\nBlackSky Technology Inc. (\u201cBlackSky\u201d or the \u201cCompany\u201d) (NYSE: BKSY) announced results for the first quarter ended March 31, 2026.<\/p>\n
\n\u201cWith up to $160 million in new contract wins, we are rapidly growing revenues driven by the demand for Gen-3 space-based intelligence and AI services,\u201d said Brian E. O\u2019Toole, BlackSky CEO. \u201cWe are raising our guidance for the year based on strong year-to-date sales performance, in-year revenue visibility, and accelerated demand for best-in-class Gen-3 solutions in our pipeline.\u201d<\/p>\n
First Quarter Financial Highlights:<\/span><\/b><\/p>\n Recent Highlights<\/span><\/b><\/p>\n Financial Results<\/span><\/b><\/p>\n Revenues<\/b><\/p>\n \nTotal revenue for the first quarter of 2026 was $20.8 million, compared to $29.5 million in the first quarter of 2025. The difference reflects the benefit in the first quarter of 2025 of $9.0 million related to a program milestone of a new mission solutions contract.<\/p>\n Cost of Sales(1)<\/sup><\/b><\/p>\n \nTotal cost of sales as a percentage of revenue improved to 35% for the first quarter of 2026, compared to 43% for the first quarter of 2025. The year-over-year improvement was primarily driven by a greater mix of high-margin space-based intelligence and AI services as a percentage of total revenue.<\/p>\n Operating Expenses<\/b><\/p>\n \nOperating expenses for the first quarter of 2026 were $32.0 million, which included $3.9 million of non-cash stock-based compensation expense and $9.2 million in depreciation and amortization expenses. Operating expenses for the first quarter of 2025 were $28.9 million, which included $2.8 million in non-cash stock-based compensation expense and $7.2 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(2)<\/sup><\/b> for the first quarter of 2026 remained flat compared to the prior year quarter at $18.9 million.<\/p>\n Net Loss<\/b><\/p>\n \nNet loss for the first quarter of 2026 was $29.7 million, compared to a net loss of $12.8 million for the first quarter of 2025. The year-over-year increase in net loss of $16.9 million was primarily due to changes in the gain\/(loss) on derivatives, which are driven by fluctuations in the Company\u2019s equity warrants and other equity instruments that are measured at fair value and driven by the Company\u2019s common stock price.<\/p>\n Adjusted EBITDA(2)<\/sup><\/b><\/p>\n \nAdjusted EBITDA for the first quarter of 2026 was a loss of $5.1 million, compared to an adjusted EBITDA loss of $0.6 million for the first quarter of 2025. The year-over-year increase of $4.5 million was primarily due to the variance in revenues related to the one-time benefit in the first quarter of 2025 from a mission solutions contract.<\/p>\n Balance Sheet & Capital Expenditures<\/b><\/p>\n \nAs of March 31, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $117.5 million. During the quarter, the Company continued to achieve major milestones across multiple contracts that triggered invoicing of prior unbilled receivables, which reduced unbilled contract assets to approximately $24.2 million from $28.6 million at the end of the fourth quarter of 2025. Capital expenditures for the first quarter of 2026 were $15.8 million.<\/p>\n\n
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