Fire Point, a small defense contractor, rocketed into the limelight after Russia invaded Ukraine in February 2022. They were just in the news this year, as they announced a solid $1 billion revenue year. The company’s rapid rise to prominence comes alongside significant scrutiny from Ukraine’s anti-corruption watchdogs, which launched an investigation into Fire Point a year ago, examining its business practices and potential connections to its owner, Mindich.
In reaction to this scrutiny, Fire Point is doing the opposite. To further establish their credibility, they have commissioned a major international firm to independently audit their pricing and production practices. The company’s executives assert their commitment to transparency, emphasizing that they are operating under strict martial law protocols designed to ensure compliance with regulatory standards.
“We completely support, as a company, the fact that this investigation is happening,” said Iryna Terekh, Fire Point’s chief technology officer. She added, “We will be waiting for the results to come.”
While the investigation was unfolding, Fire Point hasn’t stopped moving forward — recently signing contracts with commercial defense contractors. The company has done at least four successful tests of its Flamingo missile on the battlefield. Every Flamingo missile (each one costs an estimated $500,000) has proven its immense potential in complementing Ukraine’s defense movements.
Beyond its tactical gains on the battlefield, Fire Point is proactively tackling production issues. The company is already in the midst of building a production factory in Denmark, focused on making that same highly-efficient rocket propellant. Terekh noted, “Our factory in Denmark is dedicated to solve a bottleneck with solid rocket propellent.” It includes investments to accelerate supply chains and move high-need items to market faster.
Fire Point’s interest in helping Ukraine with military production does not stop at manufacturing. The company just opened a new equity crowdfunding campaign. Most recently, they fully funded the delivery of a Black Hawk helicopter to Ukraine’s military intelligence service. This initiative is just one example of Fire Point’s commitment to improve the functional effectiveness of Ukrainian forces.
On November 12, 2023, Fire Point made a courageous decision to increase its leadership. The company established an advisory board, which includes former U.S. Secretary of State Mike Pompeo. His involvement is expected to provide strategic guidance as the company navigates both its expansion efforts and the ongoing investigation.
As Fire Point moves forward and adapts in a rapidly changing defense environment, the core mission of Fire Point stays the same. Terekh stated, “They did a great job helping us to secure production of critical components.” This sentiment underscores the company’s commitment not only to its bottom line but to contributing meaningfully to Ukraine’s defense needs.
