0001753539-26-000032
SEC filingRevenue grew 4.4% YoY to $106.6M, driven by mission solutions growth, while net loss widened to $70.3M.
BlackSky Technology Inc., founded in 2014, defines itself as a space-based technology company that delivers real-time imagery, analytics, and high-frequency monitoring of the world's most critical and strategic locations, economic assets, and events. The company takes a software-first technology approach to deliver real-time space-based intelligence at what it describes as disruptive speed, scale, and economics. BlackSky is trusted by U.S. defense and intelligence agencies and international ministries of defense. The company's first-of-its-kind, purpose-built, secure AI-enabled space-to-ground architecture is designed to help customers see, understand, and anticipate change for a decisive strategic advantage. BlackSky can provide dynamic hourly monitoring over many of the most strategic locations on Earth up to 15 times per day from dawn-to-dusk.
BlackSky delivers its comprehensive suite of space-based intelligence products and services through three integrated revenue streams. First, Space-Based Intelligence and AI Services includes subscription-based On-Demand and Assured product offerings featuring high-resolution imagery, advanced AI-generated analytics, and third-party data. Second, Mission Solutions allows customers to acquire, own, and operate their own Gen-3 satellite(s) and space-to-ground system, leveraging BlackSky's industry-leading, end-to-end satellite-to-ground infrastructure hardware and software technology stack. Third, Advanced Technology Programs provide services that allow customers to conduct advanced research and development using components of BlackSky's space-to-ground system or to further integrate BlackSky's space-based intelligence and AI services products into customer secure operational workflows. The company notes these offerings are designed to provide synergy; for example, when Mission Solutions are acquired in conjunction with subscription data services, customers enjoy benefits of speed, scale, and reliability without having to own and operate a large constellation.
BlackSky's two key strategic assets are its high-resolution, low earth orbit small satellite constellation and the BlackSky Spectra software platform. The constellation includes second-generation (Gen-2) and third-generation (Gen-3) satellites. Gen-3 satellites feature 35-centimeter electro-optical imaging resolution and 1.2-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or at night, along with improved data communications capabilities. In June 2025, the company unveiled plans to expand the constellation with multispectral, large-area collection satellites initially designated as AROS, designed to support country-scale digital mapping, navigation, maritime, and 3D digital twin applications. The BlackSky Spectra platform is a first-of-its-kind commercial tasking, analytics, and multi-intelligence data-fusion software platform that applies AI and machine learning techniques to transform raw data feeds into real-time actionable intelligence. Customers can access the platform through a web interface or APIs and can task the constellation to receive high-resolution imagery and analytics in, on average, under 90 minutes. The platform also integrates data from third-party sensors.
BlackSky's customer agreements are generally structured as annual or multi-year subscription contracts with pricing tiers that enable customers to manage collection priorities. The company's current customer base is weighted towards U.S. defense and intelligence customers and international governments and organizations. BlackSky is a key vendor supporting the NRO's Electro-Optical Commercial Layer (EOCL) program, delivering operational, high-resolution satellite imagery to a half-million intelligence, defense, and federal civil agency users, and the NGA's Luno A and Luno B programs for monitoring and analysis of global economic and environmental activity and military capability. Internationally, the company has captured major programs with customers in India, Indonesia, and others for Gen-3 related solutions. Commercial and industrial customers currently represent a small portion of the business, though the company sees opportunities in energy, insurance, commodities, mining, manufacturing, logistics, agriculture, and other sectors.
BlackSky operates in the commercial geospatial market, which includes both imaging services and analytic solutions as well as mission solutions for sovereign satellite capabilities. The company competes with legacy satellite imaging providers and other emerging geospatial intelligence providers. BlackSky believes it is well-positioned due to its unique mission-oriented AI-enabled architecture purpose-built for dynamic, real-time monitoring. Key competitive differentiators include a disruptive adoption model offering multiple paths to developing national space capability, proven secure and scalable software architecture, vertically integrated small satellite manufacturing in Tukwila, Washington, a high-revisit dawn-to-dusk satellite constellation optimized for locations where approximately 90% of the world's GDP occurs, and easy-to-use on-demand constellation tasking delivering imagery in under 90 minutes on average.
BlackSky's strategy centers on delivering real-time space-based intelligence at disruptive speed, scale, and economics through a software-first approach. The company is expanding its high-frequency monitoring constellation with Gen-3 satellites and the planned AROS multispectral satellites to address upcoming gaps as competitors' legacy large-area collection satellites age out of service. BlackSky is growing its Mission Solutions offering to enable nations to develop customized sovereign space-based intelligence capabilities in a cost-effective and time-efficient manner. The company aims to leverage the BlackSky Spectra platform's AI and machine learning to benefit from a flywheel learning effect as it continuously expands its proprietary data repository. BlackSky provides multiple adoption paths—from subscription-based data services to fully customized sovereign satellite systems—to widen its addressable market and meet customers at their point of need.
As of December 31, 2025, BlackSky had 321 employees. The company employs a highly technical workforce, with the majority of employees working in software development, engineering, and manufacturing. The remainder work in sales, operations, and general and administrative functions. Many employees bring significant experience from prior positions at leading defense contractors, satellite manufacturers, other commercial and military aerospace and defense companies, and government agencies. BlackSky's human capital objectives include identifying, recruiting, retaining, incentivizing, and integrating existing and new employees, advisors, and consultants. The company uses cash and equity incentive plans to attract, retain, and reward personnel and to motivate individuals to achieve corporate objectives.
For the year ended December 31, 2025, total revenue increased 4.4% to $106.6 million from $102.1 million in 2024. The growth was driven by a 257.7% surge in mission solutions revenue to $21.2 million, primarily from a contract to deliver a customized Earth observation satellite. This was partially offset by a 7.1% decline in space-based intelligence & AI services revenue to $65.1 million, due to reduced imagery revenue from a U.S. government contract with the NRO, and a 22.4% drop in advanced technology programs revenue to $20.2 million, largely from completion of prior services.
Gross profit decreased 4.5% to $71.3 million, with gross margin contracting to 66.9% from 73.1% in 2024, reflecting higher costs in space-based intelligence & AI services (up 19.3%) and mission solutions (up 120.9%). Operating loss widened 5.9% to $46.9 million, as SG&A expenses rose 18.0% to $87.4 million, driven by full-year consolidation of BlackSky Satellite Systems, higher stock-based compensation, and increased professional fees. Net loss increased 22.8% to $70.3 million, impacted by a $4.1 million loss on debt extinguishment and higher interest expense.
Space-based intelligence & AI services remained the largest segment at 61.1% of total revenue, but its share declined from 68.6% in 2024. Mission solutions grew to 19.9% of revenue from 5.8%, reflecting strong execution on new contracts. Advanced technology programs fell to 19.0% from 25.6%. The shift toward mission solutions, which carry lower margins, contributed to the overall gross margin compression.
Management highlighted several strategic priorities: continued investment in Gen-3 satellite launches and the BlackSky Spectra platform, expansion of mission solutions offerings, and optimization of the capital structure following the $185 million convertible note issuance in July 2025. The company expects cash and short-term investments of $125.6 million to fund near-term needs, but noted that long-term capital requirements depend on satellite production, launch costs, and customer demand. No specific revenue or earnings guidance was provided. Adjusted EBITDA fell to $0.9 million from $11.6 million, signaling near-term profitability pressure as the company scales operations.
Notes disclose $42.4M cash, $201.1M total debt (net of issuance costs), and $94.9M equity as of Dec 31, 2025. Convertible Senior Notes of $185M issued in July 2025 at 8.25% carry 8.73% effective rate.
Note 23 lists $8.3M ground station commitments (2026-2030) and $13.0M operating lease obligations (through 2036). No supply or capacity purchase commitments disclosed.
Debt activity shows $185M issuance and $84.5M repayments. No share repurchases, dividends, or new authorizations noted.
Note 4 confirms single reportable segment. Revenue of $106.6M disclosed in Note 5 with geographic split (U.S. 43%, rest of world 57%) but no operating income or margin by segment.
Four customers represented 89% of 2025 revenue. Contracts are terminable for convenience, especially government ones, and renewal/expansion is uncertain. Loss of major customers would materially reduce revenue with limited near-term replacement options.
U.S. government business is subject to FAR, unilateral modifications, termination for convenience, funding delays, audits, and potential debarment. Organizational conflicts, protests, and security clearance requirements add compliance burden and execution risk.
Production, launch, commissioning, and operation of satellites face technical anomalies, collisions, weather, capacity constraints, and shorter useful lives. Failures require impairment charges and may prevent meeting customer commitments. Manufacturing and supply chain rely on limited vendors, creating delays and cost risks.
Business is capital intensive. Inability to finance additional satellites through operations or equity/debt on acceptable terms would restrict growth. Convertible notes and debt covenants limit flexibility; conversion may dilute shareholders.
Operations require FCC, NOAA, ITAR/EAR, and foreign licenses. Non-compliance or policy changes (including shutter control) can suspend operations. Cybersecurity threats from state actors risk data loss, contract termination, and loss of facility clearances.
Market remains emerging with intense competition from larger firms and free government imagery. Rapid tech change, AI risks, and ongoing losses ($726.4M deficit) threaten ability to achieve profitability while scaling.
The excerpt from the 10-K filing for BlackSky Technology Inc. includes the auditor's report, index, and consolidated balance sheets as of December 31, 2025 and 2024, but does not contain the Consolidated Statements of Cash Flows or any related figures. No operating, investing, or financing cash flow amounts, capex, or related metrics are explicitly stated. Analysis of cash generation trends, FCF, or capital returns cannot be performed. Balance sheet shows cash and cash equivalents increased to $42,445 thousand from $13,056 thousand, but this is a point-in-time balance, not a flow. Refer to page 94 of the original filing for the missing cash flow statement.