BKSY·Commercial Earth observation & geospatial intelligence (small-sat constellation operator + analytics SaaS)

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 FY2025

Rev 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% YoY

Gross margin

~65%fact; cost of sales 35% of revenue Q1 FY26, improved from 43% in Q1'25); subscription line targets ~80% (mgmt estimate

Op marginfact

Deeply negative - opex $32.0M vs $20.8M revenuein Q1 FY26 ; not yet GAAP-profitable

Capex intensity

High - FY26 capex guided $50-60M on $130-150M revenue = ~35-46% of revenuefact, mgmt guidance

Market cap

~$904Mfact, 26 Jun 2026; price $24.42, ~36.8M shares

Across the boards

The thesis on this name

opportunityWeak

State of Space & Launch

Full context

position · longWeak

State of Space & Launch

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-17. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$34M

FY’22

$65M+92%

FY’23

$94M+45%

FY’24

$102M+8%

FY’25

$107M+4%

Margins & balance sheet — FY’25

Operating margin-44.0%

Net margin-65.9%

Net debt$163M

The read

Where our coverage leans

Coverage leans bullish

Members only

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

See plans

Not financial advice — analyst work product for a qualified professional.

BKSY·Commercial Earth observation & geospatial intelligence (small-sat constellation operator + analytics SaaS)

BlackSky Technology

ConvictionWeak

Revenuefact

$20.8M Q1 FY26$106.6M FY2025

Rev 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% YoY

Gross margin

~65%fact; cost of sales 35% of revenue Q1 FY26, improved from 43% in Q1'25); subscription line targets ~80% (mgmt estimate

Op marginfact

Deeply negative - opex $32.0M vs $20.8M revenuein Q1 FY26 ; not yet GAAP-profitable

Capex intensity

High - FY26 capex guided $50-60M on $130-150M revenue = ~35-46% of revenuefact, mgmt guidance

Market cap

~$904Mfact, 26 Jun 2026; price $24.42, ~36.8M shares

Across the boards

The thesis on this name

opportunityWeak

State of Space & Launch

Full context

position · longWeak

State of Space & Launch

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-17. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$34M

FY’22

$65M+92%

FY’23

$94M+45%

FY’24

$102M+8%

FY’25

$107M+4%

Margins & balance sheet — FY’25

Operating margin-44.0%

Net margin-65.9%

Net debt$163M

The read

Where our coverage leans

Coverage leans bullish

Members only

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

See plans

Not financial advice — analyst work product for a qualified professional.