Shares of York Space Systems slipped after the company cut its guidance for the year and reported a wider second-quarter loss than Wall Street was expecting.

The stock fell 12%, to $10.12, midday Friday and is down 70% this year.

The Denver company on Thursday said it now expects full-year revenue between $375 million and $405 million, down from a range of $545 million to $595 million. The guidance cut was driven by "the removal of the new business revenue in 2026 given the shift in government acquisition methodologies," the company said.

Analysts polled by FactSet currently expect full-year revenue of $527.8 million.

The company reported a second-quarter loss of $39.3 million, or 31 cents a share, compared with a loss of $24.2 million, or 25 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 17 cents a share.

Revenue rose to $92.5 million from $83.8 million a year prior. Analysts expected $89.4 million in revenue.

The company ended the quarter with a backlog of $592 million, down 8% from the previous quarter and up 9% since the start of the year. The company said its analysis suggests a two-year pipeline of government opportunities worth $11.5 billion.