olivLaw · US equity research
BlackSky Technology Inc. BKSY
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
BlackSky is a real-time space-based intelligence company that pairs its own low Earth orbit satellite constellation with the BlackSky Spectra software platform to monitor strategic locations at high frequency. The company is in focus now because demand from governments and international customers for such data is rising, with second quarter 2026 revenue reaching 33.3 million USD and international revenue growing sharply.
At the close of 04 Nov 2026, BlackSky Technology Inc. (BKSY) stock was 16.77 USD (−3.84% on the day), with market capitalisation 686.3 m USD, beta 2.70, 52-week range 13.14–51.63 USD. Latest reported quarter (Q2 2026): revenue of 33.3 m USD (+50.1% YoY), net income of -20.8 m USD, diluted EPS -0.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.2
- weak (30–45)
- Bollinger (20, 2)
- 15.53 – 20.94
- in the lower half of the band · %B 0.23 · band width 29.7%
- SMA 50 / 200
- 20.57 / 27.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.05 / -1.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.5% | −1.1% | −20.4 pp | — |
| 3 months | −33.4% | −0.5% | −32.9 pp | — |
| 6 months | −58.6% | +4.4% | −63.0 pp | — |
| Year to date | −10.6% | +12.3% | −22.9 pp | — |
| 1 year | −10.5% | +13.5% | −24.0 pp | +3.5% |
| 3 years | +85.5% | +76.4% | +9.1 pp | +53.9% |
| 5 years | −80.1% | +63.7% | −143.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.5 m | 30.4 m | 29.5 m | 22.2 m | 19.6 m | 35.2 m | 20.8 m | 33.3 m |
| Research & development | 43.0 k | 559.0 k | 245.0 k | 17.0 k | 30.0 k | 141.0 k | 170.0 k | 291.0 k |
| SG&A | 18.0 m | 19.1 m | 21.4 m | 22.7 m | 21.7 m | 21.6 m | 22.6 m | 23.8 m |
| Operating income | -13.2 m | -6.1 m | -12.0 m | -13.9 m | -16.8 m | -4.2 m | -18.5 m | -7.8 m |
| Depreciation & amortisation | 11.1 m | 10.0 m | 7.2 m | 7.2 m | 7.9 m | 8.0 m | 9.2 m | 8.0 m |
| Interest expense | 3.1 m | 3.4 m | 3.3 m | 3.5 m | 4.0 m | 4.1 m | 3.9 m | 3.9 m |
| Pre-tax income | -12.6 m | -19.4 m | -12.8 m | -41.2 m | -15.3 m | -847.0 k | -29.7 m | -20.8 m |
| Income tax | 28.0 k | 20.0 k | 30.0 k | 35.0 k | 39.0 k | 21.0 k | 0 | 0 |
| Net income | -12.6 m | -19.4 m | -12.8 m | -41.2 m | -15.3 m | -868.0 k | -29.7 m | -20.8 m |
| Diluted EPS | -0.66 | -0.64 ≈ | -0.42 | -1.27 | -0.44 | -0.02 ≈ | -0.82 | -0.54 |
| Operating cash flow | 1.0 m ≈ | -1.8 m | 27.2 m | -7.3 m ≈ | -39.0 m ≈ | -9.3 m | -2.4 m | -3.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 0 | 34.1 m | 65.4 m | 94.5 m | 102.1 m | 106.6 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +91.7% | +44.6% | +8.0% | +4.4% |
| Net income | -2.2 k | -7.2 m | -19.5 m | -245.6 m | -74.2 m | -53.9 m | -57.2 m | -70.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.60 | -3.39 | -0.63 | -3.18 | -2.67 | -2.09 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -720.7% | -113.5% | -57.0% | -56.0% | -65.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 42.4 m USD
- Financial debt
- 201.1 m USD
- Net debt
- 158.7 m USD
- Equity
- 94.9 m USD
- Total assets
- 386.2 m USD
- Debt / equity
- 2.12x
- Current ratio
- 3.48x
- ROE
- -74.4%
- ROA
- -21.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 34.1 m | 65.4 m | 94.5 m | 102.1 m | 106.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Research & development | 255.0 k | 112.0 k | 739.0 k | 643.0 k | 1.3 m | 433.0 k | SEC (XBRL)· 17 Mar 2026verified |
| SG&A | 28.6 m | 86.7 m | 79.7 m | 72.6 m | 74.1 m | 87.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Operating income | -41.4 m | -120.1 m | -86.5 m | -56.0 m | -44.3 m | -46.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 9.8 m | 14.3 m | 35.7 m | 43.4 m | 43.5 m | 30.3 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | -31.6 m ≈ | -105.8 m ≈ | -50.9 m ≈ | -12.5 m ≈ | -752.0 k ≈ | -16.6 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Interest expense | 5.2 m | 5.2 m | 5.4 m | 9.3 m | 12.2 m | 14.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Pre-tax income | -47.7 m | -244.0 m | -74.9 m | -53.2 m | -56.8 m | -70.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 673.0 k | 370.0 k | 125.0 k | SEC (XBRL)· 17 Mar 2026verified |
| Net income | -19.5 m | -245.6 m | -74.2 m | -53.9 m | -57.2 m | -70.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | -0.60 | -3.39 | -0.63 | -3.18 | -2.67 | -2.09 | SEC (XBRL)· 17 Mar 2026verified |
| Weighted average diluted shares | 33.0 m | 72.5 m | 117.8 m | 16.9 m | 21.4 m | 33.6 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.1 m | 165.6 m | 34.2 m | 32.8 m | 13.1 m | 42.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | 2.9 m | 2.6 m | 3.1 m | 7.1 m | 14.7 m | 34.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | — | — | — | 0 | 6.0 m | 6.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | 18.2 m | 178.7 m | 88.5 m | 79.3 m | 106.7 m | 206.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 20.9 m | 70.6 m | 71.6 m | 67.1 m | 45.6 m | 79.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 9.4 m | 9.4 m | 9.4 m | 9.4 m | 10.3 m | 10.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.8 m | 2.5 m | 1.9 m | 1.4 m | 5.4 m | 4.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 119.9 m | 305.8 m | 234.1 m | 224.1 m | 254.1 m | 386.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 4.2 m | 1.7 m | 2.4 m | 11.6 m | 20.4 m | 14.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Short-term debt | 16.7 m | 0 | — | 0 | 1.9 m | 7.9 m | SEC (XBRL)· 17 Mar 2026verified |
| Long-term debt | 84.9 m | 71.4 m | 76.2 m | 83.5 m | 105.7 m | 193.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Current liabilities | 55.4 m | 30.5 m | 26.9 m | 27.5 m | 26.0 m | 59.5 m | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 152.7 m | 126.1 m | 112.2 m | 130.9 m | 160.2 m | 291.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Equity | -32.8 m † | 179.6 m † | 121.9 m † | 93.2 m † | 94.0 m † | 94.9 m † | SEC (XBRL)· 17 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -31.7 m | -53.9 m | -44.5 m | -17.4 m | -6.4 m | -28.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Investing cash flow | -9.8 m | -63.6 m | -81.6 m | -15.2 m | -68.3 m | -86.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | 3.4 m | 275.0 m | -5.1 m | 29.1 m | 55.7 m | 144.1 m | SEC (XBRL)· 17 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 57.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 686.3 m USD
Key indicators
Coverage and freshness
Score by group
57% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · insufficient data
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 57.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | -43.4% | 30 (vs peers) | 15% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.7% | 71 (on a fixed band) | 30% |
| Revenue growth (YoY) · Growth | 4.4% | 45 (vs peers) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.8x | 100 (on a fixed band) | 11% |
| EV/Sales · Valuation | 7.9x | 10 (vs peers) | 30% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality· partial30/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial10/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BLACKSKY TECHNOLOGY INC (BKSY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 106.6 m USD in 2025; YoY growth 4.4%; net margin -61.2%; ROE -44.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 57.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.7%
- Current ratio: 5.8x
What contradicts it
- EBIT margin: -43.4%
- EV/Sales: 7.9x
Not assessed (insufficient data or a ratio without meaning): Gross margin, FCF margin, Net debt / EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 185.3 bn | 13.6 | 52.8% | 31.6% | −2.6% | +3% / +34% |
| MSIMotorola Solutions, Inc. | 82.2 bn | 40.0 | 77.2% | 16.5% | +8.0% | +34% / +54% |
| UIUbiquiti Inc. | 34.0 bn | 35.4 | 91.1% | 29.3% | +27.2% | −4% / +400% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −33% / +381% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −10% / +86% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −39% / +10% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +36% / +137% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
1- and 3-year price returns: for BKSY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BlackSky is a real-time space-based intelligence company that pairs its own low Earth orbit satellite constellation with the BlackSky Spectra software platform to monitor strategic locations at high frequency. The company is in focus now because demand from governments and international customers for such data is rising, with second quarter 2026 revenue reaching 1 33.3 million USD and international revenue growing sharply. 2
SWOT
Strengths
- The company controls the chain from satellite design to analytics software, which allows rapid improvements and low unit costs. 1
- The Spectra platform has operated for more than ten years and integrates data from proprietary and third-party sensors, creating a data advantage that builds over time. 1
- Revenue growth in the second quarter of 2026 and a strong cash position after the share issuance give the company room to manoeuvre. 3
Weaknesses
- The company has not yet reached profitability, and net losses continued in the second quarter of 2026. 3
- Revenue depends on a small number of large customers, and losing one of them could significantly affect financial results. 1
- Operating history at the current scale is limited, which makes future results hard to predict. 1
Opportunities
- International interest in owned satellites and Mission Solutions could increase revenue from outside the United States. 2
- The planned AROS constellation of multispectral satellites for large-area mapping could fill gaps left by competitors whose satellites are ageing. 1
- Contracts with U.S. government agencies, such as the NRO award for AROS, could open new revenue lines. 3
Threats
- Budget delays or government shutdowns can postpone defence contracts and create quarterly volatility. 1
- A satellite failure or a launch loss could lead to significant impairment if no insurance is in place. 1
- Changing government regulations and export restrictions could limit activity in certain countries. 1
Risks
- Customer concentrationhigh
A small number of customers generate most revenue, and a reduction in business with one of them could have a material effect. 1
- Losses and no profitabilityhigh
The company has not achieved profit and it is uncertain when or whether it will, while operating expenses are expected to rise. 1
- Satellite failurehigh
If satellites do not perform as intended or launches fail, the impact on the business and financial position could be significant. 1
- Dependence on public fundingmedium
Government contracts can be terminated for convenience or delayed by budgets, which makes revenue more volatile. 1
- Capital needsmedium
The business is capital intensive, and future financing could come on restrictive or costly terms. 1
Investment thesis
What would need to be true (bull case)
- If growth in Gen-3 services continues and the share of international customers keeps rising, the company could reduce its dependence on a few customers. 2 3
- A cost and speed advantage in frequent monitoring could let the company win contracts that competitors with large constellations cannot serve efficiently. 1
- The retirement of competitors' older satellites could create room for AROS and for new mapping and digital-twin contracts. 1
What would break the thesis
- Continued net losses and the absence of profitability could force the company to issue more shares, diluting shareholders. 3 1
- If U.S. defence budgets shrink or contracts slip, quarterly revenue could fall sharply. 1
- Consolidation of the market through cheaper satellites could erode the company's price advantage. 1
What to watch
- Delivery of revenue and adjusted EBITDA against the full-year guidance rangeQ3 2026
- Launch and commissioning of the next two Gen-3 satellitesQ3 2026
- Trend in the share of international revenue and new contracts with foreign governments2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BlackSky designs, builds, owns and operates a constellation of small high-resolution Earth observation satellites with high revisit frequency, together with the AI software platform BlackSky Spectra, which turns raw data into actionable intelligence. The company organises its activity into three revenue streams: space-based intelligence and AI services, sold through On-Demand and Assured subscriptions; Mission Solutions, which let customers own and operate their own Gen-3 satellites; and advanced technology programs. 1
Gen-3 satellites offer 35-centimetre electro-optical resolution and short-wave infrared imaging for low-light or night conditions, and in November 2024 the company acquired the remaining 50% of BlackSky Satellite Systems to control its satellite supply chain and production. 1 Design and manufacturing are vertically integrated, which allows continuous improvement of the satellites at a relatively low unit cost. 1
Revenue is mainly generated by annual or multi-year subscription contracts with tiered collection priorities, while Mission Solutions and technology programs are typically project-based fixed-price contracts. Revenue recognition can be uneven from quarter to quarter because of long sales cycles and estimates on long-term contracts. 1
Segments
Mission Solutions
Here the company delivers customised satellite and ground systems to governments that want their own space capabilities, including knowledge transfer and local workforce training. Contracts are usually fixed-price and are often combined with imagery subscriptions. 1
Advanced technology programs
This segment covers customer-specific software development, system testing, training and the integration of imagery products into customer workflows. Its contribution to revenue is smaller, but it supports platform adoption. 1
Market context
The geospatial market is shifting from static, low-frequency imagery toward dynamic monitoring, where low-latency imagery and advanced analytics deliver real-time intelligence, and the number of commercial sensors in orbit has grown. Space intelligence investment has risen alongside defence spending in Europe, Asia and the Middle East. 1 For 2026 the company expects revenue between 130 and 150 million USD, although these estimates could be affected by government budgets and contract delays. 3
The share of international customers in revenue rose from 48% to 60% in the first six months of 2026 compared with the same period of 2025, reflecting higher defence spending outside the United States. U.S. government customers remain important, and dependence on a few large customers is still high. 2 1
Trends
- Demand for real-time government intelligencetailwind
Recent conflicts and geopolitical tensions have strengthened the value of operational space-based intelligence, which could support demand for frequent monitoring. 1
- Rising international defence spendingtailwind
Defence spending is growing faster outside the United States, with emphasis on national space capabilities, which opens opportunities for Mission Solutions and international subscriptions. 2
- Dependence on public budgets and defence fundingheadwind
Defence customers buy under government programmes of limited duration, and funding interruptions can delay contracts and revenue. 1 3
- Shift to smaller and more efficient constellationsmixed
The market is moving toward smaller and cheaper satellites, but competitors may reach similar capabilities, which could narrow the company's cost advantage. 1
Competitive position
The company differentiates itself with a constellation optimised for hourly monitoring of strategic locations rather than full routine mapping of the Earth, which could allow a smaller and more capital-efficient constellation. 1 Competitors dedicated to large-area mapping may operate larger and more expensive satellites, and many of their legacy satellites are approaching end of service. 1
The market also includes imagery and geospatial analytics providers, and customers can order imagery from other providers through the Spectra platform, so competition is partly complementary. 1
- Imagery providers with large mapping constellations
Companies that map the whole Earth on a routine basis with larger constellations; the source does not name them individually.
- High-capacity large-area collection satellite operators
Their legacy satellites are nearing end of service, and their replacement could open room for BlackSky. 1
- General-purpose AI analytics and cloud platforms
The company prefers proprietary AI models over outsourcing to generalist platforms, but these could appear as alternatives for customers. 1
- Other commercial space-data providers for government customers
The source does not identify them in detail; they are implied by the competitive market and government demand for commercial data. 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Sept 2026Shareholder vote
- Current report13 Aug 2026Delisting notice
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Jul 2026
- Current report22 May 2026Material agreement · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report07 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report17 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BlackSky Technology Inc. · 17 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BlackSky Technology Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BlackSky Technology Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.