SCHEDULE 13G/A 0001880792 XXXXXXXX LIVE 1 Common Stock, par value $0.0001 12/31/2025 0001860160 Firefly Aerospace Inc. 31816X106 1320 ARROW POINT DR SUITE 109 CEDAR PARK TX 78613 Rule 13d-1(d) AeroEquity GP, LLC a DE 0 58805752 0 58805752 58805752 N 36.90 OO Represents 58,705,432 shares of Common Stock and 100,320 shares of Common Stock issuable upon exercise of Warrants. Calculated based on 159,251,122 Common Shares outstanding as of November 10, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed on November 12, 2025, (the "Form 10-Q") with the SEC, as increased by 100,320 shares of Common Stock issuable upon exercise of Warrants. Thomas Markusic a X1 0 12487089 12487089 0 12487089 N 7.60 IN Represents 7,478,389 shares of Common Stock and 5,008,700 shares of Common Stock issuable upon exercise of Options. Calculated based on 159,251,122 Common Shares outstanding as of November 10, 2025, as reported on the Issuer's Form 10-Q filed with the SEC, as increased by 5,008,700 shares of Common Stock issuable upon exercise of Warrants. Mitsui & Co., LTD. a M0 0 5033121 5033121 0 5033121 N 3.16 CO Calculated based on 159,251,122 Common Shares outstanding as of November 10, 2025, as reported on the Issuer's Form 10-Q filed with the SEC. Marc Allen Weiser a X1 0 4045252 0 4045252 4045252 N 2.54 IN Calculated based on 159,251,122 Common Shares outstanding as of November 10, 2025, as reported on the Issuer's Form 10-Q filed with the SEC. Firefly Aerospace Inc. 1320 ARROW POINT DR, SUITE 109, CEDAR PARK, TX, 78613 This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": (i) Glow NS Holdings, LLC.; (ii) Glow B Holdings, LLC; (iii) Glow C Holdings, LLC; (iv) Glow D Holdings, LLC; (v) AE Co-Investment Partners Fund III-F, L.P.; and (vi) AE Industrial Partners Structured Solutions I, LP (together with each of the foregoing, the "AE Holders.") (vii) AeroEquity GP, LLC (the "AE GP," and together with the AE Holders, the "AE Reporting Persons.") (viii) Thomas Markusic (ix) Mitsui & Co., LTD. (x) Marc Allen Weiser The AE Reporting Persons: 6700 Broken Sound Pkwy NW, Boca Raton, FL 33487 Thomas Markusic: 1320 ARROW POINT DRIVE, #109, CEDAR PARK, TX, 78613 Mitsui & Co., LTD.: 2-1, OTEMACHI 1-CHOME, CHIYODA-KU, TOKYO, Japan, 100-8631 Marc Allen Weiser: 320 N. Main St, Suite 400, Ann Arbor, MI 48104 See response to Item 4 on each cover page. Y See responses to Item 9 on each cover page. See responses to Item 11 on each cover page. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. AeroEquity GP, LLC is the ultimate General Partner or Managing Member of each of the AE Holders and may therefore be deemed to have voting and dispositive power over 58,705,432 shares of Common Stock and 100,320 shares of Common Stock issuable in exercise of 100,320 Warrants, representing 58,805,752 aggregate shares of Common Stock directly held by the AE Holders. Thomas Markusic directly holds and therefore has voting and dispositive power over 7,478,389 shares of Common Stock and 5,008,700 shares of Common Stock issuable in exercise of 5,008,700 Options, representing an aggregate of 12,487,089 shares of Common Stock. Mitsui & Co., LTD. directly holds and therefore has voting and dispositive power over 5,033,121 shares of Common Stock. Marc Allen Weiser is the Managing Member of BGW Ventures IV, LP and RPM Ventures IV, L.P., which hold 2,840,043 and 1,205,209 shares of Common Stock respectively, and therefore Mr. Weiser may be deemed to have voting and dispositive power over the 4,045,252 aggregate shares of Common Stock directly held by such entities. As a result of the Director Nomination Agreement, dated as of August 6, 2025, by and among the Issuer and each of the reporting persons (filed as Exhibit 10.3 to the Current Report on Form 8-K filed by the Issuer on such date), the AE Reporting Persons, Thomas Markusic, Mitsui & Co., LTD., and Marc Allen Weiser, may be deemed to consititute a group for purposes of Section 13(g), which group would beneficially own an aggregate of 80,371,214 shares of Common Stock which represents approximately 53% of the outstanding shares of Common Stock. Notwithstanding the foregoing, nothing in this statement shall be deemed an admission of membership in any such group or of ownership of the reported securities for purposes of Section 13(d) or Section 13(g) of the Exchange Act. On November 10, 2025, in connection with the Issuer's acquisition of SciTec, LLC (the "SciTec Acquisition"), the recipients of certain newly-issued shares of Common Stock granted limited voting proxies to the AE Holders with respect to director election matters (the "Voting Proxies"). The AE Holders have undertaken to exercise the Voting Proxies solely to the extent required to maintain the reporting persons' aggregate percentage of beneficial ownership in the Common Stock as of immediately prior to the completion of the SciTec Acquisition. As a result, the group referred to in the preceding paragraph continues to beneficially own shares of Common Stock representing approximately 53% of the outstanding shares of Common Stock. Y Y Y Y Y Y AeroEquity GP, LLC /s/ Kirk Konert 02/02/2026 Thomas Markusic /s/ Thomas Markusic 02/02/2026 Mitsui & Co., LTD. /s/ Yuichi Nagata 02/02/2026 Marc Allen Weiser /s/ Marc Allen Weiser 02/02/2026 Exhibit A Joint Filing Agreement, dated as of November 14, 2025 incorporated into this Schedule 13G by reference to Exhibit A of the initial 13G filed on November 14, 2025.