BKSY earnings analysis
What we found in BKSY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In its Q1 2026 earnings report, BlackSky posted revenues of $20.77 million, falling 29.7% year-over-year and missing expectations of $27.48 million, while EPS was reported at -$0.82, significantly below the anticipated -$0.39. The company's segments showed strong declines in mission solutions revenue, which dropped 79.6%, and overall operating loss increased to $18.54 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Total revenue decreased by 29.7% from $29.54 million in Q1 2025 to $20.77 million in Q1 2026.
- Increased Operating Loss
- Operating loss escalating from $11.98 million in Q1 2025 to $18.54 million in Q1 2026.
- Missed EPS Expectations
- Reported EPS was -$0.82 compared to the estimated -$0.39.
- Cash Position Relatively Stable
- Cash and cash equivalents at $39.4 million, slightly down from $42.4 million at year-end 2025.
- Debt Increase
- Outstanding debt rose from $116.5 million in Q1 2025 to $209.2 million in Q1 2026.
- Persistent Negative Cash Flow
- Net cash used in operating activities was $2.36 million in Q1 2026, an increase in cash outflow compared to the prior period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Revenue from Key Segments
- Mission solutions revenue plummeted by 79.6% from $9.84 million in Q1 2025 to $2.01 million in Q1 2026.
- High Operating Losses
- Net loss nearly doubled, increasing from $12.81 million in Q1 2025 to $29.66 million in Q1 2026.
- Cash Flow Challenges
- Consistent negative cash flows from operations; operating cash flows worsened by $29.6 million compared to the previous year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.82
- Segment
- Space-based intelligence & AI services: $16.52M
- Segment
- Mission solutions: $2.01M
- Segment
- Advanced technology programs: $2.25M
What they said about what is next.
Management raised the full-year revenue guidance, expecting between $130 million and $150 million based on strong demand.
The filing reads worse than the one before it.
What came before.
- 10-K · March 17, 2026
- BlackSky positions itself as a software-first, vertically integrated provider of high-revisit, real-time space-based imagery and AI analytics built around its Gen-2/Gen-3 smallsat constellation and the BlackSky Spectra®…
- 10-K · March 20, 2024
- BlackSky positions itself as a vertically integrated provider of real-time geospatial intelligence combining a high-revisit LEO smallsat constellation with an AI-enabled BlackSky Spectra SaaS platform. The 10-K…
- 10-K · March 23, 2023
- BlackSky positions itself as a vertically integrated provider of real-time geospatial intelligence combining a high-revisit LEO smallsat constellation with an AI-enabled Spectra AI SaaS platform. The 10-K highlights…
- 10-Q · November 8, 2022
- BlackSky reported Q3 revenue of $16.935M, up from $7.937M a year ago, driven by imagery & analytics. Operating loss narrowed to $19.360M (Q3 2022) from $48.950M (Q3 2021) and net loss improved to $13.048M (Q3 2022) vs…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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