York Space Systems (YSS) Q4 2025 earnings summary

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.