52% Year-on-Year Growth Driven By Strong Execution as a Mission Prime
DENVER--(BUSINESS WIRE)--March 19, 2026--
York Space Systems Inc. $(YSS)$ (York) today announced financial results for the fourth quarter and full year ended December 31, 2025.
For the year ended December 31,
-------------------------------------------
($ in thousands,
except percentages) 2025 2024 % Change
------------------ ----------- ----------
Revenue $ 386,203 $ 253,531 52%
Gross profit 75,460 32,421 133%
Net loss (84,537) (98,911) (15%)
Adjusted EBITDA
(non-GAAP) $ (8,271) $ (42,966) (81%)
* See definition and reconciliation of Adjusted EBITDA to net loss under
"Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP
Measures."
"2025 was the year York defined what a modern mission prime looks like," said CEO Dirk Wallinger. "We emerged as a leading provider to the Department of Defense's Proliferated Warfighter Space Architecture, measured by spacecraft on orbit, number of contracts, and mission types. We delivered the first Tranche 1 Transport Layer satellites in-orbit, accelerated and executed the Dragoon mission in response to an identified agency need, and demonstrated in-plane and cross-vendor optical communications. We remain the only provider to demonstrate Link 16 from space and validated NASA's shift to commercially procured communications through the BARD mission. We didn't just win contracts, we delivered real capability on accelerated timelines, at scale, and at approximately half the cost of our competitors."
"Our strong execution drove revenue up 52% year-on-year," said CFO Kevin Messerle. "We continue to drive margins upwards and expect to deliver positive adjusted EBITDA in 2026. With a strong balance sheet further bolstered by our recent IPO, we believe we are well-positioned to scale as demand for our products and services continues to grow."
Full Year 2025 Company Results
Revenue increased $133 million, or 52%, to $386 million. This increase was primarily driven by increased completion against two of our Transport Layer Tranche 2 contracts.
Gross Margin increased 6.8 percentage points to 19.5%; Gross Profit grew 133% to $75 million. The improvement in gross margin is largely attributable to reduced negative EAC adjustments and improved program mix compared to 2024; the increase in gross profit is primarily driven by increased revenue and the increased gross margin.
$319 million of backlog was converted to revenue during 2025, resulting in $543 million of backlog by the end of the year.
Selected highlights
-- York delivered 21 Tranche 1 Transport Layer satellites to orbit for the
Proliferated Warfighter Space Architecture (PWSA) becoming the first
prime to execute an on-orbit delivery under the Tranche 1 contract. York
made contact with all spacecraft within hours of launch separation. York
was a month ahead of its nearest competitor in launching these Tranche 1
Transport Layer space vehicles.
-- York launched and executed more than 100 mission demonstrations for
NASA's BARD mission, exceeding baseline performance objectives and
validating NASA's transition toward a commercially delivered
communications architecture in months.
-- York acquired ATLAS Space Operations, combining a global ground station
network with a software-defined operations platform, to eliminate ground
communications bottlenecks and integrate mission critical space-to-ground
connectivity into York's end-to-end mission architecture.
-- York demonstrated in-plane, cross-vendor, and space-to-ground optical
laser communications. In addition, York demonstrated K-Band connectivity,
orbit maneuvering, and remains the only provider ever to demonstrate Link
16 from space to ground.
-- York launched the Dragoon mission under an accelerated timeline from
contract signing to orbit in seven months, a 75% reduction in delivery
timeline versus typical 30-month programs. After an identified agency
need, York reallocated a production line platform to the mission,
integrated a completely new capability, and delivered the spacecraft
in-orbit, demonstrating the rapid delivery capability associated with
York's production line.
-- York introduced the M-CLASS platform, expanding its architecture to
support payloads up to 8kW while leveraging substantially the same core
hardware and flight-proven software stack used across its S-CLASS and
LX-CLASS platforms. The shared architecture enables rapid scaling into
higher-power mission sets without redesigning the underlying system,
significantly broadening York's ability to support a wider range of
national security, civil, and commercial customers.
-- In February 2026, York finalized a $187 million commercial contract for
a 20+ satellite constellation built on the M-CLASS platform,
demonstrating continued growth in the commercial market.
-- In March 2026, York acquired Orbion Space Technology, strengthening its
supply chain with flight-proven electric propulsion systems.
As of December 31, 2025, our cash and cash equivalents were $162.6 million and availability under our Revolving Facility was $150 million, for total liquidity of $312.6 million. On January 30, 2026, York completed its IPO of 18.5 million shares of its common stock at a public offering price of $34 per share. York received net proceeds of $582.6 million, net of underwriting discounts and commissions and offering costs, further bolstering our liquidity profile. Immediately after IPO, as of January 31, 2026, our total liquidity stood at $895.4 million, inclusive of our undrawn Revolving Facility.
Business outlook as of March 19, 2026
York Space Systems expects revenue for the full year 2026 to be in the range of $545 million to $595 million. Over 70% of this, at the midpoint, is expected to come from our existing backlog, giving us high confidence in achieving our goals, and the ability to focus on building our pipeline for beyond this year.
Business outlook is based on information as of today, March 19, 2026, and may be impacted by factors outside York's control. See "Forward Looking Statements."
Conference Call
York will host a conference call to review its financial results for the fiscal quarter and full year 2025 and its outlook for the future and may disclose other material developments affecting its business and/or financial performance. Listeners may access the conference call live via audio webcast.
Thursday March 19, 2026
3:00 pm Mountain Time (5:00 pm Eastern Time)
Webcast: https://events.q4inc.com/attendee/615953366
York's financial results release will be available after the close of market on March 19, 2026 on York's website at http://ir.yorkspacesystems.com. An audio webcast replay of the conference call will be available for one year at http://ir.yorkspacesystems.com.
About York Space Systems
York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making.
Forward-Looking Statements
This press release and the related conference call contain "forward-looking statements" within the meaning of, and we intend such forward-looking statements to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe, " "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, statements about our 2026 outlook, future growth prospects, backlog, growth of market share, growth strategy, capabilities, the future health of our aircraft, expectations regarding government programs and actions, the markets in which we operate, including growth of our various markets, potential new products and product innovation and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this press release and made during the related conference call, are forward-looking statements.
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