Focus on FY2026 revenue guidance of $130-150M and the trajectory of Gen-3 subscription revenue. The Q1 miss was largely expected due to the prior year milestone; the raised guidance signals accelerating growth in the second half. Monitor the conversion of contract wins into recognized revenue and Gen-3 deployment milestones.
Price Chart
Executive Summary
BlackSky reported Q1 2026 revenue of $20.8M, down 30% YoY from $29.5M due to the absence of a $9M milestone contract in the prior year. Net loss widened to $29.7M from $12.8M, and adjusted EBITDA turned negative at -$5.1M. However, the company raised full-year revenue guidance to $130-150M and announced up to $160M in new contract wins, signaling strong demand for Gen-3 capabilities.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $20.8M (down 30% YoY)
- Space-based intelligence AI services revenue: $16.5M (down 2% YoY)
- Net loss: $29.7M (vs $12.8M in Q1 2025)
- Adjusted EBITDA: -$5.1M (vs -$0.6M in Q1 2025)
- Raised FY2026 revenue guidance to $130-150M (prior $120-145M)
- Adjusted EBITDA guidance raised to $12-24M (prior $6-18M)
- Cash & equivalents: $117.5M at quarter-end
- New contract wins valued up to $160M
Financial Impact
Revenue decline of $8.7M YoY (-29.5%); net loss increased by $16.9M
Risk Factors
- Dependence on government contracts and budget cycles
- Competitive pressure in space-based intelligence
- Dilution from equity offerings and warrant exercises
- Execution risk in scaling Gen-3 satellite operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001753539-26-000057 |
| Document: bksy-20260507.htm | 0001753539-26-000057 |
| Document: 0001753539-26-000057-index-headers.html | 0001753539-26-000057 |
| Document: 0001753539-26-000057-index.html | 0001753539-26-000057 |
| Document: 0001753539-26-000057.txt | 0001753539-26-000057 |
| 8-K Data (Synthetic) | 0001753539-26-000057 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Insider Cluster | $17.58 | awaiting T+20 | — | $17.84 (+1.48%) |
Sep 22, 2026 4w ago | Insider Cluster | $22.25 $17.35 | ▲ +22.02% | ▲ +22.71% | $17.84 (+19.82%) |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▼ −7.76% | ▼ −10.49% | $17.84 (−16.56%) |
Sep 14, 2026 6w ago | Insider Cluster | $21.38 $19.72 | ▲ +7.76% | ▲ +10.49% | $17.84 (+16.56%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $17.84 (−13.44%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $17.84 (−13.44%) |
Sep 10, 2026 6w ago | 144 | $20.61 $20.92 | ▲ +1.50% | ▼ −0.36% | $17.84 (−13.44%) |
Aug 26, 2026 8w ago | 25-NSE | $24.68 $23.17 | ▲ +6.12% | ▲ +7.32% | $17.84 (+27.71%) |
Aug 8, 2026 11w ago | Institutional Cluster | $28.61 $22.08 | ▼ −22.82% | ▼ −21.91% | $17.84 (−37.64%) |
Aug 6, 2026 11w ago | 8-K | $27.79 $20.63 | ▼ −25.76% | ▼ −26.36% | $17.84 (−35.80%) |
US Market Status
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