Dallas, Texas--(Newsfile Corp. - November 7, 2025) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY reported revenue, adj EBITDA, and EPS of $19.6M, ($4.5)M, and ($0.44), respectively. This compares to our/consensus estimates of $29.9M/$28.6M, $3.2M/$1.9M, and ($1.06)/($0.36). Imagery and Software Analytical Services revenue decreased to $15.8M, down 8.6% y/y, primarily due to the expected reduction in NRO EOCL tasking and broader U.S. government budget uncertainties that weighed on near-term imagery orders. Professional and Engineering Services revenue declined to $3.8M from $5.2M in 2Q24, largely due to project timing and milestone-based revenue recognition. Adj. EBITDA saw a loss of ($4.5M) versus a $0.7M profit in the prior year, driven by lower EOCL revenues and the inclusion of overhead associated with the LeoStella. Consolidated gross margins fell to 65.3%, a decrease from 70.5% in 3Q24.
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Key Takeaways:
- Revenue $19.6M and an adj. EBITDA loss; outlook intact with a stronger Q4 expected.
- New wins topped $60M with a backlog of $322.7M, ~91% international, including a >30M Gen-3 ISR award.
- Execution and funding remain in place with the next Gen-3 satellite at the launch site and cash plus short-term investments of 147.6M alongside 43.4M of unbilled contract assets.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.
Source: Stonegate, Inc.
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