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Dec 31, 2025
Blacksky Q4 2025 Earnings Report
BlackSky reported higher fourth quarter revenue and significantly narrowed its net loss, with improved adjusted EBITDA and strong backlog growth.
Key Takeaways
Fourth quarter revenue increased 16% year-over-year to 35214000, driven by new Gen-3 satellite and mission solutions contracts. Net loss narrowed to 868000, while adjusted EBITDA improved to 8818000.
Revenue grew 16% year-over-year to 35214000.
Net loss narrowed significantly to 868000 from 19420000 in the prior year.
Adjusted EBITDA increased to 8818000.
Backlog grew 32% year-over-year to 345000000.
Revenue by Segment
Forward Guidance
BlackSky expects continued revenue growth and improved adjusted EBITDA in 2026, alongside elevated capital expenditures to support Gen-3 satellite deployments.
Positive Outlook
- Full year 2026 revenue expected between 120000000 and 145000000.
- Full year 2026 adjusted EBITDA expected between 6000000 and 18000000.
- Strong Gen-3 contract momentum entering 2026.
- Growing international demand contributing to backlog expansion.
- Additional Gen-3 launches planned in 2026.
Challenges Ahead
- Capital expenditures expected between 50000000 and 60000000 in 2026.
- Continued investment required for satellite deployments.
- Exposure to government budget uncertainties.
- Dependence on long and unpredictable sales cycles.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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