Core Insights - York Space Systems (YSS) is a newly public company operating in a relatively new space industry, which presents challenges in assessing its key contracts and overall business model [1] Company Overview - YSS is characterized by its recent public listing and operates in the emerging space sector, making it difficult to evaluate its performance and strategic direction [1] Market Context - The space industry is evolving, and YSS's position within this market is still being defined, leading to uncertainty regarding its future prospects [1]

Dirk Wallinger joins me now, CEO York Space Systems. I'm so glad you are with us. We're going to talk about the quarterly report and after the IPO, but how are you feeling overall uh right now.You have a somewhat volatile market environment. >> Yeah, it definitely is a volatile market environment right now. Luckily, uh the vast majority of our business is in defense and commercial as well.But, you know, on the defense sector, right, I mean that that's not a need that goes away. uh you know markets can go up ...

Author Ananthu C U Mar 20, 2026, 18:45 PM York Space Systems stock skyrockets 28%: here's why market is excited Shares of York Space Systems surged on Friday, extending a volatile post-IPO run as investors reacted positively to stronger-than-expected earnings and an upbeat growth outlook. York Space Systems stock skyrockets 28%: here's why market is excited The stock jumped as much as 28%, building on earlier gains after the company reported 2025 results that exceeded analyst expectations. Stock market York ...

Shares of York Space Systems Inc. (NASDAQ:YSS) are trading higher after the company reported a year-over-year decrease in its FY25 net loss and a year-over-year increase in its sales results. York Space Systems stock is showing exceptional strength. Why are YSS shares rallying?York Posts Positive Earnings Results York Space Systems brought in $386 million in revenue over the past year, a 52% increase from 2024. The company also lowered its net loss by 15% and had a gross profit of $75 million. The increase ...

York Space Systems (NYSE: YSS), which held its IPO in January, is getting an enthusiastic welcome to the stock market today as investors bid the shares up 24% through 11:11 a.m. ET. With York not yet profitable, estimates for the 2025 earnings report last night focused on revenue. Analysts forecast the company would collect $383.8 million through the end of the year. York did $386.2 million. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, call ...

Core Viewpoint - Planet Labs reported strong quarterly results, exceeding expectations in both earnings and revenue, which has positively impacted the stock and the broader space industry [2][4]. Company Performance - Planet Labs achieved adjusted earnings of $0 per share, surpassing the anticipated loss of $0.05 per share, with revenue increasing by 41% to a record $86.82 million, exceeding expectations of $78.2 million [2]. - The company ended the year with a backlog of $900 million, reflecting a 79% increase [2]. - For Q1, Planet Labs provided revenue guidance of $87 million to $91 million, aligning closely with analyst expectations of $87.1 million [3]. - Full-year revenue guidance is set between $415 million and $440 million, significantly above FactSet's forecast of $380 million [3]. Stock Performance - Planet Labs stock surged by 29% on the day of the earnings report, creating a breakaway gap above a buy point of $27.57 [4]. - The stock has already increased by nearly 37% year-to-date through Thursday [4]. Other Space Companies - Firefly Aerospace reported a Q4 loss of $0.38 per share, an improvement from a loss of $0.51 per share the previous year, with revenue soaring by approximately 538% to $57.67 million, exceeding expectations of $52.4 million [5]. - Firefly anticipates 2026 revenue between $420 million and $450 million, compared to FactSet's expectation of $429.3 million [5]. - York Space Systems reported an adjusted EBITDA loss of $1.4 million, improved from a loss of $4 million last year, with revenue increasing by 37% to $105.35 million, surpassing analyst expectations [8]. - York expects to achieve positive EBITDA in 2026, with revenue guidance of $545 million to $595 million, also above FactSet's forecast of $567 million [9].

______________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________ FORM 10-K For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-43088 ...

Financial Data and Key Metrics Changes - Revenue for 2025 was $386.2 million, an increase of $132.7 million or 52% year-over-year, primarily driven by increased completion against two transport layer Tranche 2 contracts [23][24] - Gross margin percentage improved to 20%, up 7 percentage points year-on-year, due to a better mix of newer programs and a reduction in negative estimate at completion (EAC) adjustments [24] - Contribution margin in 2025 was 32%, an increase of 2 percentage points from 2024's 30%, with contribution margin dollars growing by $47 million to $122 million, a 63% increase [27][28] Business Line Data and Key Metrics Changes - The company launched 23 satellites in 2025, emerging as a leading provider for the Department of Defense's Proliferated Warfighter Space Architecture [9][10] - The introduction of the M-CLASS platform in 2025, which supports payloads over 8 kW, broadens the addressable market across national security, civil, and commercial sectors [12] - A $187 million commercial contract for a 20+ satellite constellation was finalized, marking the fifth commercial contract for the company [12] Market Data and Key Metrics Changes - The company reported a total of 33 satellites currently on orbit, with plans to have 140 satellites by the end of 2027 [21][65] - The identified pipeline for future contracts stands at $11 billion, indicating strong demand in both national defense and commercial sectors [72] - The government is accelerating investments in space domain awareness and missile defense, reflecting a deteriorating global threat environment [19] Company Strategy and Development Direction - The company aims to disrupt the traditional space industry by transforming satellite manufacturing and operations into a fully industrialized model [6][8] - Recent acquisitions, including ATLAS Space Operations and Orbion Space Technology, are part of a strategy to integrate critical mission capabilities and reduce supply chain risks [13][17] - The company plans to leverage its IPO proceeds to grow its total addressable market (TAM) through mergers and acquisitions and expand its manufacturing capabilities [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in 2026, supported by a strong backlog and anticipated government contract awards [5][29] - The company is well-positioned to meet the evolving needs of U.S. government and commercial customers, with a focus on delivering at scale [22] - Management highlighted the importance of communication and coordination in future defense architectures, emphasizing the need for integrated systems [50] Other Important Information - The company had cash and cash equivalents of $162.6 million as of December 31, 2025, with total liquidity reaching $895.2 million post-IPO [25][26] - Capital expenditures for 2025 were $8.9 million, significantly lower than $18 million in 2024, reflecting efficient manufacturing processes [28] Q&A Session Summary Question: Can you elaborate on the acquisition of Orbion? - The acquisition of Orbion was anticipated in the S-1 filing and is expected to enhance the company's technology roadmap and production capabilities [31][32] Question: What is the expected revenue contribution from Orbion? - Specific revenue guidance for Orbion is not provided, but it is included in the consolidated guidance figure [34][35] Question: What are the prospects for new business opportunities? - Management is optimistic about new contracts, particularly in national defense, with two IDIQ contracts already won for classified customers [40][41] Question: How does the company view the PWSA architecture? - The company believes the PWSA architecture is critical for future U.S. defense and is moving towards a more coordinated approach [49][50] Question: What is the current production capacity? - The company has invested heavily in production capacity, with the ability to produce up to 1,000 satellites a year, ensuring readiness for future demand [62][63]

Financial Data and Key Metrics Changes - Revenue for 2025 was $386.2 million, an increase of $132.7 million or 52% year-over-year [23][24] - Gross margin percentage improved to 20%, up 7 percentage points year-on-year, driven by a better mix of newer programs [24] - Contribution margin in 2025 was 32%, an increase of 2 percentage points from 2024's 30% [27] - Adjusted EBITDA improved from -$4 million in 2024 to -$1.4 million in 2025 [28] Business Line Data and Key Metrics Changes - The company launched 23 satellites in 2025, establishing itself as a leading provider for the Department of Defense's Proliferated Warfighter Space Architecture [8][10] - A new commercial contract worth $187 million for a 20+ satellite constellation was finalized in 2025, marking the fifth commercial contract for the company [12] Market Data and Key Metrics Changes - The company reported a total of 33 satellites currently on orbit and expects to have 140 satellites by the end of 2027 [21][68] - The identified pipeline for future contracts stands at $11 billion, indicating strong demand in the market [73] Company Strategy and Development Direction - The company aims to disrupt the traditional space industry by transforming satellite manufacturing and operations into a fully industrialized model [6][10] - Recent acquisitions, including ATLAS Space Operations and Orbion Space Technology, are part of a strategy to integrate critical mission capabilities and reduce supply chain risks [13][17] - The company is focused on expanding its market share across national security, civil, and commercial sectors [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for space capabilities, particularly in national defense, and the need for rapid execution of contracts [19][41] - The company anticipates revenue for 2026 to be in the range of $545 million to $595 million, with over 70% expected from existing backlog [29][85] Other Important Information - The company completed its IPO on January 30, 2026, raising net proceeds of $582.6 million, which enhances its operational flexibility [25][26] - The company has a strong liquidity position with total liquidity of $895.2 million as of January 31, 2026 [25] Q&A Session Summary Question: Can you elaborate on the acquisition of Orbion? - Management confirmed that the acquisition was anticipated in the S-1 filing and highlighted Orbion's strong performance and alignment with the company's technology roadmap [31][32] Question: What is the expected revenue contribution from Orbion this year? - Management stated that specific revenue guidance for Orbion is not being issued but confirmed it is included in consolidated guidance figures [34][36] Question: What are the prospects for new business in 2026? - Management expressed optimism about new contracts, particularly in national defense, and mentioned winning two IDIQ contracts for classified customers [41][43] Question: How does the company view the PWSA architecture? - Management indicated that the government is moving towards a coordinated architecture for national defense, emphasizing the critical need for communication systems [52][54] Question: What is the current build rate and production capacity? - Management stated that the company has invested heavily in production capacity, with the ability to produce up to 1,000 satellites a year, ensuring readiness for future demand [66][68]

Financial Data and Key Metrics Changes - Revenue for 2025 was $386.2 million, an increase of $132.7 million or 52% year-over-year, primarily driven by increased completion against two transport layer Tranche 2 contracts [21][22] - Gross margin percentage improved to 20%, up 7 percentage points year-on-year, due to a better mix of newer programs and a reduction in negative EAC adjustments [22] - Contribution margin in 2025 was 32%, an increase of 2 percentage points from 2024's 30%, with contribution margin dollars growing by $47 million to $122 million, a 63% increase [25][26] Business Line Data and Key Metrics Changes - The company launched 23 satellites in 2025, emerging as a leading provider for the Department of Defense's Proliferated Warfighter Space Architecture [6][8] - The introduction of the M-class platform in 2025 allows for payloads exceeding 8 kW, broadening the addressable market across national security, civil, and commercial sectors [10] - The acquisition of ATLAS Space Operations enhanced ground infrastructure, critical for supporting proliferated architectures [11] Market Data and Key Metrics Changes - The company reported having 33 satellites currently on orbit and expects to have a total of 140 satellites by the end of 2027 [66] - The identified pipeline for future contracts stands at $11 billion, indicating strong demand and growth potential in the market [72] Company Strategy and Development Direction - The company aims to disrupt the traditional space industry by transforming satellite manufacturing and operations into a fully industrialized model [5] - The strategy includes expanding market share through M&A, as evidenced by the acquisition of Orbion Space Technology to reduce supply chain risk and enhance production capabilities [15][16] - The focus on government contracts and the growing demand for space-based defense systems positions the company favorably for future growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet the evolving needs of the U.S. government and commercial customers, citing a deteriorating global threat environment as a driver for increased investment in space [17][20] - The company anticipates revenue for 2026 to be in the range of $545 million to $595 million, with over 70% expected from existing backlog [27] Other Important Information - The company completed its IPO on January 30, 2026, raising net proceeds of $582.6 million, significantly enhancing its liquidity [23][24] - The company has a flexible and efficient manufacturing process, allowing for low capital expenditures compared to industry standards [26] Q&A Session Summary Question: Can you elaborate on the acquisition of Orbion? - The acquisition of Orbion was anticipated in the S-1 filing and is expected to enhance the company's technology roadmap and production capabilities [30][31] Question: What is the expected revenue contribution from Orbion this year? - Specific revenue guidance for Orbion is not provided, but it is included in the consolidated guidance figure [33] Question: What are the prospects for new business opportunities? - The company has won two IDIQ contracts for classified customers and expects robust award activity in the second half of the year [39][41] Question: How does the company view the PWSA architecture? - Management believes the PWSA architecture is critical for national defense and is evolving to ensure better coordination among various systems [50] Question: What is the current build rate and production capacity? - The company has invested heavily in production capacity, with the ability to produce up to 1,000 satellites a year, ensuring it can meet future demand [63][64]