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York Space Systems
York Space Systems (YSS) investor relations material
York Space Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Mar, 2026
Executive summary
Revenue grew 52% year-over-year to $386.2 million in 2025, driven by strong execution, contract deliveries, and key wins in national security and commercial markets.
Achieved significant operational milestones, including launching 33 satellites, supporting five active missions, and delivering 21 Tranche 1 Transport Layer satellites.
Completed IPO in January 2026, raising $582.6 million, strengthening liquidity for acquisitions and inventory build-up.
Expanded capabilities through acquisitions of ATLAS Space Operations and Orbion Space Technology, enhancing ground infrastructure and propulsion systems.
Introduced the M-CLASS platform, supporting higher-power payloads and broadening addressable markets.
Financial highlights
Full-year 2025 revenue was $386.2 million, up 52% from 2024, with gross margin improving to 19.5% and contribution margin at 32%.
Adjusted EBITDA loss improved to $8.3 million in 2025 from $43 million in 2024.
Net loss narrowed to $84.5 million in 2025 from $98.91 million in 2024.
SG&A plus R&D expenses increased only 8% year-over-year, demonstrating strong operating leverage.
Cash and cash equivalents at year-end: $162.6 million; post-IPO liquidity: $895.4 million.
Outlook and guidance
2026 revenue guidance is $545–$595 million, with over 70% expected from existing backlog and positive adjusted EBITDA forecasted.
Production capacity supports up to 1,000 satellites per year, with 107 satellites in backlog for launch by 2027.
Backlog at year-end was $543 million, supporting a projected fourfold increase in satellites on orbit by 2027.
Impact of platform inventory on revenue timing
Margin accretion from Orbion and ATLAS deals
York's role in the new Space Data Network
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Latest events from York Space Systems
- IPO targets $473.6M for growth; strong backlog, rapid revenue growth, but ongoing net losses.YSS
Registration Filing26 Jan 2026 - IPO seeks $473.6M to fund growth, leveraging leading DoD contracts and recurring revenue.YSSRegistration Filing16 Jan 2026
- Leading U.S. space and defense prime seeks IPO to fund growth, with AE Industrial Partners retaining control.YSSRegistration Filing2 Jan 2026
- Strong revenue growth and backlog, but net losses and high customer concentration remain key risks.YSSRegistration Filing2 Jan 2026
- Rapidly growing space and defense prime seeks IPO to fund expansion; majority control retained.YSSRegistration Filing20 Nov 2025
Next York Space Systems earnings date
Q1 202615 May, 2026
York Space Systems
Next York Space Systems earnings date
Q1 202615 May, 2026
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