York Space Systems (NYSE:YSS) shares are trading higher after the company reported first quarter financial results Thursday after market close.
Here are the highlights.
• YXX stock is taking a breather. What’s next for YXX stock?
York Space Systems Q1 Financials
York Space Systems reported first-quarter revenue of $116.34 million, up 9% year-over-year. The revenue total beat a Street consensus estimate of $109.59 million, according to data from Benzinga Pro.
The company said the revenue growth was primarily from major government programs.
York highlighted its first-quarter IPO, which raised net proceeds of $583 million, along with several company wins for both government and commercial partners.
"Our Q1 results reflect consistent execution against the objectives we set at the start of the year and with our IPO," York CEO Dirk Wallinger said. "Our commercial momentum and IDIQ awards demonstrate continued traction, and after quarter end, our agreement to acquire ALL.SPACE represents a meaningful step in expanding our total addressable market and broadening the range of missions we can support."
York Space Systems ended the first quarter with a backlog of $642 million.
The company ended the quarter with cash and cash equivalents of $656 million.
What's Next for York Space Systems
The company affirmed its full-year revenue guidance to be in a range of $545 million to $595 million. Analysts currently estimate full-year revenue of $567.57 million, according to Benzinga Pro.
"We are actively investing ahead of demand by building inventory of our satellite platforms and aligning our operations to support faster deployment timelines," Wallinger said.
CFO Kevin Messerle said the IPO will help accelerate the company's growth and allow the company to enter new adjacent markets and build its footprint in the U.S. and around the world.
YSS Stock Price Action
York Space Systems’ stock is up 7.71% to $31.17 in after-hours trading Thursday versus a 52-week trading range of $16.93 to $44.54.
Photo: Shutterstock
Login to comment