BKSY

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BLACKSKY REPORTS SECOND QUARTER 2026 RESULTS

Total Revenue Grows 50% YoY Driven by Demand for Gen-3

International Revenue Grows 200% YoY from Diversified Customer Base

Space-Based Intelligence Revenue Grows 50% Sequentially Accelerating Contribution Performance

HERNDON, VA – August 6, 2026 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the second quarter ended June 30, 2026.

“Strong sales performance is accelerating revenue and earnings growth, driven by a 50% growth in space-based intelligence services from Q1,” said Brian E. O’Toole, BlackSky CEO. “With the exceptional performance of Gen-3, we’re seeing momentum across all aspects of our business resulting in an expanding customer base, a growing pipeline, and increasing backlog. During the quarter, we added approximately $150 million of cash to further strengthen our balance sheet and cash position.”

Second Quarter Financial Highlights:

•Total revenue of $33 million, up 50% from prior year

•Record space-based intelligence & AI services revenue of $25 million

•Cash balance of $244 million as of June 30, 2026

Recent Highlights

•Awarded an eight-figure contract with the NRO to accelerate development of AROS, a high-performance digital mapping system, as a critical commercial alternative for foundation imagery

•Converted another international pilot program into a seven-figure subscription contract for Gen-3 and Gen-2 Assured and On-Demand imagery and analytic services

•Secured renewal awards over seven-figures supporting NGA Luno program with location, positioning, and facility monitoring services

•Won several six-figure contracts with commercial customers for global monitoring and analytic services

•Awarded multiple U.S. R&D contracts to field mission-critical Gen-3 AI solutions to enhance customer’s space-based tactical ISR operations

•Continued to win new orders through the U.S. Space Force Global Data Marketplace

•Next two Gen-3 satellites expected to launch in the third quarter

Financial Results

Revenues

Total revenue for the second quarter of 2026 was $33.3 million, compared to $22.2 million in the second quarter of 2025. The year-over-year increase of $11.1 million, or 50%, was primarily driven by record space-based intelligence and AI services revenue from accelerating customer adoption of Gen-3 subscription services.

Cost of Sales(1)

Total cost of sales as a percentage of revenue improved to 27% for the second quarter of 2026, compared to 28% for the second quarter of 2025.

Operating Expenses

Operating expenses for the second quarter of 2026 were $32.1 million, which included $4.1 million of non-cash stock-based compensation expense and $8.0 million in depreciation and amortization expenses. Operating expenses for the second quarter of 2025 were $29.9 million, which included $3.3 million in non-cash stock-based compensation expense and $7.2 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 second quarter of 2026 were $20.0 million, essentially flat compared to $19.4 million in the prior year quarter.

Net Loss

Net loss for the second quarter of 2026 was $20.8 million, compared to a net loss of $41.2 million for the second quarter of 2025. The year-over-year improvement of $20.4 million was primarily due to 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 and driven by the Company’s common stock price.

Adjusted EBITDA(2)

Adjusted EBITDA for the second quarter of 2026 was $4.7 million, a 14.2% margin on $33.3 million in revenue. The year-over-year increase of $7.5 million was primarily driven by increased revenues of high-margin space-based intelligence and AI services.

Balance Sheet & Capital Expenditures

As of June 30, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $244.1 million. During the quarter, the Company raised $150 million from the issuance of 3.6 million shares under the Company’s at-the-market equity program. Capital expenditures for the second 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

BlackSky is reaffirming its full year 2026 outlook, which was previously updated on May 7, 2026. The Company expects full year revenue between $130 million and $150 million, Adjusted EBITDA between $12 million and $24 million, an

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BLACKSKY REPORTS FIRST QUARTER 2026 RESULTS

BlackSky Wins New Contracts Valued up to $160 Million

Gen-3 Unlocking Revenue Growth Driving Accelerated Contribution Performance

Company Raises Full Year Guidance

HERNDON, VA – May 7, 2026 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the first quarter ended March 31, 2026.

“With up to $160 million in new contract wins, we are rapidly growing revenues driven by the demand for Gen-3 space-based intelligence and AI services,” said Brian E. O’Toole, BlackSky CEO. “We are raising our guidance for the year based on strong year-to-date sales performance, in-year revenue visibility, and accelerated demand for best-in-class Gen-3 solutions in our pipeline.”

First Quarter Financial Highlights:

•Total revenue of $21 million

•Space-based intelligence & AI services revenue grew 14% as compared to the prior quarter

•Cash balance of $118 million as of March 31, 2026

Recent Highlights

•Secured a $25 million multi-year subscription contract with a major international Ministry of Defense to provide Assured access to best-in-class 35cm space-based imagery and AI analytics

•Major international defense customer rapidly scaled from Gen-3 pilot to nearly $30 million annual subscription contract for Assured access to real-time, space-based tactical ISR capabilities

•Awarded a multi-year sole-source IDIQ contract valued up to $99 million the Air Force Research Lab to develop a highly advanced large aperture Earth observation payload

•Won a $5 million subscription contract with a new government customer for novel Gen-2 mission applications

•Awarded a seven-figure multi-year contract renewal with the U.S. government to continue the delivery of non-Earth imaging services

•Signed a seven-figure contract extension with an international customer to continue providing access to BlackSky’s Assured subscription services to meet customer’s mission-critical needs

•Secured a seven-figure renewal award under NGA Luno contract

•Secured next wave of Gen-3 On-Demand subscription customers

•Successfully deployed fourth Gen-3 satellite, which began delivering very-high resolution images within hours from launch and rapidly entered commercial operations in less than one week

•Next Gen-3 satellite ready to be shipped

Financial Results

Revenues

Total revenue for the first quarter of 2026 was $20.8 million, compared to $29.5 million in the first quarter of 2025. The difference reflects the benefit in the first quarter of 2025 of $9.0 million related to a program milestone of a new mission solutions contract.

Cost of Sales(1)

Total cost of sales as a percentage of revenue improved to 35% for the first quarter of 2026, compared to 43% for the first quarter of 2025. The year-over-year improvement was primarily driven by a greater mix of high-margin space-based intelligence and AI services as a percentage of total revenue.

Operating Expenses

Operating expenses for the first quarter of 2026 were $32.0 million, which included $3.9 million of non-cash stock-based compensation expense and $9.2 million in depreciation and amortization expenses. Operating expenses for the first quarter of 2025 were $28.9 million, which included $2.8 million in non-cash stock-based compensation expense and $7.2 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 first quarter of 2026 remained flat compared to the prior year quarter at $18.9 million.

Net Loss

Net loss for the first quarter of 2026 was $29.7 million, compared to a net loss of $12.8 million for the first quarter of 2025. The year-over-year increase in net loss of $16.9 million was primarily due to 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 and driven by the Company’s common stock price.

Adjusted EBITDA(2)

Adjusted EBITDA for the first quarter of 2026 was a loss of $5.1 million, compared to an adjusted EBITDA loss of $0.6 million for the first quarter of 2025. The year-over-year increase of $4.5 million was primarily due to the variance in revenues related to the one-time benefit in the first quarter of 2025 from a mission solutions contract.

Balance Sheet & Capital Expenditures

As of March 31, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $117.5 million. During the quarter, the Company continued to achieve major milestones across multiple contracts that triggered invoicing of prior unbilled receivables, which reduced unbilled contract assets to approximately $24.2 million from $28.6 million at the end of the fourth quarter of 2025. Capital expenditures for the first quarter of 2026 were $15.8 million.

(1) Cost of sales is defined as

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Delivered Q4 Revenue of $35 Million

Q4 Net Loss Narrows with Strong Q4 Adjusted EBITDA Performance

Strong Momentum in New Gen-3 Contracts Results in YoY Backlog Growth of 32% to $345 Million

HERNDON, VA – February 26, 2026 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2025.

“Growing demand and new Gen-3 contract awards drove a strong Q4 and delivered a second consecutive year of positive adjusted EBITDA,” said Brian E. O’Toole, BlackSky CEO. “With the exceptional performance of Gen-3, we’re converting early customer pilots into long-term subscription contracts worldwide. Significant international demand drove the majority of our backlog growth and is further diversifying our customer base. We enter 2026 with strong momentum and look forward to continuing our Gen-3 deployments throughout the year to meet our customers’ mission-critical requirements.”

Full Year Financial Highlights:

•Record total revenue of $107 million

•Backlog of $345 million, up 32% from prior year driven by $240 million in contract bookings

•Cash balance of $126 million as of December 31, 2025

Recent Highlights

•Awarded a new eight-figure multi-year contract with an international defense customer to deliver a very-high resolution Gen-3 satellite and advanced imagery services

•New international customer rapidly grew Gen-3 subscription from a small initial pilot to a seven-figure quarterly run rate to support time-sensitive mission-critical operations

•Converted multiple international Gen-3 early access pilots into subscription contracts

•Delivered against recently awarded Gen-3 contract milestones on multiple international programs that supported a strong fourth quarter performance

•Awarded NGA Luno contract options valued in the seven figures

•Continued to win new orders through the U.S. Space Force Global Data Marketplace

•Achieved major milestones across multiple contracts that converted prior unbilled receivables

•Third successful Gen-3 satellite deployment delivered very-high resolution images within 24 hours from launch and rapidly entered commercial operations

•Secured additional dedicated Gen-3 launches in 2026

•Shipped next Gen-3 satellite to the launch site

Financial Results

Revenues

Total revenue for the fourth quarter of 2025 was $35.2 million, up $4.8 million, or 16% from the fourth quarter of 2024. The year-over-year increase was primarily driven by a new contract for the delivery of a Gen-3 satellite and other new contracts.

For the full year 2025, total revenue was $106.6 million, up $4.5 million from 2024.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 27% for the fourth quarter of 2025, compared to 23% for the fourth quarter of 2024. The increase in cost of sales as a percentage of revenue was primarily due to growth in the mission solutions business.

For the full year 2025, cost of sales as a percentage of revenue was 33%, compared to 27% in 2024.

Operating Expenses

Operating expenses for the fourth quarter of 2025 were $29.7 million, which included $4.0 million of non-cash stock-based compensation expense and $8.0 million in depreciation and amortization expenses. Operating expenses for the fourth quarter of 2024 were $29.6 million, which included $2.8 million in non-cash stock-based compensation expense and $10.0 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 fourth quarter of 2025 were $17.7 million, compared to cash operating expenses of $16.8 million for the fourth quarter of 2024.

For the full year 2025, operating expenses were $118.2 million, which included $13.6 million of non-cash stock-based compensation expense and $30.3 million in depreciation and amortization expenses. For the full year 2024, operating expenses were $118.9 million, which included $10.5 million of non-cash stock-based compensation expense and $43.5 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) in 2025 were $74.3 million, compared to cash operating expenses of $64.9 million in 2024.

Net Loss(3)

Net loss for the fourth quarter of 2025 was $0.9 million, compared to a net loss of $19.4 million for the fourth quarter of 2024. The year-over-year improvement in net loss of $18.6 million was primarily due to 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 and driven by the Company’s common stock price.

For the full year 2025, net loss was $70.3 million, compared to $57.2 million in 2

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Delivered Q4 Revenue of $35 Million

Q4 Net Loss Narrows with Strong Q4 Adjusted EBITDA Performance

Strong Momentum in New Gen-3 Contracts Results in YoY Backlog Growth of 32% to $345 Million

HERNDON, VA – February 26, 2026 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2025.

“Growing demand and new Gen-3 contract awards drove a strong Q4 and delivered a second consecutive year of positive adjusted EBITDA,” said Brian E. O’Toole, BlackSky CEO. “With the exceptional performance of Gen-3, we’re converting early customer pilots into long-term subscription contracts worldwide. Significant international demand drove the majority of our backlog growth and is further diversifying our customer base. We enter 2026 with strong momentum and look forward to continuing our Gen-3 deployments throughout the year to meet our customers’ mission-critical requirements.”

Full Year Financial Highlights:

•Record total revenue of $107 million

•Backlog of $345 million, up 32% from prior year driven by $240 million in contract bookings

•Cash balance of $126 million as of December 31, 2025

Recent Highlights

•Awarded a new eight-figure multi-year contract with an international defense customer to deliver a very-high resolution Gen-3 satellite and advanced imagery services

•New international customer rapidly grew Gen-3 subscription from a small initial pilot to a seven-figure quarterly run rate to support time-sensitive mission-critical operations

•Converted multiple international Gen-3 early access pilots into subscription contracts

•Delivered against recently awarded Gen-3 contract milestones on multiple international programs that supported a strong fourth quarter performance

•Awarded NGA Luno contract options valued in the seven figures

•Continued to win new orders through the U.S. Space Force Global Data Marketplace

•Achieved major milestones across multiple contracts that converted prior unbilled receivables

•Third successful Gen-3 satellite deployment delivered very-high resolution images within 24 hours from launch and rapidly entered commercial operations

•Secured additional dedicated Gen-3 launches in 2026

•Shipped next Gen-3 satellite to the launch site

Financial Results

Revenues

Total revenue for the fourth quarter of 2025 was $35.2 million, up $4.8 million, or 16% from the fourth quarter of 2024. The year-over-year increase was primarily driven by a new contract for the delivery of a Gen-3 satellite and other new contracts.

For the full year 2025, total revenue was $106.6 million, up $4.5 million from 2024.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 27% for the fourth quarter of 2025, compared to 23% for the fourth quarter of 2024. The increase in cost of sales as a percentage of revenue was primarily due to growth in the mission solutions business.

For the full year 2025, cost of sales as a percentage of revenue was 33%, compared to 27% in 2024.

Operating Expenses

Operating expenses for the fourth quarter of 2025 were $29.7 million, which included $4.0 million of non-cash stock-based compensation expense and $8.0 million in depreciation and amortization expenses. Operating expenses for the fourth quarter of 2024 were $29.6 million, which included $2.8 million in non-cash stock-based compensation expense and $10.0 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 fourth quarter of 2025 were $17.7 million, compared to cash operating expenses of $16.8 million for the fourth quarter of 2024.

For the full year 2025, operating expenses were $118.2 million, which included $13.6 million of non-cash stock-based compensation expense and $30.3 million in depreciation and amortization expenses. For the full year 2024, operating expenses were $118.9 million, which included $10.5 million of non-cash stock-based compensation expense and $43.5 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) in 2025 were $74.3 million, compared to cash operating expenses of $64.9 million in 2024.

Net Loss(3)

Net loss for the fourth quarter of 2025 was $0.9 million, compared to a net loss of $19.4 million for the fourth quarter of 2024. The year-over-year improvement in net loss of $18.6 million was primarily due to 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 and driven by the Company’s common stock price.

For the full year 2025, net loss was $70.3 million, compared to $57.2 million in 2

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BLACKSKY REPORTS THIRD QUARTER 2025 RESULTS

Company Wins Over $60 Million in Contract Awards

Next Very-High Resolution Gen-3 Satellite is at the Launch Site

Company Maintains 2025 Outlook

HERNDON, VA – November 6, 2025 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2025.

“Strong international demand for our space-based intelligence solutions drove over $60 million in new contract awards,” said Brian E. O’Toole, BlackSky CEO. “Significant international opportunities for commercial imagery, analytics, and sovereign solutions are outpacing the near-term U.S. government business. Sovereign nations around the world are recognizing the best-in-class capability of our Gen-3 satellites at a time when they are increasing their budgets and accelerating acquisition cycles. With strong international demand, the success of Gen-3, the continued build out of our constellation, and our strengthened balance sheet, we are anticipating a strong Q4 and expect to take that momentum into 2026.”

Third Quarter Financial Highlights:

•Total revenue of $19.6 million

•Backlog of $322.7 million, with approximately 91% from international contracts

•Cash balance increases to $147.6 million as of September 30, 2025

Recent Highlights

•Won a multi-year contract valued at over $30 million with a strategic international defense customer to deliver high-cadence Gen-3 tactical ISR services at scale

•Won a new multimillion dollar contract and commenced delivery of Gen-3 imagery services to the U.S. government

•Awarded a seven-figure delivery order from the NGA Luno A program to provide AI-enabled change detection

•Signed a seven-figure space domain awareness expansion contract with HEO for fully-automated non-Earth imaging missions

•Continued to sign early access agreements for Gen-3 imagery and analytic services with new customers

•Next Gen-3 satellite is at the launch site with an anticipated launch in the coming weeks

Financial Results

Revenues

Total revenue for the third quarter of 2025 was $19.6 million, which reflected the Company’s expected reduction in the Electro-Optical Commercial Layer (EOCL) contract with NRO, along with other U.S. government budget uncertainties.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 35% for the third quarter of 2025, compared to 29% for the third quarter of 2024.

Operating Expenses

Operating expenses for the third quarter of 2025 were $29.6 million, which included $3.5 million of non-cash stock-based compensation expense and $7.9 million in depreciation and amortization expenses. Operating expenses for the third quarter of 2024 were $29.1 million, which included $2.4 million in non-cash stock-based compensation expense and $11.1 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 2025 were $18.2 million, compared to cash operating expenses of $15.6 million for the third quarter of 2024. The year-over-year increase of $2.6 million was primarily due to overhead expenses that were previously included in capitalized satellite assets purchased through our production contract with LeoStella, (now BlackSky Satellite Systems), as a third-party vendor.

Net Loss

Net loss for the third quarter of 2025 was $15.3 million, compared to a net loss of $12.6 million for the third quarter of 2024.

Adjusted EBITDA(2)

Adjusted EBITDA for the third quarter of 2025 was a loss of $4.5 million, compared to an adjusted EBITDA of $0.7 million for the third quarter of 2024. The year-over-year decrease was primarily due to lower EOCL revenues and overhead expenses related to the LeoStella operations acquired in November 2024.

Balance Sheet & Capital Expenditures

As of September 30, 2025, cash and cash equivalents, restricted cash, and short-term investments totaled $147.6 million, which includes $65.9 million in net cash proceeds from a convertible note offering completed in July and $10.8 million from the exercise of certain warrants. The Company has accumulated approximately $43.4 million in unbilled contract assets, of which $36.0 million is anticipated to be billed and received over the next 12 months. Capital expenditures for the third quarter of 2025 were $15.0 million, bringing the year-to-date total spend to $33.9 million.

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

(2) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release.

2025 Outlook

The Company is maintaining its full-year 2025 guidance for revenue, adjusted EBITDA and capital expenditures.

The Company is not providing a reco

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BLACKSKY REPORTS SECOND QUARTER 2025 RESULTS

Second Gen-3 Satellite Launched and Delivering Very High Resolution Imagery Within 12 Hours

New and Existing Customers Commence Early Access to Gen-3 Services

Company Raises $185 Million in Upsized Convertible Note Offering

HERNDON, VA – August 7, 2025 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the second quarter ended June 30, 2025.

“We successfully launched and commissioned our second Gen-3 satellite, which is performing exceptionally well, and combined with our first Gen-3 satellite, is now providing very-high resolution imagery and AI-driven analytics to a number of customers through multiple early access agreements,” said Brian E. O’Toole, BlackSky CEO. “We remain on track to launch six Gen-3 satellites this year and begin general commercial availability to customers in the fourth quarter. Our successful raise of $185 million strengthens our balance sheet, significantly increases our liquidity, and further validates the long term potential of our business.”

Second Quarter Financial Highlights:

•Imagery & software analytical services revenue grew to $18.0 million

•Imagery & software analytical service cost of sales(1), as a percent of revenue, improved to 19%

•Backlog of $356 million, with approximately 85% from international contracts

•Cash balance increases to $94.9 million as of June 30, 2025; pro forma cash inclusive of recent transactions is over $170.0 million

Recent Highlights

•Awarded a facility monitoring order valued at up to $24 million from the NGA Luno A program

•Won a multimillion dollar contract with a new international customer that includes immediate Gen-3 and Gen-2 subscription services and ground segment modernization services

•Announced new AROS initiative to expand addressable market for multi-spectral broad area monitoring and mapping capabilities

•Signed multiple early access agreements for Gen-3 imagery and analytic services with international customers

•Successfully launched second Gen-3 satellite, which began delivering very-high resolution imagery within just 12 hours after launch

•Third Gen-3 satellite in final testing phase and anticipated to ship in the coming weeks

•Completed an upsized $185 million convertible note offering in July, paying off a senior secured note and commercial bank line and strengthening BlackSky’s balance sheet with additional liquidity

(1) Imagery and software analytical service cost of sales excludes depreciation and amortization expense.

Financial Results

Revenues

Total revenue for the second quarter of 2025 was $22.2 million compared to $24.9 million in the second quarter of 2024. Imagery and software analytical services revenue for the second quarter of 2025 was $18.0 million, up $0.5 million from the second quarter of 2024 driven by increased imagery orders. Professional and engineering services revenue for the second quarter of 2025 was $4.2 million, down $3.3 million from the second quarter of 2024 primarily due to a difference in the progress of revenue recognition of long-term contracts that are in various stages of completion. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability.

Cost of Sales(2)

Total cost of sales as a percentage of revenue was 28% for the second quarter of 2025, consistent with the second quarter of 2024.

Operating Expenses

Operating expenses for the second quarter of 2025 were $29.9 million, which included $3.3 million of non-cash stock-based compensation expense and $7.2 million in depreciation and amortization expenses. Operating expenses for the second quarter of 2024 were $29.8 million, which included $2.2 million in non-cash stock-based compensation expense and $11.3 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(3) for the second quarter of 2025 were $19.4 million, compared to cash operating expenses of $16.3 million for the second quarter of 2024. The year-over-year increase of $3.1 million was primarily due to overhead expenses that were previously included in capitalized satellite assets purchased through our production contract with LeoStella as a third-party vendor.

Net Loss

Net loss for the second quarter of 2025 was $41.2 million, compared to a net loss of $9.4 million for the second quarter of 2024. The year-over-year increase in net loss was primarily due to a $24.4 million loss on derivatives in the second quarter of 2025, compared to a gain on derivatives of $5.3 million in the second quarter of 2024.

Adjusted EBITDA(3)

Adjusted EBITDA for the second quarter of 2025 was a loss of $2.8 million, compared to an adjusted EBITDA of $2.1 million for the second quarter of 2024. The year-over-year decrease of $4.9 mill

bksy-20250717

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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): July 17, 2025

BlackSky Technology Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-39113

83-1833760

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

2411 Dulles Corner Park

Suite 300

Herndon, Virginia 20171

(Address of principal executive offices)

(Zip code)

(571) 267-1571

(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

Class A common stock, par value $0.0001 per share

BKSY

The New York Stock Exchange

Warrants, exercisable for shares of Class A common stock at an exercise price of $92.00 per share

BKSY.W

The New York Stock Exchange

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 July 17, 2025, BlackSky Technology Inc. (the “Company”) announced the following preliminary estimated selected unaudited financial results for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.

Three Months Ended June 30,Six Months Ended June 30,

2025202420252024

(unaudited) (in thousands)

Selected Statement of Operations Data:

Revenue $22,200 $24,938 $51,744 $49,174

Imagery & software analytical services 17,982 17,469 34,811 35,302

Professional & engineering services 4,218 7,469 16,933 13,872

Selected Consolidated Balance Sheet Data:

Cash and cash equivalents, including restricted cash and short-term investments 94,940 42,329 94,940 42,329

For the three months ended June 30, 2025, revenue from imagery & software analytical services was $18.0 million, compared to $17.5 million for the three months ended June 30, 2024. Revenue remained relatively flat for the three months ended June 30, 2025 as compared to the same period in 2024, in part as a result of customers maintaining their utilization rates on the Company’s Gen-2 satellites and deferring potential utilization increases until the launch of its Gen-3 satellites.

For the three months ended June 30, 2025, revenue from professional & engineering services was $4.2 million, compared to $7.5 million for the three months ended June 30, 2024. The decrease in revenue is primarily from differences in the progress of revenue recognition related to long-term contracts that are in various stages of completion. Professional and engineering services revenue contains estimates that can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in a prior period.

For the six months ended June 30, 2025, revenue from imagery & software analytical services was $34.8 million, compared to $35.3 million for the three months ended June 30, 2024.

For the six months ended June 30, 2025, revenue from professional & engineering services was $16.9 million, compared to $13.9 million for the three months ended June 30, 2024. The increase in revenue is primarily due to a new contract for the delivery of one Earth observation satellite.

As of June 30, 2025, the Company's cash and cash equivalents balance was $94.9 million, compared to $42.3 million as of June 30, 2024. The increase in cash and cash equivalents is primarily due to equity issuances via a public offering and the at-the-market offering program for gross proceeds of $90.0 million. This was partially offset by normal course operating expenses and cash outflows for

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BLACKSKY REPORTS FIRST QUARTER 2025 RESULTS

Q1 Total Revenue Increases 22% Over Prior Year Period

Backlog Grows 40% to $366 Million Driven By Over $130 Million in Q1 Contract Wins

Second Very-High Resolution Gen-3 Satellite Readying for Launch in Q2

HERNDON, VA – May 8, 2025 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the first quarter ended March 31, 2025.

“We’re excited that we won over $130 million in contract bookings and with the successful launch of Gen-3, we are generating significant demand and driving a growing sales pipeline worldwide,” said Brian E. O’Toole, BlackSky CEO. “Our first Gen-3 satellite is now fully commissioned and we’re pleased that it is exceeding performance expectations. We are beginning a cadence of additional Gen-3 launches throughout the year; our next satellite is being shipped and is on track to launch in Q2. We’re seeing strong demand driven by new mission applications that are enabled by the combination of very-high resolution imagery, high-frequency monitoring, and AI-enabled insights. We’re on track to begin providing early access to major customers and commence general commercial availability later this year.”

First Quarter Financial Highlights:

•Revenue of $29.5 million, up 22% from the prior year quarter

•Over $130 million in new contract bookings

•Backlog grows $104 million, or 40%, from the prior quarter to a total of $366 million

•Cash balance increased 43% from the prior quarter

Recent Highlights

•Awarded a more than $100 million seven-year subscription contract with an international customer for Gen-2 and Gen-3 satellite imagery

•Won multi-year contracts totaling approximately $20 million to support India’s commercial Earth observation capabilities, including imagery services and a dedicated space asset

•Won a seven-figure multi-year contract with a new U.S. government customer for non-Earth imaging

•Continued to win orders through the online Global Data Marketplace to provide imagery support over various strategic locations around the world

•Awarded new and expansion imagery subscription contracts with several international customers

•First Gen-3 is fully commissioned, exceeding expectations, and delivering up to NIIRS-6 quality

•Very-high resolution Gen-3 imagery is being delivered and evaluated by customers worldwide

•Advanced AI analytics on Gen-3 imagery is exceeding expectations

•Second Gen-3 satellite is being shipped and on track to launch in Q2

Financial Results

Revenues

Total revenue for the first quarter of 2025 was $29.5 million, up $5.3 million, or 22%, from the first quarter of 2024. The significant year-over-year increase was primarily driven by progress to date capabilities made toward deliverables under a new contract to accelerate the development of India’s commercial Earth observation capabilities.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 43% for the first quarter of 2025, compared to 29% in the first quarter of 2024. The increase in cost of sales was primarily driven by a transfer of a previously capitalized satellite asset for the sale of that asset as part of a contract to support a new customer in India.

Operating Expenses

Operating expenses for the first quarter of 2025 were $28.9 million, which included $2.8 million of non-cash stock-based compensation expense, $7.2 million in depreciation and amortization expenses, and the first full quarter of LeoStella operations. Operating expenses for the first quarter of 2024 were $30.5 million, which included $3.1 million in non-cash stock-based compensation expense and $11.2 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 first quarter of 2025 were $18.9 million, compared to cash operating expenses of $16.1 million for the first quarter of 2024. The year-over-year increase of $2.8 million was primarily due to overhead expenses that were previously included in capitalized satellite assets purchased through our production contract with LeoStella as a third-party vendor.

Net Loss

Net loss for the first quarter of 2025 was $12.8 million, compared to a net loss of $15.8 million for the first quarter of 2024. The year-over-year improvement in net loss of $3.0 million was primarily due to lower depreciation and amortization expenses 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 and driven by the Company’s common stock price.

Adjusted EBITDA(2)

Adjusted EBITDA for the first quarter of 2025 was a loss of $0.6 million, compared to an adjusted EBITDA of $1.4 million for the first quarter of 2024. The year-over-year decrease of $2.0 million was primarily due to overhead expense

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

First Very-High Resolution Gen-3 Satellite Delivering Imagery Five Days from Launch

Company Secures Over $150 Million in Recent Contract Awards

2025 Total Revenue Forecasted to Grow 30% Over 2024

HERNDON, VA – March 6, 2025 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced the successful Gen-3 launch and imaging performance along with results for the fourth quarter and full year ended December 31, 2024.

“I’m happy to report that within 5 days of launch our new Gen-3 satellite is already exceeding customer expectations for initial very-high resolution image quality,” said Brian E. O’Toole, BlackSky CEO. “The addition of very-high resolution imagery to our high-frequency monitoring constellation enables us to deliver AI-derived insights at the speed of conflict, providing our customers with advanced space-based intelligence solutions. Building on this significant milestone, we are now set to begin a regular cadence of Gen-3 satellite launches to expand our capabilities. With early Gen-3 success and a number of significant recent contract wins, we’re off to a strong start to 2025.”

Full Year Financial Highlights:

•Revenue of $102.1 million

•Imagery & software analytical services revenue grew to $70.1 million

•Imagery & software analytical service cost of sales(1), as a percentage of revenue, improved to 20%

•Net loss(2) of $57.0 million

•Adjusted EBITDA(3) improved to $11.6 million compared to an Adjusted EBITDA loss of $1.0 million in the prior year

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

(2) This represents our current estimate of net loss for the period ended December 31, 2024, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K..

(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release.

Recent Highlights

•Successfully launched first Gen-3 satellite and began delivering imagery that is exceeding customer expectations for initial image quality five days after launch

•The National Reconnaissance Office extended its subscription for Gen-2 imagery services under the Electro-Optical Commercial Layer program into 2026

•Awarded a more than $100 million seven-year subscription contract with an existing international customer for Gen-2 and Gen-3 satellite imagery

•Won multi-year contracts totaling approximately $20 million to support India’s commercial earth observation capabilities, including imagery services and a dedicated space asset

•Awarded a multi-year contract valued up to $200 million with the National Geospatial-Intelligence Agency under the Luno B program to provide mission-critical data and analytic services

•Won a multi-million-dollar expansion contract with the Defense Innovation Unit to demonstrate space-based tactical ISR capabilities and provide on orbit operations under the TACGEO program

•Awarded a six-figure contract with a new strategic international customer to provide on-demand Gen-2 imagery, analytic services, and training on BlackSky’s Spectra tasking and analytics platform

•Won a multi-year subscription contract with EMDYN, a geospatial intelligence fusion company, to deliver space-based imagery services to international customers

•Recent 2025 contract awards increases the December 31, 2024 backlog of $261 million to approximately $390 million

Financial Results

Revenues

Total revenue for the fourth quarter of 2024 was $30.4 million, down $5.1 million, or 14%, from the fourth quarter of 2023, which included a $7 million one-time benefit under the Company’s Indonesian contract. Imagery and software analytical services revenue was $17.5 million in the fourth quarter of 2024, down $1.6 million from the prior year period primarily due to the upfront delivery of $2 million of imagery orders for a project received in the fourth quarter of 2023. Professional and engineering services revenue was $12.9 million in the fourth quarter of 2024, compared to $16.5 million in the prior year period, which included approximately $7 million for progress to date activities on capabilities to be delivered under the Indonesian contract. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

For the full year 2024, total

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

First Very-High Resolution Gen-3 Satellite Delivering Imagery Five Days from Launch

Company Secures Over $150 Million in Recent Contract Awards

2025 Total Revenue Forecasted to Grow 30% Over 2024

HERNDON, VA – March 6, 2025 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced the successful Gen-3 launch and imaging performance along with results for the fourth quarter and full year ended December 31, 2024.

“I’m happy to report that within 5 days of launch our new Gen-3 satellite is already exceeding customer expectations for initial very-high resolution image quality,” said Brian E. O’Toole, BlackSky CEO. “The addition of very-high resolution imagery to our high-frequency monitoring constellation enables us to deliver AI-derived insights at the speed of conflict, providing our customers with advanced space-based intelligence solutions. Building on this significant milestone, we are now set to begin a regular cadence of Gen-3 satellite launches to expand our capabilities. With early Gen-3 success and a number of significant recent contract wins, we’re off to a strong start to 2025.”

Full Year Financial Highlights:

•Revenue of $102.1 million

•Imagery & software analytical services revenue grew to $70.1 million

•Imagery & software analytical service cost of sales(1), as a percentage of revenue, improved to 20%

•Net loss(2) of $57.0 million

•Adjusted EBITDA(3) improved to $11.6 million compared to an Adjusted EBITDA loss of $1.0 million in the prior year

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

(2) This represents our current estimate of net loss for the period ended December 31, 2024, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K..

(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release.

Recent Highlights

•Successfully launched first Gen-3 satellite and began delivering imagery that is exceeding customer expectations for initial image quality five days after launch

•The National Reconnaissance Office extended its subscription for Gen-2 imagery services under the Electro-Optical Commercial Layer program into 2026

•Awarded a more than $100 million seven-year subscription contract with an existing international customer for Gen-2 and Gen-3 satellite imagery

•Won multi-year contracts totaling approximately $20 million to support India’s commercial earth observation capabilities, including imagery services and a dedicated space asset

•Awarded a multi-year contract valued up to $200 million with the National Geospatial-Intelligence Agency under the Luno B program to provide mission-critical data and analytic services

•Won a multi-million-dollar expansion contract with the Defense Innovation Unit to demonstrate space-based tactical ISR capabilities and provide on orbit operations under the TACGEO program

•Awarded a six-figure contract with a new strategic international customer to provide on-demand Gen-2 imagery, analytic services, and training on BlackSky’s Spectra tasking and analytics platform

•Won a multi-year subscription contract with EMDYN, a geospatial intelligence fusion company, to deliver space-based imagery services to international customers

•Recent 2025 contract awards increases the December 31, 2024 backlog of $261 million to approximately $390 million

Financial Results

Revenues

Total revenue for the fourth quarter of 2024 was $30.4 million, down $5.1 million, or 14%, from the fourth quarter of 2023, which included a $7 million one-time benefit under the Company’s Indonesian contract. Imagery and software analytical services revenue was $17.5 million in the fourth quarter of 2024, down $1.6 million from the prior year period primarily due to the upfront delivery of $2 million of imagery orders for a project received in the fourth quarter of 2023. Professional and engineering services revenue was $12.9 million in the fourth quarter of 2024, compared to $16.5 million in the prior year period, which included approximately $7 million for progress to date activities on capabilities to be delivered under the Indonesian contract. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

For the full year 2024, total

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BLACKSKY REPORTS THIRD QUARTER 2024 RESULTS

Company Receives New Awards Valued up to $780 Million

YTD Revenue Growth of 22%; Company Reaffirms Full Year 2024 Guidance

First Gen-3 Satellite Completing Final Pre-Ship Testing

HERNDON, VA – November 7, 2024 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2024.

Third Quarter Financial Highlights:

•Revenue of $22.5 million, up 6% from the prior year quarter

•Imagery & software analytical services revenue grew 13% over the prior year quarter

•Imagery & software analytical services cost of sales(1), as a percent of revenue, improved to 21% from 23% in the prior year quarter

“We delivered a strong quarter of multi-year contract bookings valued up to $780 million, continuing to demonstrate growing demand for our high-frequency monitoring and AI-enabled analytic services,” said Brian E. O’Toole, BlackSky CEO. “We successfully raised over $45 million, which has strengthened our balance sheet and provides the capital, which we believe will fully fund our baseline Gen-3 constellation plan. We are excited to be in the final phases of pre-ship testing of our first Gen-3 satellite as we ready for launch. Looking ahead, we expect to start a regular deployment cadence of Gen-3 satellites in 2025, which will start to unlock our next phase of growth delivering transformative space-based intelligence solutions to customers around the world.”

Recent Highlights

•Won a multi-year contract valued up to $290 million with the National Geospatial-Intelligence Agency to monitor global economic activity and military capability

•Awarded a multi-year contract with NASA valued up to $476 million to deliver time-diverse, rapid-revisit satellite imagery to support Earth and applied science research

•Signed a six-million-dollar contract expansion with an existing international defense sector customer to extend access to BlackSky’s Gen-2 satellite imagery services

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

•Expanded product offering to provide non-Earth imaging services and captured multiple seven-figure contracts in support of growing space domain awareness missions worldwide

•Awarded a U.S. Navy research contract to explore applications for advanced optical intersatellite link terminals to provide real-time access to imagery during time-sensitive military operations worldwide

•Successfully raised over $45 million which is expected to fully fund the Company’s baseline Gen-3 constellation

•First Gen-3 satellite in final testing phase and expected to ship to launch site in the next few weeks with a launch window anticipated to open three to four weeks after shipment

•BlackSky wins 2024 Novaspace, formerly Euroconsult, Leading Earth Observation Business Award at World Space Business Week in Paris, an event that recognizes companies shaping the future of the global space sector

Financial Results

Revenues

Total revenue for the third quarter of 2024 was $22.5 million, up $1.3 million, or 6%, from the third quarter of 2023. Imagery and software analytical services revenue was $17.3 million in the third quarter of 2024, up 13% over the prior year period, primarily driven by incremental customer orders for BlackSky’s imagery services. Professional and engineering services revenue was $5.3 million in the third quarter of 2024, compared to $6.0 million in the prior year period. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)

Total cost of sales as a percentage of revenue improved to 29% for the third quarter of 2024, compared to 32% in the third quarter of 2023. Imagery and software analytical service costs as a percentage of revenue improved to 21% in the third quarter of 2024, compared to 23% in the third quarter of 2023, primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percentage of revenue.

Operating Expenses

Operating expenses for the third quarter of 2024 were $29.1 million, which included $2.4 million of non-cash stock-based compensation expense and $11.1 million in depreciation and amortization expenses. Operating expenses for the third quarter of 2023 were $29.0 million, which included $2.3 million in non-cash stock-based compensation expense and $11.3 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 2024 were $15.6 million, flat compared to cash operating expenses of $15.4 mi

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BLACKSKY REPORTS SECOND QUARTER 2024 RESULTS

Q2 Total Revenue Increases 29% Over Prior Year Period

Company Wins $40 Million in New Contracts and Renewal Agreements

First 35cm Very High Resolution Gen-3 Satellite Planned for Launch in Q4

HERNDON, VA – August 8, 2024 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the second quarter ended June 30, 2024.

Second Quarter Financial Highlights:

•Revenue of $24.9 million, up 29% from the prior year quarter

•Imagery & software analytical services revenue grew 14% over the prior year quarter

•Imagery & software analytical services cost of sales(1), as a percent of revenue, improved to 20% from 23% in the prior year quarter

“BlackSky delivered another strong quarter driven by a 29% year-over-year increase in second quarter revenue and substantial operating leverage which led to improved margin performance,” said Brian E. O’Toole, BlackSky CEO. “We won $40 million in new awards and extension agreements, including the continuation of subscription services under the EOCL contract. Our Gen-3 constellation remains on track to unlock our next phase of growth by enabling transformative solutions our customers are demanding, using the power of our very high resolution imagery, combined with high-frequency monitoring and automated AI.”

Recent Highlights

•The National Reconnaissance Office extended its subscription to our Gen-2 high-frequency imagery services under the Electro-Optical Commercial Layer (EOCL) contract

•Won a $7 million contract renewal with an international government customer to provide dynamic space-based imagery and analytics monitoring services

•Continued to win new task orders under the multi-year contract with the U.S. Air Force Research Laboratory to develop and demonstrate AI-enabled space-based moving target detection, tracking and identification

•Awarded multiple six-figure subscription contracts in support of various international government agencies

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

•In the final phases of assembly, integration, and testing on our Gen-3 satellites and have begun mission planning preparation for launch and commissioning operations

•Finalizing launch window for first Gen-3 satellite with Rocket Lab

Financial Results

Revenues

Total revenue for the second quarter of 2024 was $24.9 million, up $5.6 million, or 29%, from the second quarter of 2023. Imagery and software analytical services revenue was $17.5 million in the second quarter of 2024, up 14% over the prior year period, primarily driven by incremental customer orders for BlackSky’s imagery services. Professional and engineering services revenue was $7.5 million in the second quarter of 2024, up 87% over the prior year period. The significant year-over-year increase was primarily related to the execution step up of multiple major international contracts. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)

Total cost of sales as a percentage of revenue improved to 28% for the second quarter of 2024, compared to 44% in the second quarter of 2023. Imagery and software analytical service costs as a percentage of revenue improved to 20% in the second quarter of 2024, compared to 23% in the second quarter of 2023, primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percentage of revenue.

Operating Expenses

Operating expenses for the second quarter of 2024 were $29.8 million, which included $2.2 million of non-cash stock-based compensation expense and $11.3 million in depreciation and amortization expenses. Operating expenses for the second quarter of 2023 were $30.7 million, which included $2.1 million in non-cash stock-based compensation expense and $11.8 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 second quarter of 2024 were $16.3 million, compared to cash operating expenses of $16.8 million for the second quarter of 2023. The year-over-year decrease of $0.5 million, or 3%, was primarily driven by reductions in general corporate costs, which more than offset investments in our go-to-market initiatives.

Net Loss

Net loss for the second quarter of 2024 was $9.4 million, compared to a net loss of $33.4 million in the second quarter of 2023.

(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.

(2) No

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BLACKSKY REPORTS FIRST QUARTER 2024 RESULTS

Q1 Total Revenue Increases 32% Over Prior Year Period

Company Wins $30 Million in New Contracts and Renewal Agreements

HERNDON, VA – May 8, 2024 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the first quarter ended March 31, 2024.

First Quarter Financial Highlights:

•Revenue of $24.2 million, up 32% from the prior year quarter

•Imagery & software analytical services revenue grew 13% over the prior year quarter

•Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 19% from 23% in the prior year quarter

“Strong execution combined with growing global demand for our space-based intelligence solutions drove a 32% increase in first quarter revenues versus the prior year period,” said Brian E. O’Toole, BlackSky CEO. “We continue to demonstrate strong operating leverage progressing toward sustainable long-term profitable growth. During the first quarter we secured a number of new contracts and renewals agreements totaling $30 million, from both U.S. and international government customers. These contract wins demonstrate how BlackSky’s advanced capabilities are relied upon every day for critical decision making. We’re seeing strong and growing demand for our Gen-3 imaging and analytic capabilities, which we plan to start launching this year.”

Recent Highlights

•Won a $24 million contract with the Air Force Research Laboratory for moving target engagement services combining BlackSky’s data with multiple government ISR and other commercial data sources

•Awarded a multi-million dollar contract with a defense and intelligence customer to provide BlackSky’s advanced space-based intelligence capabilities

•Company closed over 10 six-figure contracts and renewal agreements

•Continued significant progress on Gen-3 satellites toward a planned launch later this year

•Secured a $20 million commercial bank line that provides BlackSky with additional financial flexibility to fund growth initiatives and general corporate purposes

Financial Results

Revenues

Total revenue for the first quarter of 2024 was $24.2 million, up $5.8 million, or 32%, from the first quarter of 2023. Imagery and software analytical services revenue was $17.8 million in the first quarter of 2024, up 13% over the prior year period, primarily driven by incremental customer orders for BlackSky’s imagery services. Professional and engineering services revenue was $6.4 million in the first quarter of 2024, up 143% over the prior year period. The significant year-over-year increase was primarily related to new customer wins and the execution step up of multiple major international contracts. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)

Cost of sales as a percent of revenue improved to 29% for the first quarter of 2024, compared to 35% in the first quarter of 2023. Imagery and software analytical service costs as a percent of revenue improved to 19% in the first quarter of 2024, compared to 23% in the first quarter of 2023. The year-over-year improvement in imagery and software analytical service costs was primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percent of revenue.

Operating Expenses

Operating expenses for the first quarter of 2024 were $30.5 million, which included $3.1 million of non-cash stock-based compensation expense and $11.2 million in depreciation and amortization expenses. Operating expenses for the first quarter of 2023 were $28.8 million, which included $2.7 million in non-cash stock-based compensation expense and $9.7 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses for the first quarter of 2024 were $16.2 million, compared to cash operating expenses of $16.4 million for the first quarter of 2023. The year-over-year decrease of $0.2 million, or 1%, was primarily driven by reductions in general corporate costs, which more than offset investments in our go-to-market initiatives.

Net Loss

Net loss for the first quarter of 2024 was $15.8 million, compared to a net loss of $17.3 million in the first quarter of 2023.

Adjusted EBITDA(2)

Adjusted EBITDA for the first quarter of 2024 was $1.4 million, compared to an Adjusted EBITDA loss of $4.1 million in the first quarter of 2023. The $5.5 million year-over-year improvement was primarily driven by strong operating leverage achieved through higher revenues, improvement in gross margins, and reductions in cash operating expenses.

(1) Cost of sales is defined as imagery and softwa

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Record Q4 and Full Year Revenue, up 83% and 45% Over Prior Year Respectively

Won Over $265 Million in New Multi-Year Contracts and Renewal Agreements in 2023

Quarterly Net Loss of $3.8 million with Positive Adjusted EBITDA of $9.3 million in Q4

HERNDON, VA – February 28, 2024 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter Financial Highlights:

•Revenue of $35.5 million, up 83% from the prior year quarter

•Imagery & software analytical services revenue grew 18% over the prior year quarter

•Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 17% from 24% in the prior year quarter

Full Year Financial Highlights:

•Revenue of $94.5 million, up 45% from the prior year

•Imagery & software analytical services revenue grew 38% over the prior year

•Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 21% from 31% in the prior year

“2023 was an exceptional year for BlackSky; we delivered record revenues, our total bookings exceeded a quarter billion dollars, and we achieved positive Adjusted EBITDA of over 9 million dollars in Q4,” said Brian E. O’Toole, BlackSky CEO. “Our success is the result of increasing global demand for our space-based intelligence solutions, strong operating leverage, and disciplined execution. The demand for our capabilities is exemplified by recent landmark contract wins supporting the Indonesian Ministry of Defense and expansion of a number of U.S. government contracts. These wins are anchored by our industry leading AI and software-first approach, which is redefining the way customers adopt space-based intelligence. The strong execution in 2023 sets us on a path toward long-term profitable growth and we look forward to carrying this momentum into 2024 and beyond.”

Recent Highlights

•Won approximately $50 million in multi-year contracts to accelerate sovereign space capabilities for the Indonesian Ministry of Defense, leveraging Gen-3 capabilities and an immediate subscription for imagery

•Awarded a multi-million dollar expansion contract with the Intelligence Advanced Research Projects Activity (IARPA) to deliver AI-based broad area search capability

•Signed a multi-million dollar contract in support of the Department of Defense to provide dynamic monitoring services leveraging AI for identifying moving targets and pattern-of-life changes

•Received nearly a million dollars in orders supporting the National Geospatial-Intelligence Agency’s (NGA) Economic Indicator Monitoring (EIM) program

•Renewed an agreement with an existing international government agency to continue providing BlackSky’s high resolution imagery and AI-driven analytics

•Secured a six-figure contract with a new international government to provide high-frequency imagery

•Ended December 31, 2023 with approximately $262 million in backlog

•Entered into a property lease for office space located in Herndon, VA to further streamline operating expenses

Financial Results

Revenues

Total revenue for the fourth quarter of 2023 was $35.5 million, up $16.1 million, or 83%, from the fourth quarter of 2022. Imagery and software analytical services revenue was $19.0 million in the fourth quarter of 2023, up 18% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $16.5 million in the fourth quarter of 2023, up 407% over the prior year period. The significant year-over-year increase was related to progress to date on the capabilities to be delivered under the new Indonesian contract, awarded in the fourth quarter. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.

For the full year 2023, total revenue was $94.5 million, up $29.1 million, or 45%, from 2022. Imagery and software analytical services revenue was $65.4 million, up $18.0 million, or 38% over the prior year.

Cost of Sales(1)

Cost of sales as a percent of revenue improved to 34% for the fourth quarter of 2023, compared to 38% in the fourth quarter of 2022. Imagery and software analytical service costs as a percent of revenue improved to 17% in the fourth quarter of 2023, compared to 24% in the fourth quarter of 2022. The year-over-year improvement in imagery and software analytical service costs was primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percent of revenue.

(1) Cost of sales is defined as imagery and software analytical services costs an

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BLACKSKY REPORTS THIRD QUARTER 2023 RESULTS

Q3 Total Revenue Increases 26% from Prior Year Period

Strong Improvement in Net Income; Achieves Nearly Breakeven Adjusted EBITDA

HERNDON, VA – November 8, 2023 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2023.

Third Quarter Financial Highlights:

•Revenue of $21.3 million, up 26% from the prior year period

•Imagery & software analytical services revenue grew 11% over the prior year quarter

•Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 23% from 26% in the prior year quarter

“Increased customer demand worldwide for BlackSky’s space-based intelligence drove record revenues in the third quarter, and coupled with strong operating leverage and responsible cost management, keeps us on track to achieve positive Adjusted EBITDA in Q4 this year,” said Brian E. O’Toole, BlackSky CEO. “We’re pleased with the strong momentum we’ve seen in our business. New contracts and renewal agreements primarily supporting U.S. and international government agencies illustrates growing demand and demonstrates how BlackSky is increasingly relied upon by some of the most demanding customers around the world. With our focused execution on profitable growth, we believe BlackSky is well-positioned to carry this momentum into 2024 and beyond.”

Recent Highlights

•Awarded over $9 million in contract expansions with existing U.S. government agencies for our advanced imagery and analytic services

•Signed a multi-year master service agreement for up to $8 million to support a new International Ministry of Defense for high-frequency imagery through BlackSky’s Spectra platform

•Expanded a contract with an existing International defense customer to increase assured access of their regions of interest

•Signed a contract with the U.S. Air Force Research Laboratory to provide an AI-enabled automated target recognition service to track mobile assets in real-time using multiple satellite data sources

•BlackSky was named to the 2023 Deloitte Technology Fast 500 list which honors the most innovative, fastest-growing public companies in North America

Financial Results

Revenues(1)

Total revenue for the third quarter of 2023 was $21.3 million, up $4.3 million, or 26%, from the third quarter of 2022. Imagery and software analytical services revenue was $15.3 million in the third quarter of 2023, up 11% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $6.0 million in the third quarter of 2023, up 86% over the prior year period, primarily driven by new programs won in 2023. Professional and engineering services contracts are milestone-based contracts that have quarter-over-quarter variability, in contrast to the high-margin imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)(2)

Cost of sales as a percent of revenue was 32% for the third quarter of 2023, compared to 46% in the third quarter of 2022. Imagery and software analytical service costs as a percent of revenue was 23% in the third quarter of 2023, compared to 26% in the third quarter of 2022. The year-over-year improvement in imagery and software analytical service costs was primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percent of revenue.

Operating Expenses

Operating expenses for the third quarter of 2023 were $29.0 million, which included $2.3 million of non-cash stock-based compensation expense and $11.3 million in depreciation and amortization expenses. Operating expenses for the third quarter of 2022 were $28.6 million, which included $2.9 million in non-cash stock-based compensation expense and $9.6 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses for the third quarter of 2023 were $15.4 million compared to cash operating expenses of $16.1 million for the third quarter of 2022. The year-over-year decrease of $0.7 million, or 4%, was primarily due to reductions in general corporate costs which more than offset investments in our go-to-market initiatives.

Net Income

Net income for the third quarter of 2023 was $0.7 million, compared to a net loss of $13.1 million in the third quarter of 2022.

Adjusted EBITDA(3)

Adjusted EBITDA loss for the third quarter of 2023 was $0.4 million, compared to an Adjusted EBITDA loss of $6.6 million in the prior year quarter. The $6.2 million year-over-year improvement was primarily driven by strong operating leverage achieved through higher revenues, gross margin growth, and reductions in operating expenses.

Balance Sheet

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BLACKSKY REPORTS SECOND QUARTER 2023 RESULTS

Q2 Imagery and Analytics Revenue Increases 51% from Prior Year Period

Company Wins Over $35 Million in Multi-Year Contract Agreements

HERNDON, VA – August 9, 2023 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the second quarter ended June 30, 2023.

Second Quarter Financial Highlights:

•Revenue of $19.3 million, up 28% from the prior year period

•Imagery & software analytical services revenue grew 51% over the prior year quarter

•Cost of sales related to imagery & software analytical services improved to 23% from 34% in the prior year quarter

“BlackSky delivered another strong quarter as we continue to demonstrate revenue growth, substantial operating leverage, and effective cost management that maintain us on our path towards profitability,” said Brian E. O’Toole, BlackSky CEO. “Since the start of the second quarter, we won over $35 million in new contracts and renewal agreements supporting U.S. and international government agencies looking to secure access to our rapid revisit constellation of high-resolution satellites, bringing total bookings year to date to over $200 million. These wins underscore our customers’ reliance on and the increased demand for BlackSky’s capabilities. We continue to see a high-level of customer engagement from government agencies worldwide for our dynamic hourly monitoring and AI-driven analytic capabilities. With our strong operating leverage and a solid book of business, we remain on track to achieve positive adjusted EBITDA in Q4 of this year. We are actively working with several major customers on a number of sizable contracts and given the variability on timing, we are widening the range of our 2023 revenue outlook to between $84 million to $96 million.”

Recent Highlights

•Signed a multi-year renewal agreement with an international defense sector customer for more than $30 million, expanding and securing priority access to BlackSky’s high-frequency imagery services

•Awarded a two-year multi-million-dollar contract with an international Ministry of Defense customer to build ground station infrastructure to enable direct access to BlackSky’s rapid revisit constellation

•Won a two-year multi-million-dollar renewal contract to provide advanced subscription-based imagery and analytic services to an existing international Ministry of Defense customer

•Signed a one-year subscription agreement to provide on-demand satellite tasking of BlackSky’s imagery and other mission solutions to a Department of Defense customer

•Awarded two contracts by the National Reconnaissance Office (NRO) to study short-wave infrared capabilities and latency improvements

•Won a multi-year contract to provide on-demand imagery and AI-enabled analytics to an international non-government organization

•Selected by SynMax, a leading energy intelligence company, to monitor coal inventory at power plants using BlackSky’s advanced burst imagery capability

•Partnered with Spire Global to create a real-time, commercially available AI-driven maritime custody service to detect and track vessels worldwide, estimate cargo, and track activity over time

•Signed a launch agreement with Rocket Lab for a block of five dedicated launches to secure launch capacity to include deployment of initial Gen-3 satellites in 2024

•On June 26, 2023, BlackSky was chosen to be added to the Russell 3000 Index, a broad-market index widely used by investment managers and institutional investors

Financial Results

Revenues(1)

Total revenue for the second quarter of 2023 was $19.3 million, up $4.2 million, or 28%, from the second quarter of 2022. Imagery and software analytical services revenue was $15.3 million, up 51% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $4.0 million in the second quarter of 2023, compared to $4.9 million in the prior year period. Professional and engineering services contracts are milestone-based contracts that have quarter-over-quarter variability, in contrast to the high-margin imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)(2)

Cost of sales as a percent of revenue was 44% for the second quarter of 2023, which included a $2.5 million expense recognized in professional and engineering services related to changes in the estimated cost and percentage of completion for an R&D related project, compared to 65% in the second quarter of 2022. Imagery and software analytical service costs as a percent of revenue was 23% in the second quarter of 2023, compared to 34% in the second quarter of 2022. The year-over-year improvement was primarily driven by greater volumes of imagery and analytical services revenue that inherently have a low fixed-cost

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BLACKSKY REPORTS FIRST QUARTER 2023 RESULTS

Q1 Imagery and Analytics Revenue Increases 114% from Prior Year

Won Over a Dozen New Contracts and Renewal Agreements

Amended Existing Debt Facility Extending Maturity to October 2026

HERNDON, VA – May 10, 2023 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the first quarter ended March 31, 2023.

First Quarter Financial Highlights:

•Revenue of $18.4 million, up 32% from the prior year period

•Imagery & software analytical services revenue grew 114% over the prior year quarter with substantial operating leverage as cost of sales, as a percent of revenue, decreased to just 23% from 49% in the prior year quarter

“We’re pleased that our high-margin imagery and analytics revenue in the first quarter of 2023 grew 114% year-over-year, and coupled with strong incremental contribution margins, we maintain our trajectory towards achieving positive adjusted EBITDA in Q4 this year,” said Brian E. O’Toole, BlackSky CEO. “Since the beginning of the year, in addition to the $150+ million, multi-year subscription contract award we announced in March, we’ve also won over a dozen new contracts and renewals primarily supporting U.S. and international government agencies. These contract wins continue to demonstrate how BlackSky is increasingly relied upon by important customers around the world to deliver actionable intelligence from space. During the quarter, we also successfully launched two new satellites that provide us with additional capacity and redundancy. These satellites entered revenue-generating operations within 18 hours of launch. With the traction we’re experiencing, we believe the Company is well-positioned to capitalize on the growing demand for geospatial intelligence and are re-affirming our guidance for the year.”

Recent Highlights

•The Company announced today an amendment to its existing debt facility extending the maturity term to October 2026 and also reducing the level of cash interest payments for the next two years

•Continued strong sales momentum in the international markets, as BlackSky recently won multi-year, multi-million dollar contracts to provide high-frequency imagery and advanced analytics in support of various international government agencies

•Received additional orders exercised under the Economic Indicator Monitoring program with the National Geospatial-Intelligence Agency (NGA)

•Signed contract with a large multinational commercial customer to provide imagery and analytics for supply chain logistics intelligence

•On March 24, the Company deployed two additional Gen-2 satellites into orbit, which began revenue-generating operations within 18 hours of launch, continuing our industry-leading ability to rapidly deploy and immediately deliver value to our customers

•Awarded a multi-year contract by the National Reconnaissance Office (NRO) to explore commercial hyperspectral imagery capabilities

Financial Results

Revenues(1)

Total revenue for the first quarter of 2023 was $18.4 million, up $4.5 million, or 32%, from the first quarter of 2022. Imagery and software analytical services revenue was $15.8 million, up 114% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $2.6 million in the first quarter of 2023 compared to $6.5 million in the prior year period. In the first quarter of 2023, the Company had two research and development programs that were nearing completion and as a result, professional and engineering services revenue was lower than the prior year quarter. Professional and engineering services contracts are milestone-based contracts that have quarter-over-quarter variability in contrast to the high-margin imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales(1)(2)

Cost of sales as a percent of revenue was 35% for the first quarter of 2023, compared to 79% in the first quarter of 2022. Imagery and software analytical services cost of sales as a percent of revenue was 23% in the first quarter of 2023, compared to 49% in the first quarter of 2022. The year-over-year improvement was primarily driven by greater volumes of imagery and analytical services revenue that inherently have a low fixed-cost structure as a percent of revenue. Cost of sales excludes depreciation and amortization expense.

Operating Expenses

Operating expenses for the first quarter of 2023 were $28.8 million, which included $2.7 million of non-cash stock-based compensation expense, compared to operating expenses of $30.1 million in the first quarter of 2022, which included $9.3 million in non-cash stock-based compensation expense. Excluding stock-based compensation expense from both years, operating expenses increased to $26.1 million in the first quarter of

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BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Full Year Revenue of $65.4 million, at High-End of Guidance, up 92% from Prior Year

Company Provides Full Year 2023 Outlook

HERNDON, VA – March 7, 2023 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter Financial Highlights:

•Revenue of $19.4 million, up 69% from the prior year period

•Imagery & software analytical services revenue grew 196% over the prior year's quarter

•Capital expenditures of $9.7 million

Full Year Financial Highlights:

•Revenue of $65.4 million, up 92% compared to the prior year

•Imagery & software analytical services revenue grew 209% over the prior year

•Capital expenditures of $44.1 million

“2022 was a foundational year for BlackSky, we won up to $1.3 billion in multi-year contracts, nearly doubled revenues to $65.4 million, and demonstrated significant margin performance; this high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023,” said Brian E. O’Toole, BlackSky CEO. “Increased customer demand worldwide for BlackSky’s dynamic monitoring and analytic solutions drove record revenues in the fourth quarter growing 69% year-over-year to $19.4 million. In addition, we’ve successfully scaled our operations and are now delivering thousands of high-resolution images reliably each day with AI-driven analytics to customers around the world. I want to thank our team for all their hard work and dedication that enabled us to achieve all these milestones. We look forward to another strong year of execution and carrying this strong momentum into 2023.”

Recent Highlights

The Company is announcing the award of a $150+ million, multi-year subscription contract with a major international ministry of defense. BlackSky will provide this customer with next generation space-based tactical geospatial intelligence services to support their country’s most critical intelligence needs. Further details can be found in a separate press release. BlackSky is proud to support this international government customer to provide them with a tactical advantage to support their mission operations. With this contract, the Company’s multi-year backlog increases to over $250 million.

In addition, the Company announced a private placement of approximately $29.5 million from a syndicate of new and existing institutional investors, further strengthening the balance sheet. BlackSky intends to use the net proceeds from the transaction for general corporate purposes and investments in its space and software platforms.

Financial Results

Revenues(1)

Total revenue for the fourth quarter of 2022 was $19.4 million, up $7.9 million, or 69%, from the fourth quarter of 2021. Imagery and software analytical services revenue was $16.2 million, up 196% over the prior year period primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue contributed $3.3 million in the fourth quarter of 2022.

For the full year 2022, total revenue was $65.4 million, up $31.3 million, or 92% from 2021. Imagery and software analytical services revenue was $47.4 million, up $32.1 million, or 209% over the prior year period primarily driven by several new government and international contract awards.

Cost of Sales(1)(2)

Cost of sales as a percent of revenue was 40% for the fourth quarter of 2022, compared to 89% in the fourth quarter of 2021. Imagery and software analytical services cost of sales as a percent of revenue was 24% in the fourth quarter of 2022, compared to 70% in the fourth quarter of 2021. The year-over-year improvement was primarily driven by greater volumes of imagery and analytical services revenue that inherently have a low fixed-cost structure as a percent of revenue and a decrease in stock-based compensation expense. Cost of sales excludes depreciation and amortization expense.

For the full year 2022, cost of sales as a percent of revenue was 55%, compared to 102% in 2021, with sequential improvements reported each quarter throughout 2022.

Operating Expenses

Operating expenses for the fourth quarter of 2022 were $30.0 million, which included $3.3 million of non-cash stock-based compensation expense, compared to operating expenses of $33.2 million in the fourth quarter of 2021, which included $12.1 million in non-cash stock-based compensation expense. Excluding stock-based compensation expense from both years, operating expenses increased to $26.7 million in the fourth quarter of 2022 from $21.1 million in the prior year quarter. Of the $5.6 million year-over-year increase, $5.0 million was due to higher depreciation expense.

For the full year 2022, operating expenses were $116.1 million, which included $18.1 million of non-cash stock-based compensation expen

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BLACKSKY REPORTS THIRD QUARTER 2022 RESULTS

Q3 Revenue up 113% Compared to Prior Year Quarter

Imagery and Software Analytical Services Revenue Grew to 89% of Total Revenue

Company Affirms Upper End of Full Year 2022 Revenue Guidance

Herndon, VA – November 8, 2022 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2022.

Third Quarter Financial Highlights:

•Revenue of $16.9 million, up 113% from the prior year period

•Imagery & software analytical services revenue grew 130% over the prior year's quarter and to 89% of total revenues

•Net loss of $13.0 million

•Adjusted EBITDA(1) loss of $6.5 million

•Cash balance(2) at the end of September 2022 was $90.7 million

•Capital expenditures of $8.8 million

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this release.

(2) Cash balance includes cash and cash equivalents, restricted cash, and short-term investments.

“I’m pleased that Q3 was another strong quarter as we continued strong execution across all aspects of our business, building on the momentum from the first half of the year,” said Brian E. O’Toole, BlackSky CEO. “Third quarter revenue grew 113% year-over-year to $16.9 million, another quarterly revenue record driven by a full quarter of subscription imagery revenue under the EOCL contract with the National Reconnaissance Office. International revenues more than doubled over last year as we continue to benefit from investments in expanding our international sales team and strong global demand. With our expanding customer base, strong pipeline, and growing contracted backlog, we are looking forward to a strong finish to 2022 and carrying this momentum into 2023. Given our trajectory, we anticipate full year 2022 revenues to come in at the upper end of our guidance range.”

Recent Business Accomplishments

•Successfully ramped up and achieved daily delivery rates of advanced imaging subscription services under the Electro Optical Commercial Layer (EOCL) contract with the National Reconnaissance Office (NRO), valued at up to $1 billion over the next 10 years

•Won a $10 million, one-year follow-on subscription contract with an international ministry of defense customer in Asia to provide on-demand, high-frequency imagery services on a take or pay basis

•Received multiple task order awards in the third quarter under our Economic Indicator Monitoring contract with the National Geospatial-Intelligence Agency (NGA), resulting in $14 million in total orders received within the first year of the five-year, $30 million contract

•First order for $1.7 million in imagery services under the Commercial Smallsat Data Acquisition (CSDA) program with the National Aeronautics and Space Administration (NASA)

•Recipient of the Pioneer in Space Business Award from Euroconsult, a leading global space and satellite consulting and market intelligence firm, recognizing BlackSky’s innovative contributions to the space industry

Financial Results

Revenues

Total revenue for the third quarter of 2022 was $16.9 million, up $9.0 million, or 113% from the third quarter of 2021. Imagery and software analytical services revenue was $15.0 million, up 130% over the prior year period primarily driven by increased demand from new and existing U.S. and international government customers. The mix of revenue from imagery and software analytical services grew to approximately 89% of total revenues. Engineering and systems integration revenue contributed $1.9 million in the third quarter of 2022.

Cost of Sales

Cost of sales as a percent of revenue was 46% for the third quarter of 2022, compared to 159% in the third quarter of 2021. For imagery and software analytical services, cost of sales as a percent of revenue was 35% in the third quarter of 2022, compared to 111% in the third quarter of 2021. The year-over-year improvement was primarily driven by greater volumes of imagery and analytical services revenue that inherently have a low fixed-cost structure as a percent of revenue and a decrease in stock-based compensation expense. Cost of sales excludes depreciation and amortization.

Operating Expenses

Operating expenses for the third quarter of 2022 were $28.5 million, which included $2.9 million of non-cash stock-based compensation expense, compared to operating expenses of $44.2 million in the third quarter of 2021, which included $25.6 million in non-cash stock-based compensation expense. Excluding stock-based compensation expense in both years, operating expenses increased to $25.6 million in the third quarter of 2022 from $18.6 million in the prior year quarter. The increase was primarily due to higher depreciation expense from additional satellites placed into orbit in the fourth quarter of 2021 and second quarter of 2022, as well as public company operating costs.

Opera

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BLACKSKY REPORTS SECOND QUARTER 2022 RESULTS

Revenue up 105% Compared to Prior Year Quarter

Imagery and Software Analytical Services Revenue Grew to 88% of Total Revenue

Won Several Large Multi-Year Contracts with a Total Value up to $1.27 Billion

Company Raises Full Year 2022 Revenue Outlook

Herndon, VA – August 10, 2022 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY), announced results for the second quarter ended June 30, 2022.

Second Quarter Financial Highlights:

•Revenue of $15.1 million, up 105% from the prior year period

•Imagery & software analytical services revenue improves 161% over the prior year's quarter and to 88% of total revenues

•Net loss of $26.3 million

•Adjusted EBITDA (1) loss of $8.8 million

•Cash balance (2) at the end of June 2022 was $111.2 million

•Capital expenditures of $12.1 million

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this release.

(2) Cash balance includes cash and cash equivalents, restricted cash, and short-term investments.

“Second quarter revenue hit an all-time high for the Company, more than doubling over the prior year period driven by strong customer engagement and demand for BlackSky’s dynamic hourly monitoring and on-demand satellite tasking capabilities,” said Brian E. O’Toole, BlackSky CEO. “In the second quarter, we won the Electro Optical Commercial Layer (EOCL) award with the National Reconnaissance Office with a total value up to $1.021 billion over the next 10 years. This win validates BlackSky’s technology and our ability to deliver vital information at scale, in support of the U.S. government’s real-time critical mission needs. We also won additional contracts with other government agencies totaling approximately an additional quarter billion dollars to provide space-based dynamic monitoring and analytic insights using our Company’s proprietary and proven Spectra AI software platform. And most recently, we entered into a major partnership with Esri, the industrial leader in geospatial intelligence software, to provide their global users for the first time, with on-demand satellite tasking services with imagery delivered directly into Esri’s ArcGIS Online platform. Now more than ever, our world needs real-time information, and BlackSky is the partner of choice to deliver it using the Company’s first-of-its-kind platform. With strong second quarter results and a growing

sales pipeline, we look forward to continuing the momentum into the second half of 2022 and setting the stage for the Company’s next phase of growth.”

Financial Results

Revenues

Total revenue for the second quarter of 2022 was $15.1 million, up $7.7 million or 105% from the second quarter of 2021. Imagery and software analytical services revenue was $13.4 million, a 161% growth over the prior year period primarily driven by accelerated demand from the U.S. and international governments. The mix of revenue from imagery and software analytical services grew to approximately 88% of total revenues. Engineering and systems integration revenue contributed $1.8 million in the second quarter of 2022.

Cost of Revenue

Cost of sales as a percent of revenue was approximately 65% for the second quarter of 2022 compared to approximately 87% in the second quarter of 2021. This improvement was primarily driven by greater volumes of imagery and analytical services revenue which comprises of low fixed cost structure as a percent of revenue.

Operating Expenses

Operating expenses for the second quarter of 2022 were $27.0 million, which included $2.6 million of non-cash stock-based compensation expense, compared to operating expenses of $30.8 million in the second quarter of 2021, which included an $18.4 million satellite impairment loss and $0.3 million in non-cash stock-based compensation expense. Excluding the prior year’s impairment loss and stock-based compensation expense in both years, operating expenses increased from $12.1 million to $24.4 million year-over-year on a comparable basis. The increase was primarily due to higher depreciation expense from additional satellites placed into orbit in 2021, investments in sales, software, and engineering hires, and public company operating costs.

Operating Loss

Operating loss for the second quarter of 2022 was $21.7 million compared to an operating loss of $29.8 million in the second quarter of 2021. The year-over-year improvement in operating loss was primarily due to the one-time satellite impairment loss recognized in the prior year period and increased imagery and analytical services revenue in the second quarter of 2022, partially offset by higher operating expenses as stated above.

Adjusted EBITDA (1)

Adjusted EBITDA loss for the second quarter of 2022 was $8.8 million compared to an adjusted EBITDA loss of $7.6 million in the prior year period. The $1.2 million year-over-year