Blacksky Technology Inc. (BKSY)
NYSE:BKSY
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BlackSky Technology
(NYSE:BKSY)
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Rating:58Neutral
Price Target:
$41.00
▲(5.13% Upside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by weak financial performance (ongoing losses and negative operating/free cash flow) despite strong revenue growth and improved leverage. Technicals are a key positive with clear upward momentum, while the earnings call adds support via 2026 growth/EBITDA guidance and a sizable backlog/liquidity position. Valuation remains unattractive given negative earnings and no dividend yield.
Positive Factors
Sustained revenue growth
Consistent multi-year revenue expansion from ~$21M to ~$106M signals durable commercial traction and product-market fit for BlackSky’s imagery and analytics platform. This growth underpins potential operating leverage as fixed satellite costs are amortized and supports longer-term subscription conversion.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow means the business still consumes cash to run and grow. Until operations generate positive cash flow, the company will rely on liquidity or markets to fund capex and growth, creating dilution or refinancing risk that can pressure strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Consistent multi-year revenue expansion from ~$21M to ~$106M signals durable commercial traction and product-market fit for BlackSky’s imagery and analytics platform. This growth underpins potential operating leverage as fixed satellite costs are amortized and supports longer-term subscription conversion.
Read all positive factors
BlackSky Technology (BKSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.22B
Dividend YieldN/A
Average Volume (3M)1.81M
Price to Earnings (P/E)―
Beta (1Y)2.56
Revenue Growth-5.13%
EPS Growth-37.34%
CountryUS
Employees340
SectorIndustrials
Sector Strength72
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.02
Shares Outstanding36,994,816
10 Day Avg. Volume2,341,612
30 Day Avg. Volume1,805,504
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/Revenue13.29
Enterprise Value/Gross Profit34.59
Enterprise Value/Ebitda-56.99
Forecast
1Y Price Target
$28.80Price Target Upside-26.15% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.31
Revenue Forecast (FY)$131.90M
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 gov...
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 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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational and commercial momentum driven by validated Gen-3 satellite performance, strong international bookings and materially improved liquidity. Management provided a growth-oriented 2026 guide (revenues $120M–$145M, adjusted EBITDA $6M–$18M) while acknowledging lumpy revenue recognition, prior production testing delays, rising operating expenses (partly acquisition-driven) and continued government funding uncertainty. Overall, positives around product validation, backlog, bookings and balance sheet strength outweigh the execution and timing risks discussed.Positive Updates
Near-Record Q4 Revenue and Yearly Growth
Q4 2025 revenue of $35.2M (a 16% year-over-year increase) drove full-year revenue to $106.6M, demonstrating sequential momentum and commercial monetization of Gen-3 capabilities.
Negative Updates
Modest Full-Year Adjusted EBITDA Despite Improvement
Full-year adjusted EBITDA was only $0.9M in 2025 — positive but small — indicating profitability is still nascent and sensitive to revenue cadence and cost execution.
Read all updates
Q4-2025 Updates
Positive
Negative
Near-Record Q4 Revenue and Yearly Growth
Q4 2025 revenue of $35.2M (a 16% year-over-year increase) drove full-year revenue to $106.6M, demonstrating sequential momentum and commercial monetization of Gen-3 capabilities.
Read all positive updates
Company Guidance
BlackSky guided full-year 2026 revenue of $120–$145 million (≈24% growth at the midpoint), adjusted EBITDA of $6–$18 million, and capital expenditures of $50–$60 million primarily to build out the Gen‑3 constellation and next‑generation satellite/AI technologies. Management cited a $345 million contracted backlog (with roughly $75 million expected to convert in 2026), liquidity of over $225 million (cash, restricted cash and short‑term investments of $125.6 million plus $37.4 million of launch financing), and working capital metrics including $26.6 million of unbilled contract assets and $37.6 million of accounts receivable. They noted Q4 2025 revenue of $35.2 million (up 16% YoY) and full‑year 2025 revenue of $106.6 million (international revenue grew >50% and now represents >50% of total), expect 8–9 Gen‑3 satellites on orbit by year‑end, anticipate back‑loaded seasonality (~40–45% of revenue in H1, 55–60% in H2), and said the company is on a path toward positive free cash flow after delivering full‑year adjusted EBITDA of $0.9 million in 2025.BlackSky Technology Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
58
Neutral
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 106.58M | 102.09M | 94.49M | 65.35M | 34.09M |
| Gross Profit | 40.93M | 74.66M | 60.71M | 29.52M | -663.00K |
| EBITDA | -24.85M | -542.00K | 434.00K | -32.11M | -224.52M |
| Net Income | -70.26M | -57.22M | -53.86M | -74.17M | -245.64M |
Balance Sheet | |||||
| Total Assets | 387.29M | 254.15M | 224.07M | 234.09M | 305.76M |
| Cash, Cash Equivalents and Short-Term Investments | 124.45M | 52.46M | 52.51M | 72.16M | 165.59M |
| Total Debt | 15.52M | 116.49M | 87.16M | 79.88M | 71.46M |
| Total Liabilities | 292.41M | 160.16M | 130.91M | 112.22M | 126.14M |
| Stockholders Equity | 94.88M | 93.99M | 93.16M | 121.87M | 179.62M |
Cash Flow | |||||
| Free Cash Flow | -44.52M | -22.06M | -61.14M | -56.13M | -55.15M |
| Operating Cash Flow | -28.31M | -6.38M | -17.42M | -44.46M | -53.87M |
| Investing Cash Flow | -86.59M | -68.33M | -15.21M | -81.58M | -63.61M |
| Financing Cash Flow | 144.08M | 55.66M | 29.05M | -5.05M | 275.02M |
BlackSky Technology Technical Analysis
Positive
39.00
Price Trends
25.28
Positive
23.32
Positive
21.86
Positive
Market Momentum
2.99
Negative
70.01
Negative
73.02
Neutral
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 39 is above the 20-day moving average (MA) of 29.65, above the 50-day MA of 25.28, and above the 200-day MA of 21.86, indicating a bullish trend. The MACD of 2.99 indicates Negative momentum. The RSI at 70.01 is Negative, neither overbought nor oversold. The STOCH value of 73.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BKSY.
BlackSky Technology Risk Analysis
BlackSky Technology disclosed 68 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 | $601.18M | 22.22 | 10.90% | 1.07% | 22.35% | 2.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $1.22B | ― | -77.78% | ― | -5.13% | -37.34% | |
58 Neutral | $535.42M | 0.16 | 15.89% | ― | 3.02% | 90.87% | |
52 Neutral | $989.97M | 1.67 | 12.97% | ― | ― | ― | |
46 Neutral | $122.07M | -0.66 | -49.95% | ― | 71.92% | 31.84% | |
45 Neutral | $207.22M | -1.68 | -137.37% | ― | -67.66% | 13.39% |
* Industrials Sector Average
BKSY
BlackSky Technology
39.00
31.93
451.63%
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BlackSky Technology Corporate Events
Business Operations and StrategyExecutive/Board Changes
BlackSky Technology consolidates financial leadership after Ward resignation
Neutral
Apr 7, 2026
BlackSky Technology Inc. announced that on April 2, 2026, Senior Vice President, Controller, and Principal Accounting Officer Tracy Ward tendered her resignation, effective April 24, 2026, to pursue another opportunity, with the company stating he...
Business Operations and StrategyFinancial Disclosures
BlackSky Reports Record 2025 Revenue and Growing Backlog
Positive
Feb 26, 2026
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 narrowe...
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.