York Space Systems (YSS) 2Q26 First Take Full year guidance lowered

Equity Research 13 August 2026 | 6:42PM EDT

York Space Systems (YSS): 2Q26 First Take: Full year guidance lowered

Bottom line: YSS reported 2Q26 with revenue above consensus, but adj. EBITDA Noah Poponak, CFA | below. The company lowered its full year revenue guidance 32% at the midpoint, Goldman Sachs & Co. LLC noting the majority of the decrease was removal of new business revenue Connor Dessert assumptions given a shift in government acquisition methodologies. | Goldman Sachs & Co. LLC Details: YSS reported 2Q26 revenue of $92.5mn, 4% above FactSet consensus and Tomas Russo our estimate. Adjusted EBITDA is $(9.5)mn, below our estimate and consensus. YSS | lowered 2026 revenue guidance to $375-405mn from $545-595mn prior (vs Goldman Sachs & Co. LLC consensus of $558mn). Nizar Mesani | Goldman Sachs India SPL

Amanda Fenenbock, CFA | Goldman Sachs & Co. LLC

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Goldman Sachs York Space Systems (YSS)

Exhibit 1: YSS 2Q26 results vs. GS estimates $mn, except EPS

YoY change Actual GS Estimate $ Variance % Variance EPS Impact 2Q25 Growth REVENUE Total sales % $ %

Adjusted EBITDA ( % ($0.04) (8.9) 6.5%

EBIT ( % (21.2) Interest expense, net % $ % Other, net 0.9 0.0 0.9 - $0.01 1.2 -22.7% EBT ( % (26.9) 45.0% Federal and foreign income taxes 0.3 0.0 0.3 0.0% $ % Other, net 0.0 0.0 0.0 - 0.0 - Effective income tax rate 0.7% 0.0% 70 bp -10.0% 1070 bp Net income common stockholders ( % (24.2) 62.3% Diluted EPS ($0.31) ($0.16) ($0.15) 92.1% $0.05 ($0.25) 20.6% Diluted Shares % $ %

Source: Company data, Goldman Sachs Global Investment Research

Our 12-month price target of $28 is based on a 3.4X CY28 EV/Sales. Key risks are 1) backlog concentration, 2) fixed price contracts and % of completion accounting, 3) execution.

YSS 12m Price Target: $28.00 Price: $11.51 Upside: 143.3%

Neutral GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $1.3bn Revenue ($ mn) ,002.6 Enterprise value: $842.5mn EBITDA ($ mn) ( m ADTV: $44.9mn EBIT ($ mn) ( United States EPS ($) ( Americas Aerospace & Defense P/E (X) NM NM 29.0 15.7 M&A Rank: 3 EV/EBITDA (X) -- 25.8 5.2 3.0 FCF yield (%) NM (6.9) 18.9 7.5 Dividend yield (%) -- 0.0 0.0 0.0 Net debt/EBITDA (X) -- (13.9) (5.9) (4.7)

3/26 6/26E 9/26E 12/26E EPS ($) (

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 13 Aug 2026 close.