York Space Systems Inc.

Hello everyone. Thank you for joining us and welcome to the York Space System's fourth quarter and full year 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Christopher Evenden, Vice President of Investor Relations. Please go ahead.

Hello, everyone, and welcome to York Space Systems' fourth quarter and full year 2025 earnings call. With me on the line are Dirk Wallinger, our CEO, and Kevin Messolet, our CFO. Please note that our earnings press release is available at ir.yorkspacesystems.com. In addition, we have posted an earnings presentation to accompany our prepared remarks on the same website. Lastly, after the call, we will post a transcript of our prepared remarks and an audio replay of this call. For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Thursday, March the 19th, 2026, and have not been updated subsequent to this call. During this call, we will refer to certain non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our earnings press release. We will also make statements that are considered forward-looking, including those related to our 2026 outlook, future growth prospects, backlog, growth of market share, growth strategy, capabilities, and future health of our spacecraft. Listeners are cautioned that our forward-looking statements involve certain assumptions and are inherently subject to risks and uncertainties that can cause our actual results to differ materially from our current expectations. We advise listeners to review the risk factors and other discussions, including in our prospectus files with the SEC on January 30, 2026, and in our subsequent reports files with the SEC, including our upcoming annual report on Form 10-K for the year 2025. After the completion of our prepared remarks, we will open the call for questions. Now, I'll turn the call over to Doug.

Thanks, Chris. Hello and welcome to York's fourth quarter and full year 2025 earnings call. I appreciate you all taking the time, and I'm happy to be speaking with you. 2025 marked an inflection point in our business. We grew revenue by 52% year over year, and we exited the year with clear line of sight to profitability in 2026. Kevin will get to the details of that in a moment. Our financial results are a reflection of the business milestones we reached during the year. Given this is our first earnings call, I'll provide some context on how we got here. I founded York in 2012 with one purpose, to disrupt the traditional space industry. At that time, it was an era of multi-billion dollar satellites built over decade-long timelines. And it was clear to me that if the United States continued on this path, we'd lose the second space race to our adversaries. We needed the ability to design, build, and deploy large constellations of satellites on significantly accelerated timelines. That meant transforming how we manufacture, launch, and operate satellites, shifting from bespoke programs to a fully industrialized model. That's exactly what York was built to do and what we've been executing on since 2012. As the mission prime, we own the full satellite lifecycle from design and manufacturing through launch, operations, and sustainment. Our multi-platform approach is built around a standardized, modular family of spacecraft that range from 200 to more than 2,000 kilograms. We architect our platforms as integrated systems, combining flight-proven hardware with proprietary flight and mission operations software. That integrated software hardware approach is designed to allow us to seamlessly coordinate across three different operations centers, task across our global network of close to 50 antennas, and procure and integrate launch services. Executing as the mission prime enables us to monetize the full mission lifecycle and maintain control over most of the aspects required to execute our vision. That integrated approach is what has set York apart and what has enabled us to deliver reliably at speed and scale. 2025 saw us deliver on that founding vision. We launched 23 satellites into orbit in 2025 alone. We emerged as a leading provider of the Department of Defense's proliferated warfighter space architecture, measured by spacecraft on orbit, number of contracts, and mission types. We acquired a global ground station network and software-defined operations platform, effectively eliminating ground communication bottlenecks to support our end-to-end mission architecture. And we fine-tuned our industrialized production process with every satellite we build. We've achieved multiple technical feats, including in-plane, cross-bender, and space-to-ground optical laser communications. York demonstrated K-band connectivity, orbit maneuvering, and remains the only provider ever to demonstrate LINK-16 from space to ground. Together, these demonstrations validate our ability to integrate advanced capabilities into cohesive, secure architectures designed to meet the evolving needs of the warfighter. These milestones reflect years of deliberate execution and sustained intentional investment. From the outset, we've aligned every major decision around enabling the rapid, cost-effective production and operation of satellite constellations critical to U.S. mission success. With U.S. government demand accelerating rapidly, we are positioned to deliver at scale. Our IPO strengthened our capital base and operational flexibility, enabling us to accelerate execution and further extend our lead over competitors. Now, I'd like to highlight the 2025 achievements that we expect to have the biggest impact on our future. Most significantly, on September 10th, we launched 21 satellites for the Department of Defense. This low-Earth orbit constellation is designed to provide secure, resilient communications and data transport for U.S. and allied warfighters. We delivered our satellites to orbit one month ahead of our nearest competitor, and we confirmed the health of all spacecraft within hours of launch separations. through our own Classified Mission Operations Center here in Denver. We are excited about the launch of our second plane of satellites for Trach 1. These spacecraft were the first operational communication satellites in orbit for the PWSA, and we understand they will play a key role in communications infrastructure, underpinning America's next generation of space-based defense systems. Our multi-platform approach enables us to execute across nearly every Golden Dome mission set. including communications, signals intelligence, remote proximity operations, earth observation, synthetic aperture radar, and visible imaging. Our S-Class platform launched in 2018 and has flown across multiple missions and constellations, establishing a repeatable, flight-proven foundation. We expanded that architecture with our LX-Class platform, which shares approximately 80% of its hardware and nearly all of its software with the S-Class. That design commonality validated our manufacturing model and reinforces the strength of our integrated hardware and software ecosystem. Building on that foundation, we introduced our largest M-Class platform in 2025, extending the same core architecture to support payloads in excess of eight kilowatts of power. By leveraging the same flight proven hardware and software stack, M-Class enables us to scale into higher power emission sets without redesigning the underlying system. This significantly broadens our addressable market across national security, civil, and commercial markets. As part of our plan to continue expanding our share of the market, I am happy to share that we recently finalized a $187 million commercial contract for a 20-plus satellite constellation built on the M-Class platform. This is our fifth commercial contract and the first constellation of a series of constellations for this customer. Our platform and turnkey ecosystem approach is designed to lower costs, streamline and de-risk procurement, accelerate build times, and significantly reduce capital intensity. Recognizing that ground infrastructure is foundational to proliferated architectures, we acquired Atlas Space Operations in the third quarter of 2025. As proliferated constellations scale, ground infrastructure becomes a critical constraint. The pressure is particularly acute when dozens of satellites are deployed simultaneously at launch, and require rapid checkout and orbital phasing, as was the case with our numerous constellation launches. By bringing Atlas into our ecosystem, we expanded our global ground network, reduced dependency on constrained third-party capacity, and reinforced our integrated end-to-end mission model, enhancing space-to-ground resilience. Atlas was essential in enabling us to confirm the health of 21 satellites launched in September quickly. As a wholly-owned subsidiary, Atlas will continue to operate independently under its existing brand, serving its diverse portfolio of customers across the industry. Another key mission in 2025 was Dragoon. Launched in June, Dragoon is notable because we went from contract execution to orbit in just seven months, a 75% reduction in delivery timeline versus a typical 30-month program. York was approached with an identified agency need, and we then reallocated a satellite in production to this mission. We integrated a completely new capability and delivered the spacecraft in orbit successfully. York is probably one of maybe two providers which have demonstrated this ability. Another milestone in 2025 was our commercially procured communications mission for NASA, the BARD mission. Developed in collaboration with NASA's Space Communications and Navigations Program and the John Hopkins Applied Physics Laboratory, executed more than 100 on-orbit communication activities. BARD successfully demonstrated forward and return link connectivity to NASA's tracking and data relay satellite system, validating interoperability across multiple commercial K-band relay networks. These demonstrations confirmed the feasibility of seamless roaming between government and commercial communication services. BARD is an important opportunity as a potential pathfinder for modernizing NASA's legacy TDRS architecture into a proliferated LEO network. Such a transition would expand connectivity, reduce latency, and enable faster commercial-paced technology refresh cycles, while preserving compatibility for existing users and unlocking new mission capabilities. We anticipate the BARD mission to be extended to address an expanded series of demonstrations, further showcasing our large customer base and wide mission capabilities. In addition to our mission execution, we also strengthened our strategic position in January by going public. Our decision to go public was grounded in long-term strategy and informed by a clear assessment of market timing and growth trajectory. The capital we've raised provides us flexibility to seek opportunities to grow our TAM through M&A and adjacent market products, grow inventory to provide unmatched scheduled deliveries, expand the manufacturing advantage we currently have over our competitors, and scale our network ecosystem. Our recent acquisition of Orbion Space Technologies is a good example of the first point. Orbeon is a Michigan-based manufacturer of flight proven electrical propulsion systems that has already delivered at scale for York missions. Acquiring the company helps us reduce supply chain risk, which improves schedule certainty and enables us to align our technology roadmaps with the growing constellation scale demands across the sector. Similar to Atlas, Orbeon will continue to operate as a wholly owned U.S. subsidiary of York, serving customers across the broad space industry. Both acquisitions reinforce our deliberate strategy to integrate critical mission capabilities across York's space ecosystem, propulsion, ground operations, and end-to-end mission execution. Future M&A may address strategic elements of the supply chain. Some may help us grow our TAM. Some may do both. The second use of proceeds will be to build inventory of our satellite platforms. We demonstrated the velocity of our manufacturing process in September by being first to orbit for the PWCA Tranche 1 contract. We demonstrated we can reduce in-orbit delivery by up to 75% with inventoried spacecraft, and we are one of the very few in the industry with proven platforms mature enough in their lifecycle to provide this capability. This presents a significant strategic competitive advantage and can also enable us to recognize revenue on accelerated schedules. Our time to orbit was already a differentiator, one we've built through over a decade of manufacturing satellites, but we believe the ability to leverage existing platform inventory provides a step function improvement, further widening the gap between us and our competitors. Demand signals are very encouraging. The government is currently re-engaging, and the Pentagon is moving quickly to execute their missions. We believe there is a clear understanding across the government that the global threat environment is deteriorating, and that investment in space domain awareness, missile defense, connectivity, and counter space capabilities are essential to America's security. Proliferated architectures have become the preferred approach for resiliency and fight through capability. We are also seeing a pronounced push to diversify supplier bases in other areas of the market as cost and speed take on greater importance, especially as proliferation is only feasible if satellites can be made affordably enough to deploy in large quantities. York's 2025 performance metrics validate the mission I set when I founded the company. From day one, our goal has been to serve as a mission prime for proliferated systems. Today, we've built the foundation, scalable satellite manufacturing, a unified software stack across platforms, and an integrated space terrestrial ecosystem. Today, York is executing at scale across national security and commercial missions with 33 satellites currently on orbit, mission operation centers supporting five active missions, and two operational constellations. We are preparing for our eighth launch overall which will see another 21 York satellites reach orbit on a fully dedicated launch vehicle for the second time. We are executing on our 12th contract and advancing work on our sixth constellation contract, underscoring York's ability to deliver repeated, reliable performance across multiple programs, while continuing to scale production and mission execution capacity. York's proven mass production cadence demonstrates its strong competitive advantages, enabling the company to field multiple flight proven platforms with decades of flight heritage, demonstrated on our performance and the ability to deliver fully populated launches at scale. Our latest commercial constellation contract win further demonstrates York's ability to win across numerous markets and customers. For all these reasons, we believe York is well positioned to meet the evolving needs of the United States government and commercial customers. And with that, I hand the call over to Kevin.