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BlackSky Technology
(NYSE:BKSY)
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Rating:47Neutral
Price Target:
$20.00
▼(-20.67% Downside)
Action:Reiterated
Date:09/06/26
Overall score is held down primarily by weak financial performance (large losses and ongoing negative free cash flow) and bearish technicals (price below key moving averages with negative MACD). The latest earnings call is a meaningful offset, highlighting strong growth, a move to positive adjusted EBITDA, reaffirmed guidance, and improved liquidity; valuation is hard to assess given negative earnings, and the warrant delisting headline adds modest negative sentiment.
Positive Factors
High-growth subscription platform
Rapid growth in recurring imagery and AI services indicates increasing customer adoption of BlackSky’s software-enabled intelligence model. The $100M subscription run rate can improve revenue visibility and support operating leverage as higher-margin recurring offerings become a larger share of the business.
Negative Factors
Persistent losses and cash burn
BlackSky remains dependent on external funding or a successful operating inflection because the business is not yet self-financing. Persistent losses and negative free cash flow can constrain investment flexibility, increase financing needs, and weaken shareholder returns if profitability takes longer to emerge.
Read all positive and negative factors
Positive Factors
Negative Factors
High-growth subscription platform
Rapid growth in recurring imagery and AI services indicates increasing customer adoption of BlackSky’s software-enabled intelligence model. The $100M subscription run rate can improve revenue visibility and support operating leverage as higher-margin recurring offerings become a larger share of the business.
Read all positive factors
BlackSky Technology Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Data provided by:
The Fly
The FlyBlackSky Technology (BKSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$838.96M
Dividend YieldN/A
Average Volume (3M)949.44K
Price to Earnings (P/E)―
Beta (1Y)3.04
Revenue Growth4.07%
EPS Growth45.58%
CountryUS
Employees321
SectorIndustrials
Sector Strength72
IndustrySoftware - Application
Share Statistics
EPS (TTM)-1.82
Shares Outstanding40,924,847
10 Day Avg. Volume784,845
30 Day Avg. Volume949,439
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)6.64
Price to Sales (P/S)5.91
P/FCF Ratio-14.14
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$37.70Price Target Upside49.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.51
Revenue Forecast (FY)$140.52M
BlackSky Technology Business Overview & Revenue Model
Company Description
BlackSky Technology Inc. specializes in providing geo-spatial intelligence, high-resolution imagery, and sophisticated data analytics services. They are also involved in engineering, integrating, and operating comprehensive satellite and ground-ba...
How the Company Makes Money
BlackSky primarily makes money by selling geospatial intelligence capabilities as a service, combining satellite imagery collection with software-driven analytics and delivery. Key revenue streams include: (1) Subscription/contract revenue for acc...
BlackSky Technology Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicated a clear positive inflection driven by Gen-3 performance: strong top-line growth (50% YoY), a move to positive adjusted EBITDA, substantial international expansion, growing bookings and strengthened liquidity. Key near-term risks discussed include launch timing, lumpy Mission Solutions revenues, and some uncertainty around U.S. government funding for 2027. Overall, the positives (revenue and margin expansion, technology leadership, improved balance sheet) materially outweigh the headwinds.Positive Updates
Strong Revenue Growth
Total Q2 revenue of $33.3M, up 50% year-over-year and up 60% sequentially, driven by record space-based intelligence and AI services.
Negative Updates
Launch Delays and Timing Risk
Company acknowledged some launch-related delays (while stating they remain on track for deployment plans and do not require additional Gen-3 satellites to hit 2026 revenue targets), introducing schedule risk for capacity expansion.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total Q2 revenue of $33.3M, up 50% year-over-year and up 60% sequentially, driven by record space-based intelligence and AI services.
Read all positive updates
Company Guidance
BlackSky reaffirmed its May-updated 2026 guidance of revenue $130–$150 million, adjusted EBITDA $12–$24 million, and capital expenditures $50–$60 million; management pointed to Q2 results that support that outlook — Q2 revenue $33.3M (up 50% YoY, 60% sequential), space‑based intelligence & AI services $24.5M (up 50% vs. Q1), adjusted EBITDA $4.7M (14.2% margin) — and highlighted a $244.1M cash balance and >$325M total liquidity after a $150M ATM raise, YTD bookings of up to $200M, a $100M annual run rate for imagery/AI subscriptions, Q2 capex ≈$15M (YTD ≈$31M), Gen‑3 products/services driving ~90% of growth, international subscription revenue up ~150% YoY, and multi‑year international contracts comprising over 80% of funded backlog as the rationale for confidence in meeting the full‑year targets.BlackSky Technology Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 108.92M | 106.58M | 102.09M | 94.49M | 65.35M | 34.09M |
| Gross Profit | 44.02M | 71.27M | 74.66M | 60.71M | 29.52M | -663.00K |
| EBITDA | -8.10M | -24.23M | -542.00K | 434.00K | -32.11M | -224.52M |
| Net Income | -66.70M | -70.26M | -57.22M | -53.86M | -74.17M | -245.64M |
Balance Sheet | ||||||
| Total Assets | 517.03M | 387.29M | 254.15M | 224.07M | 234.09M | 305.76M |
| Cash, Cash Equivalents and Short-Term Investments | 234.18M | 124.45M | 52.46M | 52.51M | 72.16M | 165.59M |
| Total Debt | 21.73M | 15.52M | 116.49M | 87.16M | 79.88M | 71.46M |
| Total Liabilities | 305.49M | 292.41M | 160.16M | 130.91M | 112.22M | 126.14M |
| Stockholders Equity | 211.53M | 94.88M | 93.99M | 93.16M | 121.87M | 179.62M |
Cash Flow | ||||||
| Free Cash Flow | -70.42M | -44.52M | -22.06M | -61.14M | -56.13M | -55.15M |
| Operating Cash Flow | -55.02M | -28.31M | -6.38M | -17.42M | -44.46M | -53.87M |
| Investing Cash Flow | -181.70M | -86.59M | -68.33M | -15.21M | -81.58M | -63.61M |
| Financing Cash Flow | 244.74M | 144.08M | 55.66M | 29.05M | -5.05M | 275.02M |
BlackSky Technology Technical Analysis
Negative
25.21
Price Trends
25.32
Negative
31.35
Negative
27.11
Negative
Market Momentum
-1.50
Positive
31.41
Neutral
6.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKSY, the sentiment is Negative. The current price of 25.21 is below the 20-day moving average (MA) of 26.29, below the 50-day MA of 25.32, and below the 200-day MA of 27.11, indicating a bearish trend. The MACD of -1.50 indicates Positive momentum. The RSI at 31.41 is Neutral, neither overbought nor oversold. The STOCH value of 6.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BKSY.
BlackSky Technology Risk Analysis
BlackSky Technology disclosed 71 risk factors in its most recent earnings report. BlackSky Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackSky Technology Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $795.53M | 96.83 | 13.72% | ― | -7.12% | ― | |
52 Neutral | $753.80M | 29.18 | 7.51% | 0.99% | 20.23% | -15.15% | |
52 Neutral | $713.35M | -7.57 | -3465.39% | ― | ― | ― | |
47 Neutral | $838.96M | -11.24 | -55.79% | ― | 4.07% | 45.58% | |
44 Neutral | $118.01M | -1.15 | -92.81% | ― | 28.49% | -296.38% | |
43 Neutral | $50.47M | -0.30 | -221.31% | ― | 11.15% | 7.27% |
* Industrials Sector Average
BKSY
BlackSky Technology
20.50
3.87
23.27%
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BlackSky Technology Corporate Events
Delistings and Listing Changes
BlackSky Warrants Face NYSE Delisting and Trading Suspension
Negative
Aug 13, 2026
On August 7, 2026, BlackSky Technology Inc. received notice from the New York Stock Exchange that it would commence proceedings to delist the company’s publicly traded warrants, which are exercisable for Class A common stock at $92.00 per sh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.