Core Insights - Firefly Aerospace reported a transformative year in 2025, achieving a record annual revenue of $159.9 million, which represents a 163% increase year-over-year [7][3] - The company successfully returned its Alpha rocket to flight and secured multiple contracts in national security and space exploration, including a significant contract for Elytra and participation in the Space Force's FORGE program [4][8] Financial Performance - For the fiscal year ended December 31, 2025, Firefly generated $159.9 million in revenue, compared to $60.8 million in 2024 [31] - The company reported a net loss of $298.3 million for 2025, an increase from a net loss of $231.1 million in 2024 [31] - Operating expenses for 2025 totaled $291.4 million, up from $198.1 million in 2024, driven by increased research and development costs [31] Operational Highlights - Firefly became the first commercial company to successfully land on the Moon with Blue Ghost Mission 1, completing 14 days of lunar surface operations [7] - The company completed a historic IPO, enhancing its balance sheet for long-term growth [7] - Firefly acquired SciTec, expanding its capabilities in hardware and software for national security and commercial customers [7] Future Outlook - Firefly anticipates full-year revenue for 2026 to be between $420 million and $450 million, indicating continued growth [11] - The company is focused on enhancing its launch operations and reliability with the introduction of Alpha Block II, an upgraded configuration of its launch vehicle [14]

Table of Contents As filed with the Securities and Exchange Commission on November 17, 2025. No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Yellowstone Midco Holdings II, LLC to be converted as described herein to a corporation named York Space Systems, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3761 39-4190941 (Primary St ...