BlackSky Technology
ConvictionWeak
Vertically integrated: owns/operates its own satellites and sells the data/analytics off them. Two revenue lines: recurring subscription imagery & software analytics (~80% gross-margin target, low churn) plus milestone-based professional/engineering services (builds Gen-3 sats for partners/governments). Government/defense-dominant, increasingly international 'sovereign' sales.
Revenuefact
$20.8M Q1 FY26$106.6M FY2025Rev growthfact
-29% YoYin Q1 FY26 vs $29.5M Q1'25 (fact; lumpy pro-services timing), but +14% QoQ in the recurring SBI/AI line; FY25 +4% YoYGross margin
~65%fact; cost of sales 35% of revenue Q1 FY26, improved from 43% in Q1'25); subscription line targets ~80% (mgmt estimateOp marginfact
Deeply negative - opex $32.0M vs $20.8M revenuein Q1 FY26 ; not yet GAAP-profitableCapex intensity
High - FY26 capex guided $50-60M on $130-150M revenue = ~35-46% of revenuefact, mgmt guidanceMarket cap
~$904Mfact, 26 Jun 2026; price $24.42, ~36.8M sharesAcross the boards
The thesis on this name
opportunityWeak
Space / launch economics
Full context
position · longWeak
Space / launch economics
Full context
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for BlackSky Technology
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence