BlackSky Posts 16% Q4 Growth, $240M Bookings and Guides $120M–$145M Revenue for 2026
BlackSky posted Q4 2025 revenue of $35.2 million (up 16%) and secured $240 million in bookings, growing backlog to $345 million and liquidity to $225 million. For 2026, management guides revenue of $120 million–$145 million, adjusted EBITDA of $6 million–$18 million, allocating $50 million–$60 million for Gen-3 constellation spend.
1. Q4 and Full-Year 2025 Financial Results
BlackSky closed Q4 with $35.2 million in revenue, up 16% year-over-year, and reported full-year revenue of $106.6 million. The company booked $240 million in 2025 contracts, grew backlog to $345 million, achieved positive adjusted EBITDA for a second consecutive year and held over $225 million in liquidity.
2. Gen-3 Constellation Performance
The Gen-3 constellation expanded with three satellites in 2025, each delivering 35 cm resolution imagery within 12 hours of launch and entering commercial operations within three weeks. Management aims to have eight to nine Gen-3 satellites on orbit by end of 2026, driving pilot conversions into longer-term subscriptions.
3. 2026 Guidance and Capital Allocation
Guidance for 2026 projects revenue of $120 million to $145 million, adjusted EBITDA between $6 million and $18 million, and capital expenditures of $50 million to $60 million focused on Gen-3 constellation buildout. Management remains conservative on U.S. government funding assumptions while supporting its expansion plans.
4. International Demand and Strategic Growth Vectors
International subscription usage grew over 50%, representing more than half of total revenue, and the company secured mission solutions contracts in Europe, the Middle East and Asia-Pacific. BlackSky expects space-based intelligence and AI services to account for 60–70% of revenue, with mission solutions and advanced technology programs driving further growth.