Key Highlights

  • York Space Systems (NYSE:YSS) was trading down 9.09% at USD 6.00 in pre-market on Friday, November 13, 2026, a day after reporting third-quarter 2026 results.
  • Third-quarter Revenue fell 7% to USD 84.2 million from USD 90.8 million, while the net loss widened to USD 807.4 million from USD 20.1 million a year earlier.
  • The loss includes a non-cash Goodwill Impairment of USD 749.7 million, and adjusted EBITDA was negative USD 27.6 million against negative USD 3.4 million.
  • Backlog was USD 581.0 million at September 30, 2026, and full-year 2026 revenue guidance was narrowed to a range of USD 380 million to USD 400 million.

Impairment Swells the Quarterly Loss

York Space Systems reported third-quarter results on November 12, 2026 for the quarter ended September 30. Revenue of USD 84.2 million was down 7%, or USD 6.6 million, from USD 90.8 million. The net loss of USD 807.4 million includes a USD 749.7 million non-cash goodwill impairment; excluding it, the loss was about USD 57.7 million, calculated. A goodwill write-down does not use cash, but it signals that management now values past acquisitions or the Business below the carrying amount, which markets often read as a downgrade of outlook. Impairments are usually tested against the share price and forecast cash flows, so one this size often follows a fall in Market Value or a lower outlook.

Adjusted EBITDA, Backlog and Narrowed Guidance

The Denver-based defense and commercial space prime saw adjusted EBITDA, a non-GAAP measure, worsen to negative USD 27.6 million from negative USD 3.4 million. Backlog of USD 581.0 million compares with USD 542.6 million at December 31, 2025 but slipped slightly during the quarter. Full-year 2026 revenue guidance was narrowed to USD 380 million to USD 400 million. The release did not state the earlier range, so whether narrowing meant a cut could not be determined. Revenue falling year on year while costs rose explains why the headline loss drew attention beyond the impairment. Revenue from defense and commercial space customers can be lumpy, and a flat backlog means growth depends on new awards and conversion.

Liquidity and Risks After the Write-Down

Cash and equivalents were USD 309 million, and total Liquidity was USD 459 million including USD 150 million of availability under a revolving facility. That cushion is large against an adjusted EBITDA loss of USD 27.6 million in the quarter, which limits near-term funding pressure. Risks include contract timing, Margin pressure, execution on a large backlog and further impairments if conditions weaken. The pre-market quote is the figure of record only for this session; calculated from the move, the prior close was about USD 6.60, and quotes can reverse once the regular session opens. Investors will also watch cash burn over coming quarters.

Where Things Stand

Yes, the results are the evident cause. York Space Systems (NYSE:YSS) was down 9.09% at USD 6.00 in pre-market after a USD 807.4 million net loss, a USD 749.7 million impairment, a 7% revenue decline and a wider adjusted EBITDA loss. The balance of evidence is mixed: backlog of USD 581.0 million and USD 459 million of liquidity support the business, while the write-down and narrowed guidance raise questions about past deals. Next markers are the Earnings Call commentary, backlog conversion and the full-year result. Pre-market moves can reverse. Investors will look for management commentary on awards and margins.