BlackSky Technology (BKSY) AI Stock Analysis

• Market Cap: $918.53M
• Dividend Yield: N/A
• Average Volume (3M): 1.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.57
• Revenue Growth: -5.13%
• EPS Growth: -37.34%
• Country: US
• Employees: 340
• Sector: Industrials
• Sector Strength: 72
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -0.44
• Shares Outstanding: 35,992,596
• 10 Day Avg. Volume: 1,292,935
• 30 Day Avg. Volume: 1,233,020
• PEG Ratio: 0.25
• Price to Book (P/B): 2.46
• Price to Sales (P/S): 2.27
• P/FCF Ratio: -10.49
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 8.68
• Enterprise Value/Gross Profit: 14.40
• Enterprise Value/Ebitda: -21.13
• 1Y Price Target: $26.33
• Price Target Upside: -1.05% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -1.13
• Revenue Forecast (FY): $142.09M

• Rating: 49 Neutral
• Price Target: $24.50 ▼(-7.93% Downside)

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.

Positive Factors

Gen‑3 constellation operational expansion

Rapid integration of Gen‑3 satellites increases operational capacity and high‑cadence imagery offerings, strengthening product differentiation. More operational satellites raise service availability, supporting recurring subscriptions and long‑term revenue visibility across defense and commercial customers.

Robust international contract wins

Large, primarily international contract awards diversify revenue sources and deepen government/defense relationships. This drives multi‑year visibility and recurring demand for imagery and analytics, reducing single‑market concentration risk and supporting steady contract‑backed revenue streams.

Improved liquidity following financing

A materially larger cash position provides runway to complete Gen‑3 deployment and invest in AI analytics without immediate dilution pressure. Stronger liquidity reduces short‑term solvency risk and enables strategic investments that support scalable revenue generation and product commercialization.

Negative Factors

Negative revenue growth and steep losses

Declining sales and extreme negative margins indicate the core business is not yet profitable at scale. Persistent losses erode equity, limit reinvestment capacity, and heighten dependence on external capital, increasing execution risk for satellite deployment and long‑term commercialization plans.

Severe cash‑flow deterioration

Dramatically deteriorated free cash flow and negative operating cash flow constrain self‑funding for capex and R&D. This raises the probability of future financings, increases funding costs, and can delay profitable scale as capital is diverted to cover operating shortfalls and satellite deployment needs.

Integration costs and contract reductions pressuring profitability

Ongoing EOCL revenue declines and elevated integration overhead from LeoStella materially widen losses and compress margins. These structural headwinds can persist through integration timelines, delaying break‑even, increasing cash burn, and complicating efforts to convert new Gen‑3 capacity into profitable growth.

BlackSky Technology Business Overview & Revenue Model

Company Description

BlackSky Technology Inc. provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operations of satellite and ground systems to commercial and government customers worldwide. The company processes a range of observations from its constellation, as well as various space, internet-of-things, and terrestrial based sensors and data feeds. Its products are used in government defense and intelligence; commercial, construction, and industrial; and catastrophe, climate, and environment applications. The company was incorporated in 2014 and is headquartered in Herndon, Virginia.

How the Company Makes Money

BlackSky Technology generates revenue primarily through the sale of satellite imagery and geospatial analytics services. Its revenue model includes subscription-based offerings, where clients pay for ongoing access to data and analytics, as well as one-time purchases of specific imagery and reports. Key revenue streams also stem from contracts with government agencies and defense organizations that require high-resolution imagery for reconnaissance and surveillance purposes. Additionally, partnerships with technology firms and data integrators enhance its service offerings and market reach, contributing to revenue growth. The company may also explore collaborative projects and joint ventures to expand its capabilities and client base.

BlackSky Technology Financial Statement Overview

Summary

Overall fundamentals are weak: revenue growth is negative (-2.8% TTM), profitability is deeply negative (net margin -87.3%, EBIT margin -73.2%), leverage is elevated (debt-to-equity 2.23) with very negative ROE (-98.6%), and cash generation deteriorated sharply (free cash flow growth -1921.5% TTM) alongside negative operating cash flow.

Income Statement

BlackSky Technology's income statement reveals significant challenges. The company has experienced a decline in revenue growth, with a negative growth rate of -2.8% in the TTM period. Margins are under pressure, with a negative net profit margin of -87.3% and an EBIT margin of -73.2%, indicating substantial losses. The gross profit margin has decreased from 73.1% in 2024 to 53.2% in the TTM period, reflecting declining profitability. Overall, the income statement shows a struggling financial performance with declining revenues and profitability.

Balance Sheet

The balance sheet of BlackSky Technology indicates high leverage, with a debt-to-equity ratio of 2.23 in the TTM period, up from 1.24 in 2024. This suggests increased financial risk due to higher debt levels. The return on equity is negative at -98.6%, reflecting poor profitability relative to shareholder equity. The equity ratio stands at 23.9%, indicating a moderate level of equity financing. Overall, the balance sheet highlights concerns over high leverage and negative returns, posing risks to financial stability.

Cash Flow

The cash flow statement shows significant challenges for BlackSky Technology. The free cash flow growth rate is highly negative at -1921.5% in the TTM period, indicating a substantial decline in cash generation. The operating cash flow to net income ratio is negative at -0.40, reflecting insufficient cash flow to cover net losses. The free cash flow to net income ratio is positive at 1.74, suggesting some ability to generate cash relative to net losses. Overall, the cash flow statement highlights severe cash flow issues, with declining free cash flow and negative operating cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2023	Dec 2023	Dec 2023
Income Statement
Total Revenue	101.73M	102.09M	94.49M	94.49M	94.49M	94.49M
Gross Profit	61.34M	74.66M	60.71M	60.71M	60.71M	60.71M
EBITDA	-41.80M	-542.00K	434.00K	434.00K	434.00K	434.00K
Net Income	-88.81M	-57.22M	-53.86M	-53.86M	-53.86M	-53.86M
Balance Sheet
Total Assets	380.86M	254.15M	224.07M	224.07M	224.07M	224.07M
Cash, Cash Equivalents and Short-Term Investments	146.49M	52.46M	52.51M	52.51M	52.51M	52.51M
Total Debt	202.70M	116.49M	87.16M	87.16M	87.16M	87.16M
Total Liabilities	289.80M	160.16M	130.91M	130.91M	130.91M	130.91M
Stockholders Equity	91.06M	93.99M	93.16M	93.16M	93.16M	93.16M
Cash Flow
Free Cash Flow	-41.73M	-22.06M	-61.14M	-61.14M	-61.14M	-61.14M
Operating Cash Flow	-20.24M	-6.38M	-17.42M	-17.42M	-17.42M	-17.42M
Investing Cash Flow	-151.28M	-68.33M	-15.21M	-15.21M	-15.21M	-15.21M
Financing Cash Flow	144.13M	55.66M	29.05M	29.05M	29.05M	29.05M

BlackSky Technology Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 26.61
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKSY, the sentiment is Positive. The current price of 26.61 is above the 20-day moving average (MA) of 20.89, above the 50-day MA of 18.60, and above the 200-day MA of 17.07, indicating a bullish trend. The MACD of 1.86 indicates Negative momentum. The RSI at 71.30 is Negative, neither overbought nor oversold. The STOCH value of 90.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BKSY.

BlackSky Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LYTS	70 Neutral	$599.78M	24.00	11.03%	1.07%	22.35%	2.59%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KOPN	52 Neutral	$518.42M	-78.93	-27.91%	―	3.02%	90.87%
KULR	52 Neutral	$152.55M	-5.31	-29.07%	―	71.92%	31.84%
BKSY	49 Neutral	$918.53M	-8.51	-88.03%	―	-5.13%	-37.34%
SATL	48 Neutral	$407.76M	-2.83	―	―	―	―
MVIS	44 Neutral	$281.48M	-2.65	-112.89%	―	-67.66%	13.39%

BlackSky Technology Corporate Events

BlackSky Technology Enters $100M Sales Agreement

On December 12, 2025, BlackSky Technology Inc. entered into a Sales Agreement with Deutsche Bank Securities Inc. and Craig-Hallum Capital Group LLC to offer and sell up to $100 million of its Class A common stock. This agreement allows for sales through negotiated transactions or at-the-market offerings on the New York Stock Exchange, with the sales agents entitled to a 3% commission on gross proceeds. The move is part of BlackSky’s strategy to leverage its shelf registration statement filed with the SEC, potentially impacting its market positioning by increasing liquidity and capital availability.

The most recent analyst rating on (BKSY) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on BlackSky Technology stock, see the BKSY Stock Forecast page.