Blacksky Technology Inc Financials
This page shows Blacksky Technology Inc (BKSY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
BlackSky’s recent pattern is modest revenue growth paired with debt-funded liquidity, showing a business still not self-financing.
Between FY2024 and FY2025, debt-funded liquidity replaced operating progress: revenue moved only from$102.1M to$106.6M . Meanwhile, operating cash flow fell from-$6.4M to-$28.3M as long-term debt climbed, implying the bigger balance sheet was financed externally rather than by internally generated cash.
The operating model has become less cash-efficient even before interest: operating margin stayed near
Working capital absorbed more cash in FY2025: accounts receivable climbed to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Blacksky Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blacksky Technology Inc scores -0.66, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($796.4M) relative to total liabilities ($291.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Blacksky Technology Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Blacksky Technology Inc generates $0.40 in operating cash flow (-$28.3M OCF vs -$70.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Blacksky Technology Inc earns $-3.1 in operating income for every $1 of interest expense (-$46.9M vs $14.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Blacksky Technology Inc generated $106.6M in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Blacksky Technology Inc's EBITDA was -$16.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2101.9% from the prior year.
Blacksky Technology Inc reported -$70.3M in net income in fiscal year 2025. This represents a decrease of 22.8% from the prior year.
Blacksky Technology Inc earned $-2.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 21.7% from the prior year.
Cash & Balance Sheet
Blacksky Technology Inc held $42.4M in cash against $193.2M in long-term debt as of fiscal year 2025.
Blacksky Technology Inc had 36M shares outstanding in fiscal year 2025. This represents an increase of 17.2% from the prior year.
Margins & Returns
Blacksky Technology Inc's operating margin was -44.0% in fiscal year 2025, reflecting core business profitability. This is down 0.6 percentage points from the prior year.
Blacksky Technology Inc's net profit margin was -65.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.9 percentage points from the prior year.
Blacksky Technology Inc's ROE was -74.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.2 percentage points from the prior year.
Capital Allocation
Blacksky Technology Inc invested $433K in research and development in fiscal year 2025. This represents a decrease of 67.8% from the prior year.
BKSY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.8M-41.0% | $35.2M+79.5% | $19.6M-11.6% | $22.2M-24.9% | $29.5M-2.7% | $30.4M+34.7% | $22.5M-9.6% | $24.9M |
| Cost of Revenue | $4.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $11.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $170K+20.6% | $141K+370.0% | $30K+76.5% | $17K-93.1% | $245K-56.2% | $559K+1200.0% | $43K-85.0% | $286K |
| SG&A Expenses | $22.6M+4.7% | $21.6M-0.8% | $21.7M-4.1% | $22.7M+5.7% | $21.4M+12.4% | $19.1M+6.2% | $18.0M-1.4% | $18.2M |
| Operating Income | -$18.5M-346.0% | -$4.2M+75.3% | -$16.8M-20.7% | -$13.9M-16.4% | -$12.0M-96.9% | -$6.1M+54.0% | -$13.2M-12.9% | -$11.7M |
| Interest Expense | $3.9M-3.1% | $4.1M+0.5% | $4.0M+15.0% | $3.5M+5.0% | $3.3M-1.2% | $3.4M+7.6% | $3.1M+3.7% | $3.0M |
| Income Tax | $0-100.0% | $21K-46.2% | $39K+11.4% | $35K+16.7% | $30K+50.0% | $20K-28.6% | $28K-88.9% | $252K |
| Net Income | -$29.7M-3317.4% | -$868K+94.3% | -$15.3M+62.8% | -$41.2M-221.9% | -$12.8M+34.0% | -$19.4M-54.2% | -$12.6M-34.0% | -$9.4M |
| EPS (Diluted) | $-0.82 | N/A | $-0.44+65.4% | $-1.27-202.4% | $-0.42 | N/A | $-0.66 | $-0.52 |
BKSY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $371.7M-3.8% | $386.2M+1.4% | $380.9M+22.5% | $310.8M+9.1% | $284.9M+12.1% | $254.1M+3.5% | $245.5M+9.4% | $224.3M |
| Current Assets | $185.3M-10.4% | $206.8M+2.9% | $201.0M+44.8% | $138.8M+14.4% | $121.3M+13.7% | $106.7M+0.2% | $106.5M+29.2% | $82.4M |
| Cash & Equivalents | $39.4M-7.2% | $42.4M+47.3% | $28.8M+27.8% | $22.6M+8.7% | $20.7M+58.9% | $13.1M-76.8% | $56.2M+119.8% | $25.6M |
| Inventory | $6.2M0.0% | $6.2M | $0 | $0 | $0-100.0% | $6.0M | N/A | N/A |
| Accounts Receivable | $24.6M-27.9% | $34.1M+760.1% | $4.0M-42.5% | $6.9M-13.0% | $7.9M-46.1% | $14.7M+43.0% | $10.3M+25.1% | $8.2M |
| Goodwill | $10.3M0.0% | $10.3M0.0% | $10.3M0.0% | $10.3M-0.2% | $10.3M+0.4% | $10.3M+9.2% | $9.4M0.0% | $9.4M |
| Total Liabilities | $290.9M-0.1% | $291.4M+0.5% | $289.8M+29.2% | $224.2M+14.4% | $196.0M+22.4% | $160.2M+18.5% | $135.2M-8.5% | $147.8M |
| Current Liabilities | $53.6M-9.9% | $59.5M+15.1% | $51.7M+38.1% | $37.4M+16.9% | $32.0M+23.0% | $26.0M+38.8% | $18.8M-4.7% | $19.7M |
| Long-Term Debt | $193.4M+0.1% | $193.2M+2.1% | $189.3M+61.4% | $117.3M+5.1% | $111.6M+5.5% | $105.7M+7.4% | $98.4M-9.1% | $108.3M |
| Total Equity | $80.8M-14.8% | $94.9M+4.2% | $91.1M+5.2% | $86.6M-2.6% | $88.8M-5.5% | $94.0M-14.8% | $110.3M+44.1% | $76.5M |
| Retained Earnings | -$756.1M-4.1% | -$726.4M-0.1% | -$725.6M-2.2% | -$710.2M-6.2% | -$669.0M-2.0% | -$656.2M-3.0% | -$636.8M-2.0% | -$624.2M |
BKSY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.4M+74.7% | -$9.3M+76.1% | -$39.0M-435.1% | -$7.3M-126.7% | $27.2M+1599.4% | -$1.8M-275.6% | $1.0M+157.8% | -$1.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$9.3M-139.2% | $23.8M+139.3% | -$60.6M-135.9% | -$25.7M-6.4% | -$24.1M+40.9% | -$40.9M-825.9% | -$4.4M+44.4% | -$7.9M |
| Financing Cash Flow | $9.5M+1202.7% | -$866K-100.8% | $105.8M+204.2% | $34.8M+686.6% | $4.4M+1918.9% | -$243K-100.7% | $34.0M+62.1% | $21.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BKSY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -89.2%-77.4pp | -11.8%+74.0pp | -85.8%-23.0pp | -62.8%-22.2pp | -40.6%-20.5pp | -20.0%+38.6pp | -58.7%-11.7pp | -47.0% |
| Net Margin | -142.8%-140.3pp | -2.5%+75.7pp | -78.2%+107.6pp | -185.8%-142.4pp | -43.4%+20.6pp | -63.9%-8.1pp | -55.8%-18.2pp | -37.7% |
| Return on Equity | -36.7%-35.8pp | -0.9%+15.9pp | -16.9%+30.8pp | -47.6%-33.2pp | -14.4%+6.2pp | -20.7%-9.2pp | -11.4%+0.9pp | -12.3% |
| Return on Assets | -8.0%-7.8pp | -0.2%+3.8pp | -4.0%+9.2pp | -13.3%-8.8pp | -4.5%+3.1pp | -7.6%-2.5pp | -5.1%-0.9pp | -4.2% |
| Current Ratio | 3.46-0.0 | 3.48-0.4 | 3.89+0.2 | 3.71-0.1 | 3.79-0.3 | 4.10-1.6 | 5.68+1.5 | 4.19 |
| Debt-to-Equity | 2.39+0.4 | 2.04-0.0 | 2.08+0.7 | 1.35+0.1 | 1.26+0.1 | 1.13+0.2 | 0.89-0.5 | 1.41 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is Blacksky Technology Inc's annual revenue?
Blacksky Technology Inc (BKSY) reported $106.6M in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blacksky Technology Inc's revenue growing?
Blacksky Technology Inc (BKSY) revenue grew by 4.4% year-over-year, from $102.1M to $106.6M in fiscal year 2025.
Is Blacksky Technology Inc profitable?
No, Blacksky Technology Inc (BKSY) reported a net income of -$70.3M in fiscal year 2025, with a net profit margin of -65.9%.
What is Blacksky Technology Inc's EBITDA?
Blacksky Technology Inc (BKSY) had EBITDA of -$16.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Blacksky Technology Inc have?
As of fiscal year 2025, Blacksky Technology Inc (BKSY) had $42.4M in cash and equivalents against $193.2M in long-term debt.
What is Blacksky Technology Inc's operating margin?
Blacksky Technology Inc (BKSY) had an operating margin of -44.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blacksky Technology Inc's net profit margin?
Blacksky Technology Inc (BKSY) had a net profit margin of -65.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blacksky Technology Inc's return on equity (ROE)?
Blacksky Technology Inc (BKSY) has a return on equity of -74.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blacksky Technology Inc's operating cash flow?
Blacksky Technology Inc (BKSY) generated -$28.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blacksky Technology Inc's total assets?
Blacksky Technology Inc (BKSY) had $386.2M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Blacksky Technology Inc spend on research and development?
Blacksky Technology Inc (BKSY) invested $433K in research and development during fiscal year 2025.
What is Blacksky Technology Inc's current ratio?
Blacksky Technology Inc (BKSY) had a current ratio of 3.48 as of fiscal year 2025, which is generally considered healthy.
What is Blacksky Technology Inc's debt-to-equity ratio?
Blacksky Technology Inc (BKSY) had a debt-to-equity ratio of 2.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blacksky Technology Inc's return on assets (ROA)?
Blacksky Technology Inc (BKSY) had a return on assets of -18.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blacksky Technology Inc's cash runway?
Based on fiscal year 2025 data, Blacksky Technology Inc (BKSY) had $42.4M in cash against an annual operating cash burn of $28.3M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Blacksky Technology Inc's Altman Z-Score?
Blacksky Technology Inc (BKSY) has an Altman Z-Score of -0.66, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Blacksky Technology Inc's Piotroski F-Score?
Blacksky Technology Inc (BKSY) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blacksky Technology Inc's earnings high quality?
Blacksky Technology Inc (BKSY) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blacksky Technology Inc cover its interest payments?
Blacksky Technology Inc (BKSY) has an interest coverage ratio of -3.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blacksky Technology Inc?
Blacksky Technology Inc (BKSY) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.