CEDAR PARK, TX Cedar Park-based Firefly Aerospace has been bestowed the "Turnaround of the Year" designation by a noted trade publication in recognition of its record of overcoming obstacles in reaching new corporate heights.

"At Firefly, our corporate culture is rooted in solving hard problems and pushing through adversity," company officials wrote in a prepared statement following the recognition by SpaceNews. "Recognition of our perseverance by our industry's top news outlet is affirming and greatly appreciated."

Privately held, the company develops small and medium-sized launch vehicles for commercial launches to orbit. Indeed, the dips and soars of the Fcompany's recent trajectory rival the movements of rockets that are central to its corporate focus. Just three years ago, Firefly Aerospace was forced to lay off 150 workers after failing to secure a much-needed capital infusion. The lack of that anticipated windfall prompted the exodus of another key investor, leaving the company short $100 million to launch a satellite delivery rocket and leaving the future of the company in question.

"That really left us in a very difficult spot," company co-founder Michael Blum said at the time. "We needed that to keep going."

Since then, the company has reported a series of triumphs:

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"It's been an amazing 2019 at Firefly and we are incredibly proud of everything the Firefly team has accomplished," company officials said in a prepared statement. "We now have over 500 employees worldwide. There are 4 active test stands at our Texas test facility. Our Vandenberg team is preparing our SLC-2W launch site for the first Alpha launch. We've completed qualification of the Alpha second stage and the first stage qualification is well underway."

The company added: "Finally, a huge 'Thank You' to our investors at Noosphere Ventures who have made this incredible turnaround possible. First Alpha launch coming in 2020!"

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Cedar Park-Based Firefly Aerospace Named Turnaround Of The Year - Patch.com