York Space Systems (YSS) investor relations material

Executive summary

• Q3 revenue was $84.171M, down 7% YoY; net loss was $807.398M, including a $749.737M non-cash goodwill impairment, and adjusted EBITDA loss was $27.575M.

• Backlog was $581M at September 30; identified pipeline reached $14.9B, up more than 30% QoQ, and the 2026 proposal win rate was 83%.

• Contribution margin rose to 40%; FY2026 revenue guidance narrowed to $380M–$400M as growth initiatives span space systems, software, and proposed unmanned-platform expansion.

Financial highlights

• Q3 revenue was $84.171M versus $90.763M in Q3 2025; 9M revenue was $293.1M, up 4% YoY.

• Q3 gross profit was $15.519M versus $20.266M; gross margin was 18%, down 400 bps YoY, partly reflecting subsidiary inventory adjustments.

• Net loss was $807.398M versus $20.081M in Q3 2025, primarily reflecting the $749.737M goodwill impairment; 9M net loss was $961.6M.

• Adjusted EBITDA loss was $27.575M versus $3.399M in Q3 2025; 9M loss was $40.7M.

Outlook and guidance

• FY2026 revenue guidance narrowed to $380M–$400M, retaining a $390M midpoint; Q4 revenue is expected to rise modestly.

• Management cited significant potential award activity in 2027 and beyond; timing, budget priorities, and conversion of IDIQ awards to funded task orders remain uncertain.

• The $14.9B government opportunity pipeline covers the next two years; significant Q4 award growth is possible, subject to budget timelines.

• Management expects subsidiary revenue share to rise from 10%–15% to above 20% in 2027; a mid-December demonstration is targeted for space-based autonomous unmanned-surface-vehicle tasking.