York Space Systems Reports Fourth Quarter and Full Year 2025 Results

52% Year-on-Year Growth Driven By Strong Execution as a Mission Prime

York Space Systems Inc. announced financial results for the fourth quarter and full year ended December 31, 2025.

“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.

Liquidity

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.