The strong Q2 beat and reaffirmed raised guidance confirm accelerating Gen-3 adoption and improving unit economics. Traders should watch for the next two Gen-3 satellite launches in Q3 2026, which could drive further subscription revenue growth, and monitor any additional ATM issuance for dilution risk.
Price Chart
Executive Summary
BlackSky Technology reported Q2 2026 revenue of $33.3M (+50% YoY), beating the $29.9M consensus, and a GAAP net loss per share of $(0.54), which beat the $(0.35) consensus estimate. The company reaffirmed its full-year 2026 guidance of $130M-$150M in revenue and $12M-$24M in Adjusted EBITDA, following a raise in the prior quarter, and highlighted record space-based intelligence revenue of $25M and a strengthened cash position of $244M after a $150M ATM equity raise. The strong revenue growth and positive Adjusted EBITDA margin of 14.2% signal accelerating operational performance, though the GAAP net loss and ongoing dilution from the ATM offering temper the overall impact.
Key Financial Metrics
Key Facts
- Total revenue of $33.3M, up 50% YoY from $22.2M, beating consensus of $29.9M.
- Record space-based intelligence AI services revenue of $24.5M, up 36% YoY and 50% sequentially.
- Adjusted EBITDA turned positive to $4.7M (14.2% margin), compared to a loss of $2.8M in Q2 2025.
- Cash and short-term investments totaled $244.1M, up from $117.5M at Q1 end, bolstered by a $150M ATM equity issuance of 3.6M shares.
- Full-year 2026 guidance reaffirmed: revenue $130M-$150M, Adjusted EBITDA $12M-$24M, CapEx $50M-$60M.
- GAAP net loss per share was $(0.54), beating the consensus estimate of $(0.35) by 7.7%.
- Cost of sales as a percentage of revenue improved to 27% from 28% YoY.
Financial Impact
Revenue beat consensus by $3.4M (11.4%); GAAP EPS beat by $0.19 (7.7%); Adjusted EBITDA swung from -$2.8M to +$4.7M YoY.
Risk Factors
- Dilution from the $150M ATM equity issuance (3.6M shares) will weigh on per-share metrics.
- GAAP net loss remains substantial at $(20.8M) for the quarter, driven by non-cash derivative losses.
- Dependence on U.S. government contracts introduces budget uncertainty and long sales cycles.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001753539-26-000118 |
| Document: bksy-20260806.htm | 0001753539-26-000118 |
| Document: 0001753539-26-000118-index-headers.html | 0001753539-26-000118 |
| Document: 0001753539-26-000118-index.html | 0001753539-26-000118 |
| Document: 0001753539-26-000118.txt | 0001753539-26-000118 |
| 8-K Data (Synthetic) | 0001753539-26-000118 |
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Aug 6, 2026 11w ago | 8-K | $27.79 $20.63 | ▼ −25.76% | ▼ −26.36% | $18.99 (−31.67%) |
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