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BlackSky Technology (BKSY) Financials

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$22.83 +1.31 (+6.09%)
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Annual Income Statements for BlackSky Technology

Annual Income Statements for BlackSky Technology

This table shows BlackSky Technology's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -7.21 -20 -246 -74 -54 -57 -70
Consolidated Net Income / (Loss)		 -7.21 -20 -246 -74 -54 -57 -70
Net Income / (Loss) Continuing Operations		 -7.21 -48 -244 -75 -54 -57 -70
Total Pre-Tax Income 		-7.12 -48 -244 -75 -53 -57 -70
Total Revenue		 0.00 15 54 73 95 90 83
Net Interest Income / (Expense)		 0.00 -5.20 -5.17 -4.31 -7.24 -11 -11
Total Interest Income		 0.00 0.00 0.00 1.12 2.06 1.56 3.80
Investment Securities Interest Income		 - - 0.00 1.12 2.06 1.56 3.80
Total Interest Expense		 0.00 5.20 5.17 5.43 9.31 12 15
Long-Term Debt Interest Expense		 - 5.20 5.17 5.43 9.31 12 15
Total Non-Interest Income		 0.00 21 59 77 102 100 94
Net Realized & Unrealized Capital Gains on Investments		 - -0.56 25 12 7.68 -1.94 -12
Other Non-Interest Income		 - 21 34 65 94 102 107
Total Non-Interest Expense		 0.27 62 298 152 150 146 153
Marketing Expense		 - 0.26 0.11 0.74 0.64 1.34 0.43
Other Operating Expenses		 - 29 87 80 73 74 87
Depreciation Expense		 - 34 49 71 77 71 66
Nonoperating Income / (Expense), net		 -6.85 -0.85 - 4.17 2.36 0.00 0.06
Income Tax Expense		 0.09 0.00 0.00 0.00 0.67 0.37 0.13
Basic Earnings per Share		 ($0.98) ($0.60) ($3.39) ($0.63) ($3.18) ($2.67) ($2.09)
Weighted Average Basic Shares Outstanding		 7.81M 11.89M 120.49M 138.73M 146.26M 31.64M 36.99M
Diluted Earnings per Share		 ($0.98) ($0.60) ($3.39) ($0.63) ($3.18) ($2.67) ($2.09)
Weighted Average Diluted Shares Outstanding		 7.81M 11.89M 120.49M 138.73M 146.26M 31.64M 36.99M
Weighted Average Basic & Diluted Shares Outstanding		 35.94M 11.89M 120.49M 138.73M 146.26M 31.64M 36.99M

Quarterly Income Statements for BlackSky Technology

This table shows BlackSky Technology's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -3.79 -16 -9.40 -13 -19 -13 -41 -15 -0.87 -30 -21
Consolidated Net Income / (Loss)		 -3.79 -16 -9.40 -13 -19 -13 -41 -15 -0.87 -30 -21
Net Income / (Loss) Continuing Operations		 -3.79 -16 -9.40 -13 -19 -13 -41 -15 -0.87 -30 -21
Total Pre-Tax Income 		-3.38 -16 -9.15 -13 -19 -13 -41 -15 -0.85 -30 -21
Total Revenue		 33 -2.49 28 23 17 29 -5.07 21 39 9.65 20
Net Interest Income / (Expense)		 -2.22 -2.23 -2.70 -2.89 -2.81 -2.77 -2.83 -2.71 -2.83 -2.91 -2.52
Total Interest Income		 0.46 0.40 0.33 0.26 0.57 0.57 0.68 1.32 1.23 1.02 1.35
Investment Securities Interest Income		 0.46 0.40 0.33 0.26 0.57 0.57 0.68 1.32 1.23 1.02 1.35
Total Interest Expense		 2.68 2.63 3.03 3.14 3.38 3.34 3.51 4.04 4.06 3.93 3.87
Long-Term Debt Interest Expense		 2.68 2.63 3.03 3.14 3.38 3.34 3.51 4.04 4.06 3.93 3.87
Total Non-Interest Income		 35 -0.25 30 26 20 31 -2.24 24 41 13 23
Net Realized & Unrealized Capital Gains on Investments		 -0.30 -0.25 5.27 3.57 -11 1.90 -24 4.25 6.14 -8.22 -11
Other Non-Interest Income		 36 - 25 23 30 30 22 20 35 21 33
Total Non-Interest Expense		 39 13 37 36 36 42 36 36 39 39 41
Marketing Expense		 0.12 0.46 0.29 0.04 0.56 0.25 0.02 0.03 0.14 0.17 0.29
Other Operating Expenses		 17 19 18 18 19 21 23 22 22 23 24
Depreciation Expense		 23 18 18 18 17 20 13 15 18 17 17
Nonoperating Income / (Expense), net		 - 0.00 0.00 - - 0.07 - - - - -0.00
Income Tax Expense		 0.41 0.07 0.25 0.03 0.02 0.03 0.04 0.04 0.02 0.00 0.00
Basic Earnings per Share		 ($0.03) ($0.88) ($0.52) ($0.66) ($0.61) ($0.42) ($1.27) ($0.44) ($0.02) ($0.82) ($0.54)
Weighted Average Basic Shares Outstanding		 146.26M 146.83M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M
Diluted Earnings per Share		 ($0.03) ($0.88) ($0.52) ($0.66) ($0.61) ($0.42) ($1.27) ($0.44) ($0.02) ($0.82) ($0.54)
Weighted Average Diluted Shares Outstanding		 146.26M 146.83M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M
Weighted Average Basic & Diluted Shares Outstanding		 146.26M 146.83M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M

Annual Cash Flow Statements for BlackSky Technology

This table details how cash moves in and out of BlackSky Technology's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.04 -38 158 -131 -3.58 -19 29
Net Cash From Operating Activities		 -0.29 -32 -54 -44 -17 -6.38 -28
Net Cash From Continuing Operating Activities		 -0.29 -15 -57 -44 -17 -6.38 -28
Net Income / (Loss) Continuing Operations		 -7.21 -48 -244 -75 -54 -57 -70
Consolidated Net Income / (Loss)		 -7.21 -20 -246 -74 -54 -57 -70
Depreciation Expense		 - 9.80 14 36 43 44 30
Amortization Expense		 - 1.14 1.81 3.45 8.85 9.79 4.42
Non-Cash Adjustments to Reconcile Net Income		 6.85 3.21 180 5.58 3.28 13 3.52
Changes in Operating Assets and Liabilities, net		 0.07 18 -5.76 -14 -19 -15 3.67
Net Cash From Investing Activities		 -316 -9.77 -64 -82 -15 -68 -87
Net Cash From Continuing Investing Activities		 -316 -18 -64 -81 -15 -68 -87
Purchase of Property, Leasehold Improvements and Equipment		 - -0.28 -1.27 -12 -15 -16 -16
Purchase of Investment Securities		 -316 -18 -63 -83 -40 -53 -128
Divestitures		 - - - - 0.00 0.54 0.00
Sale and/or Maturity of Investments		 - 0.00 0.30 14 69 34 88
Other Investing Activities, net		 0.00 - 0.00 - -28 -35 -30
Net Cash From Financing Activities		 318 3.44 275 -5.05 29 56 144
Net Cash From Continuing Financing Activities		 318 3.44 275 -5.05 29 56 144
Issuance of Debt		 0.12 3.60 59 - 0.00 20 185
Issuance of Common Equity		 8.33 - - 0.00 33 47 41
Repayment of Debt		 -0.22 -0.15 -28 0.00 -1.31 -11 -92
Other Financing Activities, Net		 309 -0.01 245 -5.05 -2.37 -0.72 10
Cash Interest Paid		 - 2.28 1.00 0.23 1.21 2.52 35
Cash Income Taxes Paid		 0.00 - - 0.00 0.46 0.48 0.20

Quarterly Cash Flow Statements for BlackSky Technology

This table details how cash moves in and out of BlackSky Technology's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -0.54 -18 11 31 -43 7.52 1.81 6.21 14 -2.14 5.45
Net Cash From Operating Activities		 -1.62 -3.81 -1.79 1.04 -1.82 27 -7.28 -39 -9.32 -2.36 -3.53
Net Cash From Continuing Operating Activities		 -1.62 -3.81 -1.79 1.04 -1.82 27 -7.28 -39 -9.32 -2.36 -3.53
Net Income / (Loss) Continuing Operations		 -3.79 -16 -9.40 -13 -19 -13 -41 -15 -0.87 -30 -21
Consolidated Net Income / (Loss)		 -3.79 -16 -9.40 -13 -19 -13 -41 -15 -0.87 -30 -21
Depreciation Expense		 11 11 11 11 9.95 7.24 7.21 7.86 8.04 9.25 8.00
Amortization Expense		 7.85 2.31 2.44 2.50 2.53 2.58 1.75 -0.28 0.38 0.39 0.42
Non-Cash Adjustments to Reconcile Net Income		 4.34 3.35 -3.09 -1.12 13 0.64 27 -31 6.34 12 15
Changes in Operating Assets and Liabilities, net		 -21 -4.95 -3.03 1.13 -8.33 30 -2.38 -0.42 -23 5.95 -5.65
Net Cash From Investing Activities		 -0.28 -15 -7.94 -4.41 -41 -24 -26 -61 24 -9.33 -136
Net Cash From Continuing Investing Activities		 -0.28 -15 -7.94 -4.41 -41 -24 -26 -61 24 -9.33 -136
Purchase of Property, Leasehold Improvements and Equipment		 -2.98 -3.30 -3.28 -5.71 -3.39 -4.47 -3.63 -3.86 -4.25 -3.87 -3.42
Purchase of Investment Securities		 -11 -9.46 -4.02 - -39 -28 -29 -64 -7.28 -29 -150
Sale and/or Maturity of Investments		 18 9.00 9.00 8.73 7.50 13 13 18 44 35 30
Other Investing Activities, net		 -4.84 -11 -9.64 -7.43 -6.15 -4.42 -6.35 -11 -8.41 -12 -12
Net Cash From Financing Activities		 1.36 0.86 21 34 -0.24 4.42 35 106 -0.87 9.55 145
Net Cash From Continuing Financing Activities		 1.36 0.86 21 34 -0.24 4.42 35 106 -0.87 9.55 145
Issuance of Common Equity		 1.87 1.30 1.65 44 -0.33 5.12 36 -0.03 -0.00 14 146
Repayment of Debt		 - 0.00 - -10 - -0.18 -0.56 -90 -1.13 -1.69 -2.25
Other Financing Activities, Net		 -0.50 -0.44 -0.01 -0.36 0.09 -0.52 -0.41 11 0.26 -3.03 0.92
Cash Interest Paid		 0.99 0.00 1.03 0.18 1.32 0.20 1.47 32 0.61 8.06 1.33

Annual Balance Sheets for BlackSky Technology

This table presents BlackSky Technology's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.21 318 120 306 234 224 254 386
Cash and Due from Banks		 0.04 1.08 5.10 166 34 33 13 42
Restricted Cash		 - - 5.48 2.52 2.84 0.62 1.32 1.10
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 - - 21 71 72 67 46 79
Goodwill		 - - 9.39 9.39 9.39 9.39 10 10
Intangible Assets		 - - 3.83 2.48 1.92 1.36 5.45 4.42
Other Assets		 - 0.20 72 51 109 113 178 249
Total Liabilities & Shareholders' Equity		 0.21 318 120 306 234 224 254 386
Total Liabilities		 0.19 33 153 126 112 131 160 291
Short-Term Debt		 0.10 - 26 5.61 3.73 11 1.93 7.94
Other Short-Term Payables		 - 0.18 30 25 23 17 24 52
Long-Term Debt		 - - 85 71 76 84 106 193
Other Long-Term Liabilities		 - 33 12 24 9.07 20 28 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - - 0.00 0.00
Total Equity & Noncontrolling Interests		 0.02 5.00 -33 180 122 93 94 95
Total Preferred & Common Equity		 0.02 5.00 -33 180 122 93 94 95
Total Common Equity		 0.02 5.00 -33 180 122 93 94 95
Common Stock		 0.03 12 191 651 667 692 750 821
Retained Earnings		 -0.00 -7.21 -224 -471 -545 -599 -656 -726

Quarterly Balance Sheets for BlackSky Technology

This table presents BlackSky Technology's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 241 228 213 210 224 245 285 311 381 372 517
Cash and Due from Banks		 57 41 32 15 26 56 21 23 29 39 37
Restricted Cash		 2.84 1.84 1.84 0.41 1.10 1.15 1.15 1.15 1.10 2.03 9.97
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 87 82 75 60 52 47 61 77 73 96 91
Goodwill		 9.39 9.39 9.39 9.39 9.39 9.39 10 10 10 10 10
Intangible Assets		 1.78 1.64 1.50 1.22 1.08 0.94 5.24 5.06 4.86 3.87 3.50
Other Assets		 77 87 86 124 135 131 187 195 263 221 365
Total Liabilities & Shareholders' Equity		 241 228 213 210 224 245 285 311 381 372 517
Total Liabilities		 122 140 121 128 148 135 196 224 290 291 305
Short-Term Debt		 2.38 2.23 0.00 0.16 2.69 0.32 3.75 5.20 5.77 9.26 12
Other Short-Term Payables		 18 15 19 17 17 18 28 32 46 44 41
Long-Term Debt		 76 79 79 85 108 98 112 117 189 193 199
Other Long-Term Liabilities		 25 43 23 26 20 18 52 70 49 44 53
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - - 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 119 89 92 82 77 110 89 87 91 81 212
Total Preferred & Common Equity		 119 89 92 82 77 110 89 87 91 81 212
Total Common Equity		 119 89 92 82 77 110 89 87 91 81 212
Common Stock		 681 684 687 696 701 747 758 797 817 837 988
Retained Earnings		 -562 -596 -595 -615 -624 -637 -669 -710 -726 -756 -777

Annual Metrics And Ratios for BlackSky Technology

This table displays calculated financial ratios and metrics derived from BlackSky Technology's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - 35,992,596.00
DEI Adjusted Shares Outstanding		 - - - - - - 35,992,596.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -1.95
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 250.10% 35.33% 30.30% -5.69% -6.98%
EBITDA Growth		 0.00% -13,166.87% -534.23% 82.47% 91.83% -7.94% -905.08%
EBIT Growth		 0.00% -17,206.38% -420.57% 67.60% 29.73% -2.35% -23.47%
NOPAT Growth		 0.00% -17,206.38% -420.57% 67.60% 29.73% -2.35% -23.47%
Net Income Growth		 0.00% -170.96% -1,157.45% 69.81% 27.39% -6.24% -22.79%
EPS Growth		 0.00% 38.78% -465.00% 81.42% 27.39% 16.04% 21.72%
Operating Cash Flow Growth		 0.00% -10,952.64% -70.08% 17.48% 60.81% 63.35% -343.47%
Free Cash Flow Firm Growth		 0.00% 0.00% -300.24% 99.85% -4,689.20% -119.60% -165.97%
Invested Capital Growth		 0.00% -72.80% 230.91% -21.36% -7.09% 7.55% 46.78%
Revenue Q/Q Growth		 0.00% 0.00% 175.78% -26.75% 17.75% -15.13% -3.19%
EBITDA Q/Q Growth		 0.00% 0.00% -88.95% 76.25% 86.44% -122.40% 29.03%
EBIT Q/Q Growth		 0.00% 0.00% -80.39% 60.81% 18.73% -30.20% 20.91%
NOPAT Q/Q Growth		 0.00% 0.00% -80.79% -46.25% 14.04% -39.25% 20.85%
Net Income Q/Q Growth		 0.00% 0.00% 3.09% -37.43% 16.98% -37.59% 20.89%
EPS Q/Q Growth		 0.00% 0.00% -87.29% 66.67% 16.98% -97.78% 15.38%
Operating Cash Flow Q/Q Growth		 0.00% -14.40% -25.25% 18.52% 16.34% -3.13% -36.05%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 96.59% -179.00% 18.25% -3.09%
Invested Capital Q/Q Growth		 0.00% 0.00% 11.19% -2.99% 9.26% -3.52% 3.45%
Profitability Metrics		 - - - - - - -
EBITDA Margin		 0.00% -233.68% -423.32% -54.82% -3.44% -3.93% -42.54%
EBIT Margin		 0.00% -304.83% -453.25% -108.50% -58.51% -63.50% -84.29%
Profit (Net Income) Margin		 0.00% -127.05% -456.31% -101.81% -56.74% -63.91% -84.37%
Tax Burden Percent		 101.31% 40.94% 100.68% 99.06% 101.27% 100.65% 100.18%
Interest Burden Percent		 2,627.68% 101.81% 100.00% 94.73% 95.75% 100.00% 99.91%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -18.09% -102.21% -24.14% -19.97% -20.45% -19.75%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 5.96% -182.10% -48.14% -37.16% -37.70% -33.43%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.61% -232.44% -25.06% -30.12% -40.70% -54.66%
Return on Equity (ROE)		 -5.06% -15.49% -334.65% -49.20% -50.09% -61.15% -74.40%
Cash Return on Invested Capital (CROIC)		 0.00% 96.36% -209.38% -0.22% -12.62% -27.72% -57.66%
Operating Return on Assets (OROA)		 0.00% -21.39% -114.64% -29.28% -24.25% -23.78% -21.92%
Return on Assets (ROA)		 0.00% -8.92% -115.41% -27.48% -23.51% -23.93% -21.94%
Return on Common Equity (ROCE)		 -0.09% 1.71% -334.64% -49.20% -50.09% -61.15% -74.40%
Return on Equity Simple (ROE_SIMPLE)		 -144.19% 59.53% -136.76% -60.86% -57.81% -60.88% -74.06%
Net Operating Profit after Tax (NOPAT)		 -0.19 -33 -171 -55 -39 -40 -49
NOPAT Margin		 0.00% -213.38% -317.27% -75.95% -40.96% -44.45% -59.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% -24.05% 79.88% 24.00% 17.19% 17.25% 13.68%
SG&A Expenses to Revenue		 0.00% 1.66% 0.21% 1.01% 0.68% 1.50% 0.52%
Operating Expenses to Revenue		 0.00% 404.83% 553.25% 208.50% 158.51% 163.50% 184.29%
Earnings before Interest and Taxes (EBIT)		 -0.27 -47 -244 -79 -56 -57 -70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.27 -36 -228 -40 -3.26 -3.52 -35
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 77.09 0.00 2.90 1.53 2.15 3.53 7.11
Price to Tangible Book Value (P/TBV)		 77.09 0.00 3.11 1.69 2.43 4.24 8.42
Price to Revenue (P/Rev)		 0.00 26.92 9.69 2.57 2.11 3.71 8.10
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.33 6.62 1.68 1.14 1.39 2.11 2.81
Enterprise Value to Revenue (EV/Rev)		 0.00 33.41 7.99 3.15 2.75 4.75 10.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.94 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 -3.36 0.43 0.66 1.01 1.15 2.12
Long-Term Debt to Equity		 0.00 -2.59 0.40 0.63 0.90 1.13 2.04
Financial Leverage		 0.00 0.44 1.28 0.52 0.81 1.08 1.63
Leverage Ratio		 1.12 1.74 2.90 1.79 2.13 2.56 3.39
Compound Leverage Factor		 29.35 1.77 2.90 1.70 2.04 2.56 3.39
Debt to Total Capital		 0.00% 142.31% 30.01% 39.61% 50.32% 53.39% 67.95%
Short-Term Debt to Total Capital		 0.00% 32.88% 2.19% 1.85% 5.78% 0.96% 2.68%
Long-Term Debt to Total Capital		 0.00% 109.43% 27.82% 37.77% 44.53% 52.43% 65.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 98.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 1.75% -42.31% 69.99% 60.39% 49.68% 46.61% 32.05%
Debt to EBITDA		 0.00 -3.07 -0.34 -2.00 -28.91 -30.57 -5.68
Net Debt to EBITDA		 0.00 -2.78 0.40 -1.07 -18.67 -26.49 -4.45
Long-Term Debt to EBITDA		 0.00 -2.36 -0.31 -1.91 -25.59 -30.02 -5.45
Debt to NOPAT		 0.00 -3.36 -0.45 -1.44 -2.43 -2.71 -4.09
Net Debt to NOPAT		 0.00 -3.04 0.53 -0.78 -1.57 -2.34 -3.21
Long-Term Debt to NOPAT		 0.00 -2.59 -0.42 -1.38 -2.15 -2.66 -3.93
Noncontrolling Interest Sharing Ratio		 98.24% 111.03% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 175 -350 -0.51 -25 -54 -143
Operating Cash Flow to CapEx		 0.00% -11,271.89% -4,255.29% -380.71% -114.22% -40.72% -174.63%
Free Cash Flow to Firm to Interest Expense		 0.00 33.60 -67.74 -0.09 -2.64 -4.43 -9.60
Operating Cash Flow to Interest Expense		 0.00 -6.09 -10.43 -8.19 -1.87 -0.52 -1.89
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -6.14 -10.68 -10.35 -3.51 -1.81 -2.98
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.07 0.25 0.27 0.41 0.37 0.26
Fixed Asset Turnover		 0.00 0.00 1.18 1.03 1.37 1.59 1.34
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 285 78 257 202 188 202 296
Invested Capital Turnover		 0.00 0.08 0.32 0.32 0.49 0.46 0.33
Increase / (Decrease) in Invested Capital		 0.00 -208 179 -55 -14 14 94
Enterprise Value (EV)		 664 514 430 230 261 425 832
Market Capitalization		 385 414 521 187 200 332 675
Book Value per Share		 $0.13 ($0.83) $1.55 $1.00 $0.65 $3.05 $2.64
Tangible Book Value per Share		 $0.13 ($1.16) $1.44 $0.91 $0.58 $2.54 $2.23
Total Capital		 285 78 257 202 188 202 296
Total Debt		 0.00 110 77 80 94 108 201
Total Long-Term Debt		 0.00 85 71 76 84 106 193
Net Debt		 -1.08 100 -91 43 61 93 158
Capital Expenditures (CapEx)		 0.00 0.28 1.27 12 15 16 16
Net Nonoperating Expense (NNE)		 7.02 -13 75 19 15 17 21
Net Nonoperating Obligations (NNO)		 0.00 110 77 80 94 108 201
Total Depreciation and Amortization (D&A)		 0.00 11 16 39 52 53 35
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.39) ($0.63) ($3.20) ($2.67) ($2.09)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 120.49M 138.73M 18.28M 31.64M 36.99M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.39) ($0.63) ($3.20) ($2.67) ($2.09)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 120.49M 138.73M 18.28M 31.64M 36.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 120.49M 138.73M 18.28M 31.64M 36.99M
Normalized Net Operating Profit after Tax (NOPAT)		 0.00 -33 -57 -55 -39 -40 -49
Normalized NOPAT Margin		 0.00% -214.67% -106.61% -75.95% -40.96% -44.45% -59.00%
Pre Tax Income Margin		 0.00% -310.35% -453.25% -102.78% -56.03% -63.50% -84.21%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 -9.01 -47.24 -14.57 -5.97 -4.66 -4.70
NOPAT to Interest Expense		 0.00 -6.31 -33.07 -10.20 -4.18 -3.27 -3.29
EBIT Less CapEx to Interest Expense		 0.00 -9.07 -47.48 -16.72 -7.61 -5.95 -5.78
NOPAT Less CapEx to Interest Expense		 0.00 -6.36 -33.31 -12.35 -5.82 -4.55 -4.37
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for BlackSky Technology

This table displays calculated financial ratios and metrics derived from BlackSky Technology's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 35,992,596.00 36,994,814.00 37,109,026.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 35,992,596.00 36,994,814.00 37,109,026.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.02 -0.80 -0.56
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 76.56% -113.07% 314.65% -35.91% -48.38% 1,252.53% -118.42% -8.98% -6.65% -66.35% 500.20%
EBITDA Growth		 245.68% 67.87% 122.22% -91.14% -156.08% -35.28% -805.09% -827.02% 209.60% -559.57% 61.50%
EBIT Growth		 67.32% 8.49% 71.96% -2,701.04% -212.18% 18.38% -350.50% -21.79% 95.68% -130.88% 49.44%
NOPAT Growth		 77.20% 8.49% 71.96% -2,292.96% -474.81% 18.38% -350.50% -21.79% 95.63% -130.88% 49.44%
Net Income Growth		 74.41% 8.69% 71.89% -1,965.33% -412.67% 18.96% -338.85% -21.83% 95.53% -131.51% 49.48%
EPS Growth		 74.41% 8.69% 75.00% -1,750.00% -1,933.33% 52.27% -144.23% 33.33% 96.72% -95.24% 57.48%
Operating Cash Flow Growth		 67.70% 77.05% -283.42% 698.27% -11.95% 815.09% -306.25% -3,863.96% -412.88% -108.65% 51.58%
Free Cash Flow Firm Growth		 -73.11% -39.51% -196.78% -225.46% -331.95% -332.82% -112.55% -90.05% -242.37% -114.57% -352.40%
Invested Capital Growth		 -7.09% -15.71% 10.17% 21.80% 7.55% 22.59% 11.49% 36.89% 46.78% 38.82% 102.06%
Revenue Q/Q Growth		 -9.00% -107.54% 26.50% -15.54% -26.71% 68.36% -117.67% 517.34% 82.13% -74.95% 110.20%
EBITDA Q/Q Growth		 2.86% -118.21% 303.83% -76.79% -751.13% 56.08% -961.94% 76.06% 198.17% -364.26% 38.02%
EBIT Q/Q Growth		 -1,386.54% -153.32% 41.90% -37.38% -54.41% 33.77% -220.73% 62.87% 94.52% -3,435.52% 29.77%
NOPAT Q/Q Growth		 -689.13% -366.40% 41.90% -37.38% -54.42% 33.77% -220.73% 62.87% 94.46% -3,402.13% 29.77%
Net Income Q/Q Growth		 -661.19% -317.37% 40.56% -33.99% -54.24% 34.02% -221.85% 62.80% 94.34% -3,317.40% 29.76%
EPS Q/Q Growth		 -661.19% -317.37% 45.45% -1,000.00% 7.58% 31.15% -202.38% 65.35% 95.45% -4,000.00% 34.15%
Operating Cash Flow Q/Q Growth		 -838.15% -134.75% 52.97% 157.76% -275.56% 1,599.45% -126.72% -435.12% 76.08% 74.72% -49.62%
Free Cash Flow Firm Q/Q Growth		 -67.54% 67.50% -218.37% -94.93% 39.99% -68.13% -8.07% -74.28% -8.11% -5.37% -127.85%
Invested Capital Q/Q Growth		 9.26% -11.16% 12.56% 11.48% -3.52% 1.26% 2.37% 36.88% 3.45% -4.23% 49.00%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 37.37% 0.00% 16.63% 4.57% -40.60% -10.59% 0.00% -36.50% 19.68% -207.60% -61.22%
EBIT Margin		 -18.83% 0.00% -33.24% -54.06% -113.90% -44.81% 0.00% -72.34% -2.18% -307.42% -102.72%
Profit (Net Income) Margin		 -11.48% 0.00% -34.16% -54.18% -114.02% -44.68% 0.00% -72.53% -2.25% -307.42% -102.72%
Tax Burden Percent		 112.24% 100.44% 102.76% 100.22% 100.10% 100.23% 100.08% 100.25% 102.48% 100.00% 100.00%
Interest Burden Percent		 54.31% 99.99% 100.00% 100.00% 100.01% 99.49% 99.99% 100.00% 100.95% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -3.49% 0.00% -15.42% -20.98% -36.69% -20.42% 0.00% -17.60% -0.52% -56.71% -20.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 -5.13% 0.00% -18.53% -25.24% -42.47% -24.23% 0.00% -20.75% -0.69% -62.31% -24.16%
Return on Net Nonoperating Assets (RNNOA)		 -4.16% 0.00% -21.62% -22.22% -45.84% -28.45% 0.00% -30.28% -1.13% -116.79% -27.01%
Return on Equity (ROE)		 -7.65% 0.00% -37.04% -43.20% -82.53% -48.87% 0.00% -47.88% -1.65% -173.50% -47.42%
Cash Return on Invested Capital (CROIC)		 -12.62% -2.84% -20.42% -34.67% -27.72% -40.64% -41.21% -56.22% -57.66% -57.49% -82.35%
Operating Return on Assets (OROA)		 -7.80% 0.00% -17.42% -24.89% -42.65% -21.85% 0.00% -19.87% -0.57% -60.17% -22.24%
Return on Assets (ROA)		 -4.76% 0.00% -17.90% -24.95% -42.69% -21.79% 0.00% -19.92% -0.59% -60.17% -22.24%
Return on Common Equity (ROCE)		 -7.65% 0.00% -37.04% -43.20% -82.53% -48.87% 0.00% -47.88% -1.65% -173.50% -47.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -64.07% -37.00% -37.71% 0.00% -61.03% -99.43% -97.54% 0.00% -107.80% -31.53%
Net Operating Profit after Tax (NOPAT)		 -2.36 -11 -6.40 -8.79 -14 -8.99 -29 -11 -0.59 -21 -15
NOPAT Margin		 -7.16% 0.00% -23.27% -37.84% -79.73% -31.36% 0.00% -50.64% -1.54% -215.19% -71.90%
Net Nonoperating Expense Percent (NNEP)		 1.64% 5.86% 3.11% 4.26% 5.78% 3.82% 10.62% 3.15% 0.18% 5.60% 3.75%
SG&A Expenses to Revenue		 0.36% 0.00% 1.04% 0.19% 3.28% 0.85% 0.00% 0.14% 0.37% 1.76% 1.43%
Operating Expenses to Revenue		 118.83% 0.00% 133.24% 154.06% 213.90% 144.81% 0.00% 172.34% 102.18% 407.42% 202.72%
Earnings before Interest and Taxes (EBIT)		 -6.21 -16 -9.15 -13 -19 -13 -41 -15 -0.84 -30 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12 -2.25 4.58 1.06 -6.92 -3.04 -32 -7.72 7.58 -20 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.15 4.37 2.05 0.80 3.53 2.75 7.53 7.85 7.11 11.52 4.90
Price to Tangible Book Value (P/TBV)		 2.43 5.02 2.38 0.88 4.24 3.34 9.15 9.41 8.42 13.96 5.24
Price to Revenue (P/Rev)		 2.11 4.86 1.33 0.84 3.71 2.03 7.39 8.31 8.10 14.49 11.56
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.39 2.56 1.29 0.62 2.11 1.66 3.59 3.07 2.81 3.85 2.84
Enterprise Value to Revenue (EV/Rev)		 2.75 5.81 2.04 1.23 4.75 2.80 8.51 10.23 10.00 17.00 13.39
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 287.99 9.06 8.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 13.70 39.11 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.01 1.04 1.45 0.90 1.15 1.30 1.41 2.14 2.12 2.51 1.00
Long-Term Debt to Equity		 0.90 1.04 1.41 0.89 1.13 1.26 1.35 2.08 2.04 2.39 0.94
Financial Leverage		 0.81 0.82 1.17 0.88 1.08 1.17 1.43 1.46 1.63 1.87 1.12
Leverage Ratio		 2.13 2.25 2.74 2.26 2.56 2.90 3.28 3.11 3.39 3.87 2.78
Compound Leverage Factor		 1.16 2.25 2.74 2.26 2.56 2.89 3.28 3.11 3.42 3.87 2.78
Debt to Total Capital		 50.32% 50.94% 59.18% 47.25% 53.39% 56.49% 58.59% 68.18% 67.95% 71.49% 49.92%
Short-Term Debt to Total Capital		 5.78% 0.10% 1.43% 0.16% 0.96% 1.84% 2.49% 2.02% 2.68% 3.27% 2.76%
Long-Term Debt to Total Capital		 44.53% 50.85% 57.75% 47.09% 52.43% 54.65% 56.10% 66.16% 65.27% 68.23% 47.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 49.68% 49.06% 40.82% 52.75% 46.61% 43.51% 41.41% 31.82% 32.05% 28.51% 50.08%
Debt to EBITDA		 -28.91 57.34 4.16 6.28 -30.57 -26.74 -2.98 -3.91 -5.68 -3.87 -6.47
Net Debt to EBITDA		 -18.67 46.95 3.16 2.64 -26.49 -21.66 -2.40 -3.31 -4.45 -3.08 -5.03
Long-Term Debt to EBITDA		 -25.59 57.23 4.06 6.26 -30.02 -25.87 -2.85 -3.79 -5.45 -3.69 -6.11
Debt to NOPAT		 -2.43 -2.34 -5.78 -3.46 -2.71 -3.06 -2.04 -3.14 -4.09 -3.33 -4.52
Net Debt to NOPAT		 -1.57 -1.92 -4.39 -1.45 -2.34 -2.48 -1.64 -2.66 -3.21 -2.65 -3.51
Long-Term Debt to NOPAT		 -2.15 -2.34 -5.64 -3.44 -2.66 -2.96 -1.95 -3.05 -3.93 -3.18 -4.27
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 12 20 -24 -46 -28 -47 -50 -88 -95 -100 -228
Operating Cash Flow to CapEx		 -54.50% -115.56% -54.65% 18.12% -53.61% 610.19% -200.50% -1,008.46% -219.12% -60.94% -103.04%
Free Cash Flow to Firm to Interest Expense		 4.46 7.60 -7.83 -14.71 -8.20 -13.95 -14.36 -21.75 -23.40 -25.44 -58.97
Operating Cash Flow to Interest Expense		 -0.61 -1.45 -0.59 0.33 -0.54 8.15 -2.07 -9.65 -2.30 -0.60 -0.91
Operating Cash Flow Less CapEx to Interest Expense		 -1.72 -2.70 -1.67 -1.49 -1.54 6.81 -3.11 -10.61 -3.35 -1.58 -1.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.41 0.33 0.52 0.46 0.37 0.49 0.33 0.27 0.26 0.20 0.22
Fixed Asset Turnover		 1.37 1.00 1.77 1.74 1.59 2.00 1.36 1.44 1.34 0.82 1.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 188 167 187 209 202 204 209 286 296 283 422
Invested Capital Turnover		 0.49 0.40 0.66 0.55 0.46 0.65 0.44 0.35 0.33 0.26 0.28
Increase / (Decrease) in Invested Capital		 -14 -31 17 37 14 38 22 77 94 79 213
Enterprise Value (EV)		 261 426 241 130 425 338 750 880 832 1,092 1,200
Market Capitalization		 200 357 157 88 332 245 651 715 675 931 1,036
Book Value per Share		 $0.65 $0.31 $0.52 $0.74 $3.05 $2.81 $2.73 $2.57 $2.64 $2.18 $5.70
Tangible Book Value per Share		 $0.58 $0.27 $0.45 $0.67 $2.54 $2.32 $2.25 $2.14 $2.23 $1.80 $5.33
Total Capital		 188 167 187 209 202 204 209 286 296 283 422
Total Debt		 94 85 111 99 108 115 122 195 201 203 211
Total Long-Term Debt		 84 85 108 98 106 112 117 189 193 193 199
Net Debt		 61 69 84 41 93 93 99 165 158 161 164
Capital Expenditures (CapEx)		 2.98 3.30 3.28 5.71 3.39 4.47 3.63 3.86 4.25 3.87 3.42
Net Nonoperating Expense (NNE)		 1.43 4.79 3.00 3.80 5.84 3.82 12 4.63 0.28 8.90 6.25
Net Nonoperating Obligations (NNO)		 94 85 111 99 108 115 122 195 201 203 211
Total Depreciation and Amortization (D&A)		 19 13 14 14 12 9.81 8.96 7.58 8.42 9.63 8.42
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.24) ($0.88) ($0.06) ($0.66) ($0.61) ($0.42) ($1.27) ($0.44) ($0.02) ($0.82) ($0.54)
Adjusted Weighted Average Basic Shares Outstanding		 18.28M 18.35M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M
Adjusted Diluted Earnings per Share		 ($0.24) ($0.88) ($0.06) ($0.66) ($0.61) ($0.42) ($1.27) ($0.44) ($0.02) ($0.82) ($0.54)
Adjusted Weighted Average Diluted Shares Outstanding		 18.28M 18.35M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M
Adjusted Basic & Diluted Earnings per Share		 ($0.24) $0.00 $0.00 $0.00 ($0.61) $0.00 $0.00 $0.00 ($0.02) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 18.28M 18.35M 148.91M 30.78M 31.64M 31.65M 35.46M 35.99M 36.99M 37.11M 40.92M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.36 -28 -6.40 -8.78 -14 -8.99 -29 -11 -0.59 -21 -15
Normalized NOPAT Margin		 -7.16% 0.00% -23.27% -37.78% -79.73% -31.36% 0.00% -50.61% -1.54% -215.19% -71.90%
Pre Tax Income Margin		 -10.23% 0.00% -33.24% -54.06% -113.90% -44.58% 0.00% -72.34% -2.20% -307.42% -102.72%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.32 -5.98 -3.02 -4.00 -5.74 -3.84 -11.74 -3.79 -0.21 -7.54 -5.39
NOPAT to Interest Expense		 -0.88 -4.18 -2.11 -2.80 -4.02 -2.69 -8.22 -2.65 -0.15 -5.28 -3.77
EBIT Less CapEx to Interest Expense		 -3.43 -7.23 -4.10 -5.82 -6.74 -5.18 -12.78 -4.75 -1.26 -8.53 -6.28
NOPAT Less CapEx to Interest Expense		 -1.99 -5.44 -3.20 -4.62 -5.02 -4.03 -9.26 -3.61 -1.19 -6.26 -4.66
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

BlackSky Technology’s latest statements show improving near-term cash burn but continued dependence on external capital. In Q2 2026, revenue increased to $20.3 million from $9.6 million in Q1 2026 and compared favorably with the restated $(5.1) million reported for Q2 2025. However, revenue remains volatile because it includes substantial “other non-interest income” and investment-related gains or losses rather than a consistently profitable operating base.

Net loss improved to $20.8 million in Q2 2026 from $29.7 million in Q1 2026 and $41.2 million in Q2 2025. Still, BlackSky has reported net losses in nearly every recent quarter provided, with retained earnings reaching a deficit of $776.9 million by June 30, 2026. Operating expenses also remain high: Q2 non-interest expense was $41.1 million, including $17.0 million of depreciation.

Liquidity was supported primarily by a $145.9 million common-equity issuance in Q2. That financing helped offset $135.6 million of investing cash outflows, including $150.2 million of investment-securities purchases, and $3.5 million of operating cash burn. Cash and equivalents ended the quarter at $36.9 million, while restricted cash rose to $10.0 million. Total assets increased sharply to $517.0 million, largely because other assets rose to $365.4 million.

The balance sheet remains a key risk. Total liabilities increased to $305.5 million, including $211.0 million of short- and long-term debt. Interest expense was $3.9 million in Q2 2026, exceeding $1.3 million of investment interest income and producing a net interest expense of $2.5 million. Meanwhile, the weighted-average share count rose to 40.9 million from 37.1 million in Q1, highlighting the dilution associated with the company’s financing strategy.

  • Revenue rebounded sequentially: Q2 2026 revenue of $20.3 million was more than double Q1 2026 revenue of $9.6 million.
  • Net loss narrowed: The Q2 loss of $20.8 million improved from losses of $29.7 million in Q1 2026 and $41.2 million in the restated Q2 2025 period.
  • Operating cash burn improved: Cash used in operations was $3.5 million in Q2 2026, compared with $9.3 million in Q4 2025 and $39.0 million in Q3 2025.
  • Equity financing strengthened liquidity: The $145.9 million common-stock issuance helped produce a $5.5 million increase in cash during Q2 despite operating and investing outflows.
  • Investment activity is materially affecting results: BlackSky purchased $150.2 million of investment securities in Q2 and recorded a $10.5 million net realized and unrealized investment loss, making reported revenue and earnings more difficult to interpret.
  • Recent figures include restatements: Several 2024 and 2025 income-statement periods were identified as restated, so comparisons with earlier quarters should be interpreted cautiously.
  • Profitability remains unproven: BlackSky continues to report substantial net losses, and its retained-earnings deficit reached $776.9 million by the end of Q2 2026.
  • Debt and interest costs remain elevated: Total debt was approximately $211.0 million, while Q2 interest expense of $3.9 million exceeded interest income by $2.5 million.
  • Shareholder dilution is a recurring concern: Common stock increased by roughly $151.5 million on the balance sheet during Q2, while weighted-average shares rose approximately 10% sequentially.
  • Cash generation depends on financing and asset transactions: Operating cash flow remained negative, while the quarterly cash increase was largely enabled by equity issuance rather than internally generated cash.
09/17/26 11:50 AM ETAI Generated. May Contain Errors.

BlackSky Technology Financials - Frequently Asked Questions

According to the most recent income statement we have on file, BlackSky Technology's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

BlackSky Technology's net income appears to be on an upward trend, with a most recent value of -$70.26 million in 2025, rising from -$7.21 million in 2019. The previous period was -$57.22 million in 2024. Check out BlackSky Technology's forecast to explore projected trends and price targets.

Over the last 6 years, BlackSky Technology's total revenue changed from $0.00 in 2019 to $83.28 million in 2025, a change of 8,328,100,000.0%.

BlackSky Technology's total liabilities were at $291.37 million at the end of 2025, a 81.9% increase from 2024, and a 152,040.0% increase since 2018.

In the past 7 years, BlackSky Technology's cash and equivalents has ranged from $42.06 thousand in 2018 to $165.59 million in 2021, and is currently $42.45 million as of their latest financial filing in 2025.

Over the last 6 years, BlackSky Technology's book value per share changed from 0.13 in 2019 to 2.64 in 2025, a change of 1,983.8%.


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Financial statements for NYSE:BKSY last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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