📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

York Space Systems, Inc. operates as a space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding YSS

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	67.2K	$1.5M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 2 quarters analysed

Q4 2025

Confident Specific

Management leads with robust 52% revenue growth, explicit margin improvements (20% gross margin, up 7pp), and specific operational milestones (23 satellites launched, 107 satellites in backlog). Uses concrete numbers and forward guidance ($545-$595M revenue) without hedging.

Q1 2026 latest

Confident Specific

Management repeatedly used precise dollar figures (e.g., $187M commercial contract, $642.3M backlog, $1.5B opportunity from Space Data Network), explicitly addressed confusion around SDA budgets, and provided detailed breakdowns of margin drivers and supply chain impacts, indicating a high degree of specificity and conviction.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger but nuanced. Management provided rare clarity on Space Data Network budget opportunity (~$1.5B), selective national security IDIQ wins, and a concrete commercial contract – all de-risking revenue visibility. However, near-term gross margin pressure from EAC adjustments and supply chain delays (pushing Q2 revenue flat) suggests lumpy execution. The ALL.SPACE acquisition adds a compelling growth vector in contested communications and unmanned systems, but integration risk remains. Next quarter: watch for task order awards on the new IDIQs, progress on inventory-driven revenue recognition, and any updates on ALL.SPACE closing.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 2 quarters Full tone analysis in Intelligence →

📊 MIXED York Space Systems Q1 2026: Revenue $116M, backlog $642M, IPO fuels growth

Revenue & Profitability

Q1 2026 revenue of $116.3 million, up $10.1 million (9%) YoY. Gross margin was 19% (down 4pp YoY) due to EAC adjustments and non-recurring depreciation. Contribution margin (non-GAAP) was 34% (up 1pp). Adjusted EBITDA was -$3.6 million vs. $5.5 million last year. GAAP loss per share of $1.51, including $1.07 from two non-recurring non-cash IPO charges. Cash and equivalents $655.7 million, plus $150 million revolver availability.

Outlook

Management sees robust demand across government, classified, and commercial markets. The Space Data Network opportunity has tripled to roughly $1.5 billion, and the classified budget is estimated at $20.9 billion with Golden Dome at $17.5 billion. Near-term supply chain delays will push some Q2 revenue into H2, but the full-year revenue guidance of $545 million to $595 million is unchanged. The government is accelerating procurement via IDIQs and OTAs, shortening program cycles.

Growth Drivers

Key growth levers include a $187 million commercial contract for a 20+ satellite M-CLASS constellation, multiple IDIQ awards for next-generation national security space architectures (including Golden Dome-related missions), expansion into unmanned systems via ALL.SPACE terminals, and continued growth with civil customers like NASA (PEX contract extension through 2027). The company is also building inventory to rapidly convert contract awards into revenue.

Balance Sheet & CapEx

Q1 2026 capital expenditures were $2.1 million, up from $1.2 million in the year-ago quarter. The company is investing in inventory by building the first 20 satellite platforms to reduce delivery timelines. Additionally, York is scaling its Potomac facility for higher throughput and has doubled its classified facility space. The IPO has provided capital to accelerate M&A and business development expansion.

Margins

Gross margin declined 4pp to 19% due to a negative EAC adjustment on a critical government program (absorbed by York to avoid contract modifications) plus a non-recurring depreciation charge. Excluding these items, gross margin would have been slightly up YoY. Contribution margin improved 1pp to 34% as newer vintage programs carry higher margins than older ones. Management expects longer-term margin improvement as the mix shifts to newer programs and operational efficiencies take hold.

Key Risks

Management noted supply chain delays for certain components that will push some Q2 revenue into H2 2026, though the full-year outlook is unchanged. EAC adjustments in Q1 reflected a technical alignment with a government customer that added material and labor costs. The company also highlighted the broader risk of evolving government procurement dynamics and the need for continued investment to maintain production scale.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (2 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (2)

Q1 2026 Q1 2026 2026-05-14

Q1 2026 revenue grew 9% year-over-year to $116M, with backlog up 18% and strong new contract wins. Full-year guidance is reaffirmed at $545–$595M, despite supply chain delays shifting some revenue to H2. Strategic acquisitions and inventory build-out position the company for accelerated growth.

Q4 2025 Q4 2025 2026-03-19

Revenue grew 52% year-over-year to $386.2M, with gross margin up 7 points to 20%. IPO proceeds and acquisitions strengthened liquidity and capabilities, supporting a 2026 revenue outlook of $545–$595M, driven by a robust backlog and new contract wins.

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