Logo

BKSY

BlackSky Technology Inc.

BKSY

BlackSky Technology Inc. • NYSE
$17.72 ▼ -0.17% (-0.03)
Market Cap $632.50 M
52w High $33.20
52w Low $6.15
Dividend Yield 0%
P/E -6.49
Volume 679.55K
Outstanding Shares 35.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $19.618M ▼ $21.765M ▼ $-15.34M ▲ -78.193% ▲ $-0.44 ▲ $-3.4M ▲
Q2-2025 $22.199M ▼ $29.892M ▲ $-41.239M ▼ -185.77% ▼ $-1.27 ▼ $-30.337M ▼
Q1-2025 $29.544M ▼ $28.923M ▼ $-12.813M ▲ -43.369% ▲ $-0.67 ▲ $-2.048M ▲
Q4-2024 $30.37M ▲ $29.587M ▲ $-19.42M ▼ -63.945% ▼ $-1.02 ▼ $-6.014M ▼
Q3-2024 $22.549M $29.129M $-12.591M -55.838% $-0.66 $1.859M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $146.489M ▲ $380.857M ▲ $289.802M ▲ $91.055M ▲
Q2-2025 $94.939M ▲ $310.798M ▲ $224.238M ▲ $86.56M ▼
Q1-2025 $75.824M ▲ $284.865M ▲ $196.016M ▲ $88.849M ▼
Q4-2024 $52.462M ▼ $254.146M ▲ $160.157M ▲ $93.989M ▼
Q3-2024 $63.249M $245.455M $135.188M $110.267M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.34M ▲ $-38.957M ▼ $-60.589M ▼ $105.756M ▲ $6.21M ▲ $-42.82M ▼
Q2-2025 $-41.239M ▼ $-7.28M ▼ $-25.679M ▼ $34.766M ▲ $1.807M ▼ $-10.911M ▼
Q1-2025 $-12.813M ▲ $27.245M ▲ $-24.142M ▲ $4.42M ▲ $7.523M ▲ $22.78M ▲
Q4-2024 $-19.225M ▼ $-1.245M ▼ $-40.868M ▼ $-815K ▼ $-42.928M ▼ $-10.782M ▼
Q3-2024 $-12.591M $1.035M $-4.414M $34.036M $30.657M $-4.678M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Data Software and Analytics
Data Software and Analytics
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Engineering Services
Engineering Services
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Imagery
Imagery
 $20.00M ▲$60.00M ▲$20.00M ▼$20.00M ▲
Professional Services
Professional Services
 $0 ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past several years, but from a relatively small base. The company is clearly in a growth and build‑out phase rather than a mature, profit‑focused stage. Gross profit has turned positive and improved, which suggests the core service is getting more efficient to deliver. That said, BlackSky is still losing money overall. Operating losses have narrowed, and measures of underlying profitability have moved closer to break‑even, but the business remains unprofitable and depends on continued growth and cost discipline to change that picture. Earnings per share are still negative, reflecting both ongoing losses and prior shareholder dilution.

Balance Sheet

Balance Sheet The balance sheet shows a small but reasonably balanced company. Assets have been fairly stable, with investment focused on the satellite constellation and supporting technology rather than on large physical infrastructure. Cash on hand has trended down from earlier years, meaning the financial cushion is thinner than it used to be. Debt was higher in the recent past but has been reduced, which lowers financial risk but also leaves less room to maneuver if cash needs rise. Shareholder equity has moved from negative to solidly positive, indicating past balance‑sheet repair, though the equity base is not large. Overall, the company looks lean, with modest leverage but limited liquidity.

Cash Flow

Cash Flow Cash flow is still a weak point. The business has not yet generated positive cash from its operations, although the cash burn has been shrinking. Free cash flow has been negative every year, reflecting the need to keep investing in satellites and technology while the revenue base is still ramping. Capital spending is meaningful for a company of this size, which is typical for space infrastructure but keeps cash outflows elevated. This pattern implies an ongoing reliance on external funding or improving profitability to support growth and maintain the constellation. The path toward self‑funded growth is visible but not yet achieved.

Competitive Edge

Competitive Edge BlackSky operates in a specialized corner of the space and geospatial intelligence market, with a focus on speed and real‑time insight rather than just the sharpest imagery or widest coverage. Its strength lies in a fast‑revisit satellite network tightly integrated with its own AI analytics platform, allowing it to deliver frequent, near‑real‑time monitoring and automated alerts. Long‑term relationships with U.S. and international government and defense customers give it validation and a base of recurring revenue. However, it competes against larger, better‑funded players like Maxar and Planet, as well as new entrants. Customer concentration in government and the capital‑intensive nature of the sector are ongoing risk factors. BlackSky’s niche is distinctive, but the market is crowded and fast‑moving.

Innovation and R&D

Innovation and R&D Innovation is at the center of BlackSky’s strategy. The company designs and operates its own small satellites and couples them with its Spectra AI platform, which automates much of the imagery analysis. This vertical integration lets it update hardware and software in tandem and respond quickly to new customer needs. The upcoming Gen‑3 satellites aim to significantly increase image detail and capacity, potentially raising the value of the data and analytics the company can sell. BlackSky is also pushing into newer areas such as monitoring objects in space and enhancing space domain awareness, where there is growing demand. Overall, R&D and product development are clearly aimed at staying ahead on speed, automation, and specialized capabilities rather than competing purely on raw image resolution or volume.

Summary

BlackSky is an early‑stage, technology‑driven space intelligence company that has built a clear niche in rapid, AI‑driven monitoring from orbit. Financially, it shows classic traits of a young growth company: rising revenue, improving unit economics, but persistent losses and negative cash flow. The balance sheet is cleaner than it used to be, with lower debt and positive equity, but the cash buffer is modest, making continued execution and access to capital important. Competitively, BlackSky’s real‑time focus, integrated satellite‑plus‑software model, and government relationships provide meaningful advantages, though the broader market remains highly competitive and capital intensive. The company’s future hinges on successfully rolling out its next‑generation constellation, scaling its AI analytics, and converting its technical strengths into a larger, more diversified, and ultimately self‑funding business.

NEWS

November 7, 2025 · 8:30 AM UTC

BlackSky CEO Brian O‘Toole Named ‘Executive of the Year' at the 2025 Greater Washington GovCon Awards

Read more

November 7, 2025 · 8:19 AM UTC

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

Read more

November 6, 2025 · 7:00 AM UTC

BlackSky Reports Third Quarter 2025 Results

Read more

November 4, 2025 · 8:30 AM UTC

BlackSky Wins More Than $30 Million Multi-Year Contract to Integrate Gen-3 Tactical ISR Services into International Customer's Secure Environment

Read more

November 3, 2025 · 4:30 PM UTC

BlackSky to Participate at Three Upcoming Investor Conferences

Read more