BlackSky Guides 2026 Revenue to $120M–$145M, Targets 8-9 Gen-3 Satellites
BlackSky reported Q4 2025 revenue of $35.2M, up 16% year-over-year, full-year revenue of $106.6M, bookings of $240M, backlog of $345M and liquidity above $225M. Gen-3 satellites commissioned in 2025 are delivering 35cm imaging within 12 hours, and management guided 2026 revenue of $120M–$145M with 8-9 Gen-3 satellites on orbit.
1. Q4 Financial Results
BlackSky posted Q4 2025 revenue of $35.2M, a 16% increase year over year, driven by mission solutions revenues from a new international multiyear contract and increased subscription usage. Full-year 2025 revenue reached $106.6M, supported by international sales, with over $225M in liquidity entering 2026.
2. Gen-3 Constellation Expansion and Performance
The company commissioned three Gen-3 satellites in 2025, achieving 35cm imaging performance within 12 hours of launch and commercial operations in three weeks. Management aims to have 8-9 Gen-3 satellites on orbit by end 2026 to support AI-enabled analytics and long-term subscription conversions.
3. 2026 Outlook and Backlog Growth
Management guided 2026 revenue of $120M–$145M, adjusted EBITDA of $6M–$18M, and capex of $50M–$60M for Gen-3 buildout. The backlog stands at $345M, with $75M expected in 2026, and 2025 bookings reached $240M, bolstering revenue visibility.