\nBlackSky Technology Inc. (\u201cBlackSky\u201d or the \u201cCompany\u201d) (NYSE: BKSY) announced results for the second quarter ended June 30, 2026.<\/p>\n
\n\u201cStrong sales performance is accelerating revenue and earnings growth, driven by a 50% growth in space-based intelligence services from Q1,\u201d said Brian E. O\u2019Toole, BlackSky CEO. \u201cWith the exceptional performance of Gen-3, we\u2019re seeing momentum across all aspects of our business resulting in an expanding customer base, a growing pipeline, and increasing backlog. During the quarter, we added approximately $150 million of cash to further strengthen our balance sheet and cash position.\u201d<\/p>\n
Second 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 second quarter of 2026 was $33.3 million, compared to $22.2 million in the second quarter of 2025. The year-over-year increase of $11.1 million, or 50%, was primarily driven by record space-based intelligence and AI services revenue from accelerating customer adoption of Gen-3 subscription services.<\/p>\n Cost of Sales(1)<\/sup><\/b><\/p>\n \nTotal cost of sales as a percentage of revenue improved to 27% for the second quarter of 2026, compared to 28% for the second quarter of 2025.<\/p>\n Operating Expenses<\/b><\/p>\n \nOperating expenses for the second quarter of 2026 were $32.1 million, which included $4.1 million of non-cash stock-based compensation expense and $8.0 million in depreciation and amortization expenses. Operating expenses for the second quarter of 2025 were $29.9 million, which included $3.3 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 second quarter of 2026 were $20.0 million, essentially flat compared to $19.4 million in the prior year quarter.<\/p>\n Net Loss<\/b><\/p>\n \nNet loss for the second quarter of 2026 was $20.8 million, compared to a net loss of $41.2 million for the second quarter of 2025. The year-over-year improvement of $20.4 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 second quarter of 2026 was $4.7 million, a 14.2% margin on $33.3 million in revenue. The year-over-year increase of $7.5 million was primarily driven by increased revenues of high-margin space-based intelligence and AI services.<\/p>\n Balance Sheet & Capital Expenditures<\/b><\/p>\n \nAs of June 30, 2026, cash and cash equivalents, restricted cash, and short-term investments totaled $244.1 million. During the quarter, the Company raised $150 million from the issuance of 3.6 million shares under the Company\u2019s at-the-market equity program. Capital expenditures for the second quarter of 2026 were 15.4 million.<\/p>\n\n
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