UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39113 ___________________________________ BLACKSKY TECHNOLOGY ...

Core Insights - BlackSky Technology Inc. has secured a seven-figure Assured extension contract with an international customer, driven by reliable performance in its Gen-3 early access program, which supports the company's land-and-expand strategy [1][10] Group 1: Contract Details - The Assured extension contract reflects a transition to larger annual subscriptions, indicating positive momentum in customer relationships [1][3] - The agreement ensures continued access to BlackSky's dual-generation architecture, combining Gen-2's high-cadence revisit rates with Gen-3's very high-resolution imagery [3] Group 2: Technology and Performance - BlackSky's Gen-3 satellites have consistently delivered high-quality imagery, enhancing analytics capabilities for end users by providing clearer details of various objects [4] - The company is leveraging its vertically integrated technology stack, including satellite manufacturing and AI solutions, to meet global demand for guaranteed data access [5][6] Group 3: Strategic Positioning - BlackSky's services are integral to mission-critical operations for customers, emphasizing the importance of guaranteed collection fulfillments in tactical ISR activities [2][3] - The company aims to provide customers with a strategic advantage through real-time intelligence and analytics, enabling them to act swiftly and effectively [7]

Core Insights - BlackSky Technology Inc has successfully brought its fourth Gen-3 satellite online in under a week, contributing to a rise in its stock price [1][2] Group 1: Satellite Commissioning - The rapid commissioning of Gen-3 satellites is a significant advantage for BlackSky, allowing for quicker deployment compared to competitors, which often take months for similar processes [3] - The commissioning process includes establishing communications, validating propulsion and power systems, calibrating imaging sensors, and testing automated operations [3] Group 2: Imagery and Analytics - The Gen-3 satellites provide customers with daily 35-centimeter imagery and AI-powered analytics through the BlackSky Spectra platform, enhancing the quality of data available for tactical decision-making [2][4] - Customers can directly task the satellites for imaging during daytime, twilight, and nighttime, supporting persistent monitoring and rapid event response [4] Group 3: AI Capabilities - BlackSky's proprietary AI tools enable automatic detection and classification of objects of interest, allowing users to track changes in activity over time [5] - The combination of Gen-3 satellites with hourly Gen-2 monitoring offers a high-frequency, multi-layered view of global activity [5] Group 4: Market Position and Performance - BlackSky is positioned to meet the needs of demanding defense and intelligence customers by delivering reliable, real-time capabilities at scale and cost [6] - At the time of publication, BlackSky shares were up 4.44% to $24.69, reflecting positive market sentiment [6]

Group 1 - Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber raised concerns about SpaceX's demand for early inclusion in the Nasdaq 100 index, suggesting it could artificially support the stock price and facilitate insider selling [1] - SpaceX is reportedly planning to list on the Nasdaq and is seeking early inclusion in the Nasdaq 100 index as a condition for its listing [2] - The company aims for a June IPO, targeting to raise up to $50 billion, which would surpass Saudi Aramco's $29 billion debut, making it the largest IPO in history [3] Group 2 - Analysts are divided on SpaceX's IPO prospects, with some considering the target ambitious while others believe it is achievable due to the growth potential of Starlink [4] - SpaceX has completed the acquisition of Musk's AI startup xAI earlier this year, which may influence its market position and growth strategy [4]

Core Viewpoint - BlackSky Technology is experiencing significant growth driven by the deployment of its Gen-3 satellites, which are exceeding customer expectations and converting pilot programs into long-term contracts. The company is on track to expand its satellite constellation through 2026, aiming for eight to nine Gen-3 satellites in orbit by the end of that year [1][2][3]. Financial Performance - In Q4 2025, BlackSky reported revenue of $35.2 million, a 16% increase year-over-year, contributing to a full-year revenue of $106.6 million, with international revenue growing over 50% [12][13]. - The company achieved positive adjusted EBITDA for the second consecutive year, reporting $8.8 million in Q4 and $0.9 million for the full year [15]. - BlackSky ended Q4 with total liquidity exceeding $225 million, significantly up from $53.8 million a year earlier [16]. 2026 Guidance - Management has guided for 2026 revenue between $120 million and $145 million, with adjusted EBITDA projected at $6 million to $18 million, and capital expenditures expected to be $50 million to $60 million primarily for the Gen-3 constellation buildout [4][17]. Growth Drivers - The company secured approximately $240 million in contract bookings during 2025, with a backlog growing to $345 million, indicating strong future revenue visibility [5][8]. - BlackSky's Gen-3 satellites are delivering 35 cm imaging performance, with rapid commissioning times, which is driving demand and subscription conversions [6][10]. Business Segments - BlackSky's revenue mix is expected to consist of 60% to 70% from space-based intelligence and AI services, 25% from mission solutions, and 15% from advanced technology programs [7][8]. - The company is focusing on international contracts, with significant wins in countries like India and Indonesia, reflecting a growing demand for sovereign space capabilities [11][19]. Market Position - BlackSky is positioned to meet increasing demand for space-based intelligence with its integrated technology stack, emphasizing its growing backlog and international portfolio as key strengths entering 2026 [20].

Core Insights - BlackSky Technology, Inc. (NYSE: BKSY) reported revenue of $35.2 million, adjusted EBITDA of $8.8 million, and EPS of ($0.02), which fell short of consensus estimates [1][7] Financial Performance - Revenue from Imagery and Software Analytical Services decreased to $14.5 million, representing a 17% year-over-year decline, attributed to EOCL-related budget uncertainty [1] - Mission Solutions revenue increased significantly to $9.5 million from $1.0 million last year, driven by a new international Gen-3 contract and milestone deliveries [1] - Professional and Engineering Services revenue slightly decreased to $11.2 million from $11.9 million year-over-year due to project timing [1] - Adjusted EBITDA rose to $8.8 million from $7.4 million, supported by higher revenue and cost discipline, while gross margin improved to 72.6% from 65.3% in the previous year [1][7] Backlog and Future Outlook - The company secured over $240 million in new awards, increasing its backlog to $345 million, primarily from international Gen-3 contracts [7] - FY26 guidance indicates ongoing investment in scaling capacity [7]

Core Insights - Rocket Lab USA, Inc. has signed a multi-launch deal with BlackSky Technology Inc., expanding its role as the primary launch provider for BlackSky's AI-enabled Gen-3 Earth observation constellation [1][2] Group 1: Company Developments - The new deal includes four dedicated Electron launches, increasing the total number of Electron launches for BlackSky to 17 since 2019, making Rocket Lab the most prolific launch provider for BlackSky globally [2] - Rocket Lab's Advanced Lightband separation systems will be integrated into each mission, ensuring safe on-orbit separation of spacecraft from the rocket, showcasing the synergy across Rocket Lab's launch and space systems [2] Group 2: Leadership Statements - Rocket Lab's CEO, Sir Peter Beck, emphasized the importance of reliability and execution in long-term partnerships, highlighting Electron's strong track record and the company's commitment to providing streamlined access to space for BlackSky [3] - BlackSky's CEO, Brian O'Toole, noted that Rocket Lab's agile pre-launch integration and precise orbital insertions enhance BlackSky's ability to deliver value, allowing for rapid commissioning of new on-orbit assets [3] Group 3: Market Demand - There is a high demand for dedicated Electron launch services from commercial, civil, and defense customers, following a record year of 21 launches in 2025 [4]

Core Viewpoint - BlackSky Technology (NYSE: BKSY) has faced skepticism regarding its ability to convert technological promise into tangible results, despite having an interesting satellite platform [2]. Company Analysis - BlackSky Technology has struggled for an extended period to achieve concrete outcomes from its technology and satellite platform [2]. - The company operates in a competitive landscape where turning innovative technology into profitable results is critical for investor confidence [2]. Analyst Background - The analysis is provided by an individual with a decade of experience in investment analysis, particularly in Latin American markets, and a focus on high-quality growth stocks [2].

Financial Data and Key Metrics Changes - The company reported Q4 2025 revenue of $35.2 million, a 16% year-over-year increase, contributing to total annual revenues of $106.6 million [18][19] - Adjusted EBITDA for Q4 2025 was $8.8 million, a 20% increase from $7.4 million in the prior year, marking the second consecutive year of positive adjusted EBITDA [21] - The liquidity position improved to over $225 million, more than double the previous year's cash balance of $53.8 million [22][23] Business Line Data and Key Metrics Changes - The company secured $240 million in contract bookings in 2025, with a backlog of $345 million, indicating strong revenue visibility [8][18] - The international customer base contributed significantly, with revenues from international customers growing over 50% year-over-year, now representing more than half of total revenues [19][20] Market Data and Key Metrics Changes - The company is experiencing increasing demand for Gen-3 sovereign solutions from governments worldwide, with a notable contract signed with a new international customer [15] - The market for space-based intelligence and AI services is expanding, with over 60 countries now having sovereign space capabilities, up from under 15 five years ago [30] Company Strategy and Development Direction - The company is focusing on three primary growth vectors: space-based intelligence and AI services, mission solutions, and advanced technology programs [10][11] - The strategy includes consolidating mission solutions to deliver satellites, ground systems, and software, while also advancing R&D for next-generation capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing market opportunity for space-based intelligence and the company's ability to meet demand through its technology stack [25] - The outlook for 2026 anticipates revenue between $120 million and $145 million, driven by strong backlog visibility and continued Gen-3 satellite deployments [24] Other Important Information - The company has made significant progress in cash management, with a focus on maintaining operating discipline while scaling revenue [87][88] - The company expects to expand its portfolio of advanced technology projects throughout 2026, driven by customer interest in innovative space and AI capabilities [17] Q&A Session Summary Question: Details on the new 8-figure sovereign deal - The deal includes a Gen-3 satellite, ground capability, and multi-year support services, with revenue recognized in Q4 due to immediate deliveries [28] Question: Pipeline for similar opportunities - The company is building a strong pipeline with over 60 countries seeking sovereign space capabilities, indicating a large and expanding market [30] Question: Guidance on revenue recognition and bookings - The company has strong visibility with a backlog of $345 million, and renewals are expected to contribute to revenue [36] Question: Sales cycle for new contracts - The sales cycle for these contracts typically ranges from 12 to 18 months, with some deals moving faster [55] Question: U.S. government spending outlook - Management noted that while the budget is classified, there is positive interest in expanding the use of commercial imagery and analytics [50] Question: Impact of international demand - Demand is strong across various regions, including Europe, the Middle East, and Asia-Pacific, with significant investments in sovereign space capabilities [80]

BlackSky (NYSE:BKSY) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAly Bonilla - Vice President of Investor RelationsAustin Moeller - Director and Equity ResearchBrian O'Toole - CEOChris Quilty - Co-CEO and PresidentDave Storms - Director and Equity ResearchEdison Yu - DirectorGreg Pendy - DirectorHenry Dubois - CFOConference Call ParticipantsGregory Burns - AnalystJaeson Schmidt - Senior Research Analyst and Director of ResearchJeff Van Riel - AnalystScott Buck - Managing Director ...