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Blacksky Q1 2025 Earnings Report
BlackSky reported a 22% increase in total revenue, reaching $29.5 million, driven by significant contract wins and the successful commissioning of its first Gen-3 satellite.
Key Takeaways
BlackSky Technology Inc. announced strong first-quarter results for 2025, with total revenue increasing by 22% year-over-year to $29.5 million. The company secured over $130 million in new contract bookings, boosting its backlog to $366 million. The first Gen-3 satellite is fully commissioned and exceeding performance expectations, with the second Gen-3 satellite on track for launch in Q2.
Total revenue increased by 22% over the prior year period to $29.5 million.
New contract bookings exceeded $130 million in Q1, leading to a 40% growth in backlog to $366 million.
The first Gen-3 satellite is fully commissioned, exceeding performance expectations, and delivering up to NIIRS-6 quality imagery.
The second Gen-3 satellite is being shipped and is on track to launch in Q2, with strong demand for new mission applications.
Revenue by Segment
Forward Guidance
BlackSky is maintaining its full-year 2025 guidance, anticipating revenue between $125 million and $142 million, adjusted EBITDA between $14 million and $22 million, and capital expenditures between $60 million and $70 million.
Positive Outlook
- Emerging opportunities related to current geopolitical dynamics, including additional long-term opportunities for commercial space-based solutions.
- Strong demand driven by new mission applications enabled by very-high resolution imagery, high-frequency monitoring, and AI-enabled insights.
- On track to begin providing early access to major customers and commence general commercial availability of Gen-3 later this year.
- Second Gen-3 satellite is being shipped and on track to launch in Q2.
- First Gen-3 satellite is fully commissioned and exceeding performance expectations.
Challenges Ahead
- Near-term situation remains fluid due to geopolitical dynamics.
- Long and unpredictable sales cycles could impact results.
Historical Earnings Impact
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