BlackSky Reports Record 2025 Revenue and Growing Backlog

The latest announcement is out from BlackSky Technology ( (BKSY) ).

BlackSky reported on February 26, 2026 that fourth-quarter 2025 revenue rose 16% year on year to $35.2 million and full-year revenue reached a record $106.6 million, driven largely by new Gen-3 satellite and services contracts. The company narrowed its Q4 net loss to $0.9 million, posted a second consecutive year of positive adjusted EBITDA, expanded backlog 32% to $345 million on strong international defense and subscription demand, and ended 2025 with $125.6 million in cash and reduced unbilled receivables, underpinning continued Gen-3 deployments and positioning it for further growth in 2026.

BlackSky’s 2025 operating profile showed higher cost of sales and cash operating expenses alongside stepped-up capital expenditures of $46.6 million as it invested in its Gen-3 constellation and advanced imagery capabilities. While full-year net loss widened to $70.3 million and adjusted EBITDA declined to $0.9 million, strong contract bookings, rapid conversion of pilot programs into long-term subscriptions and additional launch commitments suggest a scaling business model and improving visibility for stakeholders despite ongoing losses.

The most recent analyst rating on (BKSY) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on BlackSky Technology stock, see the BKSY Stock Forecast page.

Spark’s Take on BKSY Stock

According to Spark, TipRanks’ AI Analyst, BKSY is a Neutral.

The score is held down primarily by weak financial performance (declining growth, very large losses, high leverage, and deteriorating cash flow). Technicals are a key offset, showing strong upward momentum with the price above major moving averages and a positive MACD. The earnings call adds moderate support via strong contract wins, reaffirmed guidance, and improved liquidity, but ongoing EOCL headwinds and elevated integration-driven expenses temper the outlook. Valuation remains constrained by losses (negative P/E) and no dividend.

To see Spark’s full report on BKSY stock, click here.

More about BlackSky Technology

BlackSky Technology Inc. is a real-time, space-based intelligence company that provides on-demand, high-frequency satellite imagery, analytics and monitoring of critical locations, economic assets and global events. It operates a proprietary low Earth orbit satellite constellation integrated with its BlackSky Spectra tasking and analytics platform, serving U.S. and international government agencies as well as commercial customers from its headquarters in Herndon, Va., and is listed on the NYSE under the ticker BKSY.

Average Trading Volume: 1,394,121

Technical Sentiment Signal: Buy

Current Market Cap: $709.4M

For detailed information about BKSY stock, go to TipRanks’ Stock Analysis page.