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

Dallas, Texas--(Newsfile Corp. - August 8, 2025) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY reported revenue, adj EBITDA, and EPS of $22.2M, ($2.8)M, and ($1.27), respectively. This compares to our/consensus estimates of $22.2M/$22.2M, ($1.5)M/($1.3)M, and ($0.48)/($0.48). Imagery and Software Analytical Services revenue increased to $18.0M, up 2.9% y/y, reflecting growing demand and early access activity related to Gen-3 imagery. Professional and Engineering Services revenue declined to $4.2M from $7.5M in 2Q24, due to timing differences in milestone-based contract recognition. Adj. EBITDA had a loss of ($2.8M) versus a $2.1M profit in the prior year, reflecting lower professional services revenue and ongoing investment in Gen-3 and AROS initiatives. Consolidated gross margins fell slightly to 71.9%, a decrease from 72.4% in 2Q24.

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Key Takeaways:

• Successfully launched its second Gen-3 satellite, now delivering high-resolution imagery within 12 hours; four more Gen-3 satellites are expected to launch by year-end.
• Backlog reached $356M (85% international), and a strong pro forma cash position following a $185M upsized convertible note offering.
• BKSY reaffirmed its FY25 revenue guidance of $105M-$130M and adjusted EBITDA of breakeven to $10M, citing short-term U.S. government budget volatility.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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