$YSS

York Space Systems Inc.

CIK:0002086587|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 92,547	$ 83,839	$ 208,890	$ 190,091
Cost of revenues	70,367	74,313	164,560	155,963
Gross profit	22,180	9,526	44,330	34,128
Operating expenses
Selling, general and administrative expenses	40,825	25,790	77,531	52,591
Stock-based compensation expense	10,893	0	95,589	0
Research and development	5,766	4,893	11,055	9,294
Transaction costs	6,009	75	11,934	106
Total operating expenses	63,493	30,758	196,109	61,991
Loss from operations	(41,313)	(21,232)	(151,779)	(27,863)
Other (expense) income
Interest expense	(2,884)	(7,118)	(5,783)	(14,177)
Interest income	4,208	218	8,828	759
Other (expense) income, net	928	1,201	(5,279)	1,315
Total other income (expense)	2,252	(5,699)	(2,234)	(12,103)
Loss before provision for income taxes	(39,061)	(26,931)	(154,013)	(39,966)
Income tax (expense) benefit	(282)	2,697	(172)	4,003
Net loss	(39,343)	(24,234)	(154,185)	(35,963)
Foreign currency translation adjustment	49	372	(72)	857
Comprehensive loss	(39,294)	(23,862)	(154,257)	(35,106)
Net loss per common share
Net loss	(39,343)	(24,234)	(154,185)	(35,963)
Less: Accretion of Class P Units	0	0	192	0
Less: Deemed dividend on Conversion of the Class P Units upon IPO	0	0	60,722	0
Net loss available to common shareholders	$ (39,343)	$ (24,234)	$ (215,099)	$ (35,963)
Net loss available to common shareholders, basic net loss per share (in dollars per share)	$ (0.31)	$ (0.25)	$ (1.76)	$ (0.38)
Net loss available to common shareholders, diluted net loss per share (in usd per share)	$ (0.31)	$ (0.25)	$ (1.76)	$ (0.38)
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	128,095,949	95,141,928	122,092,664	95,141,928
Weighted average common shares outstanding, diluted (in shares)	128,095,949	95,141,928	122,092,664	95,141,928

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (154,185)	$ (35,963)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Depreciation and amortization	30,989	24,261
Stock-based compensation expense	95,589	0
Amortization of debt issuance costs	418	428
Non-cash lease expense	2,110	1,297
Amortization of capitalized commissions	2,316	3,229
Deferred taxes	(237)	(3,998)
Loss on equity investments, net	1,594	0
Other, net	5,772	(894)
Changes in assets and liabilities, net of the effect of acquisitions:
Accounts receivable, net	(43,447)	(7,333)
Inventories	(24,042)	7,137
Prepaid expenses and other current assets	6,651	20,873
Contract assets	(38,159)	(42,932)
Other assets	(476)	(54)
Contract liabilities	(95,815)	(72,852)
Accounts payable and accrued expenses	26,831	7,814
Deferred commissions	(691)	(1,338)
Income taxes payable	149	0
Related party payables	0	1,276
Other liabilities	17	436
Right of use assets and operating lease liabilities, net	(2,021)	(1,209)
Net cash (used in) operating activities	(186,637)	(99,822)
Cash flows from investing activities
Capital expenditures	(3,430)	(1,272)
Equity investments	(6,156)	(5,000)
Acquisition of business, net of cash acquired	(25,152)	0
Issuance of notes receivable	0	(2,500)
Proceeds from settlement of notes receivable	5,000	0
Net cash (used in) investing activities	(29,738)	(8,772)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with the IPO, net of underwriting discounts and commissions	592,833	0
Payment of offering costs in connection with the IPO	(3,192)	0
Repayment of principal on long-term debt	(1,875)	0
Proceeds from settlement of notes receivable	0	25,000
Net cash provided by financing activities	587,766	25,000
Net increase/(decrease) in cash and cash equivalents	371,391	(83,594)
Effect of exchange rate changes on cash	36	156
Cash and cash equivalents, beginning of period	162,573	104,656
Cash and cash equivalents at end of period	534,000	21,218
Supplemental disclosures of cash flow information
Cash payments for interest	5,682	6,090
Cash (refunded)/paid for taxes	(11)	3
Noncash operating, investing, and financing
Changes in accounts payable and accruals for purchases of fixed assets	1,483	1,346
Conversion of common units into shares of common stock upon IPO	1,135,718	0
Conversion of Class P Units into shares of common stock upon IPO	241,391	0
Orbion Space Technology, Inc.
Noncash operating, investing, and financing
Issuance of common shares for acquisition	60,180	0
Solestial Space Technology, Inc.
Noncash operating, investing, and financing
Issuance of common shares for acquisition	$ 51,857	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 534,000	$ 162,573
Accounts receivable, net	55,800	11,539
Inventories	41,787	18,747
Prepaid expenses and other current assets	20,988	31,478
Contract assets	114,967	76,809
Capitalized commissions, net	4,305	6,661
Total current assets	771,847	307,807
Fixed assets, net	58,070	46,293
Right of use assets, net	28,445	24,683
Goodwill	793,520	674,262
Other intangibles, net	412,828	407,925
Other assets	5,509	14,415
Total assets	2,070,219	1,475,385
Current liabilities
Contract liabilities	18,157	110,275
Accounts payable and accrued expenses	110,015	68,358
Operating lease liabilities, current	3,942	3,260
Income taxes payable	831	672
Long-term debt, current	5,625	3,750
Deferred commissions, current	5,266	5,038
Other current liabilities	835	0
Total current liabilities	144,671	191,353
Operating lease liabilities, less current portion	26,330	23,161
Deferred commissions, less current portion	1,191	2,110
Long-term debt, net	141,419	144,962
Derivative liability associated with Class P Units	0	93,411
Other liabilities	4,717	3,353
Deferred income tax liability	6,084	6,096
Total liabilities	324,412	464,446
Commitments and contingencies (See Note 13)
Temporary and Stockholders' Equity/Member's Capital
Class P Units (0 and 240,956,348 units authorized, issued and outstanding at June 30, 2026 and December 31, 2025, respectively; $0 and $241,498 liquidation preference as of June 30, 2026 and December 31, 2025, respectively)	0	143,115
Common units (0 and 50,000,000 authorized, issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	0	1,135,910
Common stock ($0.0001 par value per share; 1,000,000,000 and 0 authorized at June 30, 2026 and December 31, 2025, respectively; 129,312,790 and 0 issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	13	0
Additional paid-in-capital	2,168,137	0
Accumulated other comprehensive income	864	936
Accumulated deficit	(423,207)	(269,022)
Total stockholders' equity/member's capital	1,745,807
Total stockholders' equity/member's capital		867,824
Total liabilities, temporary equity, and stockholders' equity/member's capital	$ 2,070,219	$ 1,475,385