York Space Systems (YSS) and Firefly Aerospace (FLY) both reported better-than-expected fourth-quarter 2025 results, leading to after-hours stock rallies and providing optimistic guidance for 2026.
York Space Systems posted Q4 revenue of $105 million against an adjusted EBITDA loss of $1.4 million, beating Wall Street estimates which had penciled in a $3.5 million loss on $103 million in revenue. For the full year 2025, the company grew revenue by 52% to $386.2 million, up from $253 million in 2024. Gross profit more than doubled, rising 133% to $75 million, while the net loss narrowed by 15% to $84.5 million. The stock rose 2% in after-hours trading to $18.03 after falling 2.9% in regular trading to close at $17.66.
For 2026, York is guiding revenue to a range of $545 million to $595 million, with management stating that over 70% of that midpoint is already covered by existing backlog. The company expects to reach positive adjusted EBITDA for the full year. Wall Street's consensus sits at $568 million in revenue and $54 million in EBITDA. Analyst sentiment is notably bullish, with eight out of ten analysts covering YSS rating it a Buy. The average price target is $38, more than double current levels.
CEO Dirk Wallinger highlighted the company's delivery record, stating, "We didn’t just win contracts, we delivered real capability on accelerated timelines, at scale, and at approximately half the cost of our competitors." CFO Kevin Messerle added that the company expects to continue driving margins higher as it scales into 2026.
Firefly Aerospace also reported a revenue beat for Q4 2025. The company posted revenue of $57.67 million, above the Wall Street consensus of $52.36 million. The adjusted loss per share came in at $0.38, better than the expected loss of $0.47. On a reported basis, EPS was a loss of $0.26 for the quarter, with a total quarterly net loss of $41.06 million. The operating loss for the quarter was approximately $86 million, which was wider than the projected $69 million loss.
FLY stock climbed 6.5% in after-hours trading to $24.44, after ending the regular session down 1%. For full-year 2026, Firefly is guiding for revenue of $420 million to $450 million, bracketing the Wall Street consensus of $440 million. This represents a steep growth trajectory from the approximately $160 million in revenue reported for 2025.
Analyst community remains upbeat, with 63% of covering analysts rating FLY a Buy or Strong Buy. The average analyst price target sits around $38, which is more than 70% above the stock's recent trading levels. The median 12-month target is $32.
Both companies have seen their stock prices fall roughly 50% since their respective IPOs earlier in the year, but strong quarterly performances and robust forward guidance have reignited investor optimism.
