York Space Systems (YSS) Registration Filing summary

Company overview and business model

• Leading U.S.-based space and defense prime offering mission-critical solutions for national security, government, and commercial customers.

• Vertically integrated with proprietary hardware and software, providing end-to-end spacecraft lifecycle services.

• Modular satellite platforms (S-CLASS, LX-CLASS, M-CLASS) enable rapid, scalable, and cost-effective production.

• Recurring revenue model driven by ongoing software, services, and hardware replacement cycles.

• Strong position as the #1 provider to DoD PWSA by number of spacecraft, contracts, and contract types as of September 2025.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025: $280.9M, up 59% from $176.9M in the prior year period.

• Gross profit for the same period: $54.4M (19% margin), up from $16.8M (9% margin) in 2024.

• Net loss for the nine months ended September 30, 2025: $(56.0)M, improved from $(73.6)M in 2024.

• Backlog as of September 30, 2025: $642M, down from $861.7M at year-end 2024, reflecting revenue recognition on major contracts.

• Adjusted EBITDA for the nine months ended September 30, 2025: $(6.9)M, improved from $(39.0)M in 2024.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, growth, general corporate purposes, inventory, R&D, and capital expenditures.

• May use a portion for acquisitions or investments, but no material agreements are in place.

• No current plans to pay dividends; earnings will be retained to fund business development.