BlackSky Technology Inc.

Listed Company

BKSY-WTCIK 0001753539NYSENon-AcceleratedRadio & Tv Broadcasting & Communications EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$106.58M

Net Income

$-70.26M

Total Assets

—

Equity

—

Shares Out

37.11M

Op. Cash Flow

$-28.31M

Business

BlackSky Technology Inc. is a space-based intelligence company that delivers real-time satellite imagery, automated analytics, and high-frequency monitoring of strategic locations and events. It offers high-revisit electro-optical and short-wave infrared imagery, AI/ML-generated analytics, subscription-based On-Demand and Assured services, and professional and engineering services. Its key business components are a proprietary high-revisit smallsat constellation and the BlackSky Spectra cloud-native software platform that integrates proprietary and third-party sensor data. BlackSky serves global government and commercial customers via a web-based SaaS interface, APIs, reseller channels, and secure subscription contracts.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	107	102	94	65	34
Selling, general and administrative	87	74	73	80	87
Research and development	433,000	1	643,000	739,000	112,000
Depreciation and amortization	30	44	43	36	14
Operating loss	−47	−44	−56	−87	−120
Loss on derivatives	−8	−3	8	12	24
Income on equity method investments	0	879,000	4	2	1
Loss on debt extinguishment	−4	0	—	—	—
Interest income	4	2	2	1	0
Interest expense	−15	−12	−9	−5	−5
Other income, net	60,000	3,000	−2	2	−148
Loss before income taxes	−70	−57	−53	−75	−244
Income tax expense	−125,000	−370,000	−673,000	0	0
Net loss	−70	−57	−54	−74	−246
Other comprehensive income	0	0	0	0	0
Total comprehensive loss	−70	−57	−54	−74	−246
Net income (loss) per share of common stock (in dollars per share)	−2.09	−2.67	−3.18	−0.63	−3.39
Net income (loss) per share of common stock, diluted (in dollars per share)	−2.09	−2.67	−3.18	−0.63	−3.39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	42	13	33	34	166
Restricted cash	1	1	619,000	3	3
Short-term investments	82	39	20	38	0
Accounts Receivable	34	15	7	3	3
Contract assets	29	28	15	6	2
Inventories	6	6	0	—	—
Prepaid Expense and Other Assets, Current	12	4	4	5	6
Total current assets	207	107	79	89	179
Property and equipment - net	79	46	67	72	71
Operating lease right of use assets - net	3	4	2	4	0
Goodwill	10	10	9	9	9
Intangible assets - net	4	5	1	—	—
Satellite work in process	81	81	56	—	—
Other assets	2	1	9	3	560,000
Total assets	386	254	224	234	306
Accounts payable and accrued liabilities	15	20	12	14	11
Contract liabilities - current	21	2	4	7	—
Debt, Current	8	2	0	—	—
Other current liabilities	16	1	1	2	3
Total current liabilities	59	26	27	27	31
Operating lease liabilities	8	8	3	3	0
Derivative liabilities	21	18	15	5	17
Deferred revenue - long-term	10	0	—	—	—
Long-term debt - net of current portion	193	106	84	76	71
Other liabilities	555,000	2	2	825,000	653,000
Total liabilities	291	160	131	112	126
Commitments and contingencies (Note 23)	—	—	—	—	—
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 36,227 and 30,960 shares; outstanding, 35,930 shares and 30,663 shares as of December 31, 2025 and 2024, respectively.	4,000	3,000	2,000	12,000	11,000
Additional paid-in capital	821	750	692	667	651
Accumulated deficit	−726	−656	−599	−545	−471
Total stockholders equity	95	94	93	122	180
Total liabilities and stockholders equity	386	254	224	234	306

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	30	44	43	36	14
Transfer of satellite work in process to mission solutions costs	9	334,000	5	0	—
Operating lease right of use assets amortization	611,000	583,000	883,000	2	0
Stock-based compensation expense	14	11	11	20	43
Amortization of debt issuance costs and non-cash interest expense	4	9	8	2	2
Paid in kind interest at time of debt extinguishment	−29	0	—	—	—
Loss on derivatives	8	3	−8	−12	−24
Non-cash interest income	−3	−1	−796,000	−656,000	0
Other	234,000	320,000	—	—	—
Accounts receivable	−19	−8	−4	−461,000	216,000
Contract assets - current and long-term	−313,000	−5	−16	−6	2
Prepaid expenses and other current assets	−8	556,000	1	1	−5
Other assets	0	2	1	−12,000	−309,000
Accounts payable and accrued liabilities	−9	−4	3	−74,000	3
Other current liabilities	13	−356,000	−1	−1	−3
Contract liabilities - current and long-term	28	−978,000	−3	−5	−5
Other liabilities	−196,000	17,000	−538,000	−3	3
Net cash used in operating activities	−28	−6	−17	−44	−54
Purchase of property and equipment	−16	−16	−15	−12	−1
Satellite work in process	−30	−35	−28	−32	−63
Purchases of short-term investments	−128	−53	−40	−50	0
Proceeds from maturities of short-term investments	88	34	59	13	0
Cash received from business acquisition	0	541,000	0	—	—
Net cash used in investing activities	−87	−68	−15	−82	−64
Proceeds from issuance of debt	185	20	0	0	59
Proceeds from equity issuances, net of equity issuance costs	41	47	33	—	—
Proceeds from Warrant Exercises	11	0	—	0	163,000
Proceeds from options exercised and ESPP shares purchased	2	308,000	10,000	47,000	130,000
Repayments of Debt	85	10	0	0	−22
Payments of debt issuance costs	−7	−632,000	0	0	−6
Withholding tax payments on vesting of restricted stock units	−3	−967,000	−1	−5	0
Payments for deferred offering costs	0	60,000	0	−31,000	—
Net cash provided by financing activities	144	56	29	−5	275
Net increase (decrease) in cash, cash equivalents, and restricted cash	29	−19	−4	−131	158
Cash paid for interest	34	3	989,000	5,000	378,000
Cash paid for income taxes	197,000	476,000	460,000	0	—
Vendor financed satellite launch costs	20	6	0	—	—
Accretion of short-term investments' discounts and premiums	3	1	777,000	640,000	0
Capitalized depreciation expense	1	177,000	0	—	—
Capitalized interest	631,000	0	220,000	220,000	620,000
Capitalized stock-based compensation	700,000	600,000	700,000	2	11,000
Deferred offering costs accrued but not yet paid	357,000	54,000	4,000	—	—
Adjustments to goodwill for changes in the preliminary purchase price allocation	19,000	0	—	—	—
Increase of debt principal for paid-in-kind interest	0	8	7	3	3
Transfer of satellite work in progress to inventories	0	6	0	—	—
Equity issuance costs accrued but not yet paid	0	46,000	13,000	491,000	0

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