Monitor whether the company can convert its record $345 million backlog into revenue while improving margins in 2026, as the widening net loss despite revenue growth raises sustainability concerns.
Price Chart
Executive Summary
BlackSky reported Q4 2025 revenue of $35.2 million (up 16% YoY) and full-year revenue of $106.6 million, driven by new Gen-3 satellite contracts. Adjusted EBITDA improved to $8.8 million in Q4 but declined to $0.9 million for the full year. The company raised 2026 revenue guidance to $120–145 million and achieved record $345 million backlog, up 32% YoY.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $35.2 million (+16% YoY), full-year 2025 revenue: $106.6 million (+4.4% YoY)
- Q4 adjusted EBITDA: $8.8 million (+19% YoY), full-year adjusted EBITDA: $0.9 million (down from $11.6 million in 2024)
- Full-year 2025 net loss: $70.3 million (wider than $57.2 million in 2024)
- 2026 revenue guidance raised to $120–145 million (up from $106.6 million in 2025)
- Backlog reached $345 million, up 32% YoY, driven by $240 million in new contract bookings
- Cash balance: $125.6 million as of December 31, 2025
Financial Impact
Revenue growth of $4.5 million YoY with declining profitability; 2026 revenue guidance implies 13–36% growth
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Space-based intelligence AI services | $65.1M | -7.1% |
| Mission solutions | $21.2M | +258.7% |
| Advanced technology programs | $20.2M | -22.4% |
Risk Factors
- Declining profitability with full-year adjusted EBITDA down 92% YoY
- Widening net loss of $70.3 million in 2025 vs $57.2 million in 2024
- Increased cost of sales as percentage of revenue (33% in 2025 vs 27% in 2024)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001753539-26-000009 |
| Exhibit: exhibit992q42025preliminar.htm | 0001753539-26-000009 |
| Document: bksy-20260226.htm | 0001753539-26-000009 |
| Document: 0001753539-26-000009-index-headers.html | 0001753539-26-000009 |
| Document: 0001753539-26-000009-index.html | 0001753539-26-000009 |
| Document: 0001753539-26-000009.txt | 0001753539-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Insider Cluster | $17.58 | awaiting T+20 | — | $19.22 (+9.33%) |
Sep 22, 2026 4w ago | Insider Cluster | $22.25 $17.35 | ▲ +22.02% | ▲ +22.71% | $19.22 (+13.62%) |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▼ −7.76% | ▼ −10.49% | $19.22 (−10.10%) |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▲ +7.76% | ▲ +10.49% | $19.22 (+10.10%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $19.22 (−6.74%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $19.22 (−6.74%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $19.22 (−6.74%) |
Aug 26, 2026 8w ago | 25-NSE | $24.68 $23.17 | ▲ +6.12% | ▲ +7.32% | $19.22 (+22.12%) |
Aug 8, 2026 11w ago | Institutional Cluster | $28.61 $22.08 | ▼ −22.82% | ▼ −21.91% | $19.22 (−32.82%) |
Aug 6, 2026 11w ago | 8-K | $27.79 $20.63 | ▼ −25.76% | ▼ −26.36% | $19.22 (−30.84%) |
US Market Status
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