BlackSky Technology (BKSY) - 2025 Q4 - Annual Results

Revenue Performance - Q4 2025 revenue reached $35 million, a 16% increase from Q4 2024[6] - Full year 2025 revenue totaled $106.6 million, up $4.5 million from 2024[7] - Total revenue for the year ended December 31, 2025, was $106,575, an increase of 4.8% compared to $102,093 in 2024[30] - The company expects 2026 revenue to be between $120 million and $145 million[17] Profitability and Loss - Q4 2025 adjusted EBITDA was $8.8 million, compared to $7.4 million in Q4 2024[14] - Full year 2025 adjusted EBITDA was $0.9 million, down from $11.6 million in 2024[15] - Q4 2025 net loss narrowed to $0.9 million from $19.4 million in Q4 2024[11] - Full year 2025 net loss was $70.3 million, compared to $57.2 million in 2024[12] - The net loss for the year ended December 31, 2025, was $70,260, compared to a net loss of $57,218 in 2024, representing a 22.8% increase in losses[30] Cash and Liquidity - Cash balance as of December 31, 2025, was $126 million[5] - Cash and cash equivalents increased to $42,445 as of December 31, 2025, from $13,056 in 2024, marking a significant improvement in liquidity[32] Asset Growth - Total assets grew to $387,285 as of December 31, 2025, up from $254,146 in 2024, indicating strong asset growth[32] Expenses and Financing - Cash operating expenses for the year ended December 31, 2025, were $74,266, compared to $64,887 in 2024, reflecting a 14.5% increase[37] - The company incurred $30,343 in depreciation and amortization expenses for the year ended December 31, 2025, down from $43,536 in 2024[34] - The company raised $185,000 from debt issuance during the year ended December 31, 2025, compared to $20,000 in 2024, indicating increased financing activity[34] Stockholders' Equity and Derivatives - The total stockholders' equity as of December 31, 2025, was $94,875, slightly up from $93,989 in 2024[32] - The company reported a loss on derivatives of $8,012 for the year ended December 31, 2025, compared to a gain of $2,815 in 2024[34] Backlog and Contract Bookings - Backlog grew by 32% year-over-year to $345 million, driven by $240 million in contract bookings[5] Capital Expenditures - Capital expenditures for 2026 are projected to be between $50 million and $60 million[17]