York Space Systems Inc. (YSS) SEC Filings & Earnings Calls
EquiReason read 7 York Space Systems Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-08-14 — York Space Systems reported Q2 2026 revenue of $92.5M, up 10.4% YoY, with gross margin expanding to 24.0% from 11.4%, but net loss widened to $39.3M due to higher operating expense.
Source: SEC EDGAR filings · read by EquiReason
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last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
14 Aug 202610-QYork Space Systems reported Q2 2026 revenue of $92.5M, up 10.4% YoY, with gross margin expanding to 24.0% from 11.4%, but net loss widened to $39.3M due to higher operating expenses.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $93M | +10% y/y |
| Gross Profit · Q2-2026 | $22M | +133% y/y |
| Net Loss · Q2-2026 | $-39M | +62% y/y |
| Cash and Equivalents · 2026-06-30 | $534M | +228% y/y |
| Contract Liabilities · 2026-06-30 | $18M | -84% y/y |
| Contract Assets · 2026-06-30 | $115M | +50% y/y |
| Operating Cash Flow · H1-2026 | $-187M | +87% y/y |
Risks flagged
Customer Concentration
“Approximately 91 % and 96 % of the Company’s revenues for the three months ended June 30, 2026 and 2025, respectively, and 96 % and 95 % of revenues for the six months ended June 30, 2026 and 2025, respectively, were derived from one customer.” · word for word
Operating Losses
“Loss from operations $(41,313) and $(21,232) for three months ended June 30, 2026 and 2025, respectively.”
Backlog Decline
“Contract liabilities $18,157 and $110,275 as of June 30, 2026 and December 31, 2025, respectively.”
13 Aug 20268-K · 2.02York Space Systems reports Q2 2026: revenue $92.5M (+10% YoY), gross profit $22.2M (+133%), net loss -$39.3M. Backlog $592M. Guidance cut: FY2026 revenue $375-405M (from prior). Eight contract wins YTD at 88% win rate.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $93M | +10% y/y |
| Gross profit · Q2-2026 | $22M | +133% y/y |
| Net loss · Q2-2026 | $-39M | +62% y/y |
| Adjusted EBITDA · Q2-2026 | $-10M | +7% y/y |
| Backlog · 2026-06-30 | $592M | |
| Cash and cash equivalents · 2026-06-30 | $534M | |
| Total liquidity · 2026-06-30 | $684M |
Guidance
FY2026 revenue $375-405M, down from prior guidance
Revenue guidance cut due to government acquisition methodology shift; strong backlog and pipeline support medium-term growth.
Risks flagged
Guidance cut due to shift in government acquisition methodology from RFPs to IDIQ, causing slower revenue recognition.
“The majority of the decrease in guidance is due to the removal of the new business revenue in 2026 given the shift in government acquisition methodologies.” · word for word
Net loss widening: -$39.3M in Q2 2026 vs -$24.2M in Q2 2025.
“Net loss (39,343) (2026) vs (24,234) (2025) in thousands”
5 Aug 20268-K · 5.02, 7.01York Space Systems announced CFO Kevin Messerle departure (effective Aug 14, 2026) and appointment of Brian Frantz (current CAO) as Interim CFO. Frantz has 30+ years financial leadership experience. Messerle leaving for opportunity outsideopen
Risks flagged
CFO departure creates temporary leadership gap; permanent replacement search may distract.
“Kevin Messerle departing; interim CFO appointed.”
15 May 202610-QYork Space Systems reported Q1 2026 revenue of $116.3M (+9.5% YoY) but net loss widened to $114.8M due to stock-based compensation and transaction costs; backlog remains strong at $642.3M.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $116M | +10% y/y |
| Net loss · Q1-2026 | $-115M | +879% y/y |
| Operating cash flow · Q1-2026 | $-84M | +6% y/y |
| Free cash flow · Q1-2026 | $-87M | +7% y/y |
Risks flagged
Customer concentration
“Approximately 99% and 94% of revenues for the three months ended March 31, 2026 and 2025 respectively, were derived from one customer.” · word for word
Contract loss risk
“The Company recorded a loss of $5.5 million for the three months ended March 31, 2026, within cost of revenues.” · word for word
Operating losses
“Loss from operations $(110,466) vs $(6,631) for the three months ended March 31, 2026 and 2025, respectively.”
14 May 20268-K · 2.02York Space Systems reports Q1 2026 revenue $116M (+9% YoY), gross profit $22M (-10%), net loss $(115M) vs $(12M) prior year; backlog $642M; reaffirms FY2026 revenue guidance $545-595M; IPO net proceeds $583M; acquisition of ALL.SPACE announearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $116M | +10% y/y |
| Gross profit · Q1-2026 | $22M | -10% y/y |
| Net loss · Q1-2026 | $-115M | +879% y/y |
| Adjusted EBITDA · Q1-2026 | $-4M | -167% y/y |
| Backlog · Q1-2026 | $642M | |
| Cash and cash equivalents · Q1-2026 | $656M | |
| Total liquidity · Q1-2026 | $806M |
Guidance
FY2026 revenue $545M to $595M
Revenue guidance reaffirmed; backlog growth; margin pressure from EAC adjustments.
Risks flagged
Gross margin decline due to unfavorable EAC adjustments; net loss widened significantly.
“Gross Margin decreased 4 percentage points to 19%; Net loss $(114,842) vs $(11,729)”
Integration risk from acquisition of ALL.SPACE and Orbion.
“agreement to acquire ALL.SPACE ... consummation ... subject to regulatory approvals and customary closing conditions”
20 Mar 202610-KYork Space Systems reported strong FY2025 results with 52% revenue growth, margin expansion, and significantly narrowed adjusted EBITDA loss.earningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $386M | +52% y/y |
| Contribution margin % · FY2025 | 32.0% | |
| Gross profit % · FY2025 | 20.0% | |
| Adjusted EBITDA · FY2025 | $-8M | -81% y/y |
| Net loss · FY2025 | $-85M | -15% y/y |
| Cash and cash equivalents · 2025-12-31 | $163M | |
| Accumulated deficit · 2025-12-31 | $269M | |
| IPO net proceeds · 2026-01-30 | $583M |
Risks flagged
Limited operating history and accumulated losses
“We have a limited history of operations and have incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $269.0 million as of December 31, 2025.” · word for word
Debt covenant compliance risk
“The Credit Agreement contains (i) a minimum revenue covenant ... (ii) a minimum liquidity covenant ... (iii) a maximum consolidated first lien net leverage ratio covenant”
NOL limitation risk
“Our ability to use our net operating loss carryforwards may be limited.” · word for word
19 Mar 20268-K · 2.02York Space Systems reported FY2025 revenue of $386M (+52% YoY), gross profit $75M (+133%), adjusted EBITDA loss narrowed to -$8.3M from -$43M; backlog $543M; guided FY2026 revenue $545-595M; strong execution on DoD contracts, IPO in Jan 202earningsopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $386M | +52% y/y |
| Gross profit · FY2025 | $75M | +133% y/y |
| Net loss · FY2025 | $-85M | -15% y/y |
| Adjusted EBITDA (non-GAAP) · FY2025 | $-8M | -81% y/y |
| Backlog · FY2025 | $543M | |
| Cash and cash equivalents · FY2025 | $163M | |
| Total liquidity · FY2025 | $313M | |
| Gross margin · FY2025 | 19.5% |
Guidance
FY2026 revenue $545-595M; prior FY2025 revenue $386M (actual); over 70% of midpoint covered by existing backlog
FY2026 revenue guidance of $545-595M represents ~48% growth at midpoint vs FY2025 actual of $386M; management expects positive adjusted EBITDA in 2026; strong backlog coverage provides high confidence.
Risks flagged
Dependence on U.S. government contracts: significant revenue from DoD PWSA program; changes in government funding or priorities could impact future revenue.
“disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government” · word for word
Classified contracts limit investor insight: portions of business not fully visible due to classified nature of contracts.
“limitations on investor insight into portions of our business due to our classified contracts with the U.S. government” · word for word
Backlog realization risk: potential inability to convert backlog to revenue as expected.
“the potential inability to realize our backlog” · word for word
Substantial indebtedness: company carries significant debt, though liquidity is strong post-IPO.
“our substantial indebtedness”
York Space Systems Inc. — questions
- What did York Space Systems Inc. file recently?
- 7 SEC filings in the last 12 months. Latest: 10-Q on 2026-08-14 — York Space Systems reported Q2 2026 revenue of $92.5M, up 10.4% YoY, with gross margin expanding to 24.0% from 11.4%, but net loss widened to $39.3M due to higher operating expenses.
Every figure on this page comes from York Space Systems Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.