York Space Systems

Editorial review: 10-SEP-2026. Financials are for Q2 or at 30-JUN-2026 unless labeled otherwise. Shares outstanding are at 12-AUG-2026 and include subsequent issuance. Market-dependent fields are unavailable in this verified snapshot; the live quote above is separate. No next earnings date was verified.

Trailing 12-month (TTM) revenue is a Defense Briefing calculation: FY2025 $386.203M + H1 2026 $208.890M − H1 2025 $190.091M = $405.002M. Quarterly revenue growth uses $92.547M / $83.839M − 1. Earnings per share (EPS) were -$0.31 versus -$0.25; loss per share widened 24%. TTM EPS is not calculated across the IPO conversion. N/M means not meaningful. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure.

Sources: [26] [3] [27]

Legal issuer: York Space Systems Inc., a Delaware corporation; headquarters: United States. Common stock trades on the New York Stock Exchange (NYSE: YSS), quoted in U.S. dollars per share. Regulator: U.S. Securities and Exchange Commission (SEC); repository: EDGAR; CIK 2086587; CUSIP 987084100. Reporting currency: U.S. dollars; accounting: U.S. generally accepted accounting principles (GAAP); fiscal year ends December 31. The business dates to 2012; the current issuer converted from Yellowstone Midco Holdings II, LLC on 28-JAN-2026.

Sources: [26] [3] [28]

York Space Systems designs, builds, integrates and operates satellites for national-security, civil-government and commercial customers. Its business model centers on repeatable spacecraft platforms rather than one-off designs. York combines common hardware and software with payload integration, launch support, ground systems and mission operations.

The company is best known as a major supplier to the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA). That program uses large numbers of lower-cost satellites in low Earth orbit to move data, support tactical communications and improve resilience against failures or attacks.

York is also building a broader set of capabilities as a mission prime contractor. ATLAS adds ground-network software and operations, Orbion adds electric propulsion, Solestial adds U.S.-produced space solar technology and ALL.SPACE adds multi-link terminals designed for communications in jammed or contested environments.

Sources: [3] [26]

Across the Mission

York’s offering also covers components, launch coordination, deployment, flight control, a communications mesh, ground services and mission control. Launch services here mean arranging and integrating transportation on providers’ rockets. York’s Bastion software and multi-mission operations center support constellation control; ATLAS adds ground access and Freedom ground software. These are related capabilities, not seven separately reported revenue segments.

York reported that Nemesis had passed its updated critical design review and targeted spacecraft delivery in Q4 2026. It also reported completion of initial Dragoon tactical-communications objectives. A design review or mission milestone should not be confused with full operational deployment.

Sources: [3] [34] [35] [27]

T2 Alpha was signed 10-OCT-2023 and announced 30-OCT-2023. T1DES was finalized 30-SEP-2022 and announced 26-OCT-2022. Recent selections are listed alongside older material program awards. See our NITE-STAR briefing for procurement context.

York generated $386.2 million of revenue in 2025, up 52.3% from 2024. Q2 2026 revenue reached $92.5 million, up 10.4% year over year; first-half revenue was $208.9 million. Q2 gross margin improved to 24.0%, compared with 11.4% a year earlier and 19.0% in Q1. The comparison benefited from the much larger unfavorable contract-cost adjustment recorded in the prior-year quarter.

Q2 government revenue was $85.1 million and commercial/other revenue was $7.4 million. One customer supplied approximately 91% of Q2 revenue and 96% of first-half revenue. Diversification has begun, but government dependence remains substantial. York reports one operating segment; its acquired capabilities are not separate disclosed segments.

Backlog and Conversion

Backlog, also described as remaining performance obligations, was $592.0 million at June 30, down from $642.3 million at March 31. York expected more than 55% to become revenue within 12 months. Backlog excludes unexercised options and remains exposed to contract changes and termination.

The $187 million commercial constellation, later task orders and propulsion, solar, ground and terminal acquisitions offer routes to growth. York’s August presentation of $1.85 billion of potential on awarded contracts and an $11.5 billion opportunity pipeline does not make either number recognized revenue or firm backlog.

First-half operating cash outflow was $186.6 million. Accounts receivable, contract assets and inventory absorbed cash while York recognized previously deferred revenue. The $534 million quarter-end cash balance predates the July ALL.SPACE purchase, which used approximately $155 million in cash.

Sources: [26] [3] [27]

The upside case rests on repeatable spacecraft, proven constellation deployment and acquisitions covering propulsion, power, ground operations and terminals. York says its existing footprint can support more than 1,000 spacecraft per year; that is stated capacity, not achieved annual output or demand.

The downside case is now visible in the numbers: lower guidance, sequential backlog decline and heavy operating cash use. Improving gross margin is useful, but York still reported a quarterly net loss and negative adjusted EBITDA. Acquisitions can widen the customer base while also increasing integration costs and dilution.

Watch Q4 Nemesis delivery against the company’s stated target, the size and timing of follow-on task orders, commercial-program execution, cash collections and remediation of revenue-recognition controls. The next earnings date has not been verified. A stronger order book without corresponding cash conversion would leave an important part of the thesis unproven.

Sources: [26] [3] [27]

Defense Briefing comparison by overlapping spacecraft and mission markets, not a claim that every company competes on every procurement. SDA’s award records directly establish Lockheed Martin and Northrop Grumman as Transport Layer competitors.

Sources: [15] [17] [18]

York's strongest advantage is repeatability. Its three primary spacecraft families share roughly 75% of hardware and 95% of software according to the company's annual filing. Commonality can shorten design cycles, simplify training, improve reuse and spread engineering cost across more units.

The second advantage is operational proof. York’s investor-relations overview reports 74 missions flown, 17 products with flight heritage and more than four million on-orbit hours, without a clear measurement date. Treat these as company claims. Separately, York reported 42 Tranche 1 satellites on orbit after the July 16 launch and initial health confirmation within five hours. The overview’s aggregate metrics use different scopes and should not be treated as 74 York-built satellites.

The third advantage is selective vertical integration. ATLAS, Orbion, Solestial and ALL.SPACE give York control over ground access, propulsion, power and terminals. The strategy can reduce supplier exposure and make York more valuable as a mission prime.

The moat is not invulnerable. Standardized satellite buses can become price-competed commodities. Larger primes can subsidize bids, absorb losses and bundle payloads or classified access. York must show that commonality and vertical integration produce durable margins, not merely higher fixed costs and acquisition complexity.

Sources: [3] [24] [19]

Customer concentration. One customer supplied 91% of Q2 revenue. Budget shifts, task-order delays, program changes or termination could affect both sales and backlog.

Fixed-price execution. Changes in estimated costs affect revenue and profit on long-term contracts. Q2 included $0.439 million of net unfavorable estimate-at-completion adjustments before tax, compared with $13.812 million a year earlier. Better comparisons do not eliminate future cost exposure.

Internal controls. Disclosure controls remained ineffective at June 30 because the revenue-recognition material weakness had not been fully remediated. This concerns the measurement of progress on over-time contracts.

Liquidity and integration. First-half operating cash use was $186.6 million. ATLAS, Orbion, Solestial and ALL.SPACE add capabilities alongside personnel, systems and working-capital requirements. June cash should not be read as a post-acquisition September balance.

Capacity ahead of demand. Inventory and factory investment can shorten delivery times when orders arrive, but expose York to underutilization and cash demands when schedules shift. Stated capacity is not annual production.

Procurement dependence. Follow-on competitions recur. Incumbency and access to indefinite-delivery/indefinite-quantity (IDIQ) vehicles do not guarantee task-order revenue. The August guidance cut is a concrete example of timing risk.

Supply chain and export controls. Owning more suppliers changes the exposure rather than removing it. York must scale propulsion, solar and terminal operations while meeting quality, security and export-control obligations.

Leadership and governance. An interim CFO must maintain reporting continuity while the company addresses its control weakness. The annual filing describes controlled-company status through share ownership and contractual director-election arrangements; economic ownership percentages alone do not measure that control.

Ownership and dilution. Stock-financed acquisitions increase outstanding shares. Large-holder sales are distinct from executive sales and do not, by themselves, establish a change in operating performance.

Sources: [26] [3] [5]

Executive Leadership

Board of Directors

Leadership and board roster grounded in the annual filing, IPO prospectus and subsequent appointment filings. The investor-relations board listing could not be independently rendered during this review. Verified public contacts: media, Sarah Nickell; investor relations, Christopher Evenden, ir@yorkspacesystems.com. Unverified social accounts are omitted.

Sources: [3] [32] [5] [31] [12]

Dates above are SEC filing dates, which can differ from signature, announcement and transaction dates. The authoritative issuer feed was reviewed 10-SEP-2026; the latest filing returned was dated 14-AUG-2026.

Major Holdings

Sources: [28] [29] [30] [22]

U.S. disclosure regime: SEC Forms 3, 4 and 5 for reportable insider ownership and changes; Schedules 13D/13G for beneficial ownership. Historical rows are retained for context. See sources [20]–[23] for the older sale and ownership records. No later filing was returned by the reviewed issuer feed.

Dirk Wallinger founded York in 2012 around a simple industrial thesis: national-security spacecraft could be built faster and in larger quantities by reusing platform designs, software and production processes. York became an early Space Development Agency supplier and expanded from ten Tranche 0 data-relay satellites to major Tranche 1 and Tranche 2 production work.

York priced its initial public offering at $34 per share in January 2026 and began trading on the New York Stock Exchange under YSS. The company raised approximately $583.4 million in net proceeds as subsequently reported in the Q2 filing and used its public balance sheet to accelerate vertical integration.

Acquisition Ledger

The listed corporation arose from the January 2026 conversion of Yellowstone Midco Holdings II, LLC. That legal step is distinct from the operating business’s 2012 founding. Acquisition consideration, negotiated share reference prices and accounting fair values are different measures.

Sources: [3] [26]