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 across design, production, integration, and operation of spacecraft, with proprietary hardware and software.

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

• Recurring revenue model driven by ongoing software, services, and hardware replacement cycles, with a typical replacement cycle of 5–6 years.

• Significant space heritage: 74 missions flown, 17 products with flight heritage, over 4 million on-orbit hours.

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 the prior year.

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

• Backlog as of September 30, 2025: $642M, with 67% expected to be recognized as revenue within 12 months.

• Adjusted EBITDA for the nine months ended September 30, 2025: $(6.9)M; contribution margin: $87.3M (31%).

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, growth, 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.