5. Revenue
Disaggregation of Revenue
The Company generates revenue from the sale of space-based intelligence & AI services, mission solutions, and advanced technology programs, primarily to domestic and international government agencies. Effective January 1, 2025, the Company reclassified its captions on the consolidated statements of operations and comprehensive loss to better align with the Company’s increasing portfolio of mission solutions product offerings and advanced technology program service offerings. See Note 2—"Basis of Presentation and
Summary of Significant Accounting Policies" for further detail. The approximate revenue based on the geographic location of end customers was as follows for the years ended December 31, 2025 and 2024:
Years Ended December 31,
2025
2024
(in thousands)
United States
$
46,229 
$
63,004 
Rest of world
60,346 
39,089 
Total revenue
$
106,575 
$
102,093 
The Company has a concentration of contractual revenue arrangements with the U.S. federal government and agencies as well as with international governments. For the years ended December 31, 2025 and 2024, the rest of world had three and two countries, respectively, that generated 10% or more of the Company's total revenue. For the years ended December 31, 2025 and 2024, the Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue:
Revenue
Years Ended December 31,
Customer
Geographic Area(1)
2025
2024
U.S. federal government and agencies
United States
43%
60%
Customer B
Rest of world
17%
16%
Customer C
Rest of world
15%
*
Customer D
Rest of world
14%
12%
Accounts Receivable
As of December 31,
Customer
Geographic Area(1)
2025
2024
U.S. federal government and agencies
United States
*
76%
Customer B
Rest of world
*
*
Customer C
Rest of world
50%
*
Customer D
Rest of world
11%
*
* Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during the period.
(1) As of December 31, 2025 and 2024, each customer whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue relates to a unique country whose revenue also individually represented 10% of total revenue.
Revenue from categories of end customers for the years ended December 31, 2025 and 2024 was as follows:
Years Ended December 31,
2025
2024
(in thousands)
U.S. federal government and agencies
$
45,778 
$
61,257 
International governments
57,993 
37,970 
Commercial and other
2,804 
2,866 
Total revenue
$
106,575 
$
102,093 
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Historical Timeline

Fiscal YearFiled
2025Mar 17, 2026Showing above
2024Mar 20, 2025
2023Mar 20, 2024
2022Mar 23, 2023
2021Mar 31, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.