BlackSky raises 2026 revenue outlook to $140M–$150M
BlackSky raised its 2026 revenue and Adjusted EBITDA ranges while keeping its capital expenditures outlook at $50 million to $60 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
BlackSky Technology Inc. reported third-quarter 2026 revenue of $42.8 million, up 118% from a year earlier, and net income of $18.5 million versus a $15.3 million loss. Revenue from space-based intelligence and AI services was $32.7 million. Adjusted EBITDA, a non-GAAP measure, reached a record $12.8 million, up $17.3 million year over year; cost of sales was 21% of revenue, compared with 35% a year earlier.
BlackSky raised its 2026 outlook for revenue to $140 million to $150 million and Adjusted EBITDA to $18 million to $24 million for the second time this year, and maintained its capital expenditures outlook of $50 million to $60 million. Cash, restricted cash, and short-term investments totaled $231.1 million as of September 30, 2026; third-quarter capital expenditures were $15.4 million.
BlackSky was named the exclusive provider of very-high resolution optical satellites under a $1 billion investment through a consortium that includes France and the UAE, for an initial constellation of 50 satellites serving Europe and other markets.
3 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue reached $42.8 million, up 118% year over year.
- Moderate pointThird-quarter net income was $18.5 million, versus a $15.3 million loss.
- Moderate pointRecord third-quarter Adjusted EBITDA reached $12.8 million.
Negative
- None.
Filing Explained
The $19 million headline net income coexisted with a $19,690 thousand derivative gain.
This Form 8-K reports BlackSky’s third-quarter results for the quarter ended
A larger total share count lowers the percentage ownership of holders who do not add shares, absent offsetting changes.
Although the release headline gives net income as
The filing says gains or losses on derivatives reflect fair-value fluctuations in the company’s warrants and other equity instruments.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter total revenue: $42.8 million
Space-based intelligence and AI services revenue: $32.7 million
Third-quarter net income: $18.5 million
+5 more
8 metrics
Third-quarter total revenue
$42.8 million
Three months ended September 30, 2026
Space-based intelligence and AI services revenue
$32.7 million
Three months ended September 30, 2026
Third-quarter net income
$18.5 million
Compared with a $15.3 million net loss in the third quarter of 2025
Adjusted EBITDA
$12.8 million
Record for the third quarter of 2026; up $17.3 million year over year
Cash, restricted cash, and short-term investments
$231.1 million
As of September 30, 2026
2026 revenue outlook
$140 million to $150 million
Full-year outlook, raised for the second time in 2026
2026 Adjusted EBITDA outlook
$18 million to $24 million
Full-year outlook, raised for the second time in 2026
2026 capital expenditures outlook
$50 million to $60 million
Full-year outlook, maintained
Key Terms
Adjusted EBITDA, Cash operating expenses, derivative liabilities, space-based intelligence & AI services
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the third quarter of 2026 was a record $12.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Cash operating expenses financial
"Cash operating expenses is defined as operating expenses less stock-based compensation"
derivative liabilities financial
"Gain (loss) on derivatives"
Derivative liabilities are obligations a company records when it owes money under financial contracts whose value depends on something else, like interest rates, stock prices, or currencies. Think of them as bets or insurance policies that can create future cash payments; they matter to investors because they can cause sudden changes in a company’s reported debt, profits and cash flow and reveal exposure to market risks that could affect valuation.
space-based intelligence & AI services technical
"Record space-based intelligence & AI services revenue of $32.7 million"
Earnings Snapshot
Revenue: $42.8 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$42.8 million
Up 118% year over year from $19.6 million
Net income
$18.5 million
Compared with a net loss of $15.3 million in the third quarter of 2025
Adjusted EBITDA
$12.8 million
Year-over-year increase of $17.3 million
Guidance
2026 revenue of $140 million to $150 million and Adjusted EBITDA of $18 million to $24 million; capital expenditures of $50 million to $60 million
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was BKSY's revenue in the third quarter of 2026?
BKSY reported third-quarter 2026 revenue of $42.8 million, up 118% from the third quarter of 2025. Space-based intelligence and AI services contributed $32.7 million of the quarter's revenue. Total revenue in the prior-year quarter was $19.6 million.
What is BKSY's 2026 revenue and Adjusted EBITDA outlook?
BlackSky now expects 2026 revenue of $140 million to $150 million and Adjusted EBITDA of $18 million to $24 million. It raised both outlook ranges for the second time this year and maintained its full-year capital expenditures outlook of $50 million to $60 million.
What is BKSY's role in the 50-satellite consortium project?
BlackSky was named the exclusive provider of very-high resolution optical satellites under a $1 billion investment through a consortium that includes France and the UAE. The investment is for an initial constellation of 50 satellites to serve Europe and other markets.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 5, 2026
(Exact Name of Registrant as Specified in Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
| (Address of principal executive offices) | (Zip code) | |||||||
(703 ) 935-1930
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, BlackSky Technology Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press release dated November 5, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 5, 2026
| BLACKSKY TECHNOLOGY INC. | |||||
| By: | /s/ Henry Dubois | ||||
| Name: Henry Dubois | |||||
| Title: Chief Financial Officer | |||||
BLACKSKY REPORTS THIRD QUARTER 2026 RESULTS
Record Quarterly Revenue of $43 million, Up 118% YoY and 29% Sequentially
Net Income of $19 million and Record Adjusted EBITDA of $13 million
Company Raises Full-Year Guidance for Revenue and Adjusted EBITDA
HERNDON, VA – November 5, 2026 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2026.
“Building on strong Gen-3 sales performance, we delivered an exceptional third quarter with record revenue, strong margin growth, and record adjusted EBITDA,” said Brian E. O’Toole, BlackSky CEO. “Real-time intelligence is more mission-critical than ever, and we are winning customers because of our demonstrated ability to deliver assured, actionable intelligence with speed, reliability, and clarity. As we scale our Gen-3 capabilities, we expect to continue our momentum capitalizing on the growing global demand for our space-based intelligence and sovereign solutions.”
Third Quarter Financial Highlights:
•Record total revenue of $43 million, up 118% from prior year
•Record space-based intelligence & AI services revenue of $33 million
•Cash balance of $231 million as of September 30, 2026
Recent Highlights
•Named the exclusive provider of very-high resolution optical satellites under a $1 billion investment through a consortium that includes France and the UAE for an initial constellation of 50 satellites to serve Europe and other markets
•Successfully completed a 2-month seven-figure assured Gen-3 pilot with the U.S. government
•International defense customer rapidly expands from a small Gen-2 pilot into a seven-figure Gen-3 Assured subscription contract in less than six months
•Successful Gen-3 pilot leads to seven-figure renewal contract with HEO to expand non-Earth imaging space domain awareness services
•Selected as the first satellite imagery provider and commenced a pilot with SkyFi’s satellite intelligence platform to power automated facility monitoring insights for Robinhood retail investors
•Successfully deployed a fifth Gen-3 satellite, achieving first light and revenue generating operations within 24 hours, expanding constellation capacity to support growing customer demand
Financial Results
Revenues
Total revenue for the third quarter of 2026 was $42.8 million, compared to $19.6 million in the third quarter of 2025. The year-over-year increase of $23.2 million, or 118%, was primarily driven by accelerating customer demand for Gen-3, which drove record space-based intelligence and AI services revenue of $32.7 million.
Cost of Sales(1)
Total cost of sales as a percentage of revenue improved to 21% for the third quarter of 2026, compared to 35% for the third quarter of 2025. The improvement reflects the operating leverage from the growth of the Company’s high-margin space-based intelligence services.
Operating Expenses
Operating expenses for the third quarter of 2026 were $33.4 million, which included $4.4 million of non-cash stock-based compensation expense and $7.5 million in depreciation and amortization expenses. Operating expenses for the third quarter of 2025 were $29.6 million, which included $3.5 million in non-cash stock-based compensation expense and $7.9 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(2) for the third quarter of 2026 were $21.5 million, compared to $18.2 million in the prior year quarter. The year-over-year increase of $3.3 million was primarily due to planned incremental investments in the business.
Net Income
Net income for the third quarter of 2026 was $18.5 million, compared to a net loss of $15.3 million for the third quarter of 2025. The year-over-year improvement of $33.8 million was driven by strong operating results and changes in the gain/(loss) on derivatives, which are driven by fluctuations in the Company’s equity warrants and other equity instruments that are measured at fair value.
Adjusted EBITDA(2)
Adjusted EBITDA for the third quarter of 2026 was a record $12.8 million, a 29.9% margin on $42.8 million in revenue. The year-over-year increase of $17.3 million was primarily driven by strong revenue growth, expanding gross margins, and operating leverage across the business.
Balance Sheet & Capital Expenditures
As of September 30, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $231.1 million. Capital expenditures for the third quarter of 2026 were $15.4 million.
(1) Cost of sales is defined as space-based intelligence & AI services costs, excluding depreciation and amortization, mission solutions costs, excluding depreciation and amortization, and advanced technology programs costs, excluding depreciation and amortization.
(2) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release.
2026 Outlook
As a result of the strong third quarter performance, the Company is raising its full year 2026 outlook for revenue and adjusted EBITDA for the second time this year. The Company now expects revenue to be between $140 million and $150 million, and Adjusted EBITDA to be between $18 million and $24 million. The Company is maintaining its full year 2026 outlook for capital expenditures of between $50 million and $60 million.
BlackSky has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses, change in fair value of warrant liabilities, and depreciation and amortization are uncertain or out of BlackSky’s control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on BlackSky’s future GAAP financial results. Accordingly, a reconciliation of BlackSky’s non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts.
Investment Community Conference Call
BlackSky will host a conference call and webcast for the investment community this morning at 8:30 a.m. EST. Senior management will review the third quarter results, discuss BlackSky’s business, and answer questions. To access the live webcast, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events”. A presentation accompanying the webcast can also be found on the investor relations website. The webcast and conference call will be archived on the investor relations website following completion of the call.
About BlackSky
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry’s most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra® tasking and analytics software platform and our proprietary low earth orbit satellite constellation.
With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on X (Twitter).
Non-GAAP Financial Measures
Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, unrealized gain or loss on certain warrants/
shares classified as derivative liabilities; loss on debt extinguishment; non-recurring transaction costs; litigation, settlements, and related costs; severance; and impairment, obsolescence, and asset disposals. Cash operating expenses is defined as operating expenses less stock-based compensation expense for selling, general, and administrative costs, and depreciation and amortization expense. The Company believes evaluating cash operating expenses is useful to manage expenses as it excludes non-cash items that may obscure the underlying business performance.
Adjusted EBITDA and cash operating expenses are non-GAAP financial performance measures. These measures should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our filings with the U.S. Securities and Exchange Commission (the “SEC”) for a reconciliation of adjusted EBITDA to net loss, the most comparable measure reported in accordance with GAAP, and for a discussion of the presentation, comparability, and use of adjusted EBITDA. Please refer to the schedule herein for a reconciliation of cash operating expenses to operating expenses, the most comparable measure reported in accordance with GAAP, and this press release for a discussion of the use of cash operating expenses.
Forward-Looking Statements
Certain statements and other information included in this press release constitute forward-looking statements under applicable securities laws. Words such as "may", "will", "could", "should", "would", "plan", "potential", "intend", "anticipate", "believe", "estimate", "future", "opportunity", "will likely result", or "expect" and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical fact, contained in this press release, including statements as to future performance, our guidance outlook for the year, expected revenues and expected capital expenditures, our ability to sustain revenue growth, pipeline growth, backlog growth, expectations regarding the receipt of cash from customers over the next 12 months, expectations regarding global demand for our products and services, expectation regarding fulfillment of contracts with U.S. government customers and other government customers due to budget uncertainties, our anticipated liquidity and cash flows, our anticipated Gen-3 satellite launch timing, demand for Gen-3 solutions, and our expectations related to future profitability on an adjusted basis, are forward-looking statements.
Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. As a result, although BlackSky's management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, factors such as long and unpredictable sales cycles, customer demand, U.S. government budget uncertainties, and our ability to estimate resources for fixed-price contracts, expenses, and other operational and liquidity needs, as well as the risk factors discussed in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q, and other disclosures about BlackSky and its business included in BlackSky's
disclosure materials filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov or on BlackSky's Investor Relations website at ir.blacksky.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this press release and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, except as may be required under applicable securities law.
Investor Contact
Aly Bonilla
VP, Investor Relations
abonilla@blacksky.com
571-591-2864
Media Contact
Chuck Harper
Manager, Public Relations
bksypr@blacksky.com
571-591-2863
BLACKSKY TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Space-based intelligence & AI services | $ | 32,740 | $ | 15,782 | $ | 73,766 | $ | 50,593 | |||||||||||||||
| Mission solutions | 4,725 | 859 | 11,845 | 11,752 | |||||||||||||||||||
| Advanced technology programs | 5,379 | 2,977 | 11,323 | 9,016 | |||||||||||||||||||
| Total revenue | 42,844 | 19,618 | 96,934 | 71,361 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Space-based intelligence & AI services costs, excluding depreciation and amortization | 4,941 | 4,329 | 15,260 | 11,607 | |||||||||||||||||||
| Mission solutions costs, excluding depreciation and amortization | 1,341 | 228 | 4,158 | 7,459 | |||||||||||||||||||
| Advanced technology programs costs, excluding depreciation and amortization | 2,796 | 2,258 | 6,041 | 6,596 | |||||||||||||||||||
| Selling, general and administrative | 25,393 | 21,735 | 71,733 | 65,844 | |||||||||||||||||||
| Research and development | 460 | 30 | 921 | 292 | |||||||||||||||||||
| Depreciation and amortization | 7,508 | 7,864 | 24,752 | 22,308 | |||||||||||||||||||
| Total costs and expenses | 42,439 | 36,444 | 122,865 | 114,106 | |||||||||||||||||||
| Operating income (loss) | 405 | (16,826) | (25,931) | (42,745) | |||||||||||||||||||
| Gain (loss) on derivatives | 19,690 | 8,386 | 956 | (14,148) | |||||||||||||||||||
| Loss on debt extinguishment | — | (4,140) | — | (4,140) | |||||||||||||||||||
| Interest income | 2,052 | 1,324 | 4,424 | 2,574 | |||||||||||||||||||
| Interest expense | (3,622) | (4,037) | (11,419) | (10,889) | |||||||||||||||||||
| Other (expense) income, net | (10) | (8) | (12) | 60 | |||||||||||||||||||
| Income (loss) before income taxes | 18,515 | (15,301) | (31,982) | (69,288) | |||||||||||||||||||
| Income tax expense | — | (39) | — | (104) | |||||||||||||||||||
| Net income (loss) | 18,515 | (15,340) | (31,982) | (69,392) | |||||||||||||||||||
| Other comprehensive income | — | — | — | — | |||||||||||||||||||
| Total comprehensive income (loss) | $ | 18,515 | $ | (15,340) | $ | (31,982) | $ | (69,392) | |||||||||||||||
| Earnings (loss) per share of common stock: | |||||||||||||||||||||||
| Basic | $ | 0.45 | $ | (0.44) | $ | (0.83) | $ | (2.11) | |||||||||||||||
| Diluted | $ | 0.10 | $ | (0.44) | $ | (0.83) | $ | (2.11) | |||||||||||||||
| Weighted average common shares outstanding - basic | 40,735 | 35,194 | 38,454 | 32,843 | |||||||||||||||||||
| Weighted average common shares outstanding - diluted | 43,281 | 35,194 | 38,454 | 32,843 | |||||||||||||||||||
BLACKSKY TECHNOLOGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except par value)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 27,419 | $ | 42,445 | |||||||
| Restricted cash | 18,327 | 1,103 | |||||||||
| Short-term investments | 185,370 | 82,006 | |||||||||
| Accounts receivable, net of allowance of $131 and $50, respectively | 25,146 | 34,139 | |||||||||
| Contract assets | 26,982 | 28,595 | |||||||||
| Inventories | 6,178 | 6,178 | |||||||||
| Prepaid expenses and other current assets | 7,715 | 12,329 | |||||||||
| Total current assets | 297,137 | 206,795 | |||||||||
| Property and equipment - net | 104,825 | 79,037 | |||||||||
| Operating lease right of use assets - net | 5,485 | 3,418 | |||||||||
| Goodwill | 10,279 | 10,279 | |||||||||
| Intangible assets - net | 3,500 | 4,422 | |||||||||
| Satellite work in process | 103,295 | 80,651 | |||||||||
| Other assets | 990 | 1,644 | |||||||||
| Total assets | $ | 525,511 | $ | 386,246 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 18,603 | $ | 14,945 | |||||||
| Contract liabilities - current | 17,718 | 20,518 | |||||||||
| Debt - current portion | 15,361 | 7,937 | |||||||||
| Other current liabilities | 4,685 | 16,061 | |||||||||
| Total current liabilities | 56,367 | 59,461 | |||||||||
| Operating lease liabilities | 9,878 | 7,579 | |||||||||
| Derivative liabilities | 19,481 | 20,648 | |||||||||
| Long-term debt - net of current portion | 204,504 | 193,180 | |||||||||
| Other liabilities | 281 | 10,503 | |||||||||
| Total liabilities | 290,511 | 291,371 | |||||||||
| Stockholders’ equity: | |||||||||||
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 41,399 and 36,227 shares; outstanding, 41,102 shares and 35,930 shares as of September 30, 2026 and December 31, 2025, respectively. | 4 | 4 | |||||||||
| Additional paid-in capital | 993,426 | 821,319 | |||||||||
| Accumulated deficit | (758,430) | (726,448) | |||||||||
| Total stockholders’ equity | 235,000 | 94,875 | |||||||||
| Total liabilities and stockholders’ equity | $ | 525,511 | $ | 386,246 | |||||||
BLACKSKY TECHNOLOGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (31,982) | $ | (69,392) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization expense | 24,752 | 22,308 | |||||||||
| Transfer of satellite work in process to mission solutions costs | 748 | — | |||||||||
| Operating lease right of use assets amortization | 420 | 458 | |||||||||
| Stock-based compensation expense | 13,122 | 10,005 | |||||||||
| Amortization of debt issuance costs and non-cash interest expense | 686 | 3,581 | |||||||||
| (Gain) loss on derivatives | (956) | 14,148 | |||||||||
| Non-cash interest income | (2,701) | (1,760) | |||||||||
| Paid in kind interest at time of debt extinguishment | — | (29,079) | |||||||||
| Loss on debt extinguishment | — | 4,140 | |||||||||
| Other | 92 | (212) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 8,900 | 10,663 | |||||||||
| Contract assets - current and long-term | 1,911 | (15,012) | |||||||||
| Inventories | — | 5,997 | |||||||||
| Prepaid expenses and other current assets | 4,626 | (9,085) | |||||||||
| Other assets | (7) | (409) | |||||||||
| Accounts payable and accrued liabilities | 3,174 | (8,359) | |||||||||
| Other current liabilities | (12,088) | 9,979 | |||||||||
| Contract liabilities - current and long-term | (13,022) | 33,233 | |||||||||
| Other liabilities | — | (196) | |||||||||
| Net cash used in operating activities | (2,325) | (18,992) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (10,776) | (11,959) | |||||||||
| Satellite work in process | (35,758) | (21,942) | |||||||||
| Purchases of short-term investments | (195,913) | (120,509) | |||||||||
| Proceeds from maturities of short-term investments | 95,250 | 44,000 | |||||||||
| Net cash used in investing activities | (147,197) | (110,410) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of debt | — | 185,000 | |||||||||
| Proceeds from equity issuances, net of equity issuance costs | 160,018 | 40,832 | |||||||||
| Proceeds from warrants exercised | 123 | 10,753 | |||||||||
| Proceeds from options exercised and ESPP shares purchased | 806 | 180 | |||||||||
| Repayments of debt | (6,188) | (83,377) | |||||||||
| Payments for debt issuance costs | — | (7,304) | |||||||||
| Withholding tax payments on vesting of restricted stock units | (3,039) | (1,142) | |||||||||
| Net cash provided by financing activities | 151,720 | 144,942 | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 2,198 | 15,540 | |||||||||
| Cash, cash equivalents, and restricted cash – beginning of year | 43,548 | 14,378 | |||||||||
| Cash, cash equivalents, and restricted cash – end of period | $ | 45,746 | $ | 29,918 | |||||||
BLACKSKY TECHNOLOGY INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 18,515 | -29079000 | $ | (15,340) | $ | (31,982) | $ | (69,392) | ||||||||||||||
| Interest income | (2,052) | (1,324) | (4,424) | (2,574) | |||||||||||||||||||
| Interest expense | 3,622 | 4,037 | 11,419 | 10,889 | |||||||||||||||||||
| Income tax expense | — | 39 | — | 104 | |||||||||||||||||||
| Depreciation and amortization | 7,508 | 7,864 | 24,752 | 22,308 | |||||||||||||||||||
| (Gain) loss on derivatives | (19,690) | (8,386) | (956) | 14,148 | |||||||||||||||||||
| Stock-based compensation expense | 4,705 | 3,654 | 13,122 | 10,005 | |||||||||||||||||||
| Non-recurring transaction costs | 92 | 224 | 109 | 1,255 | |||||||||||||||||||
| Severance | 71 | 77 | 323 | 409 | |||||||||||||||||||
| Litigation, settlements, and related costs | 2 | 485 | 52 | 700 | |||||||||||||||||||
| Loss on debt extinguishment | — | 4,140 | — | 4,140 | |||||||||||||||||||
| Impairment and asset disposals | — | 46 | — | 90 | |||||||||||||||||||
| Adjusted EBITDA | $ | 12,773 | $ | (4,484) | $ | 12,415 | $ | (7,918) | |||||||||||||||
BLACKSKY TECHNOLOGY INC.
RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES
(unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Operating expenses | $ | 33,361 | $ | 29,629 | $ | 97,406 | $ | 88,444 | |||||||||||||||
Depreciation and amortization | (7,508) | (7,864) | (24,752) | (22,308) | |||||||||||||||||||
Stock-based compensation for selling, general and administrative costs | (4,410) | (3,482) | (12,403) | (9,527) | |||||||||||||||||||
Cash operating expenses | $ | 21,443 | $ | 18,283 | $ | 60,251 | $ | 56,609 | |||||||||||||||