Key Points
York Space is losing money and burning cash -- and just announced an acquisition.
All.Space possesses technology that York can use, but we don't know much more about the acquisition.
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York Space Systems (NYSE: YSS), a Colorado-based space company, announced last week that it will acquire satellite communications terminal manufacturer All.Space, causing an immediate 13.4% spike in York's share price Thursday. In the few days since, York's managed to hold on to the majority of these gains. Shares slumped a bit on Friday, but by Monday the closing share price was back up nearly 10% from before the announcement.
But is York's deal to purchase All.Space really such an important development as to justify the price spike?
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How big of a deal is All.Space?
Short answer: Probably not that big -- but here's the longer answer.
Consider first the acquisition price, and consider most importantly that York didn't tell us the acquisition price! The SEC requires disclosure of the purchase price if it is "material" (i.e., important). Because York didn't name the price...it follows that the price was not material.
Consider next what we know about All.Space itself, in particular, its revenue and profits (or lack thereof). York didn't disclose either figure, which once again implies they're not material to York's business. We do know that, according to data from S&P Global Market Intelligence, All.Space probably does less than $17 million in revenue. If that number is accurate, it's barely 4% of York's own revenue.
In other words: not very material.
What we know about All.Space
We do know a bit more about why York wants to own All.Space, however. York CEO Dirk Wallinger explained that York wants to create "a complete communications ecosystem that operates in contested environments across commercial and government networks." All.Space apparently possesses technology that serves as a link in the chain York wants to forge -- a high-performance, software-defined terminal called "Hydra" that can communicate with satellites in low earth, middle earth, geosynchronous, and highly elliptical orbits, and that may be resistant to jamming.
It makes sense that York would want to own this technology, and not just buy All.Space's terminals at retail. To date, York has won at least 136 Space Force contracts to build "transport layer" satellites for the U.S. Space Force's Proliferated Warfighter Space Architecture (PWSA) missile defense program.
("Transport" here refers to York's satellites communicating with one another and also communicating with ground stations.)
Having strong communication technology is essential to York's mission. It therefore makes sense that York would want to lock that down by buying All.Space. Still, lacking detail on how much revenue All.Space makes, whether it's a profitable company, and how much York will pay to acquire it, makes it difficult to say whether this is a good or a bad deal for York from a financial perspective.
So what does this mean for York investors today? The company is probably in a better business position with All.Space than without it. But as an investment, York remains unprofitable, it's burning cash, and its stock costs more than 10 times trailing sales.
Buying All.Space won't change any of that.
Should you buy stock in York Space Systems right now?
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
