約克太空系統 (YSS) 2026 年第 2 季財報電話會議：營收指引下調至 3.75 億至 4.05 億美元

重點摘要

• 2026 財年第二季營收年增 10% 至 9,250 萬美元，主要由收購案及一份新商業合約所帶動。來自重大政府計畫的營收則大致持平。
• 毛利率上升 13 個百分點至 24%，邊際貢獻率則擴充 18 個百分點至 42%。調整後 EBITDA 仍為負值，虧損 950 萬美元。
• York 將 2026 財年全年營收指引自先前的中位數 5.70 億美元下調至 3.75 億至 4.05 億美元。新的中位數為 3.90 億美元，較先前中位數低 1.80 億美元。
• 管理層將調降指引歸因於移除了預期的新業務營收，以及供應鏈延誤將部分營收推遲至 2027 年，但部分被收購相關營收所抵銷。
• 截至 6 月 30 日，在手訂單為 5.92 億美元，較 2026 年初成長 9%，但較第一季下降 8%。已獲標案合約的潛力規模達 18.5 億美元，而已識別的潛在案源更超過 115 億美元。
• York 在 2026 年上半年取得 8 份合約，競標得標率達 88%。管理層預期政府轉向 IDIQ（不確定交付數量/時間）合約模式將有助於支撐 2027 年的成長，儘管初期決標時間較長。

核心財務數據

據管理層透露，York 在本季結束後使用了 1.55 億美元現金完成對 Orbion 的收購。

業務與營運表現

York 在本季發射了 21 顆衛星，並成為首家完成 Tranche 1 傳輸層（Tranche 1 Transport Layer）交付的執行廠商。該計畫交付的所有 42 顆衛星均已成功進入軌道且運作正常。公司目前已透過 8 次發射將 55 顆衛星送入軌道，並營運 5 個任務組與 3 個星座。

Tranche 1 轉入發射後營運與維護階段有助於支撐毛利率。管理層表示，這項工作具備高於公司平均水準的邊際貢獻率，因為其屬於勞力密集型且所需的直接材料成本較低。

York 在本季新增 4 份合約，並報告在過去 45 天內贏得 2 項任務訂單（task orders）以及新增一項 IDIQ 合約。公司目前的合約涵蓋 10 個任務領域。約 23% 的合約與網路通訊相關，77% 則涵蓋先進射控、遠程近接作業、飛彈預警及飛彈追蹤等領域。

公司於 6 月完成對 CELESTIAL 的收購。管理層表示，此交易強化了對太空太陽能技術的本土掌控力，並降低了供應鏈風險。York 於 7 月完成對 ALL.SPACE 的收購，新增可靠通訊終端能力以及現有的陸軍和海軍關係。ALL.SPACE 還獲得了一份新的國防創新單位 (DIU) 合約，以及海軍價值 600 萬美元的 23 台額外終端追加訂單。

管理層預計 ALL.SPACE 及 York 的其他子公司將貢獻 2026 年營收的約 10% 至 15%。York 還加入美國太空軍的 Nightstar IDIQ 專案，使其有能力爭奪結合其衛星平台與由 ATLAS Space Operations 營運的地面網路之任務訂單。

在 2026 年較早時期獲得星座計畫標案後，商業機會亦在擴展。管理層將地球觀測、精準定位服務及氣象相關能力列為商業案源中的範例。商業合約的利潤率可能略低於部分政府計畫，但公司預計此差異在整體營收組合中不會非常顯著。

管理層業績指引

York 將 2026 財年全年營收指引下調至 3.75 億至 4.05 億美元，中位數為 3.90 億美元。先前的指引中位數為 5.70 億美元。

先前的指引中位數中約有 30% 依賴新業務。公司移除了該部分貢獻，因為政府從大型徵求建議書 (RFP) 轉向 IDIQ 機制，延誤了決標時間及相關營收認列。供應鏈問題也將部分營收推遲至 2027 年，但近期收購帶來的營收抵銷了部分影響。

管理層預計 2026 年剩餘時間的毛利率將保持在 20% 中段水準。較低的營收展望，加上與 CELESTIAL、Orbion 和 ALL.SPACE 相關的費用，預計將對下半年的調整後 EBITDA 造成壓力。

公司認為其 2026 年獲得的合約與延後認列的營收，將為 2027 年取得更大進展奠定基礎。這仍是管理層的預期，並取決於任務訂單時間點、計畫執行情況以及供應鏈可用性。

風險與關注焦點

• 美國政府轉向 IDIQ 發包模式延長了初期決標週期，並延後了預期的 2026 年營收，儘管管理層認為在機制建立後，任務訂單的釋出速度可望加快。
• 供應鏈瓶頸已將專案營收推遲至 2027 年。管理層並未指明受影響的供應商或特定衛星專案。
• 銷管費用及研發費用因員工人數成長、上市公司基礎設施建置以及收購營運而增加。ALL.SPACE 將在下半年帶來額外費用。
• 115 億美元的已識別潛在案源代表正在爭取的業務機會，而非已簽約的在手訂單。能否轉化為實際營收取決於競標決標與任務訂單的獲取。
• 收購相關成本及較低的營收基期預計將拖累 2026 年下半年的調整後 EBITDA。

分析師問答重點

管理層表示，York 憑藉現有能力即可爭取超過 115 億美元的完整已識別潛在案源，無需進行額外收購。該潛在案源包含商業、機密及非機密政府標案機會。

在政府合約方面，管理層指出 2027 財年預算分配是衡量未來計畫潛在規模的指標，這些計畫包含太空資料網路（Space Data Network）、飛彈追蹤與飛彈預警。目前的任務訂單資金通常來自 2025 和 2026 財年預算。

York 確認近期獲得的太空資料網路合約係以「其他交易協議」（Other Transaction Agreements, OTA）形式簽署。管理層表示，該獲選支持了具備實績供應商之間的競爭，但受限於客戶核准，暫時無法透露更多細節。

公司已開始提前建立庫存以縮短交付時間。管理層表示，已下訂的材料正分配至新獲標的計畫，相比可能需要從零開始採購的競爭對手，改善了交付時程。

針對 ALL.SPACE，管理層強調了其在拒止環境下的可靠通訊與定位能力，特別是在無人系統領域。York 預期這些應用將在未來兩至三年內提供成長潛力。ALL.SPACE 的在手訂單未包含在 6 月 30 日的總額中，預計在公布第三季在手訂單時將帶來小幅增長。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Hello, everyone. Thank you for joining us, and welcome to the York Space Systems Second Quarter 2026 Earnings Call. [Operator Instructions]

I will now hand the conference over to Christopher Evenden, Vice President of Investor Relations. Chris? Please go ahead.

Christopher Evenden

Hello, everyone, and welcome to York Space Systems Second Quarter 2026 Earnings Call. With me on the line are Dirk Wallinger, our CEO; and Brian Frantz, our Chief Accounting Officer and Interim CFO. Please note that our earnings release is available at ir.yorksystems.com. In addition, we have posted an earnings presentation to accompany our prepared remarks on the same website. Lastly, after this call, we will post a transcript of our prepared remarks and an audio replay of this call.

For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Thursday, August 13, 2026, and have not been updated subsequent to this call. During this call, we will refer to certain non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our earnings press release. We will also make statements that are considered forward looking, including those related to our 2026 outlook, future revenue and growth prospects anticipated award times, pipeline, award opportunities, backlog, M&A strategy, inventory building and the benefits of our acquisitions. Listeners are cautioned that our forward-looking statements involve certain assumptions, and are inherently subject to risks and uncertainties that can cause our actual results to differ materially from our current expectations.

We advise listeners to review the risk factors and other discussions included in our 2025 annual report on Form 10-K, the 2026 Form 10-Qs and our other filings with the SEC. After the completion of our prepared remarks, we will open the call for questions.

Now I'll turn the call over to Dirk.

Dirk Wallinger

Thanks, Chris. Hello, and welcome to York's Second Quarter 2026 Earnings Call. I appreciate you taking the time to join us. Before we get into the highlights from the quarter, I want to take a moment to introduce Brian Frantz, who will be stepping into the role of Interim Chief Financial Officer at York, Brian joined us as the Chief Accounting Officer and played a central role in our transition to a public company with direct responsibilities for financial reporting, internal controls and SEC compliance. Brian brings more than 3 decades of financial leadership experience across public and private companies, including prior service as CFO of [ RE/MAX ] International and Principal Financial Officer of [ Intrepid Potash ]. You'll hear from Brian on the quarter's financials a bit later in the call.

Q2 was another strong quarter of execution for York. We launched 21 more satellites, added new customers and expand our portfolio mission capabilities. Revenue for the quarter was $92.5 million, up 10% year-over-year. Our backlog stood at $592 million and potential on awarded contracts reached $1.85 billion. Our identified pipeline now exceeds $11.5 billion. York's earnings deck describes these metrics, including potential on awarded contracts in more detail.

In the first half of 2026, we secured 8 contract wins at an 88% win rate on our proposals. We added 4 more contracts in this quarter with 2 task order wins and another IDIQ ad in the last 45 days alone, a reflection of both the breadth of our capabilities and the confidence customers place in our performance on [ Orbion ]. We have expanded our national security customer base, including 3 new IDIQ vehicles, expanding our contracts to cover 10 different mission areas. Those IDIQs have generated 2 delivery orders, an early signal of how quickly today's onboarding contracts are now converting into real mission work.

A few of these wins are worth calling out in more detail. In July, York was awarded a task order contract on oneof our highly selective IDIQs to deliver military system capabilities built on commercial technologies. That award reinforces our position as one of the only providers with an on-orbit performance record for operational systems and the commercial manufacturing scale required to support the resilient multi-vendor supply base the government is asking for.

In early August, we were awarded another IDIQ task order for an on-orbit demonstration. The rapid conversion from IDIQ selection to multiple funded delivery order contracts in a matter of weeks reflects real near-term demand for York's proven in production spacecraft as the government scales their space-based architecture. We are encouraged that the government remains committed to a resilient supply base for their architectures, which strengthens the industrial base and delivers better outcomes for the war fighter. Our proven performance in orbit and ability to deliver at scale for operational systems is transitioning well into contract orders for next-generation systems that are aligned with current budget allocations.

Resilient assured or [ GM-resistant ] communications are increasingly becoming an in-theater need, and that need is only expected to grow as unmanned systems play a more decisive role in modern conflict their effectiveness and survivability depend directly on assured resilient communications across every phase of the mission in an environment where air superiority is denied space will be the enabling network for those communications and by extension, the foundation of the defense architectures that will define the next area of war fighting.

The character of conflict has changed and the architectures underneath it have to change with it. Whoever controls the Assured communication systems controls the fight. That is why GM-resistant communications and alternative PNT matter, and it's why York is investing where we are. We are built for a war fighter who will operate across manned and unmanned formations, and we intend to be the prime that delivers the space-based infrastructure they will count on to win.

The changing character of conflict leads directly into our acquisition of ALL.SPACE completed in July. ALL.SPACE, a leader in assured communications terminals extends our reach into adjacent markets and positions us to capture the accelerating demand for unmanned systems across every domain. ALL.SPACE also brings established contracts with the Army and Navy with momentum already carrying into a new DIU contract and $6 million follow-on order for 23 additional terminals from the Navy. ALL.SPACE in our other subsidiaries are expected to contribute roughly 10% to 15% of 2026 revenue. In July, we were selected by the U.S. Space Force for the [ Nightstar ] IDIQ, further extending our mission portfolio capabilities. [ Nightstar ] positions us to compete for task orders, integrating our satellite platforms with the global ground network operated by ATLAS SPACE operations, a wholly owned subsidiary of York. Our expanding portfolio of mission types and capabilities positions York to compete for a broader set of opportunities.

Roughly 23% of our contracts sit in network communications and the remaining 77% address noncommunication mission capabilities like AMTI, Advanced Fire Control, remote proximity operations, missile warning, missile track and more. That breadth aligns directly with where defense budgets are planned and enables Europe to compete across the full range of programs shaping the next generation of defense.

Shifting to the commercial side. We continue to see commercial opportunities increasing following our Constellation win earlier this year and anticipate commercial systems becoming a larger portion of our revenue potential and growth trajectory. Our demonstrated ability to deliver at scale at price points unmatched by competitors continue to make us an attractive partner in the commercial sector.

Shifting to execution. This quarter York became the first performer to complete its tranche 1 transport layer deliveries, launching a second dedicated [ Falcon 9 ] that put 21 York build satellites on orbit and bringing York's program record to 42 for 42 ahead of every other award. That's a track record customers see, and it's showing up directly in awards we're winning today. To date, York has put 55 satellites on orbit across 8 launches, and today, we are actively operating 5 unique mission sets and 3 constellations. That combination of scale and mission breadth positions York as the new space industry leader by a number of active missions, range of capabilities on orbit and military systems operating space today.

Additional highlights from the quarter include our [ Misys ] mission, which cleared its delta critical design review and currently remains on track for delivery in Q4. [ Nemisys ] extends York's prime integration model into GEO in support of space domain awareness, missions and reinforces our ability to prime, integrate and deliver across [ Orbion ] regimes.

On the [ Dragon ] program, we completed our initial mission objectives in a matter of months, demonstrating York's ability to deliver operationally relevant tactical communications at speed and scale. And we completed our acquisition of [ CELESTIAL ], a leading provider of next-generation space solar technology. [ CELESTIAL ] secures domestic control of a critical element of our supply chain currently controlled by China, reduces geopolitical exposure across our manufacturing base, positions us to leverage advanced solar capabilities as a differentiator of future spacecraft designs.

Before I turn it over to Brian to review the financials in depth I want to speak briefly to what we're seeing across the broader U.S. government acquisition landscape and what it means for York's growth trajectory. Through 2026 and increasingly in Q2, we've observed a meaningful shift in how the U.S. government is acquiring Spacecraft systems, moving away from a rapid succession of larger RFPs to an IDIQ approach that is slow to start, but often faster to accelerate task orders later. This approach has a longer cycle to award the IDIQs initially. But once IDIQs are awarded, task orders can be awarded in a more rapid succession without the need for follow-on competitive award cycles. They generally pursue smaller on-ramp task order contracts to start, but can lead to multibillion dollar opportunities later for true operational systems.

Highly selective IDIQs are more desirable as the budget size and smaller vendor pool represents significant revenue potential for awardees on discriminating IDIQs. York has been awarded 6 contracts under this new approach in 2026 alone, and we view them as significant drivers of growth into 2027, as the follow-on programs advance. York's contract wins range across very large swaths of capabilities that align well with the current budget allocations we are seeing. This shift is changing our expectations of award timing. And as a result, we are revising our full year 2026 revenue guidance.

Brian will walk through the specifics in a moment, with our backlog potential on awarded contracts totaling $1.85 billion and an identified pipeline exceeding $11.5 billion, the opportunity in front of us is substantial.

To wrap up, York is leading the new space industry, actively operating 5 unique missions and 3 constellations simultaneously. We are executing consistently for our customers, improving our hardware on-orbit and operational missions. We have secured 8 new contracts in 2026 alone at an 88% win rate and we continue to expand our capabilities in line with where defense budgets are being planned. The opportunity in front of us is substantial, and York is positioned to capture it and deliver meaningful long-term value.

With that, I'll turn it over to Brian.

Unknown Executive

Thank you, Dirk. As Dirk discussed, we executed well during the second quarter, closed 2 acquisitions since our last call and added more new customers that have the potential to be very large in 2027 and 2028.

Our revenue for the quarter was $92.5 million, up $8.7 million or 10% compared to the same quarter in the prior year. The increase was primarily driven by our revenues from acquisitions completed in the second half of 2025 in the first half of 2026 as well as our new commercial contract, which we announced earlier this year. Revenue from our major government programs remained relatively flat year-on-year.

Gross margin was 24% in the current year quarter, up 13 percentage points from the year ago quarter, which was negatively impacted by an EAC adjustment. Our second quarter '26 gross margin also reflects higher gross margin contribution from our post-launch operations and support work. We expect our gross margin for the balance of the year to remain in the mid-20% range.

Similarly, gross margin dollars were $22.2 million in the quarter, up $9.5 million in the year ago quarter, driven by improved margin percent on a larger revenue figure. Contribution margin expanded 18 percentage points to 42% in the second quarter, driven by a richer mix of newer vintage programs, which tend to have higher margins than our older vintage programs. Our direct materials expenses decreased in Q2 2026 over the second quarter of 2025 as we approach the end of our production for our Tranche 1 transport layer satellites which in its post-launch phase is incurring mostly labor costs.

As we now have all 42 of these satellites successfully in orbit and healthy, our operations and sustainment revenues will increase and they have a higher contribution margin than the company average. Contribution margin dollars almost doubled, growing to $39.3 million from $20.3 million last year driven by the aforementioned mix in the EAC adjustment in the second quarter of 2025.

Turning to operating expenses. Our SG&A plus R&D expenses increased 52% compared to the prior year quarter. This was primarily driven by an increase in overall headcount, increases in overhead related to the public company uplift and incremental salaries and costs related to the acquisitions of ATLAS, Orbion and to a lesser degree, [ CELESTIAL ], which was in June of 2026. Naturally, we will see an increase in SG&A expenses in the second half related to our acquisition of ALL.SPACE, which occurred in July. Most of the increase in our public company SG&A infrastructure is complete and we expect those costs to only increase slightly through the rest of 2026.

Adjusted EBITDA for the quarter was a loss of $9.5 million, slightly elevated from the $8.9 million loss from the prior year quarter due to an increased operating expenses offsetting profitability growth in our gross margins. Our liquidity remains strong. As of June 30, we had cash and cash equivalents of $534 million, and our $150 million revolving credit facility remains fully available to us for total liquidity of $684 million. I would note that we used $155 million of our cash subsequent to quarter end as we closed the Orbion acquisition.

Our backlog stood at $592 million as of June 30, down 8% from $642 million at the end of the first quarter, but up 9% from the start of the year, primarily due to our new commercial contract as well as a contract modification that occurred in the second quarter of 2026. Subsequent to quarter end, we also received task orders related to one of our IDIQs, and we believe those task orders will lead to larger awards in 2027.

As Dirk mentioned earlier, we are bringing down our full year 2026 revenue guidance to a range of $375 million to $405 million. This new midpoint of $390 million is $180 million below our prior midpoint of $570 million. As we said on our previous call, about 30% of the prior midpoint of $570 million was new business. Given the contract environment that Dirk referenced, we had removed the new business from our guidance for the rest of the year. The remainder relates to supply chain issues where revenue is moving to the right into 2027, which is partially offset by revenue from our new acquisitions. We believe the right word shift of 2026 revenue plus the 8 contracts we've already won so far this year position us to take significant strides in 2027 as the government looks to accelerate capabilities with proven providers.

Our reduction in revenue guidance will also negatively impact adjusted EBITDA in the second half. Further, the acquisition of [ Celestial ], which will bolster our supply chain certainty of solar cells, in the acquisition of Orbion to expand our total addressable market will further impact adjusted EBITDA in the second half.

And now I'll hand it back to Dirk for a quick summary.

Dirk Wallinger

Thanks, Brian. So to conclude, the U.S. government has shifted their acquisition approach from a rapid succession of larger RFPs to an IDIQ approach that is slow to start, but faster to accelerate task orders later. This acquisition approach has shifted significant contributions to revenue on our [ 11.5 ] identified pipeline into the '27 time frame. We are winning opportunities with an 88% win rate and 8 new contracts in 2026. We have added 4 more contracts this quarter with 2 task order wins and another IDIQ ad in the past 1.5 months alone.

With our new wins, we have increased York's potential on awarded contracts which now exceeds $1.85 billion. York's very broad range of proven capabilities position us well and are aligned with anticipated budgets. We remain bullish on our ability to win across acquisition approaches, budgets and mission capabilities with our proven production and ability to deliver mission successfully.

And now I'll hand it back to the operator for questions. Operator?

Operator

[Operator Instructions] Your first question comes from the line of John Godyn with Citi.

分析師問答

Unknown Analyst

This is [ Bradley Oster ] on for John Godyn. So I want to dial in on the government contracts you secured this year under the new acquisition approach. Could you just talk a little bit more about what your expectations are on the shape and potential size of these over the fullness of time as you convert them to like the larger operational programs?

Dirk Wallinger

Sure. So I think the best indicator of what you can expect from size is probably the 27 Department award, sorry, the President's budget in the sense of like it's not going to provide the exact numbers, but it's going to give you an idea, right, of kind of generally how much are they looking to spend on space data network? How much are they looking to spend on missile track missile warning, et cetera. So I think that's the best way to kind of look at what these OTAs could eventually lead to.

Right now, the contract awards are going to -- are basically being -- coming off of '25 and '26 budgets. But like I said, the '27 gives you some idea of trajectory. Some of those wins were for the space data network and so that's a pretty easy math [indiscernible] kind of what the government is looking to spend on the space data network in the coming years and that became public recently, like 10 minutes before this call. And we'll expand on that a little bit more with our own PR in the coming days as that becomes approved from the customer as well. But I think that's the best way to look at it.

Unknown Analyst

Got it. I appreciate that color. And I just want to circle up on the $11.5 billion pipeline opportunities from the government contracts you're looking at today. Is it in your kind of organically participate in today? Or would more potential M&A movements, a lot even bigger chunks of that pipeline for you guys?

Dirk Wallinger

Yes. So right now, that pipeline is identified pipeline. So those are specific opportunities that we are pursuing with our capabilities today with no need for further acquisition or any type of M&A activity. So those are specifically identified opportunities. I think the earnings deck, I think, will be good in the sense of it can kind of formulate how much of those are commercial, how much of those are classified and how much of those are government nonclassified as well.

So I think that might be a good reference to get an idea of where we sit, but there's no further acquisition required to pursue those opportunities.

Operator

Your next question comes from the line of Seth Seifman with JPMorgan.

Unknown Analyst

This is actually Alex on for Seth. So I wanted to ask, I mean, I think you guys kind of alluded to it a little bit in the prepared remarks, but last quarter, I think you talked about how 70% of your revenue you expected to be covered by your backlog for the rest of the year. But maybe just to put a finer point on kind of what's changed. I mean, if I take the Q2 sales result and the new implied second half sales guidance, it just seems to imply that the dollar value of the backlog that you guys expected to convert to sales this year is now lower.

Curious -- I know you guys mentioned the supply chain, but curious if you could kind of help level set us there in terms of how much maybe the supply chain is contributing or if there's any kind of changed outlook in terms of how to think about how much backlog you can convert to sales this year. And obviously, there's also some added revenue from the acquisitions as well. So maybe if you can kind of just walk through those items a little bit more.

Dirk Wallinger

Sure. Thanks, Alex. So I'll kind of give the 10,000-foot perspective and commentary, and then I'll hand it over to Brian for the more specifics. Look, generally, what's occurred is that there was more of a rapid succession of RFPs and 30% of that, we thought that we would be able to contribute to revenue in '26. But because of the way that revenue is recognized, right, essentially is a function of cost it's more linear. So when you win a satellite program, you'll -- or a big satellite constellation, we'll say, you'll recognize that revenue over the course of 3 years. So what it means is that you would need to have some wins in '26, and you would need to start recognizing that revenue. And like I said, about 30%. Brian, correct me if I'm wrong. About 30% of that was go get.

And so we've done very well. The team was tasked with [ GoGet ] wins, which they did, right? Our win rate at 88% shows that we can win under any acquisition strategy. The challenge is just that all shifted to the right in the sense that they to the government, it was very important to put IDIQs in place, and it will be slower to start, which means less [ GoGet ] for '26 for us, frankly. But they're definitely showing at this point a rapid acceleration now that they have those IDIQs in place, which is all in line with what we thought we would see. It just happened a little bit later than we would have liked. I'll hand it over to Brian for his remarks.

Unknown Executive

Yes. Alex, I think that was a pretty good summary that Dirk gave us. The one thing I would add into that is we took the new business out as we described earlier and we continue to see some of the supply chain issues and that those amounts kind of pushed into 2027. That was part of the equation here. And then certainly, that's offset by what we're seeing from new revenues coming in from the acquisitions. But that's the kind of the color and the pieces between -- of all the different buckets there.

Unknown Analyst

Got it. That's very helpful. And then maybe just digging more into kind of what the supply chain issues are. Is there any maybe color you guys can kind of help us with there?

Dirk Wallinger

I think that we -- Brian, I think quantitatively, we can maybe give some insight there. I don't think we want to talk specifically about vendors there.

Unknown Executive

Yes, that's right, Dirk. We shouldn't do that. But we're continuing to monitor it. We continue to work with those vendors to try to understand and move some of that forward if we possibly can. But as we were looking at the guidance change that we needed to do, we knew that at least this much needed to come out, and that's why we pushed it out into '27.

Operator

Your next question comes from the line of David Strauss with Wells Fargo.

Joshua Korn

This is Josh Korn on for David. I wanted to follow up on the news that came out earlier today that you alluded to in the first question around the base data network connectivity demo contract. I guess any color you could give on that? And sort of, I guess, in addition, any other changes to the opportunity set within Space data network and how that's kind of evolved since the last call?

Dirk Wallinger

Yes, sure, Josh. I'll kind of give you what I can. So it came out literally just before the call, I looked at it very quickly. And what I don't want to do is say something that can get us in trouble with our new customer, right? I definitely don't want to do that. So I can confirm that they were OTAs under space data network. I'm kind of going from memory, so I don't want to go too far there. But they are for this space data network, which is really great to see. Obviously, we had felt and been assured by the government that there was going to be competition in this network. And obviously, this is a great indication that there absolutely is going to be competition in this network. They're looking for proven providers. That's the kind of providers that were under the selection in -- under these task orders. So it's very exciting for us to see.

As you know, we were one of the builders of the transport layer. We've deployed a lot of those systems working today. And so we're in a very good position for this other kind of capability that they're looking for. I can't say too much beyond that just because I want to be careful that I'm not saying anything that I didn't. But I do anticipate that there will be more information about those released in the coming weeks.

Operator

Your next question comes from the line of Sheila Kahyaoglu with Jefferies.

Adam Samuelson

It's Adam Samuelson on for Sheila. I was hoping to -- given the cut to revenues, I know you don't give EBITDA guidance necessarily, but is there any way to help frame kind of how I think about the decremental margin on the lower revenue base. If I look at the second half guidance, the midpoint, you're kind of around the second quarter revenue rate is the second quarter EBITDA performance in the range of how you're thinking about the second half? Or is there incremental pressure because of the costs that come in with ALL.SPACE and the recent acquisitions?

Dirk Wallinger

Chris, or Brian, I'm not sure where we are with kind of sharing guidance on the EBITDA.

Unknown Executive

Yes, I can take that one. It's a couple of different pieces here. As I talked about in our -- in the prepared remarks, we do think the gross profit margin is going to hang in there around the mid-20% range. And so as you're thinking about that relative to EBITDA, certainly taking a factor around that time the reduction in revenue, I think that would get you directionally where you might want to be on the EBITDA side.

Adam Samuelson

Okay. That's that's helpful. I'll stick to one question.

Operator

Your next question comes from the line of Austin Moeller with Canaccord.

Austin Moeller

Good afternoon. So I was just wondering if we could quantify how much of the guidance change in revenue push out into 2027 was associated with the later timing on contract awards from the IDIQs versus the satellites that are waiting on components to be sourced in the supply chain? And if we could talk specifically about what those satellite programs are and when they might be ready for delivery?

Unknown Executive

Yes, I can take that. I mean certainly, between the supply chain pushing out as well as the new revenue, I mean, those things are about equal in terms of how they are. So it's more or less a push between the supply chain and the new revenue coming in. But we haven't provided any additional color on that at this point.

Austin Moeller

Okay. And I understand that the gross margins are expected to remain pretty much in line in that mid-20s range for the back half of the year. As we get into early 2027 and some of these IDIQs start turning into production awards, should we be thinking about a similar or better ramp in the margins? Or how should we be thinking about that?

Unknown Executive

At this point, with the contract award environment that Dirk was talking about and awards are coming out literally right before we get on to this call, I don't think we're prepared yet to start talking about where '27 margins would come in and nonetheless on the revenue side either.

Operator

Your next question comes from the line of Ryan Koontz with Needham & Co.

Ryan Koontz

I want to touch on a couple of the opportunities you mentioned that were not really new award related. You talked about your real-time delivery opportunity. I wanted to take a gauge on that. If you could comment. And then also with regards to the ALL.SPACE acquisition. Can you refresh us on what those use cases are and how you think about sales channels and relationships there going forward for the ALL.SPACE parts?

Dirk Wallinger

Yes, sure. Can you offer more color on the first item? I got the second one is ALL.SPACE, but the...

Ryan Koontz

You had talked about the opportunity to be a short-term response delivery to customers to government customers that they haven't had that luxury before. I know it was an opportunity you wanted to pursue. Maybe you can update us on those opportunities as you see them.

Dirk Wallinger

Sure. Absolutely. So I would view this more as hey, how can an inventory potentially increased [indiscernible] and increased delivery. So yes, we're proceeding forward. Part of the IPO was to raise some capital to support inventory. We're pretty far along in our production capacity and in the technology maturity. And so we're in the fortunate position that we can do inventory ahead. And so we've begun that process. The nice part is that as we are progressing through these IDIQs and task orders, we now can kind of bucket those into our inventory orders. And so we might -- now we're starting to have the ability where we're asked for a task order, our delivery time can be slightly shorter because we already ordered those materials.

So we're definitely seeing the benefits as far as our delivery time line capability in contrast to some of our competitors who would need to start from scratch. So we're definitely seeing some upside there. We are definitely allocating from inventory already towards some of these programs that we've won. And then we can obviously choose to invest more on the back end of that inventory. So as far as recognizing scheduled delivery and also putting us in a good position to have good [ Pwin ], the inventory capability has been extraordinarily helpful. And so that has been so far very successful. And so we're happy to see that, and we'll continue to support that.

As far as the ALL.SPACE acquisition, look, we're on the other side now, which I'm very fortunate to say. It's a very amazing capability and very good demand. So we alluded to in the earnings deck that they're getting new contract wins now for more terminals. Those systems are starting to proliferate across the manned systems. But what I'm really interested in, and I talked to this a little bit earlier as well, is the unmanned proliferation.

So I think there's -- at this point, no doubt at all that unmanned systems are going to play a giant part in the future of warfare and basically the future of everything. And so Assured Communications, i.e. communications that is not jammed like we're seeing in Ukraine and in Iran and everywhere else is going to be extraordinarily important. And that's really what that ALL.SPACE terminal enables is Assured Communication in denied environments and also GPS capability as well in denied environments. And that's really going to be the key to leveraging unmanned systems.

So long way of saying they've continued to win new programs and new contracts, which obviously we're very happy about. And we're working now to start to integrate those across unmanned systems, which I think is has tremendous growth potential for us in the next 2- to 3-year time frame.

Ryan Koontz

Got it. And is ALL.SPACE going to bring much backlog to the picture here?

Dirk Wallinger

Brian, you can comment on that one.

Unknown Executive

Yes. We've included -- actually, we've not included the ALL.SPACE backlog in our number because our number was as of June 30, but we'll be updating that into Q3. So there will be a small increase related to ALL.SPACE backlog when we report Q3.

Operator

Our next question comes from the line of Noah Poponak with Goldman Sachs.

Unknown Analyst

Good afternoon. This is [ Thomas Rozon ] for Noah Poponak. In your slide deck, you highlight a few billion of identified commercial pipeline. Can you provide any detail on the types of mission sets those commercial customers are serving?

Dirk Wallinger

Sure. So I will I will speak to it generally because a lot of the times, those commercial companies, in particular, are very particular about what specific that they are doing. So I'll talk about it very generally. But there's a wide range of capability there. One of the sample cases that could be worked or is in that pipeline is earth observation. Obviously, that fills a giant swath of capabilities, but there's visible imagery, their synthetic aperture radar imagery, there's infrared. And those are increasingly being demanded by the government about commercially, but then also on the commercial side of things as well. And so that's obviously a tremendous growth area for us as we have capabilities in all those areas.

Other areas that we're seeing are things that used to be government-provided capabilities that the government really at this point, no longer really needs to do anymore and could shift that to commercial. So as an example, right, so commercial services to the International Space Station used to be something that NASA and the government did. But as technology developed, it became apparent that we don't need to do this. We can buy this as a service in the commercial market. Now of that, you had SpaceX and Boeing win contracts to serve the ISS. That's a similar model to what I think we will see for future growth in the commercial side of things where there's things like more precise GPS capability is something that's being demanded by the government, but also very strong demand on the government side of things, and that can be converted to a commercial service.

Other examples might be on things like weather is another area where that might have been performed by government agencies, and so that can definitely be done by commercial companies now. So there's kind of 2 buckets. One is your traditional earth observation, which that market has been continuing to grow for a long time. Government and commercial markets are good customers of those. And then the other bucket is things that historically were government capabilities cheap -- precise GPS, things like that, that we can see the government shifting into commercial markets as well and buying that as a service. So those are a few different examples. Apologies I can't get more specific.

Unknown Analyst

No, I understand. That's helpful. How should we think about the margin profile for these commercial customers? Is it largely similar to what you outlined during the Analyst Day? Or what drives the difference there?

Dirk Wallinger

I think it's largely similar, but Brian, I don't know if you wanted to add more context otherwise I can...

Unknown Executive

Yes. I mean it's a little bit lower than what we see on some of the government loans, but I don't know that it'd be enough, particularly in the overall revenue mix to call it out that much.

Operator

There are no further questions at this time. I will now turn the call back to Dirk Wallinger for closing remarks.

Dirk Wallinger

Yes. So I just wanted to thank everyone for taking the time to hear the story. I look forward to speaking with you all next quarter.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.