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1. Company Snapshot

1.a. Company Description

BlackSky Technology Inc.provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operations of satellite and ground systems to commercial and government customers worldwide.The company processes a range of observations from its constellation, as well as various space, internet-of-things, and terrestrial based sensors and data feeds.


Its products are used in government defense and intelligence; commercial, construction, and industrial; and catastrophe, climate, and environment applications.The company was incorporated in 2014 and is headquartered in Herndon, Virginia.

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1.b. Last Insights on BKSY

BlackSky Technology's recent performance was driven by strong Q1 2025 earnings, with revenue beating estimates and a narrower loss than expected. The company's contract bookings exceeded $130 million, and the successful launch of its Gen-3 satellite is generating significant demand and driving a growing sales pipeline worldwide. Additionally, BlackSky has established a launch window for its second Gen-3 satellite, scheduled to launch on May 27. The company's growing backlog and improving liquidity position it for future profitability without the need for additional capital.

1.c. Company Highlights

2. BlackSky Technologies' Q3 2025 Earnings: A Strong Show with Growth Momentum

BlackSky Technologies reported total revenue for the first nine months of 2025 of $71.4 million, consistent with the prior year period. The company's cash operating expenses for the first nine months of 2025 increased to $56.6 million, driven by $9 million of overhead expenses from the integration of LeoStella. The actual EPS came out at '-0.35', beating estimates of '-0.37'. Analysts estimate next year's revenue growth at 31.7%. With a strong cash and liquidity position of over $200 million, the company is well-positioned to capitalize on the growing demand for its Gen-3 services.

Publication Date: Nov -29

📋 Highlights
  • New Contract Wins:: Secured over $60M in new contracts, including a $30M deal for Gen-3 tactical ISR integration with an international defense customer.
  • Financial Performance:: 9M 2025 revenue totaled $71.4M, with cash operating expenses rising to $56.6M due to LeoStella integration costs.
  • Liquidity & Guidance:: Maintains $200M+ cash and liquidity, with unchanged 2025 revenue, adjusted EBITDA, and CAPEX guidance.
  • Gen-3 Deployment:: Aims for 12 operational Gen-3 satellites by 2026, with 2 launched this year and 2 more pending; 13 satellites currently in orbit (2 Gen-3, 11 Gen-2).
  • International Growth:: Backlog split 50-50 between international and domestic contracts, driving 2026 growth with higher-average-value Gen-3 deals.

Operational Highlights

The company won over $60 million in new contracts, primarily with international customers, and expects this momentum to continue as it deploys the Gen-3 constellation. BlackSky announced a contract valued at over $30 million to integrate Gen-3 high-cadence tactical ISR services into a strategic international defense customer's secure environment. The Gen-3 deployment cadence is still progressing as previously outlined, with the next satellite at the launch site and expected to be deployed in the coming weeks.

Growth Prospects

The company expects a strong finish to 2025 and significant high-visibility growth in 2026, driven by a strong backlog of international contracts and a growing pipeline for imagery and analytics services and sovereign solutions. The average contract value for Gen-3 is significantly higher than Gen-2, with much larger and multi-year arrangements. The revenue recognition for international customers is similar to U.S. government customers, with subscription-based imagery and analytics revenues being smooth and easy to predict.

Valuation

With a P/S Ratio of 6.22 and an EV/EBITDA of -19.29, the market is pricing in significant growth expectations. The company's ROE is -98.56%, and ROIC is -14.58%, indicating that the company is still in a growth phase and investing heavily. The Net Debt / EBITDA ratio is -4.16, indicating a healthy liquidity position. As the company continues to execute on its growth strategy, investors will be watching to see if it can achieve the expected revenue growth of 31.7% next year.

3. NewsRoom

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13,807 Shares in BlackSky Technology Inc. $BKSY Acquired by AXQ Capital LP

Nov -25

Source: defenseworld.net

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BlackSky Technology (NYSE:BKSY) and CXApp (NASDAQ:CXAI) Financial Contrast

Nov -25

Source: defenseworld.net

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Head to Head Contrast: BlackSky Technology (NYSE:BKSY) & SPX Technologies (NYSE:SPXC)

Nov -21

Source: defenseworld.net

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Why BlackSky Stock Is Just Too Cheap To Ignore

Nov -10

Source: seekingalpha.com

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BlackSky CEO Brian O‘Toole Named ‘Executive of the Year' at the 2025 Greater Washington GovCon Awards

Nov -07

Source: businesswire.com

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Stonegate Capital Partners Updates Coverage on BlackSky Technology, Inc. (BKSY) 3Q25

Nov -07

Source: newsfilecorp.com

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BlackSky Technology Inc. (BKSY) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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BlackSky Technology Inc. (BKSY) Reports Q3 Loss, Misses Revenue Estimates

Nov -06

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.08%)

6. Segments

Imagery

Expected Growth: 11.47%

BlackSky Technology Inc.'s 11.47% growth is driven by increasing demand for high-resolution satellite imagery, expansion into new markets, and strategic partnerships. The company's ability to provide timely and accurate geospatial insights has attracted customers from various industries, including defense, agriculture, and environmental monitoring. Additionally, advancements in its constellation of small satellites have improved image quality and frequency, further fueling growth.

Professional Services

Expected Growth: 10.47%

BlackSky Technology Inc.'s Professional Services segment growth of 10.47% is driven by increasing demand for geospatial intelligence, expansion into new markets, and strategic partnerships. Growing adoption of satellite imaging and analytics in industries such as defense, agriculture, and environmental monitoring also contribute to this growth.

Engineering Services

Expected Growth: 10.27%

BlackSky Technology Inc.'s Engineering Services segment growth of 10.27% is driven by increasing demand for satellite imaging and geospatial analytics, expansion into new markets, and strategic partnerships. Additionally, advancements in AI and machine learning capabilities, and growing adoption of cloud-based services also contribute to the segment's growth.

Data, Software, and Analytics

Expected Growth: 10.98%

BlackSky Technology Inc.'s 10.98% growth is driven by increasing demand for geospatial data and analytics, expansion of its software offerings, and growing adoption of its platform by government and commercial customers. The company's ability to provide high-resolution imagery and insights is fueling growth in the data segment, while its software solutions are driving growth in the analytics segment.

7. Detailed Products

Satellite Imagery

High-resolution satellite images providing global coverage and frequent revisits, enabling monitoring of changes on the ground.

Spectral Imagery

Multispectral and hyperspectral imagery offering insights into vegetation health, soil moisture, and atmospheric conditions.

Video Imagery

High-resolution video captured from space, providing real-time insights into dynamic events and activities.

Analytics and Insights

Actionable insights derived from satellite data, providing valuable information for informed decision-making.

Tasking and Ordering

On-demand tasking and ordering of satellite imagery, enabling users to request specific data collections.

Data Integration and API

Seamless integration of BlackSky data into existing workflows and systems, via APIs and SDKs.

8. BlackSky Technology Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

BlackSky Technology Inc. operates in a niche market with limited substitutes, but the increasing adoption of satellite imaging and analytics could lead to new entrants and substitutes.

Bargaining Power Of Customers

BlackSky Technology Inc. has a diverse customer base, including government agencies and commercial companies, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

BlackSky Technology Inc. relies on a limited number of suppliers for its satellite imaging and analytics capabilities, which could lead to moderate bargaining power of suppliers.

Threat Of New Entrants

The satellite imaging and analytics market is rapidly evolving, and new entrants with innovative technologies could potentially disrupt BlackSky Technology Inc.'s market position.

Intensity Of Rivalry

The satellite imaging and analytics market is highly competitive, with established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.45%
Debt Cost 9.08%
Equity Weight 52.55%
Equity Cost 9.08%
WACC 9.08%
Leverage 90.30%

11. Quality Control: BlackSky Technology Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Data I/O

A-Score: 4.6/10

Value: 8.4

Growth: 1.4

Quality: 4.7

Yield: 0.0

Momentum: 8.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Wrap Tech

A-Score: 4.2/10

Value: 6.0

Growth: 5.1

Quality: 4.2

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
CPS Technologies

A-Score: 4.1/10

Value: 7.2

Growth: 0.8

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
BlackSky Technology

A-Score: 3.8/10

Value: 4.4

Growth: 4.4

Quality: 2.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
LightPath Technologies

A-Score: 3.6/10

Value: 6.0

Growth: 0.6

Quality: 3.9

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Mesa Laboratories

A-Score: 3.0/10

Value: 6.1

Growth: 4.3

Quality: 3.9

Yield: 1.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.29$

Current Price

18.29$

Potential

-0.00%

Expected Cash-Flows