Robotic-mower maker FireFly files for Nasdaq direct listing, citing going-concern doubt

FireFly Robotics, a Salt Lake City company that makes autonomous mowing robots, filed to list its shares on the Nasdaq Global Market through a direct listing, according to its registration statement filed on October 7.

How the listing works

The prospectus relates to "the resale of up to 27,134,738 shares of our common stock" by stockholders it identifies. In a direct listing, the company does not sell new shares to the public through underwriters. The prospectus says: "Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten on a firm-commitment basis by any investment bank." The stockholders "may, or may not, elect to sell" their shares. The company intends to apply to list on Nasdaq under the symbol "FFLY." The filing says the absence of a predetermined initial public offering price "could impact the range of buy and sell orders" and may make the first trading price "more volatile."

The business

FireFly describes itself as "a growth-oriented robotics company with internally developed proprietary software and patented mechatronic systems." Its products include autonomous electric vehicle robotic mowers, the Autonomous Mowing Platform (the AMP-L100 and AMP-X100), and a Manned Robotic Harvester. It designs, develops and manufactures its robots in the United States, at a 108,500 square foot facility in Salt Lake City.

The numbers

	2025	2024	First half 2026	First half 2025
Revenue	$47.178 million	$42.477 million	$30.502 million	$22.909 million
Gross profit	$9.370 million	$10.195 million	$7.053 million	$3.837 million
Net loss	$15.122 million	$13.537 million	$9.102 million	$6.083 million

Source: FireFly Robotics prospectus.

In 2025, about 54% of revenue came from sales of the Manned Robotic Harvester, 20% from parts, 16% from the autonomous platform, 1% from software subscriptions and 9% from other sources.

The risk

Among the risks the filing lists first: "There is substantial doubt about our ability to continue as a going concern, and we will need additional financing to execute our business plan, to fund our operations and to continue as a going concern."