York Space Systems (YSS) Q2 2026 Earnings Call: Revenue Guidance Cut to $375M-$405M
Source Tradingkey
Key Takeaways
- Q2 2026 revenue increased 10% year over year to $92.5 million, driven primarily by acquisitions and a new commercial contract. Revenue from major government programs was relatively flat.
- Gross margin rose 13 percentage points to 24%, while contribution margin expanded 18 percentage points to 42%. Adjusted EBITDA remained negative at $9.5 million.
- York reduced its full-year 2026 revenue guidance to $375 million-$405 million from a previous midpoint of $570 million. The new midpoint is $390 million, or $180 million below the prior midpoint.
- Management attributed the guidance reduction to the removal of expected new-business revenue and supply-chain delays shifting revenue into 2027, partly offset by acquisition-related revenue.
- Backlog was $592 million as of June 30, up 9% from the beginning of 2026 but down 8% from Q1. Potential on awarded contracts reached $1.85 billion, while the identified pipeline exceeded $11.5 billion.
- York secured eight contracts in the first half of 2026 at an 88% proposal win rate. Management expects the government’s shift toward IDIQ contracting to support growth in 2027, although initial awards are taking longer.
Core Financial Data
| Metric | Q2 2026 | Change / Context |
|---|---|---|
| Revenue | $92.5 million | Up $8.7 million, or 10%, year over year |
| Gross margin | 24% | Up 13 percentage points year over year |
| Gross profit | $22.2 million | Up $9.5 million year over year |
| Contribution margin | 42% | Up 18 percentage points year over year |
| Contribution margin dollars | $39.3 million | Nearly doubled from $20.3 million |
| SG&A plus R&D expenses | — | Up 52% year over year |
| Adjusted EBITDA | Loss of $9.5 million | Compared with an $8.9 million loss a year earlier |
| Cash and cash equivalents | $534 million | As of June 30, 2026 |
| Total liquidity | $684 million | Includes a fully available $150 million revolving facility |
| Backlog | $592 million | Down 8% from Q1; up 9% from the start of 2026 |
| Potential on awarded contracts | $1.85 billion | Company-defined opportunity measure |
| Identified pipeline | More than $11.5 billion | Opportunities addressable with existing capabilities |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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