Starfighters Space, Inc.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Apr 15, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
| (Mark One) | |
|---|---|
| For the fiscal year ended: December 31, 2025 | |
| ☐ | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| For the transition period from ______ to _______. | |
Commission file number:** 001-43009 **
** STARFIGHTERS SPACE, INC. **
(Exact name of registrant as specified in its charter)
| Delaware | 92-1012803 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (IRS EmployerIdentification Number) |
** 505 Odyssey Way, Suite 203 **
** Kennedy Space Center, Florida, USA 32953 **
(Address of principal executive offices)
Registrant's telephone number, including area code**(321)261-0900**
Securities registered under Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.00001 per share | FJET | NYSE American LLC |
Securities registered under Section 12(g) of the Exchange Act:
None.
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated Filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction or an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recover analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)
Yes ☐ No☒
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold as of the last business day of the registrant's most recently completed second fiscal quarter ($3.59 on June 30, 2025) was approximately $24,680,647.
The registrant had 44,173,972 shares of common stock outstanding as of April 13, 2026.
Table of Contents
| Page | ||
|---|---|---|
| PART I | 2 | |
| Item 1 | Business | 2 |
| Item 1A | Risk Factors | 10 |
| Item 1B | Unresolved Staff Comments | 21 |
| Item 1C | Cybersecurity | 21 |
| Item 2 | Properties | 23 |
| Item 3 | Legal Proceedings | 24 |
| Item 4 | Mine Safety Disclosures | 25 |
| PART II | 25 | |
| Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 25 |
| Item 6 | [Reserved] | 27 |
| Item 7 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 7A | Quantitative and Qualitative Disclosures About Market Risk | 38 |
| Item 8 | Financial Statements and Supplementary Data | 38 |
| Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 39 |
|---|---|---|
| Item 9A | Controls and Procedures | 39 |
| Item 9B | Other Information | 41 |
| Item 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 41 |
| PART III | 42 | |
| Item 10 | Directors, Executive Officers and Corporate Governance | 42 |
| Item 11 | Executive Compensation | 48 |
| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 53 |
| Item 13 | Certain Relationships and Related Transactions, and Director Independence | 55 |
| Item 14 | Principal Accounting Fees and Services | 57 |
| PART IV | 58 | |
| Item 15 | Exhibits, Financial Statement Schedules | 58 |
REFERENCES
As used in this Annual Report on Form 10-K (the "Annual Report"): (i) the terms the "Registrant", "we", "us", "our", "Starfighters" and the "Company" mean Starfighters Space, Inc. or as the context requires, collectively with its consolidated subsidiaries; (ii) "SEC" refers to the Securities and Exchange Commission; (iii) "Securities Act" refers to the United States Securities Act of 1933, as amended; (iv) "Exchange Act" refers to the United States Securities Exchange Act of 1934, as amended; and (v) all dollar amounts refer to United States dollars unless otherwise indicated.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this Annual Report, including statements regarding our future financial position, business strategy, products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "should," "estimate," "expect," "intend," "may," "plan," "project," "will," and similar expressions, as they relate to us, are intended to identify forward-looking statements.
We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to:
| ● | the Company operates in an evolving industry, making it difficult for the Company to forecast revenue, plan expenses, and evaluate its business and future prospects; |
| ● | the Company has a history of losses and may not be able to achieve profitability; |
| ● | the Company's ability to raise capital and the availability of future financing; |
| ● | the Company's business involves significant risks and uncertainties that may not be covered by insurance; |
| ● | the Company's business with governmental entities is subject to the policies, regulations, mandates, and funding levels of such entities and may be negatively impacted by any change thereto; |
| ● | the Company may not be successful in developing new technology, and technology the Company does develop may not meet the needs of its customers; |
| ● | the Company operates in competitive industries in various jurisdictions across the world; |
| ● | the Company is highly dependent upon the services of Tim Franta, the Company's newly-appointed Chief Executive Officer, and if the Company is unable to retain Mr. Franta, the Company's ability to compete could be harmed |
| ● | historically, the Company has been highly dependent on the services of Rick Svetkoff, the Company's former President and Chief Executive Officer, and it remains unclear whether his resignation on February 19, 2026, will adversely affect the Company's ability to compete in the long term; |
| ● | the Company depends on several specialized suppliers for the majority of specialized supply needs. Disruptions in the supply of key raw materials or component and difficulties in the supplier qualification process, as well as increases in prices of raw materials, could adversely impact the Company; and |
| ● | and the other factors discussed below in Item 1A. "Risk Factors," and in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other filings we make with the SEC. |
Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements might not prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. We wish to advise you that these cautionary remarks expressly qualify, in their entirety, all forward-looking statements attributable to our company or persons acting on our company's behalf. We do not undertake to update any forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements, except as, and to the extent required by, applicable securities laws. You should carefully review the cautionary statements and risk factors contained in this Annual Report and other documents that we may file from time to time with the SEC.
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