Want to see BKSY full AI Analyst Report?
Top Page
BlackSky Technology
(NYSE:BKSY)
Select Model
Select Model
Rating:51Neutral
Price Target:
$25.00
▼(-33.46% Downside)
Action:Reiterated
Date:06/16/26
The score is held down primarily by weak financial performance (persistent losses and cash burn) and bearish technical signals (below key moving averages with negative MACD). Offsetting this, the latest earnings call was constructive with raised 2026 revenue/adjusted EBITDA guidance and strong Gen-3/subscription-margin messaging, but execution and funding-timing risks keep the overall score in the low-to-mid range.
Positive Factors
High-margin subscription economics
Generational shift to high-margin, subscription-based Gen-3 services provides durable revenue quality and strong operating leverage. Sticky subscriptions reduce revenue volatility, allow scaling of gross-profit dollars as the fleet and customer base expand, and materially support a path to sustained profitability if conversion trends hold.
Negative Factors
Persistent cash burn and negative free cash flow
Sustained negative operating and free cash flow implies ongoing reliance on external financing or equity issuance to fund operations and capex. This cash burn constrains reinvestment flexibility, raises dilution/refinancing risk over time, and makes the timing of achieving self-funded growth critical to lasting financial stability.
Read all positive and negative factors
Positive Factors
Negative Factors
High-margin subscription economics
Generational shift to high-margin, subscription-based Gen-3 services provides durable revenue quality and strong operating leverage. Sticky subscriptions reduce revenue volatility, allow scaling of gross-profit dollars as the fleet and customer base expand, and materially support a path to sustained profitability if conversion trends hold.
Read all positive factors
BlackSky Technology Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Data provided by:
The Fly
The FlyBlackSky Technology (BKSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$928.47M
Dividend YieldN/A
Average Volume (3M)1.99M
Price to Earnings (P/E)―
Beta (1Y)2.84
Revenue Growth-8.93%
EPS Growth1.81%
CountryUS
Employees340
SectorIndustrials
Sector Strength72
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-2.55
Shares Outstanding37,109,028
10 Day Avg. Volume1,271,856
30 Day Avg. Volume1,993,238
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)6.64
Price to Sales (P/S)5.91
P/FCF Ratio-14.14
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue10.97
Enterprise Value/Gross Profit15.83
Enterprise Value/Ebitda-27.85
Forecast
1Y Price Target
$40.42Price Target Upside7.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-1.46
Revenue Forecast (FY)$136.53M
BlackSky Technology Business Overview & Revenue Model
Company Description
BlackSky Technology Inc. specializes in providing geo-spatial intelligence, high-resolution imagery, and sophisticated data analytics services. They are also involved in engineering, integrating, and operating comprehensive satellite and ground-ba...
How the Company Makes Money
BlackSky primarily makes money by selling access to its satellite imagery and analytics capabilities through recurring subscriptions and service contracts. A key revenue stream is its Spectra platform (a geospatial intelligence/analytics offering)...
BlackSky Technology Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported a clear operational inflection with Gen-3 fully operational, notable contract wins (including customer-funded R&D), raised revenue and adjusted EBITDA guidance, strong subscription economics (~80% gross margins) and a healthy cash/liquidity position. Lowlights center on the current modest Q1 revenue base, a Q1 adjusted EBITDA loss (-$5.1M), dependence on converting pilot programs (timing uncertainty) and some U.S. government funding visibility risk. On balance the positive operational milestones, guidance raises and strong margins outweigh the near-term challenges and execution/timing risks.Positive Updates
Contract Awards and Backlog Expansion
Company announced up to $160 million in contract awards year-to-date, including over $60 million in new Gen-3 awards and a major customer-funded AFRL contract worth up to $99 million. Backlog was $351 million as of March 31 (about $380 million including early April deals), with roughly $90 million expected to be recognized in 2026.
Negative Updates
Near-Term Profitability Still Challenged — Q1 Adjusted EBITDA Loss
Q1 adjusted EBITDA was a loss of $5.1 million (in line with expectations). While full-year adjusted EBITDA guidance was raised to a positive range ($12–$24 million), the company remains unprofitable on an adjusted EBITDA basis in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Contract Awards and Backlog Expansion
Company announced up to $160 million in contract awards year-to-date, including over $60 million in new Gen-3 awards and a major customer-funded AFRL contract worth up to $99 million. Backlog was $351 million as of March 31 (about $380 million including early April deals), with roughly $90 million expected to be recognized in 2026.
Read all positive updates
Company Guidance
BlackSky raised 2026 guidance, increasing revenue to $130–$150 million (up from $120–$145M) — a >30% growth rate at the midpoint vs. 2025 — and raising adjusted EBITDA to $12–$24 million (from $6–$18M), implying a ~13% adjusted EBITDA margin at the midpoint; they reaffirmed capital expenditures of $50–$60 million. Supporting metrics: Q1 revenue was $20.8 million with a Q1 adjusted EBITDA loss of $5.1 million, cash CapEx of $15.8 million for the quarter, cash/restricted/short‑term investments of $117.5 million and total liquidity >$195 million, year‑to‑date contract awards of up to $160 million, backlog of ~$351 million as of March 31 (rising to ~$380M including early‑April wins) with about $90 million expected to be recognized in 2026, and a plan to reach a >$100 million annual run rate for space‑based intelligence & AI services (projected >50% growth in 2026) with ~80% gross margins; operational progress (4 Gen‑3 satellites live, target ≥8 this year) and delivery timelines (<40 minutes including AI processing) underpin the outlook.BlackSky Technology Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.81M | 106.58M | 102.09M | 94.49M | 65.35M | 34.09M |
| Gross Profit | 67.77M | 71.27M | 74.66M | 60.71M | 29.52M | -663.00K |
| EBITDA | -38.52M | -24.23M | -542.00K | 434.00K | -32.11M | -224.52M |
| Net Income | -87.11M | -70.26M | -57.22M | -53.86M | -74.17M | -245.64M |
Balance Sheet | ||||||
| Total Assets | 371.75M | 387.29M | 254.15M | 224.07M | 234.09M | 305.76M |
| Cash, Cash Equivalents and Short-Term Investments | 115.52M | 124.45M | 52.46M | 52.51M | 72.16M | 165.59M |
| Total Debt | 16.76M | 15.52M | 116.49M | 87.16M | 79.88M | 71.46M |
| Total Liabilities | 290.94M | 292.41M | 160.16M | 130.91M | 112.22M | 126.14M |
| Stockholders Equity | 80.81M | 94.88M | 93.99M | 93.16M | 121.87M | 179.62M |
Cash Flow | ||||||
| Free Cash Flow | -73.53M | -44.52M | -22.06M | -61.14M | -56.13M | -55.15M |
| Operating Cash Flow | -57.91M | -28.31M | -6.38M | -17.42M | -44.46M | -53.87M |
| Investing Cash Flow | -71.78M | -86.59M | -68.33M | -15.21M | -81.58M | -63.61M |
| Financing Cash Flow | 149.21M | 144.08M | 55.66M | 29.05M | -5.05M | 275.02M |
BlackSky Technology Technical Analysis
Negative
37.57
Price Trends
35.44
Negative
31.52
Negative
26.55
Negative
Market Momentum
-2.82
Negative
36.76
Neutral
25.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKSY, the sentiment is Negative. The current price of 37.57 is above the 20-day moving average (MA) of 27.93, above the 50-day MA of 35.44, and above the 200-day MA of 26.55, indicating a bearish trend. The MACD of -2.82 indicates Negative momentum. The RSI at 36.76 is Neutral, neither overbought nor oversold. The STOCH value of 25.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BKSY.
BlackSky Technology Risk Analysis
BlackSky Technology disclosed 71 risk factors in its most recent earnings report. BlackSky Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackSky Technology Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $886.97M | 31.24 | 8.90% | 1.07% | 11.42% | 5.37% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $148.94M | -2.12 | -56.90% | ― | 62.35% | -46.70% | |
51 Neutral | $928.47M | -9.80 | -98.63% | ― | -8.93% | 1.81% | |
48 Neutral | $722.68M | 448.28 | 4.31% | ― | -22.63% | ― | |
47 Neutral | $673.03M | -8.30 | 402.23% | ― | ― | ― | |
44 Neutral | $132.28M | -1.25 | -139.20% | ― | -64.10% | 31.45% |
* Industrials Sector Average
BKSY
BlackSky Technology
25.02
0.76
3.13%
KOPN
Kopin
3.90
2.21
130.77%
LYTS
Lsi Industries
24.16
6.68
38.24%
MVIS
Microvision
0.38
-0.97
-71.63%
KULR
KULR Technology Group
3.22
-3.34
-50.91%
SATL
Satellogic
4.54
1.18
35.12%
BlackSky Technology Corporate Events
Business Operations and StrategyPrivate Placements and Financing
BlackSky Establishes $250 Million At-The-Market Equity Program
Neutral
May 22, 2026
On May 22, 2026, 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 $250 million of its Class A common stock from time to time through at-the-market...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.