Starfighters Space, Inc.

What they do

Starfighters owns and operates a fleet of seven F-104 supersonic aircraft, acquired through common control transactions at zero carrying value. It plans to provide launch services, R&D/test bed services, defense and civil services, and pilot/astronaut training. The company is developing STARLAUNCH 1, a sub-orbital air-launched rocket, and has completed wind tunnel testing for separation dynamics.

Revenue drivers

• Launch Services and Access to Space — Planned air-launch services using F-104 aircraft as first-stage platforms to carry payloads up to 45,000 feet for space launch. No revenue yet.
• R&D and Test & Evaluation Test Bed — Provides aerodynamic and separation testing services, including hypersonic vehicle testing, leveraging F-104 capabilities. No revenue yet.
• Defense, Civil, Academic and Commercial Services — Potential services for government and commercial customers, but no specific contracts or revenue disclosed.
• Pilot and Astronaut Training — Planned training services using F-104 aircraft, but no revenue generated to date.

Recent performance

For Q1 2026, Starfighters reported zero revenue, a net loss of $4.27 million (loss per share $0.10), and operating expenses of $4.05 million, up 116% from $1.88 million in Q1 2025. Cash and restricted cash were $2.14 million, down from $4.01 million at year-end 2025. For fiscal 2025, the company reported a net loss of $16.5 million and negative operating cash flow of $8.2 million. Total assets were $26.34 million and stockholders' equity $22.43 million as of March 31, 2026.

Strategy

Starfighters is focused on becoming a cost-effective launch provider and expanding its aerospace testing services. It is advancing STARLAUNCH 1 from analytical validation to physical test articles, including procuring instrumented drop test articles. The company is also pursuing an aircraft acquisition agreement with Aerovision LLC for F-4 Phantom II aircraft, though the status of that deal is uncertain. Leadership changes occurred in 2026 with Tim Franta appointed CEO and Jose Arias as VP of Space Operations.

Risks

• Going concern and liquidity — Citing going concern disclosures in the 10-Q, with cash of $1.4 million at March 31, 2026 and an ongoing need for capital.
• No revenue history — The company has generated zero revenue since inception, and its ability to generate revenue depends on executing its business plan.
• Development and testing uncertainties — STARLAUNCH 1 is still in development, and the success of air-launched rocket technology and separation dynamics is unproven commercially.
• Dependence on key personnel and leadership changes — Recent CEO resignation and other leadership transitions could disrupt operations and strategic direction.
• Aircraft acquisition risk — The Aerovision acquisition agreement for F-4 Phantom II aircraft may not close, and the initial deposit of $5 million is at risk.

Outlook

Management highlights the completion of wind tunnel testing as a key milestone and is moving toward drop test articles. The company expects to continue investing in STARLAUNCH 1 and its F-104 fleet, but faces significant costs and funding needs. No specific revenue or operational guidance was provided.