FireFly Robotics, a developer of robotic turfgrass harvesters and autonomous golf course mowers, has filed with the U.S. Securities and Exchange Commission to register its shares for a direct listing on the Nasdaq. The transaction marks the company’s second attempt to enter the public markets after withdrawing its traditional IPO filing in March 2026.
Direct Listing Will Not Raise New Capital
The shares registered for the direct listing will be sold by existing shareholders, meaning FireFly Robotics will not raise new capital through the transaction.
Shareholders are registering up to 27.1 million shares of common stock, including all shares outstanding at the time of listing as well as shares underlying convertible preferred stock and debentures.
Directors, officers and certain shareholders have agreed to six-month and twelve-month lock-up restrictions. As a result, approximately 3.4 million shares will initially be available for sale once the direct listing is completed.
Recent Financing Provides Valuation Range
Since its original IPO filing, FireFly has raised $5 million in 15% convertible debt. The debt converts at the lower of $5.57 per share or 85% of the IPO price, and the company also issued approximately 450,000 warrants exercisable at $0.01 per share.
Since August 2026, FireFly has raised an additional $3.4 million through share sales, selling approximately 400,000 shares to accredited investors at $8.50 per share. The company also issued approximately 125,000 shares to its placement agent as compensation.
Based on the convertible debt conversion price of $5.57 and the recent equity sales at $8.50, FireFly would have a fully diluted market value ranging from approximately $162 million to $256 million.
From Traditional IPO to Direct Listing
FireFly Robotics was previously known as FireFly Automatix. The company originally filed for a traditional IPO in October 2025, with Roth Capital and Lake Street Capital serving as lead underwriters.
At the time, FireFly planned to raise $25 million by offering 4.5 million shares at a proposed price range of $4.50 to $6.50. At the midpoint, the proposed offering implied a market capitalization of approximately $163 million.
The company ultimately withdrew the traditional IPO filing in March 2026.
The new direct listing represents a different approach to accessing public markets, allowing existing shareholders to sell registered shares without a firm-commitment underwriting process.
Robotic Turf and Golf Equipment
FireFly develops autonomous and semi-autonomous robotics for the golf and turf care markets.
Its two primary product families are Manned Robotic Harvesters (MRH) and Autonomous Mowing Platforms (AMPs). MRH machines are diesel-electric hybrid systems designed to harvest turfgrass and automatically stack it onto pallets for turf farms.
AMPs are all-electric robotic mowing platforms designed for golf course fairways and other large turf areas.
In 2025, MRH sales accounted for 54% of revenue, while parts contributed 20% and AMP sales represented 16%.
Growing Global Machine Fleet
As of June 30, 2026, FireFly estimated that more than 900 machines were in service. Its MRH machines operate across the United States, Australia, the United Kingdom, Brazil, Canada, South Africa, Israel and Mexico.
The geographic footprint gives FireFly an established presence across multiple turf and golf markets while its autonomous technology provides an opportunity to expand automation across labor-intensive turf maintenance and harvesting applications.
Nasdaq Listing Details
FireFly Robotics is based in Salt Lake City, Utah, and was founded in 2010. The company generated approximately $55 million in revenue for the 12 months ended June 30, 2026.
It plans to list on the Nasdaq under the symbol FFLY. FireFly filed confidentially on June 30, 2026.
Because the transaction is structured as a direct listing without a firm-commitment offering, there are no underwriters. Chardan Capital Markets will instead serve as financial advisor.
Market Context & Opportunities
FireFly’s direct listing comes as automation and robotics continue to expand into specialized commercial applications. Its focus on turf harvesting and large-area mowing gives the company a specific market niche in which autonomous equipment can address repetitive and labor-intensive tasks.
The company’s more than 900 machines in service and $55 million in trailing revenue provide an established operating base. Recent financing activity also provides market reference points for evaluating its potential valuation.
Risks & Challenges
FireFly remains exposed to the risks associated with developing and commercializing specialized robotics, including technology adoption, equipment demand and the capital required to expand its operations.
The company’s proposed fully diluted valuation range of $162 million to $256 million is based on different financing reference prices rather than a disclosed direct-listing price. The actual market value after trading begins could therefore differ materially.
The company also will not receive proceeds from the direct listing, limiting the transaction’s ability to provide new capital for expansion or other corporate purposes.
Closing Paragraph
FireFly Robotics is pursuing a Nasdaq direct listing under the ticker FFLY after withdrawing its traditional IPO earlier this year. With more than 900 machines in service, $55 million in trailing revenue and a product portfolio spanning autonomous turf harvesting and golf course mowing, the company is taking a second route toward the public markets without raising new capital in the listing.
