# YSS earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/YSS) · [Earnings tab](https://www.lopjlb.com/stock/YSS?tab=earnings) Updated: 2026-08-13T05:35:05 Quarters analyzed: 2 ## Cross-quarter narrative Across two quarters, York Space Systems transitioned from a high-growth, high-confidence posture in 2025 Q4 to a more measured execution phase in 2026 Q1. Full-year 2025 revenue surged 52% to $386M with 23 satellite launches, a $187M commercial M-CLASS constellation win, two classified IDIQs, and the ATLAS and Orbion acquisitions. Management tone was optimistic (0.80) with low uncertainty (0.30). By Q1 2026, revenue growth decelerated to 9% YoY ($116M), though backlog expanded 18% to $642M and FY26 guidance ($545-595M) was maintained. Gross margin compressed 4pp to 19% due to EAC adjustments and non-recurring depreciation, while contribution margin improved 1pp to 34% on richer program mix. Management tone fell sharply to 0.30, QA pressure rose to 0.50, and uncertainty increased to 0.40. The company is building a 20-platform inventory to cut delivery times 75%, funded by IPO proceeds alongside M&A (Orbion closed, ALL.SPACE pending) and business development. Q2 supply delays are expected to push revenue recognition into H2. Key milestones track on schedule: Orbion acquisition delivered, NASA PEX extension delivered, $187M constellation and IDIQ awards on track, ALL.SPACE acquisition and inventory build progressing. ## Latest CallCard · Q1 YSS Q1 revenue $116M (+9% YoY), backlog $642M (+18%), guiding $545-595M FY26 unchanged; building 20 satellite inventory to cut delivery 75%, acquired Orbion, signing ALL.SPACE for contested comms; Q2 supply delays push revenue to H2. **Guidance:** maintained — FY26 revenue guidance $545-595M maintained despite Q2 supply delays offset by strong bid activity. **Tone:** mgmt 0.3 · Q&A pressure 0.5 · divergence 0.2 Management highlighted strong revenue growth, backlog expansion, strategic acquisitions (Orbion, ALL.SPACE), inventory build to accelerate delivery, and unchanged full-year guidance despite Q2 supply delays. ### Demand visibility Strong across government, classified, commercial with $642M backlog and multiple IDIQ awards. Backlog up 18% to $642M driven by $187M commercial constellation contract; multiple IDIQ awards for national security architectures; NASA PEX extension through 2027; unprecedented bid activity across markets. ### Margins / costs Gross margin 19% (-4pp YoY) on EAC adjustments and non-recurring depreciation; contribution margin 34% (+1pp) on richer program mix. Gross margin dollars $22.2M vs $24.6M; contribution margin dollars $40.1M vs $35.3M; SG&A+R&D up 35% on headcount, public company costs, acquisitions; adjusted EBITDA -$3.6M vs +$5.5M. ### Capital allocation IPO proceeds funding inventory build (20 platforms), M&A (Orbion closed, ALL.SPACE pending), business development expansion. Cash $655.7M, revolver $150M; CapEx $2.1M; building 20 satellite platforms to reduce delivery time 75%; Orbion acquired Q1 for vertical integration; ALL.SPACE acquisition expected Q3 close for contested comms and unmanned systems; disciplined M&A strategy across supply chain and adjacent markets. ### Milestones - **Orbion acquisition** [delivered]: Closed Q1 2026, strengthening supply chain control and vertical integration. - **ALL.SPACE acquisition** [on_track]: Signed April 2026, expected to close Q3 subject to regulatory approvals. - **$187M commercial constellation contract** [on_track]: Kickoff completed, early design work begun; significant revenue contribution expected 2027. - **IDIQ awards for national security architectures** [on_track]: Multiple awards won; task order issuances expected near term. - **NASA PEX contract extension** [delivered]: Extended through 2027. - **Inventory build of 20 satellite platforms** [on_track]: Building first 20 platforms to reduce time to orbit by up to 75%; 11 additional platforms potentially available. - **ATLAS ground network expansion** [on_track]: Expanding portfolio capabilities per prepared remarks. ## Quarter one-liners - **2026 Q1:** YSS Q1 revenue $116M (+9% YoY), backlog $642M (+18%), guiding $545-595M FY26 unchanged; building 20 satellite inventory to cut delivery 75%, acquired Orbion, signing ALL.SPACE for contested comms; Q2 supply delays push revenue to H2. - **2025 Q4:** York Space Systems reported 52% revenue growth to $386M in 2025, launched 23 satellites, won $187M commercial M-CLASS constellation contract and 2 classified IDIQs, acquired ATLAS and Orbion, and guided 2026 revenue of $545-595M. ## Theme arcs - **Revenue growth** (deteriorating): Decelerated from 52% YoY in FY25 to 9% YoY in Q1 FY26 - **Backlog growth** (improving): Expanded 18% to $642M with strong demand across government, classified, commercial - **Gross margin** (deteriorating): Compressed 4pp to 19% on EAC adjustments and non-recurring depreciation - **Contribution margin** (improving): Rose 1pp to 34% on richer program mix - **Management tone** (deteriorating): Dropped from 0.80 to 0.30 - **Uncertainty** (deteriorating): Increased from 0.30 to 0.40 - **Supply chain** (new): Q2 supply delays pushing revenue recognition to H2 - **Inventory strategy** (new): Building 20-platform inventory to cut delivery time 75% - **M&A execution** (improving): Orbion acquisition delivered, ALL.SPACE acquisition on track - **Classified/commercial demand** (stable): Strong across segments with multiple IDIQ awards and $187M constellation contract on track ## Guidance path 2025 Q4:maintained → 2026 Q1:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/YSS`