February 26, 2026 BLACKSKY Q4 AND FULL YEAR 2025 EARNINGS WEBCAST © BlackSky 2026. All rights reserved. Confidential & Proprietary. 1 Legal Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. Words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will c ...

Financial Performance - YTD Revenue is $71.4 million[31], with professional and engineering services revenue up 9% year-over-year[31] - YTD adjusted EBITDA loss is $7.9 million[38], but would have been a positive ~$5 million excluding impacts from EOCL and LeoStella[38] - Q3 cash balance increased 129% year-over-year to $147.6 million[42], bringing total liquidity to over $200 million[11,42] - Cash operating expenses were flat year-over-year, excluding LeoStella overhead expenses[34] Contracts and Growth - Won over $60 million in new contracts, primarily with international customers and for Gen-3 services[12] - Awarded a contract over $30 million to integrate Gen-3 tactical ISR services into a strategic defense customer's secure environment[12,16,19] - Won a seven-figure contract with the US government and expanded customers for Gen-3 early access[12,22] - AI & analytic solutions are gaining traction with YTD orders under NGA Luno at about $30 million[12,22] International Expansion - 50% of BlackSky's revenues are from international customers[13] - Over 90% of backlog is from international contracts for Gen-3 capabilities[13] Future Outlook - The company maintains its 2025 outlook with revenue between $105 million and $130 million, adjusted EBITDA between $0 million and $10 million, and capital expenditures between $60 million and $70 million[45]

Financial Performance - BlackSky's first half (1H) revenue for 2025 reached $51.7 million, a 5.2% increase compared to the same period in the prior year[27] - Adjusted imagery and analytics cost of sales for 1H 2025 was $7.2 million, a slight increase of $0.4 million from the prior year period[32] - The company reported an 81% imagery & analytics gross margin in Q2, reflecting healthy economics from recurring imagery and analytics services[32] - Adjusted EBITDA loss for 1H 2025 was $3.4 million, which would have been $2.2 million excluding LeoStella[35] Liquidity and Capital - BlackSky successfully raised $185 million in an upsized convertible note offering, strengthening the balance sheet and increasing liquidity[9, 38] - The company's Q2 2025 cash balance was $94.9 million, a 124% increase year-over-year[41] - Liquidity improved to over $227 million, including net cash raised in July from the convertible debt offering and warrant exercise payments[41] Business Highlights - BlackSky was awarded a facility monitoring delivery order valued at up to $24 million with the NGA Luno A program[9, 10, 11] - The company signed early access agreements for Gen-3 services with multiple international customers[9, 12] - BlackSky launched its second Gen-3 satellite, which began delivering very high resolution (VHR) imagery within 12 hours after launch[9] - The company remains on track to launch 6 Gen-3 satellites this year and have 8 Gen-3 satellites on orbit by early 2026[19] Outlook - BlackSky's full year 2025 guidance includes revenue between $105 million and $130 million, and adjusted EBITDA between $0 million and $10 million[44]

Financial Performance - Q1 2025 revenue reached $29.5 million, a 22% year-over-year increase[36] - Q1 adjusted imagery and analytics cost of sales was $3.8 million, a slight increase of $0.4 million from the prior year quarter[39] - Q1 adjusted EBITDA loss was $0.6 million, down $2.0 million from the prior year quarter, but would have been $2.0 million excluding LeoStella overhead expenses[41] - Cash balance in Q1 2025 was $77.0 million, up 115% over the prior year quarter[44] Backlog and Contracts - Backlog increased to $366 million in Q1, up nearly 50% compared to the prior year quarter[17] - Over $130 million in new contracts and renewal agreements were awarded in Q1[15] Gen-3 Satellite Program - The first Gen-3 satellite is fully commissioned and exceeding performance expectations[15] - The second Gen-3 satellite is being shipped and is on track for a Q2 launch[15] - The company expects to have 8 Gen-3 satellites on orbit by early 2026[27]