BKSY BlackSky Technology Inc.
Price Chart
Executive Summary
BlackSky reported Q4 2025 revenue of $35.2 million (up 16% YoY) and full-year revenue of $106.6 million, driven by new Gen-3 satellite contracts. Adjusted EBITDA improved to $8.8 million in Q4 but declined to $0.9 million for the full year. The company raised 2026 revenue guidance to $120–145 million and achieved record $345 million backlog, up 32% YoY.
Key Financial Metrics
Actionable Insight
Monitor whether the company can convert its record $345 million backlog into revenue while improving margins in 2026, as the widening net loss despite revenue growth raises sustainability concerns.
Key Facts
- Q4 2025 revenue: $35.2 million (+16% YoY), full-year 2025 revenue: $106.6 million (+4.4% YoY)
- Q4 adjusted EBITDA: $8.8 million (+19% YoY), full-year adjusted EBITDA: $0.9 million (down from $11.6 million in 2024)
- Full-year 2025 net loss: $70.3 million (wider than $57.2 million in 2024)
- 2026 revenue guidance raised to $120–145 million (up from $106.6 million in 2025)
- Backlog reached $345 million, up 32% YoY, driven by $240 million in new contract bookings
- Cash balance: $125.6 million as of December 31, 2025
Financial Impact
Revenue growth of $4.5 million YoY with declining profitability; 2026 revenue guidance implies 13–36% growth
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Space-based intelligence AI services | $65.1M | -7.1% |
| Mission solutions | $21.2M | +258.7% |
| Advanced technology programs | $20.2M | -22.4% |
Risk Factors
- Declining profitability with full-year adjusted EBITDA down 92% YoY
- Widening net loss of $70.3 million in 2025 vs $57.2 million in 2024
- Increased cost of sales as percentage of revenue (33% in 2025 vs 27% in 2024)
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001753539-26-000009 |
| Exhibit: exhibit992q42025preliminar.htm | 0001753539-26-000009 |
| Document: bksy-20260226.htm | 0001753539-26-000009 |
| Document: 0001753539-26-000009-index-headers.html | 0001753539-26-000009 |
| Document: 0001753539-26-000009-index.html | 0001753539-26-000009 |
| Document: 0001753539-26-000009.txt | 0001753539-26-000009 |
Filters
| Type | Now | ||||
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Jun 11, 2026
1d ago
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144
| $35.94 awaiting T+60 | awaiting T+60 | — | $32.42 (−9.78%) |
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Jun 11, 2026
1d ago
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Institutional Cluster
| $34.52 awaiting T+60 | awaiting T+60 | — | $32.42 (+6.07%) |
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May 27, 2026
17d ago
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EFFECT
| — | awaiting T+60 | — | — |
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May 22, 2026
21d ago
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8-K
| — | awaiting T+60 | — | — |
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May 22, 2026
21d ago
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424B5
| — | awaiting T+60 | — | — |
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May 22, 2026
21d ago
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S-3ASR
| — | awaiting T+60 | — | — |
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May 7, 2026
5w ago
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8-K
| — | awaiting T+60 | — | — |
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Apr 7, 2026
9w ago
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8-K
| — | awaiting T+60 | — | — |
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Feb 28, 2026
15w ago
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Institutional Cluster
| $21.61 $48.77 | ▲ +125.68% | ▲ +116.36% | $32.42 (+50.02%) |
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Feb 26, 2026
15w ago
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8-K
| $19.99 $44.65 | ▲ +123.36% | ▲ +115.61% | $32.42 (+62.18%) |
US Market Status
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