Stonegate Updates Coverage on BlackSky Technology, Inc. (BKSY) 2Q25

Company Performance - BlackSky Technology, Inc. (NYSE: BKSY) reported revenue of $22.2 million, which met consensus estimates, while adjusted EBITDA was a loss of $2.8 million compared to a profit of $2.1 million in the prior year [1] - Earnings per share (EPS) was reported at ($1.27), aligning with consensus estimates of ($0.48) [1] - Imagery and Software Analytical Services revenue increased to $18.0 million, reflecting a year-over-year growth of 2.9%, driven by growing demand for Gen-3 imagery [1] - Professional and Engineering Services revenue declined to $4.2 million from $7.5 million in 2Q24 due to timing differences in contract recognition [1] - Consolidated gross margins slightly decreased to 71.9% from 72.4% in 2Q24 [1] Future Outlook - BlackSky reaffirmed its FY25 revenue guidance of $105 million to $130 million and adjusted EBITDA guidance of breakeven to $10 million, citing short-term U.S. government budget volatility [6] - The company successfully launched its second Gen-3 satellite, which is now delivering high-resolution imagery within 12 hours, with four more Gen-3 satellites expected to launch by year-end [6] - The backlog reached $356 million, with 85% of it being international, and the company has a strong pro forma cash position following a $185 million upsized convertible note offering [6]