York Space Systems (YSS) Registration Filing summary

Company overview and business model

• Provides vertically integrated, mission-critical space and defense solutions for national security, government, and commercial customers, with proprietary hardware and software spanning the full mission lifecycle.

• Recognized as the leading provider to the DoD's PWSA by number of spacecraft in orbit, contracts, and contract types as of September 2025.

• Offers modular S-CLASS, LX-CLASS, and M-CLASS satellite platforms, enabling rapid, cost-effective deployment and recurring revenue from software and services.

• Demonstrated technological leadership with first-in-industry Link-16 connectivity from space and LEO-to-LEO laser links.

• Expanded capabilities through acquisitions, including Emergent (software/flight dynamics) and ATLAS (ground station network).

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, with 107 spacecraft, down from $861.7M at year-end 2024 due to 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 initiatives, R&D, capital expenditures, and potential acquisitions or investments.

• No specific large single use identified; allocation will depend on evolving business needs.

• No anticipated cash dividends for the foreseeable future; earnings to be retained for business development.