BlackSky Technology Inc.
- Open
- 25.80
- Day high
- 25.80
- Day low
- 23.93
- Prev close
- 25.55
- Volume
- 1.4M
- Mkt cap
- $928M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.5
- P/S
- 9.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
BlackSky Technology Inc. (BKSY) is a Technology company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
BlackSky Technology Inc. (BKSY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BKSY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.37 | $-0.82 | -121.6% | $21M | -24.7% |
| Nov 6, 2025 | $-0.37 | $-0.35 | +5.4% | $20M | -47.2% |
| Aug 7, 2025 | $-0.49 | $-0.52 | -6.1% | $22M | -24.8% |
| May 8, 2025 | $-0.47 | $-0.42 | +10.6% | $30M | +1.0% |
| Mar 6, 2025 | $-0.28 | $-0.39 | -39.3% | $30M | +6.6% |
| Nov 7, 2024 | $-0.61 | $-0.66 | -8.2% | $23M | -34.1% |
| Aug 8, 2024 | $-0.72 | $-0.48 | +33.3% | $25M | -1.7% |
| Feb 28, 2024 | $-0.72 | $-0.40 | +44.4% | $36M | +34.6% |
| Mar 7, 2023 | $-1.12 | $-1.04 | +7.1% | $19M | -1.5% |
| Aug 10, 2022 | $-0.20 | $-1.76 | -780.0% | $15M | +3.8% |
| May 11, 2022 | — | $-1.36 | — | $14M | +26.3% |
| Mar 31, 2022 | — | $0.48 | — | $11M | — |
BKSY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Gordon Susan M.director | Grant | 805 | — |
| Jun 30, 2026 | TOLONEN JAMES Rdirector | Grant | 805 | — |
| Jun 30, 2026 | Porteous William D.director | Grant | 805 | — |
| Jun 30, 2026 | Abraham Magid Mdirector | Grant | 805 | — |
| Jun 12, 2026 | O'Toole Brian Edirector, officer: CEO and President | Sell | 15,512 | $34.10 |
| Jun 12, 2026 | Dubois Henry Edwardofficer: Chief Financial Officer | Sell | 14,749 | $34.10 |
| Jun 12, 2026 | Lin Christiana Lofficer: General Counsel & CAO | Sell | 12,001 | $34.10 |
| Mar 12, 2026 | Lin Christiana Lofficer: General Counsel & CAO | Grant | 72,916 | — |
| Mar 12, 2026 | Dubois Henry Edwardofficer: Chief Financial Officer | Tax | 23,551 | $24.00 |
| Mar 12, 2026 | O'Toole Brian Edirector, officer: CEO and President | Grant | 191,666 | — |
| Mar 12, 2026 | O'Toole Brian Edirector, officer: CEO and President | Tax | 24,999 | $24.00 |
| Mar 12, 2026 | Ward Tracyofficer: SVP & Controller | Tax | 803 | $24.00 |
| Mar 12, 2026 | Dubois Henry Edwardofficer: Chief Financial Officer | Grant | 77,083 | — |
| Mar 12, 2026 | Lin Christiana Lofficer: General Counsel & CAO | Tax | 13,741 | $24.00 |
| Jan 2, 2026 | Abraham Magid Mdirector | Grant | 1,200 | — |
Source: BKSY SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full BKSY insider & 13F page →BlackSky Technology Inc. company profile
Overview
BlackSky Technology Inc. (NYSE:BKSY) is a satellite imagery and geospatial intelligence company founded in 2014 and headquartered in Herndon, Virginia. The company went public in December 2019 and operates a constellation of small satellites that capture high-resolution images of Earth for both commercial and government customers. BlackSky has evolved from a startup focused on satellite manufacturing to a comprehensive space-based intelligence provider, offering real-time monitoring capabilities and AI-powered analytics to support national security, commercial operations, and environmental monitoring applications worldwide.
Business
BlackSky operates in the geospatial intelligence industry, which involves collecting, analyzing, and delivering actionable insights derived from satellite imagery and other location-based data sources. The company's core offering centers around its proprietary satellite constellation and advanced analytics platform that transforms raw satellite imagery into intelligence products. The company operates two primary business segments. Imagery and Analytics Services represents approximately 69% of total revenue and involves capturing high-resolution satellite images and processing them through AI-powered software to detect changes, identify objects, and provide actionable intelligence. This includes BlackSky's Spectra platform, which uses artificial intelligence to automatically detect and classify vehicles, maritime vessels, infrastructure changes, and other objects of interest from satellite imagery in near real-time. Professional and Engineering Services accounts for roughly 31% of revenue and encompasses mission systems development, satellite operations support, ground systems integration, and consulting services for government and commercial clients. This segment includes custom engineering solutions, satellite constellation management services, and specialized technical support for complex space-based intelligence missions. The company's satellite constellation consists of Generation 2 (Gen-2) satellites currently in operation, with Generation 3 (Gen-3) satellites beginning deployment in 2025. Gen-3 satellites offer enhanced capabilities including 35-centimeter resolution imagery, short-wave infrared imaging, and advanced onboard processing capabilities. BlackSky's satellites are designed to provide high-frequency revisit rates, enabling customers to monitor specific locations multiple times per day rather than the traditional once-per-week or once-per-month coverage offered by larger, more expensive satellite systems.
Revenue model
BlackSky generates revenue through multiple complementary business models. The primary revenue stream comes from subscription-based imagery and analytics services, where government and commercial customers pay for access to satellite imagery, processed intelligence products, and AI-powered analytics through multi-year contracts. These contracts typically range from one to seven years and provide predictable recurring revenue. The company also earns revenue through professional services fees for custom engineering projects, satellite operations support, and mission systems development. Additionally, BlackSky generates income from usage-based pricing for on-demand imagery requests and specialized analytics services. BlackSky's primary customers include government defense and intelligence agencies such as the National Reconnaissance Office (NRO), National Geospatial-Intelligence Agency (NGA), and various international defense ministries. Commercial customers span industries including construction, agriculture, energy, and supply chain monitoring, though government contracts currently represent the majority of revenue. Several factors influence BlackSky's profit margins. Satellite constellation expansion creates operating leverage, as additional satellites increase imagery capacity without proportional increases in ground operations costs. AI and automation improvements reduce manual processing costs and enable higher-margin analytics services. However, margins face pressure from satellite manufacturing and launch costs, competitive pricing in government procurement, and research and development investments required to maintain technological leadership. International market expansion offers margin improvement opportunities through geographic diversification and reduced dependence on U.S. government budget cycles.
Competitive moat
BlackSky's competitive moat stems from several interconnected factors, though the strength of this moat remains moderate in the rapidly evolving satellite imagery market. The company's primary advantage lies in its high-frequency revisit capability, enabled by a constellation of small, agile satellites that can image the same location multiple times per day. This differs from traditional satellite imagery providers who typically offer weekly or monthly updates using larger, more expensive satellites. The company's AI-powered analytics platform represents another defensive element, as BlackSky has developed proprietary algorithms capable of automatically detecting and classifying objects, changes, and patterns from satellite imagery. This technological capability creates switching costs for customers who integrate BlackSky's analytics into their operational workflows. Government security clearances and established relationships with defense and intelligence agencies provide some protection, as these customers value proven reliability and face significant switching costs when changing satellite imagery providers. Long-term contracts, some extending up to seven years, create revenue predictability and customer stickiness. However, BlackSky faces significant competitive threats. Large aerospace companies like Lockheed Martin, Northrop Grumman, and Boeing possess greater financial resources and established government relationships. Technology companies such as Planet Labs, Maxar Technologies, and emerging players continue to launch competing satellite constellations. The commoditization risk in satellite imagery remains substantial, as launch costs decline and more players enter the market. Additionally, government customers increasingly prefer multi-vendor approaches to avoid single-source dependencies, potentially limiting BlackSky's ability to maintain exclusive relationships.
Risks & safety
BlackSky's margin of safety appears limited based on current financial metrics, though recent operational improvements provide some reassurance. • Cash position: $20.7 million in cash and short-term investments as of Q1 2025, down from $56.2 million in Q3 2024, indicating rapid cash consumption despite positive operating cash flow of $27.2 million in Q1 2025 • Debt levels: Relatively low debt-to-equity ratio of 0.13, indicating minimal financial leverage and reduced bankruptcy risk • Profitability trajectory: Achieved positive adjusted EBITDA of $11.6 million for full year 2024, representing significant improvement from previous losses, though still reporting net losses • Valuation metrics: Trading at negative P/E ratios due to net losses, though EV/EBITDA of -3.9x reflects recent EBITDA improvements • Capital requirements: High capital expenditure needs of $60-70 million annually for satellite constellation expansion strain cash resources • Revenue visibility: Strong contract backlog of $366 million provides near-term revenue certainty, though execution risk remains
Recent development
BlackSky has undergone significant strategic evolution over the past few years, transitioning from a satellite manufacturing focus to a comprehensive geospatial intelligence provider. The most critical development has been the Generation 3 satellite program, with the first Gen-3 satellite successfully launched in February 2025. These advanced satellites offer 35-centimeter resolution imagery and enhanced AI processing capabilities, representing a substantial upgrade from the existing Gen-2 constellation. The company has aggressively expanded its international presence, securing major contracts including a seven-year, $100+ million agreement with an international defense customer and $20 million in contracts supporting India's earth observation capabilities. International revenues now represent approximately 40% of total business, up from 25% in previous years. Artificial intelligence integration has become a central strategic focus, with BlackSky demonstrating capabilities to automatically detect and classify 25,000 vehicles and 700 maritime vessels within minutes of image capture. The company has developed its Spectra analytics platform to provide real-time intelligence rather than just raw imagery, positioning itself as an intelligence provider rather than merely a satellite imagery vendor. BlackSky has also pursued vertical integration through the acquisition of full ownership in LeoStella, its satellite manufacturing joint venture, providing greater control over satellite production costs and timelines. The company plans to deploy eight Gen-3 satellites by early 2026, targeting a 12-satellite baseline constellation to achieve hourly revisit frequency for priority locations. Recent contract wins include significant agreements with the National Geospatial Intelligence Agency's Luno A program (up to $290 million) and NASA's commercial small-sat data acquisition program (up to $476 million), demonstrating strong competitive positioning in government markets.
BKSY company profile · for informational purposes only — not investment advice.
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