BKSY

MKT CAP:$1B

BlackSky Technology Inc.

Market Cap

$1B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NYSE

Technology·Hardware,·🇺🇸·NYSE

Stock Price

$36.34+$15.52 (+74.52%)

Apr 23, 2026

Company Details

BlackSky Technology Inc. provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operations of satellite and ground systems to commercial ...

CEO

Brian E. O'Toole

IPO Date

Dec 20, 2019

Website

www.blacksky.com

Key Metrics TTM

Revenue

$107M

+14.6% YoY

Net Income

-$70M

EPS (Diluted)

-$2.40

Free Cash Flow

-$45M

Revenue / Share

$2.98

Gross Margin

38.4%

Operating Margin

-44.0%

Net Margin

-65.9%

FCF Margin

-41.8%

P/S

11.9x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 17, 2026

$107M+4.4%EPS -$2.09

Q4 2025

Mar 17, 2026

$35MEPS -$0.02

Q3 2025

Nov 6, 2025

$20M-13.0%EPS -$0.44

Q2 2025

Aug 7, 2025

$22M-11.0%EPS -$1.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$7M	$2M	-$9M
Q3 21	$8M	-$5M	-$49M
Q1 22	$14M	$3M	-$27M
Q2 22	$15M	$5M	-$22M
Q3 22	$17M	$9M	-$19M
Q4 22	$19M	$12M	-$18M
Q1 23	$18M	$12M	-$17M
Q2 23	$19M	$11M	-$20M
Q3 23	$21M	$14M	-$15M
Q1 24	$24M	$17M	-$13M
Q2 24	$25M	$18M	-$12M
Q3 24	$23M	$16M	-$13M
Q1 25	$30M	$17M	-$12M
Q2 25	$22M	$16M	-$14M
Q3 25	$20M	$5M	-$17M
Q4 25	$35M	$3M	-$4M

Valuation

Quarter	P/S	P/E
Q1 21	27.4x	—
Q3 21	24.9x	—
Q1 22	4.8x	—
Q2 22	5.0x	—
Q3 22	2.8x	—
Q4 22	2.5x	—
Q1 23	2.2x	—
Q2 23	3.2x	—
Q3 23	1.6x	—
Q1 24	1.9x	—
Q2 24	1.8x	—
Q3 24	1.0x	—
Q1 25	1.5x	—
Q2 25	4.0x	—
Q3 25	6.7x	—
Q4 25	6.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$11M	-$11M
Q3 21	-$38M	-$88M
Q1 22	-$13M	-$26M
Q2 22	-$15M	-$27M
Q3 22	-$12M	-$15M
Q4 22	-$5M	-$15M
Q1 23	-$17M	-$19M
Q2 23	$2M	-$11M
Q3 23	-$173.0K	-$4M
Q1 24	-$4M	-$18M
Q2 24	-$2M	-$15M
Q3 24	$1M	-$5M
Q1 25	$27M	$23M
Q2 25	-$7M	-$11M
Q3 25	-$39M	-$43M
Q4 25	-$9M	-$14M

Capital Expenditures

Quarter	CapEx
Q1 21	$17.0K
Q3 21	$49M
Q1 22	$13M
Q2 22	$12M
Q3 22	$4M
Q4 22	$10M
Q1 23	$3M
Q2 23	$13M
Q3 23	$4M
Q1 24	$15M
Q2 24	$13M
Q3 24	$6M
Q1 25	$4M
Q2 25	$4M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	—	+2094656.6%
Q3 21	—	+5582530.0%
Q1 22	+161.3%	+220.6%
Q2 22	+184.0%	+106.2%
Q3 22	+132.2%	+116.6%
Q4 22	+144.6%	-33.6%
Q1 23	+32.4%	-14.0%
Q2 23	+28.0%	+6.6%
Q3 23	+25.5%	-1.6%
Q1 24	+24.8%	-0.7%
Q2 24	+35.6%	+3.9%
Q3 24	+16.7%	-8.8%
Q1 25	+39.0%	+16.1%
Q2 25	-8.4%	-3.6%
Q3 25	-21.3%	-0.6%
Q4 25	+56.2%	+10.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$508.0K	7.0%
Q3 21	$0	0.0%
Q1 22	$10M	73.7%
Q2 22	$0	0.0%
Q3 22	$3M	18.7%
Q4 22	$0	0.0%
Q1 23	$3M	16.4%
Q2 23	$0	0.0%
Q3 23	$2M	11.3%
Q1 24	$0	0.0%
Q2 24	$2M	9.5%
Q3 24	$3M	11.2%
Q1 25	$3M	9.8%
Q2 25	$3M	15.6%
Q3 25	$4M	18.6%
Q4 25	$4M	12.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$28.0K	—	—	$8M
Q3 21	$306.0K	$39M	$1M	—
Q1 22	$318.0K	$21M	$946.0K	—
Q2 22	$187.0K	$16M	$2M	—
Q3 22	$568.0K	$17M	$2M	—
Q4 22	$492.0K	$19M	$1M	—
Q1 23	$563.0K	$18M	$827.0K	—
Q2 23	$426.0K	$17M	$1M	—
Q3 23	$323.0K	$17M	$877.0K	—
Q1 24	$725.0K	$18M	$666.0K	—
Q2 24	$570.0K	$17M	$1M	—
Q3 24	$266.0K	$17M	$947.0K	—
Q1 25	$589.0K	$20M	$920.0K	—
Q2 25	$687.0K	$21M	$1M	—
Q3 25	$30.0K	$20M	$1M	—
Q4 25	$141.0K	—	—	$22M

Revenue Segments

Quarter	Data, Software and Analytics	Engineering and Integration	Imagery	Engineering Services	Professional Services
Q3 21	$4M	$1M	$3M	—	—
Q1 22	$6M	$4M	$4M	—	—
Q2 22	$7M	$2M	$7M	—	—
Q3 22	$4M	$2M	$11M	—	—
Q1 23	$3M	—	$13M	$9.0K	$3M
Q2 23	$3M	—	$13M	$292.0K	$4M
Q3 23	$2M	—	$14M	$431.0K	$6M
Q1 24	$2M	—	$16M	$2M	$4M
Q3 24	$2M	—	$16M	$737.0K	$5M
Q1 25	$1M	—	$15M	$10M	$3M
Q2 25	$2M	—	$16M	$1M	$3M

Revenue by Geography

Quarter	Asia	Middle East	Other Geographic Area	United States
Q3 21	$343.0K	$607.0K	$283.0K	$7M
Q1 22	$2M	$594.0K	$161.0K	$11M
Q2 22	$2M	$782.0K	$299.0K	$12M
Q3 22	$10.0K	$969.0K	$960.0K	$15M
Q4 22	$3M	$1M	$173.0K	$15M
Q1 23	$3M	$2M	$228.0K	$14M
Q2 23	$3M	$1M	$288.0K	$14M
Q3 23	$4M	$3M	$262.0K	$14M
Q1 24	$6M	$2M	$302.0K	$15M
Q3 24	$6M	$3M	$223.0K	$13M
Q1 25	$15M	$3M	$279.0K	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$136M	$0	$136M
Q2 22	$65M	$44M	$109M
Q3 22	$37M	$51M	$88M
Q4 22	$34M	$38M	$72M
Q1 23	$57M	$12M	$69M
Q2 23	$41M	$17M	$58M
Q3 23	$32M	$18M	$50M
Q4 23	$33M	$20M	$53M
Q1 24	$15M	$20M	$35M
Q2 24	$26M	$16M	$41M
Q3 24	$56M	$7M	$63M
Q4 24	$13M	$39M	$52M
Q1 25	$21M	$55M	$76M
Q2 25	$24M	$71M	$95M
Q3 25	$29M	$118M	$146M
Q4 25	$42M	$82M	$124M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	6M	+67.8%	+45.5%
Q3 21	7M	+21.7%	+77.0%
Q1 22	14M	+106.3%	+291.3%
Q2 22	12M	-18.2%	+244.7%
Q3 22	15M	+25.5%	+157.8%
Q4 22	15M	+0.4%	+112.7%
Q1 23	12M	-16.6%	-14.0%
Q2 23	17M	+38.2%	+45.2%
Q3 23	14M	-19.0%	-6.3%
Q1 24	14M	+1.8%	-5.0%
Q2 24	15M	+2.7%	+17.0%
Q3 24	19M	+31.7%	+11.5%
Q1 25	19M	0.0%	+37.7%
Q2 25	32M	+65.5%	+123.9%
Q3 25	35M	+11.2%	+142.4%
Q4 25	36M	+1.6%	+87.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$1M	5
Q3 21	$2M	5
Q1 22	$66.2K	210
Q2 22	$71.9K	210
Q3 22	$80.6K	210
Q4 22	$75.0K	259
Q1 23	$71.0K	259
Q2 23	$74.6K	259
Q3 23	$82.1K	259
Q1 24	$86.9K	279
Q2 24	$89.4K	279
Q3 24	$80.8K	279
Q1 25	$86.9K	340
Q2 25	$65.3K	340
Q3 25	$57.7K	340
Q4 25	$109.7K	321

Revenue / Employee