York Space Systems: Incorporating ALL.SPACE Acquisition

研报英文原文证据摘录

York Space Systems: Incorporating ALL.SPACE Acquisition

USA | Aerospace & Defense Electronics

York Space Systems EquityJulyResearch12, 2026

RATING | TARGET CHANGEIncorporating ALL.SPACE Acquisition

We are updating our YSS model and incorporating ALL.SPACE post the deal RATING BUY (RESTRICTED)

close on July 8th. ALL.SPACE was acquired for $300MM and we estimate PRICE $19.89^

adds ~$20MM in annual revenues or 3-4% annualized to our 2026E York PRICE TARGET | % TO PT $32.00 (NA) | +61%

estimate of $565MM. The asset adds ground-based sat comms terminals and 52W HIGH-LOW $44.54 - $16.93

solutions. For Q2 we forecast revs/Ad. EBITDA of $90.4MM/-$3.0MM and '26E FLOAT (%) | ADV MM (USD) 60.3% | 34.25

at $565.4MM/$48.7MM. MARKET CAP $2.7B

TICKER YSS

ALL.SPACE: More Mission, More Monetization. York completed the ALL.SPACE acquisition ^Prior trading day's closing price unless otherwise noted.

on 7/8, for total consideration of $300MM (5.9MM shares + $155MM cash) adding advanced

satellite communications terminals and multi-network connectivity solutions. The strategic fit is

direct: integrating ALL.SPACE’s jam-resistant, multi-link terminal technology with York’s space FY (May) CHANGE TO JEFe JEF vs CONS

infrastructure creates an assured communications ecosystem across space, land, air, and maritime 2026 2027 2026 2027

domains. We view the deal as another step in York’s vertical integration playbook. While we do REV NM +8% NA NA

not expect a material contribution from ALL.SPACE in the near term, we expect greater clarity its EPS NA NA NA NA

financial impact with Q2 EPS. Added background from our Virtual Space Summit in May.

2026 ($) Q1A Q2 Q3 Q4 FY

The Long View: Orders Are the Key. Stepping back, York remains a low-cost LEO satellite

EPS (1.51) (0.16) 0.03 0.18 (1.30)