation A offering. In the first quarter of 2026 revenue was nil, and the net loss grew compared with the prior year. Management changed in February 2026, when a new chief executive was appointed after the founder resigned.
The launch activity centres on the StarLaunch I rocket for suborbital payloads, but flight tests and FAA certification are still in progress. If this programme meets its technical and regulatory milestones, it could open a new source of revenue.
Segments
Historical services
Supersonic pilot and astronaut training, in-flight testing on the F-104 platform, and services for defence, civil, academic and commercial clients, which have generated most of the company's historical income.
Launch and hypersonic testing
Development of the StarLaunch system for air launch and use of the aircraft as a hypersonic test platform; these are new growth directions still in development with no significant revenue reported.
Market context
The company describes a growing space economy supported by government spending and commercial investment, which could create demand for capabilities similar to the F-104s once used by NASA. The market for small payload launch and hypersonic testing is still at an early stage, and Starfighters describes it as a niche with few competitors.
Demand for hypersonic testing in the United States is supported by the limited availability of wind tunnel time, but concrete customers and contracts remain limited in the available disclosures.
Trends
- Rising space spendingtailwind
Higher government and commercial spending on space could support demand for access-to-space and testing services.
- Demand for hypersonic testingtailwind
Defence and commercial interest in hypersonic research could open contracts for the company's airborne platform.
- Reliance on external fundingheadwind
Repeated net losses and large planned investments could make additional financing a condition for continuity.
- Launch regulationmixed
FAA certifications and licences could delay launches, making the timing of revenue growth uncertain.
Competitive position
Competition includes companies offering dedicated or rideshare launch vehicles for small payloads, such as Northrop Grumman, SpaceX, United Launch Alliance and Rocket Lab, as well as launch providers in Russia, India, China, Europe and Japan. The company also expects new entrants in this early-stage industry.
Key competitive factors include equipment flight history and reliability, flight profile, launch schedule flexibility, customisation and price. Starfighters claims advantages in lower cost and its Kennedy Space Center location, but these claims are not independently verified.
- Northrop GrummanNOC
Provider of dedicated and rideshare launch vehicles for small payloads, named in the annual report as a primary competitor.
- SpaceX
Orbital launch provider named as a competitor in the small payload segment, with far greater financial resources.
- United Launch Alliance
Joint venture of Lockheed Martin and Boeing offering dedicated and rideshare launch vehicles.
- Rocket Lab
Small payload launch provider named among competitors in the dedicated launch category.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Starfighters Space: Inside The Company Flying F-104s From Kennedy Space CenterSimple Flying · 23 Oct 2026 · EN
- EXCLUSIVE: FAA Wants America to Go Supersonic Again — FJET CEO Says New Rules Are a ‘Positive Signal,’ But the Billion-Dollar Bet Still Faces a Big ProblemYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement03 Nov 2026
- Current report09 Oct 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report19 Aug 2026
- Current report24 Jul 2026Item 4.01 · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Jul 2026Item 4.01 · Financial statements and exhibits
- Current report22 May 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report20 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Starfighters Space, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Starfighters Space, Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Starfighters Space, Inc. · 21 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.