BKSY

EX-99.1

2 exhibit991-blackskyq22026e.htm

EX-99.1

Document

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

EX-99.1

2 exhibit991-blackskyq12026e.htm

EX-99.1

Document

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

EX-99.1

2 exhibit991-blackskyq42025e.htm

EX-99.1

Document

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