01:05 PM EDT, 08/09/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $3, applying an EV/revenue multiple of 0.7x to our 2026 estimate, a slight discount to peers, reflecting cash burn and delays to its first research flight. We move our 2025 loss estimate to $5.71 from a loss of $8.63 and move 2026's loss estimate to $5.11 from $5.34. The company reported a significant reduction in contract engineering workforce by nearly 150 people or 85% from a year ago, and an overall company headcount reduction of approximately 7%. These reductions are tied to the transition from design to build phase and a lower engineering workload but still indicate a contraction in staffing levels, which we see as an effort to reduce cash burn. There was a slip in the fuselage schedule, leading to the planned timing of the first research space flight being adjusted from summer to fall of 2026. While not a huge deal on its own, we believe this is just the first delay, with more to come as it gets closer to the first test flight.