York Space Systems Inc. (YSS)

Price$8.96Cached quoteAs of 2026-09-05 04:32 UTC

AI: Fair-priced

Price checkThe price looks reasonable, but it assumes losses will shrink and contracts will grow.

With 137.4 million shares outstanding, the quoted price implies about $1.09 billion of equity value. June cash was $534 million and debt was $177 million; after the announced $155 million cash payment for ALL.SPACE, net cash was roughly $202 million before later operating movements. That puts the business value after net cash near $883 million, or about 2.3 times the midpoint of revised 2026 sales guidance. With continuing losses, there is no useful earnings multiple, so this price looks balanced rather than clearly cheap.

Big pictureSales are growing, but cash use and dependence on one government customer remain severe.

Revenue rose 52% to $386.2 million in 2025, while gross profit reached 19.5 cents of every sales dollar. Yet the company still lost $84.5 million. In first-half 2026, revenue rose 10% to $208.9 million, but cash used in operations worsened to $186.6 million. Free cash flow—cash left after running and investing in the business—was about negative $190.1 million after equipment spending. Payment timing caused much of the drain, but results remain uneven because government awards arrive in large steps; one agency supplied substantially all 2025 revenue and backlog.

Business strengthA large order book and proven launches help, while fresh cash limits near-term balance-sheet risk.

Backlog—contracted work not yet recorded as revenue—was $592 million, up 9% from year-end, and more than 55% was expected to become revenue within 12 months. York also confirmed 42 of 42 satellites healthy across two launches, supporting its claim of reliable scaled production. The balance sheet showed $534 million cash against $177 million debt before the ALL.SPACE cash payment. After that payment, estimated net cash near $202 million offers protection, though first-half cash use shows the cushion can shrink quickly unless customer collections improve.

What could change the storyLarger follow-on orders and lasting profits would support upside; further delays or share issuance would not.

The bull case needs task orders to lift $592 million of backlog toward management’s $1.85 billion potential on awarded contracts, while the 24% second-quarter gross margin—the share of sales left after production costs—becomes durable profit and cash. The bear case is visible: backlog fell 8% from March and the 2026 sales-guidance midpoint dropped roughly 32%, exposing reliance on the Space Development Agency. Solestial and ALL.SPACE cost about $372 million combined, using at least $171 million cash and issuing 7.6 million shares. Backlog growth, positive operating cash, and limited further dilution are the key tests.

AI: News

Outlook cut after resultsYork cut its sales outlook sharply as government buying shifted, deepening concern about growth and losses.

On August 13, York reported $92.5 million of quarterly revenue, up 10%, but a $39.3 million net loss. It lowered 2026 revenue guidance to $375–$405 million from $545–$595 million, a roughly 32% midpoint reduction, after removing expected near-term new-business revenue as federal purchasing shifted. Backlog fell 8% from March to $592 million. Shares dropped about 20% after hours; that timing is consistent with disappointment, although it cannot prove the report caused the entire move.

ALL.SPACE acquisition closesYork bought ALL.SPACE to expand military communications, but paid heavily with cash and new shares.

York closed the deal on July 8 for roughly $300 million: $155 million cash plus 5.9 million new shares. ALL.SPACE supplies terminals that can connect across several satellite networks and bands, widening York beyond spacecraft into ground communications. The strategic benefit is a broader product offering for military and unmanned systems. The cost is immediate: lower cash, about 4.6% more shares versus June’s count, and integration risk before acquired revenue and profit are fully disclosed.

Twenty-one satellites deployedA successful 21-satellite deployment strengthened evidence that York can manufacture and operate fleets at scale.

York announced on July 20 that all 21 satellites launched July 16 were healthy within five hours of separation. The mission brought its Tranche 1 transport satellites in orbit to 42 and total company spacecraft in orbit to 55. This execution matters because the Space Development Agency supplied substantially all 2025 revenue and backlog; reliable delivery can support follow-on awards. It does not remove customer concentration or guarantee task orders, and no reliable source isolated a stock-price reaction.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$386.2M	$253.5M	$238.1M
Gross profit	$75.5M	$32.4M	$54.9M
Gross margin	19.54%	12.79%	23.06%
Research & development	$18.4M	$20.4M	$7.0M
Operating expenses	$134.0M	$124.4M	$101.0M
Operating income	−$58.6M	−$92.0M	−$46.1M
Operating margin	−15.16%	−36.27%	−19.38%
EBITDA	−$18.3M	−$43.9M	−$1.7M
EBITDA margin	−4.73%	−17.31%	−0.73%
Net income	−$84.5M	−$98.9M	−$29.7M
Net profit margin	−21.89%	−39.01%	−12.46%
Basic EPSper basic share	-$0.68	-$0.92	-$0.28
Diluted EPSper diluted share	-$0.68	-$0.92	-$0.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈23.68%of listed shares

AEROEQUITY GP, LLC / GREENE MICHAEL ROBERT / ROWE DAVID H.30.63M shares · Jun 4, 2026

View holders

Top 20 reported holders of YSS
Holder	% owned
AEROEQUITY GP, LLC / GREENE MICHAEL ROBERT / ROWE DAVID H.	≈23.68%30.63M shares
BlackRock, Inc.	14.86%19.21M shares
BlackRock Portfolio Management LLC	≈13.80%17.85M shares
AE INDUSTRIAL PARTNERS, LP	9.07%11.73M shares
Wallinger Dirk	≈7.57%9.78M shares
Allianz Asset Management GmbH	2.11%2.73M shares
Hood River Capital Management LLC	1.52%1.96M shares
Tema ETFs LLC	1.47%1.9M shares
Tidal Investments LLC	1.43%1.84M shares
WESTWOOD HOLDINGS GROUP INC	1.34%1.74M shares
VOYA INVESTMENT MANAGEMENT LLC	1.25%1.62M shares
UBS Group AG	1.17%1.51M shares
STATE STREET CORP	1.11%1.43M shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	1.06%1.37M shares
Clearbridge Investments, LLC	1.02%1.32M shares
Temasek Holdings (Private) Ltd	0.79%1.03M shares
Messerle Kevin	≈0.77%998.32K shares
SYSTEMATIC FINANCIAL MANAGEMENT LP	0.74%961.19K shares
VANGUARD CAPITAL MANAGEMENT LLC	0.65%844.08K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.63%820.96K shares

Percentages use 129.31M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4/A ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$25.73M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 30, 2026Form 4	Erwin Tami A.Director	BuyCommon Stock	2.9K	$34.00	$100.0K	80.0K
Jan 30, 2026Form 4	Letarte TylerDirector	BuyCommon Stock · indirect	1.5K	$34.00	$50.0K	1.5K
Jan 30, 2026Form 4	BlackRock Portfolio Management LLCTenPercentOwner	BuyCommon Stock · indirect	752.5K	$34.00	$25.59M	17.85M

Review ownership filings at SEC.gov ↗

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York Space Systems Inc. (YSS)

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