YSS
York Space Systems, Inc.
NYSEUSDEQUITY
Industrials
DELAYED
Sell
-28/100
Last price
8.03
▼ 0.28 (3.37%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
8.39
Prev close
8.31
Day high
8.52
Day low
7.96
Volume
1.96M
Market cap
$1.10B
P/E (TTM)
—
52W range
7.45 – 44.54
Day trading desk
Gap from prior close
+0.96%
Prior close 8.31
VWAP
8.10
-0.90% from price
Relative volume
2.07×
Unusually busy
Session range
7.04%
7.96 – 8.52
Position in range
12%
Near session low
ATR (14D)
0.68
8.47% of price
Prior day high
8.81
PDH
Prior day low
8.07
PDL
Bid / ask spread
—
Quote not published
Session volume
6.04M
Avg 2.91M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-9.06%
-11.0%
1M
-10.38%
-11.5%
3M
-61.76%
-66.3%
6M
-70.86%
-89.0%
YTD
-76.11%
-90.4%
1Y
—
-16.4%
3Y
—
-82.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on YSS open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+1.02M
Net buying
Buy transactions
4
3.01M shares
Sell transactions
5
1.99M shares
Net transactions
+9
Buys less sells
Sell : buy shares
0.7 : 1
Mixed
Insider-held shares
12.54M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 7, 26 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 401.67K | $4.54M | Indirect |
| Aug 5, 26 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 662.00K | $10.02M | Indirect |
| Aug 5, 26 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 674.60K | $10.22M | Indirect |
| Aug 3, 26 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 49.33K | $745.31K | Indirect |
| Jul 30, 26 | BLACKROCK PORTFOLIO MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
SELL | 204.21K | $3.11M | Indirect |
| Jul 8, 26 | AEROEQUITY GP L.L.C Beneficial Owner of more than 10% of a Class of Security |
STOCK | 2.29M | $48.08M | Indirect |
| Jun 4, 26 | AEROEQUITY GP L.L.C Beneficial Owner of more than 10% of a Class of Security |
STOCK | 287.79K | $9.78M | Indirect |
| Jun 4, 26 | AEROEQUITY GP L.L.C Beneficial Owner of more than 10% of a Class of Security |
STOCK | 430.13K | $14.62M | Indirect |
| Apr 10, 26 | DAVIDSON JANINE Director |
STOCK | 4.38K | $0 | Direct |
| Jan 30, 26 | FRANTZ BRIAN D Officer |
STOCK | 10.29K | $0 | Direct |
| Jan 30, 26 | ERWIN TAMI A Director |
STOCK | 5.29K | $0 | Direct |
| Jan 30, 26 | ERWIN TAMI A Director |
BUY | 2.94K | $99.99K | Direct |
| Jan 30, 26 | BROTHERS LOUIS R JR Director |
STOCK | 5.29K | $0 | Direct |
| Jan 30, 26 | KONERT KIRK MICHAEL Director |
STOCK | 5.29K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
AEROEQUITY GP L.L.C |
Beneficial Owner of more than 10% of a Class of Security | — | Stock Award(Grant) |
BLACKROCK PORTFOLIO MANAGEMENT LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
BOYD ANDREW |
Director | 5.29K | Stock Award(Grant) |
ERWIN TAMI A |
Director | 79.98K | Stock Award(Grant) |
FRANTZ BRIAN D |
Officer | 16.00K | Stock Award(Grant) |
LETARTE TYLER |
Director | 6.76K | Stock Award(Grant) |
MESSERLE KEVIN |
Chief Financial Officer | 998.32K | Stock Award(Grant) |
PALKO MONICA J |
Officer | 735.00K | Stock Award(Grant) |
RUDRA DEVJYOTI |
Officer | 358.36K | Stock Award(Grant) |
WALLINGER DIRK |
Chief Executive Officer | 11.74M | Stock Award(Grant) |
Fundamentals
Market cap$1.10B
Enterprise value$746.30M
Revenue (TTM)$405.00M
Gross profit$85.66M
EBITDA$-113.57M
Net income$-264.22M
EPS (TTM)$-2.14
Free cash flow—
Total cash$534.00M
Total debt$177.32M
Book value / share$13.50
Shares outstanding137.36M
Float56.63M
Short % of float—
Dividend yield0.00%
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E-21.98
PEG ratio—
Price / sales—
Price / book0.59
EV / revenue1.84
EV / EBITDA-6.57
Gross margin21.15%
Operating margin-38.15%
Profit margin-50.06%
Return on equity—
Return on assets—
Debt / equity10.16
Current ratio5.34
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Total revenue | $386.20M | $253.53M | $238.10M | +52.3% |
| Operating revenue | $386.20M | $253.53M | $238.10M | +52.3% |
| Cost of revenue | $310.74M | $221.11M | $183.20M | +40.5% |
| Gross profit | $75.46M | $32.42M | $54.90M | +132.8% |
| Research & development | $18.36M | $20.44M | $6.97M | -10.2% |
| Selling, general & admin | $115.65M | $103.78M | $90.82M | +11.4% |
| Total operating expense | $134.01M | $124.22M | $97.79M | +7.9% |
| Operating income | -$58.55M | -$91.80M | -$42.89M | +36.2% |
| Net interest income | -$23.64M | -$28.72M | -$23.85M | +17.7% |
| Pre-tax income | -$95.24M | -$124.29M | -$68.76M | +23.4% |
| Tax provision | -$10.70M | -$25.38M | -$39.11M | +57.8% |
| Net income | -$84.54M | -$98.91M | -$29.66M | +14.5% |
| Net income to common | -$85.08M | -$98.91M | -$29.66M | +14.0% |
| Basic EPS | -0.68 | -0.92 | -0.28 | +25.8% |
| Diluted EPS | -0.68 | -0.92 | -0.28 | +25.8% |
| EBIT | -$68.62M | -$94.36M | -$42.59M | +27.3% |
| EBITDA | -$18.28M | -$46.29M | $1.81M | +60.5% |
| Basic shares | 125.00M | 107.58M | 107.58M | +16.2% |
| Diluted shares | 125.00M | 107.58M | 107.58M | +16.2% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Cash & equivalents | $162.57M | $104.66M | $81.15M | +55.3% |
| Cash & short-term investments | $162.57M | $104.66M | $81.15M | +55.3% |
| Accounts receivable | $11.54M | $2.13M | $2.29M | +440.5% |
| Inventory | $18.75M | $34.60M | $23.27M | -45.8% |
| Total current assets | $307.81M | $227.26M | $241.25M | +35.4% |
| Property, plant & equipment | $70.98M | $56.72M | $52.86M | +25.1% |
| Goodwill & intangibles | $1.08B | $1.03B | $1.07B | +4.6% |
| Total assets | $1.48B | $1.32B | $1.37B | +11.7% |
| Total current liabilities | $191.35M | $225.54M | $164.64M | -15.2% |
| Current debt | $3.75M | — | — | — |
| Long-term debt | $144.96M | $197.03M | $196.26M | -26.4% |
| Total debt | $175.13M | $220.12M | $220.44M | -20.4% |
| Total liabilities | $607.56M | $542.35M | $481.24M | +12.0% |
| Retained earnings | -$269.02M | -$184.49M | -$85.57M | -45.8% |
| Shareholder equity | $0 | $0 | $0 | — |
| Working capital | $116.45M | $1.72M | $76.61M | +6,670.6% |
| Net tangible assets | -$1.08B | -$1.03B | -$1.07B | -4.6% |
| Shares issued | 125.00M | 124.80M | 124.80M | +0.2% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Net income | -$84.54M | -$98.91M | -$29.66M | +14.5% |
| Depreciation & amortisation | $50.34M | $48.07M | $44.40M | +4.7% |
| Stock-based compensation | $1.24M | $0 | $0 | — |
| Change in working capital | -$89.96M | $90.83M | $46.76M | -199.0% |
| Operating cash flow | -$121.33M | $31.61M | $15.70M | -483.8% |
| Capital expenditure | -$8.86M | -$18.05M | -$18.50M | +50.9% |
| Investing cash flow | -$25.26M | -$18.05M | -$62.85M | -39.9% |
| Financing cash flow | $204.29M | $10.00M | $95.47M | +1,942.9% |
| Free cash flow | -$130.19M | $13.57M | -$2.79M | -1,059.6% |
| End cash position | $162.57M | $104.66M | $81.15M | +55.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $92.55M | $116.34M | $105.35M | $90.76M | $83.84M | — | -20.5% |
| Operating revenue | $92.55M | $116.34M | $105.35M | $90.76M | $83.84M | — | -20.5% |
| Cost of revenue | $70.37M | $94.19M | $84.28M | $70.50M | $74.31M | — | -25.3% |
| Gross profit | $22.18M | $22.15M | $21.07M | $20.27M | $9.53M | — | +0.1% |
| Research & development | $5.77M | $5.29M | $4.57M | $4.50M | $4.89M | — | +9.0% |
| Selling, general & admin | $51.72M | $121.40M | $21.52M | $41.53M | $25.79M | — | -57.4% |
| Total operating expense | $57.48M | $126.69M | $26.09M | $46.04M | $30.68M | — | -54.6% |
| Operating income | -$35.30M | -$104.54M | -$5.02M | -$25.77M | -$21.16M | — | +66.2% |
| Net interest income | $1.32M | $1.72M | -$3.29M | -$6.93M | -$6.90M | — | -23.1% |
| Pre-tax income | -$39.06M | -$114.95M | -$23.27M | -$32.00M | -$26.93M | — | +66.0% |
| Tax provision | $282.00K | -$110.00K | $5.22M | -$11.92M | -$2.70M | — | +356.4% |
| Net income | -$39.34M | -$114.84M | -$28.49M | -$20.08M | -$24.23M | — | +65.7% |
| Net income to common | -$39.34M | -$175.76M | -$21.62M | -$27.50M | -$24.23M | — | +77.6% |
| Basic EPS | -0.31 | -1.51 | — | — | -0.19 | -0.12 | +79.5% |
| Diluted EPS | -0.31 | -1.51 | — | — | -0.19 | -0.12 | +79.5% |
| EBIT | -$36.18M | -$112.05M | -$18.04M | -$24.79M | -$19.81M | — | +67.7% |
| EBITDA | -$21.29M | -$95.95M | -$4.31M | -$12.44M | -$7.59M | — | +77.8% |
| Basic shares | 128.10M | 116.02M | — | — | 124.80M | 95.14M | +10.4% |
| Diluted shares | 128.10M | 116.02M | — | — | 124.80M | 95.14M | +10.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $534.00M | $655.69M | $162.57M | $22.54M | -18.6% |
| Cash & short-term investments | $534.00M | $655.69M | $162.57M | $22.54M | -18.6% |
| Accounts receivable | $55.80M | $3.93M | $11.54M | $22.72M | +1,319.5% |
| Inventory | $41.79M | $34.21M | $18.75M | $22.77M | +22.2% |
| Total current assets | $771.85M | $811.71M | $307.81M | $144.72M | -4.9% |
| Property, plant & equipment | $86.52M | $78.69M | $70.98M | $64.54M | +9.9% |
| Goodwill & intangibles | $1.21B | $1.15B | $1.08B | $1.09B | +4.7% |
| Total assets | $2.07B | $2.05B | $1.48B | $1.31B | +1.0% |
| Total current liabilities | $144.67M | $146.90M | $191.35M | $181.47M | -1.5% |
| Current debt | $5.63M | $4.69M | $3.75M | — | +20.0% |
| Long-term debt | $141.42M | $143.19M | $144.96M | $197.69M | -1.2% |
| Total debt | $177.32M | $178.38M | $175.13M | $223.24M | -0.6% |
| Total liabilities | $324.41M | $326.70M | $607.56M | $517.61M | -0.7% |
| Retained earnings | -$423.21M | -$383.86M | -$269.02M | -$240.53M | -10.2% |
| Shareholder equity | $2.17B | $2.11B | $0 | $0 | +3.0% |
| Working capital | $627.18M | $664.81M | $116.45M | -$36.75M | -5.7% |
| Net tangible assets | $961.80M | $953.10M | -$1.08B | -$1.09B | +0.9% |
| Shares issued | 129.31M | 127.61M | 125.00M | 124.80M | +1.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$39.34M | -$114.84M | -$28.49M | -$20.08M | -$24.23M | +65.7% |
| Depreciation & amortisation | $14.89M | $16.10M | $13.73M | $12.35M | $12.22M | -7.6% |
| Stock-based compensation | $10.89M | $84.70M | $0 | $1.24M | $0 | -87.1% |
| Change in working capital | -$91.07M | -$79.94M | -$27.98M | $26.20M | -$6.93M | -13.9% |
| Operating cash flow | -$102.18M | -$84.45M | -$33.10M | $11.59M | -$20.33M | -21.0% |
| Capital expenditure | -$1.28M | -$2.15M | -$4.54M | -$3.04M | -$99.00K | +40.3% |
| Investing cash flow | -$18.66M | -$11.08M | -$9.85M | -$6.64M | -$5.10M | -68.5% |
| Financing cash flow | -$937.00K | $588.70M | $183.02M | -$3.73M | $25.00M | -100.2% |
| Free cash flow | -$103.46M | -$86.60M | -$37.65M | $8.55M | -$20.43M | -19.5% |
| End cash position | $534.00M | $655.69M | $162.57M | $22.54M | $21.22M | -18.6% |
Options analytics
Put / call volume
0.72
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
5.00
-37.7% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
-37.5%
Calls bid over puts
Call volume
265
Contracts, this expiry
Put volume
192
Contracts, this expiry
Heaviest call OI
5.00
0 contracts
Heaviest put OI
5.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.12 | -0.06 | +52.5% |
| Mar 2026 | -0.11 | -0.68 | -497.9% |
| Dec 2025 | -0.18 | -0.25 | -44.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.24 | 3 | $89.99M | — |
| Next quarter | -0.21 | 3 | $94.71M | -10.1% |
| Current year | -1.72 | 3 | $393.48M | +1.9% |
| Next year | -0.37 | 3 | $498.79M | +26.8% |
Analyst targets & ownership
Mean target$14.85
High target$18.00
Low target$11.00
Implied upside84.93%
Analyst count10
ConsensusNONE
Strong buy / Buy1 / 4
Hold7
Sell / Strong sell0 / 0
Held by insiders9.13%
Held by institutions49.74%
Institutions holding224
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
8.95
-10.32% from price
SMA 20
8.68
-7.50% from price
SMA 50
10.10
-20.52% from price
SMA 100
17.88
-55.10% from price
SMA 200
—
—
EMA 12
8.74
-8.17% from price
EMA 26
9.24
-13.10% from price
EMA 50
11.33
-29.16% from price
RSI (14)
37.3
Neutral
MACD (12,26,9)
-0.50
Hist 0.08
ATR (14)
0.68
8.47% of price
Realised vol 30D
74.9%
Annualised
Bollinger upper
10.17
20, 2σ
Bollinger lower
7.20
20, 2σ
50 / 200 cross
—
—
Trend bias
—
—
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
2.62
More volatile than market
Correlation to SPY
0.30
Largely independent
Realised vol 30D
74.9%
Annualised
Market vol 1Y
13.4%
SPY, annualised
Max drawdown 1Y
-82.9%
Peak to trough
Max drawdown 5Y
-82.9%
Peak to trough
ATR 14
0.68
8.47% of price
Beta (reported)
—
5Y monthly, from filing
Short interest
Shares short
7.38M
Prior 6.03M
Change vs prior
+22.5%
Shorts adding
% of float
—
—
% of shares out
5.38%
Against total outstanding
Days to cover
2.4
Liquid
Float
56.63M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 15, 26 | Guggenheim | INITIATED | — | Neutral |
| Sep 10, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Aug 31, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Aug 20, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Aug 18, 26 | Jefferies | MAINTAINED | Buy | Buy |
| Aug 18, 26 | Canaccord Genuity | DOWNGRADE | Buy | Hold |
| Aug 17, 26 | JP Morgan | DOWNGRADE | Overweight | Neutral |
| Aug 14, 26 | Needham | MAINTAINED | Buy | Buy |
| Jul 29, 26 | Raymond James | DOWNGRADE | Outperform | Market Perform |
| Jul 1, 26 | Citigroup | MAINTAINED | Buy | Buy |
| May 18, 26 | Citigroup | MAINTAINED | Buy | Buy |
| May 18, 26 | Needham | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-14
Corporate Changes & Voting Matters
8-K · 2026-08-13
Corporate Changes & Voting Matters
8-K · 2026-08-05
Corporate Changes & Voting Matters
8-K/A · 2026-06-04
Corporate Changes & Voting Matters
8-K · 2026-05-19
Periodic Financial Reports
10-Q · 2026-05-15
Corporate Changes & Voting Matters
8-K · 2026-05-14
Corporate Changes & Voting Matters
8-K · 2026-04-29
Headlines
York Space Systems Expands Prime Integration Portfolio Into GEO With Tetra Missions
MT Newswires · 1d ago
York Space Systems Expands into GEO to Support Space Domain Awareness Missions
Business Wire · 2d ago
York Space Systems (YSS) Stock May Be 46% Undervalued Following IPO Lawsuit
Simply Wall St. · 4d ago
York Space Systems (YSS) Faces Federal Securities Class Action Over IPO Disclosures
Simply Wall St. · 5d ago
York Space Systems (YSS) Expands Rwanda Antenna Capacity, Is It Still 42% Below Fair Value?
Simply Wall St. · 5d ago
York Space, ATLAS Space Activate New Antenna in Rwanda
MT Newswires · 8d ago
York Space Systems and ATLAS Space Operations Activate New Antenna in Mwulire, Rwanda, Doubling Contact Capacity at Its Equatorial Ground Station
Business Wire · 8d ago
SpaceX-Focused Pentagon Contracts Leave Rivals Feeling Squeezed
Bloomberg · 12d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.