York Space Systems (YSS) Registration Filing summary

Company overview and business model

• Provides vertically integrated, mission-critical space and defense solutions for 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, contracts, and contract types as of September 2025.

• Offers modular S-CLASS, LX-CLASS, and M-CLASS satellite platforms, with significant technology commonality to reduce costs and accelerate deployment.

• Generates recurring revenue from satellite-based software, services, and hardware replacement cycles, with a typical replacement cycle of five to six years.

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

Financial performance and metrics

• Estimated 2025 revenue: $384.1–$387.8 million, up from $253.5 million in 2024.

• Net loss for 2025 estimated at $83.2–$90.1 million, compared to $98.9 million in 2024.

• Adjusted EBITDA for 2025 estimated at $(7.8)–$(9.4) million, improved from $(43.1) million in 2024.

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

• Gross margin improved to 19% for the nine months ended September 30, 2025, from 9% in the prior year period.

Use of proceeds and capital allocation

• Expected net proceeds of $473.6 million (or $546.2 million if underwriters' option exercised) at $32.00 per share.

• Proceeds intended for working capital, growth, general corporate purposes, inventory, capital expenditures, and potential acquisitions or investments.

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