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®…
Earnings analysis · 10-Q
BKSY earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.82
What stood out
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Significant Revenue Decline
Total revenue decreased by 29.7% from $29.54 million in Q1 2025 to $20.77 million in Q1 2026.
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Increased Operating Loss
Operating loss escalating from $11.98 million in Q1 2025 to $18.54 million in Q1 2026.
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Missed EPS Expectations
Reported EPS was -$0.82 compared to the estimated -$0.39.
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Cash Position Relatively Stable
Cash and cash equivalents at $39.4 million, slightly down from $42.4 million at year-end 2025.
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Debt Increase
Outstanding debt rose from $116.5 million in Q1 2025 to $209.2 million in Q1 2026.
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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.
What to watch
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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.
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High Operating Losses
Net loss nearly doubled, increasing from $12.81 million in Q1 2025 to $29.66 million in Q1 2026.
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Cash Flow Challenges
Consistent negative cash flows from operations; operating cash flows worsened by $29.6 million compared to the previous year.
Management's outlook
Management raised the full-year revenue guidance, expecting between $130 million and $150 million based on strong demand.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.