Firefly Aerospace Inc. ( FLY ) shares are trading lower Tuesday after the company reported its Alpha rocket’s core stage for the next mission was destroyed in a testing mishap.

What To Know: Firefly said its Alpha Flight 7 rocket's first stage was lost during testing at the company's Texas facility. The company noted that all personnel are safe and no other facilities were impacted.

"Regular testing is part of Firefly’s philosophy — we test each critical component, engine and vehicle stage to ensure it operates within our flight requirements before we ship to the launch pad. We learn from each test to improve our designs and build a more reliable system," the company said.

The company said it is currently assessing damages and will provide more information on the path forward at a later date.

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FLY Price Action: At the time of writing, Firefly shares are trading 21.65% lower at $28.96, according to data from Benzinga Pro.

Image: Courtesy of Firefly Aerospace Inc. ( FLY )