AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
BlackSky grew Q2 revenue 50% YoY to $33.3M, driven by space-based intelligence services (+36% YoY) and mission solutions (+386% YoY), but reported net loss of $20.8M.
Biggest Revenue Drivers
Space-based intelligence & AI services$24.5M+36% YoY
New assured contracts with existing customers for increased space-based tactical intelligence, surveillance, and reconnaissance capabilities.
Mission solutions$5.1M+386% YoY
Increase in rate of performance on two existing mission solutions contracts; favorable EAC adjustments of $1.8M from labor efficiencies and risk retirement.
Biggest Revenue Drivers
Total revenue: $33.3M+50% YoY
Space-based intelligence & AI services$24.5M+36% YoY
New assured contracts with existing customers for increased space-based tactical intelligence, surveillance, and reconnaissance capabilities.
Mission solutions$5.1M+386% YoY
Increase in rate of performance on two existing mission solutions contracts; favorable EAC adjustments of $1.8M from labor efficiencies and risk retirement.
Advanced technology programs$3.7M+17% YoY
Revenue from several new contracts in Q2 2026, partially offset by completion of services on certain contracts in early 2026.
Largest Expense Items
Selling, general and administrative$23.8M+5% YoY
Increase in stock-based compensation (+24% YoY) from higher stock price at grant; offset by lower salaries as selling/marketing headcount decreased.
Depreciation and amortization$8.0M+11% YoY
Depreciation of Gen-3 satellites placed in service and increased capitalized software for BlackSky Spectra platform.
Space-based intelligence & AI services costs$5.4M+56% YoY
Increased labor and direct material costs on new and existing long-term contracts from demand for space-based intelligence services.
Margins: Operating loss of $7.8M improved from $13.9M in Q2 2025 despite higher depreciation, driven by strong revenue growth and cost discipline. Gross margins compressed by elevated AI/ML infrastructure costs and labor fulfillment.
Watch Items from the Filing
International customers represent 66% of Q2 2026 revenue (66% of $33.3M) vs. 38% in Q2 2025, with significant concentration: one international government customer (Customer C) at 19% of Q2 revenue.
Accumulated deficit of $776.9M as of June 30, 2026; company has been unprofitable since inception and generated negative operating cash flow of $5.9M in H1 2026.
Mission solutions backlog included $378.1M of total backlog as of June 30, 2026; company expects $76.2M to be recognized in remainder of 2026.
Convertible Senior Notes of $185M due August 2033 at 8.25% coupon; additional $32.2M satellite launch vendor financing at 6.85%-11.62% due through 2030.
Derivative liabilities on equity warrants totaled $39.2M as of June 30, 2026 (vs. $20.6M at December 31, 2025); fair value swings ($10.5M loss in Q2 2026) driven by stock price volatility.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About BlackSky Technology Inc. (BKSY): stock profile, AI score and financials
BlackSky Technology Inc. (BKSY) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores BKSY at 22.1/100 on a composite quality score built from its SEC filings, placing it at rank #2,715 of 2,925 stocks — the bottom half of the AI-ranked universe. BKSY scores in the top quartile across institutional flow (94.9). Areas of concern include earnings quality (6.5) and free cash flow (8.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 12.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BlackSky Technology Inc. reports quarterly revenue of $33.3M, net income of $-20.8M, an operating margin of -23.4%. Top institutional holders of BKSY by reported 13-F value include BlackRock, TEMA ETFS, Toroso Investments, based on the most recent SEC filings. BKSY trades on the NYSE exchange and files with the SEC under CIK 1753539. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BKSY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BlackSky Technology Inc. directly from SEC EDGAR.