Stonegate Capital Partners Updates Coverage on BlackSky Technology, Inc. (BKSY) 3Q25

Rhea-AI Summary

BlackSky Technology (NYSE: BKSY) reported 3Q25 revenue of $19.6M, adjusted EBITDA loss of $4.5M, and GAAP EPS of ($0.44). Revenue missed Stonegate/consensus estimates of $29.9M/$28.6M and adjusted EBITDA trailed expectations of $3.2M/$1.9M. Imagery & Software Analytical Services revenue fell to $15.8M (down 8.6% y/y) and Professional & Engineering Services dropped to $3.8M from $5.2M in 2Q24. Consolidated gross margin declined to 65.3% from 70.5% in 3Q24. The company reported new wins >$60M, a backlog of $322.7M (~91% international), a >$30M Gen-3 ISR award, the next Gen-3 satellite at launch site, and $147.6M cash plus short-term investments with $43.4M unbilled contract assets.

Positive

• Backlog of $322.7M, ~91% international
• New contract wins totaling >$60M
• Cash plus short-term investments of $147.6M
• Next Gen-3 satellite staged at launch site

Negative

• Revenue of $19.6M missed estimates by ~30%
• Adj. EBITDA loss of $4.5M versus expected profit
• Consolidated gross margin fell 520 bps to 65.3%
• Imagery & software revenue down 8.6% y/y

Dallas, Texas--(Newsfile Corp. - November 7, 2025) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY reported revenue, adj EBITDA, and EPS of $19.6M, ($4.5)M, and ($0.44), respectively. This compares to our/consensus estimates of $29.9M/$28.6M, $3.2M/$1.9M, and ($1.06)/($0.36). Imagery and Software Analytical Services revenue decreased to $15.8M, down 8.6% y/y, primarily due to the expected reduction in NRO EOCL tasking and broader U.S. government budget uncertainties that weighed on near-term imagery orders. Professional and Engineering Services revenue declined to $3.8M from $5.2M in 2Q24, largely due to project timing and milestone-based revenue recognition. Adj. EBITDA saw a loss of ($4.5M) versus a $0.7M profit in the prior year, driven by lower EOCL revenues and the inclusion of overhead associated with the LeoStella. Consolidated gross margins fell to 65.3%, a decrease from 70.5% in 3Q24.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Revenue $19.6M and an adj. EBITDA loss; outlook intact with a stronger Q4 expected.
• New wins topped $60M with a backlog of $322.7M, ~91% international, including a >30M Gen-3 ISR award.
• Execution and funding remain in place with the next Gen-3 satellite at the launch site and cash plus short-term investments of 147.6M alongside 43.4M of unbilled contract assets.

Click image above to view full announcement.

---

About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273603

FAQ

What were BlackSky (BKSY) 3Q25 revenue and EPS reported on November 7, 2025?

BlackSky reported 3Q25 revenue $19.6M and GAAP EPS of ($0.44).

How did Stonegate Capital's 3Q25 estimates for BKSY compare to actual results?

Stonegate estimated $29.9M revenue and adj. EBITDA of $3.2M; actuals missed both.

What backlog and new contract wins did BlackSky report for 3Q25 (BKSY)?

BlackSky reported a backlog of $322.7M and new wins >$60M, including a >$30M Gen-3 ISR award.

What liquidity position did BlackSky (BKSY) report at 3Q25?

The company reported $147.6M in cash plus short-term investments and $43.4M of unbilled contract assets.

Why did BlackSky's imagery revenue decline in 3Q25?

Imagery revenue declined primarily due to reduced NRO EOCL tasking and U.S. government budget uncertainties.