$BKSY

BlackSky Technology Inc.

CIK:0001753539|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 33,316	$ 22,199	$ 54,090	$ 51,743
Costs and expenses
Selling, general and administrative	23,778	22,667	46,340	44,109
Research and development	291	17	461	262
Depreciation and amortization	7,997	7,208	17,244	14,444
Operating loss	(7,799)	(13,940)	(26,336)	(25,919)
Loss on derivatives	(10,517)	(24,435)	(18,734)	(22,534)
Interest income	1,348	677	2,372	1,250
Interest expense	(3,865)	(3,509)	(7,797)	(6,852)
Other (expense) income, net	(1)	3	(2)	68
Loss before income taxes	(20,834)	(41,204)	(50,497)	(53,987)
Income tax expense	0	(35)	0	(65)
Net loss	(20,834)	(41,239)	(50,497)	(54,052)
Other comprehensive income	0	0	0	0
Total comprehensive loss	$ (20,834)	$ (41,239)	$ (50,497)	$ (54,052)
Basic:
Net income (loss) per share of common stock (in dollars per share)	$ (0.54)	$ (1.27)	$ (1.35)	$ (1.71)
Diluted:
Net income (loss) per share of common stock, diluted (in dollars per share)	$ (0.54)	$ (1.27)	$ (1.35)	$ (1.71)
Space-based intelligence & AI services
Revenue
Revenue	$ 24,507	$ 17,982	$ 41,026	$ 34,811
Costs and expenses
Costs excluding depreciation and amortization	5,395	3,460	10,319	7,278
Mission solutions
Revenue
Revenue	5,111	1,051	7,120	10,893
Costs and expenses
Costs excluding depreciation and amortization	1,601	384	2,817	7,231
Advanced technology programs
Revenue
Revenue	3,698	3,166	5,944	6,039
Costs and expenses
Costs excluding depreciation and amortization	$ 2,053	$ 2,403	$ 3,245	$ 4,338

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (50,497)	$ (54,052)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	17,244	14,444
Transfer of satellite work in process to mission solutions costs	596	0
Operating lease right of use assets amortization	347	306
Stock-based compensation expense	8,417	6,351
Amortization of debt issuance costs and non-cash interest expense	458	4,017
Loss on derivatives	18,734	22,534
Non-cash interest income	(1,531)	(872)
Other	51	5
Changes in operating assets and liabilities:
Accounts receivable	6,129	7,720
Contract assets - current and long-term	2,785	(14,324)
Inventories	0	(5,997)
Prepaid expenses and other current assets	6,883	605
Other assets	(244)	(40)
Accounts payable and accrued liabilities	783	(8,065)
Other current liabilities	(8,015)	1,168
Contract liabilities - current and long-term	(8,021)	34,183
Other liabilities	0	(12)
Net cash (used in) provided by operating activities	(5,881)	19,965
Cash flows from investing activities:
Purchase of property and equipment	(7,287)	(8,096)
Satellite work in process	(23,892)	(10,772)
Purchases of short-term investments	(178,997)	(56,953)
Proceeds from maturities of short-term investments	65,250	26,000
Net cash used in investing activities	(144,926)	(49,821)
Cash flows from financing activities:
Proceeds from equity issuances, net of equity issuance costs	160,170	40,861
Proceeds from warrants exercised	123	0
Proceeds from options exercised and ESPP shares purchased	805	180
Repayments of debt	3,938	563
Payments for debt issuance costs	0	(175)
Withholding tax payments on vesting of restricted stock units	(3,039)	(1,086)
Payments for deferred offering costs	0	31
Net cash provided by financing activities	154,121	39,186
Net increase in cash, cash equivalents, and restricted cash	3,314	9,330
Cash, cash equivalents, and restricted cash – beginning of year	43,548	14,378
Cash, cash equivalents, and restricted cash – end of period	46,862	23,708
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	36,897	22,555
Restricted cash	9,965	1,153
Total cash, cash equivalents, and restricted cash	46,862	23,708
Supplemental disclosures of cash flow information:
Cash paid for interest	8,040	1,509
Cash paid for income taxes	0	20
Supplemental disclosures of non-cash financing and investing information:
Vendor financed satellite launch costs	13,200	10,500
Interest capitalized but not yet paid	1,350	162
Accretion of short-term investments' discounts and premiums	1,531	872
Capitalized depreciation expense	710	574
Transfer of satellite work in process to mission solutions costs	596	0
Capitalized stock-based compensation	613	302
Equity issuance costs accrued but not yet paid	141	30
Adjustments to goodwill for changes in the preliminary purchase price allocation	0	19
Increase of debt principal for paid-in-kind interest	0	4,490
Deferred financing costs accrued but not yet paid	0	110
Property, Plant and Equipment
Supplemental disclosures of non-cash financing and investing information:
Additions of equipment and other satellite procurement costs accrued but not yet paid	$ 4,009	$ 1,720

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 36,897	$ 42,445
Restricted cash	9,965	1,103
Short-term investments	197,283	82,006
Accounts Receivable	27,959	34,139
Contract assets	26,025	28,595
Inventories	6,178	6,178
Prepaid Expense and Other Assets, Current	5,482	12,329
Total current assets	309,789	206,795
Property and equipment - net	90,980	79,037
Operating lease right of use assets - net	5,559	3,418
Goodwill	10,279	10,279
Intangible assets - net	3,500	4,422
Satellite work in process	95,608	80,651
Other assets	1,311	1,644
Total assets	517,026	386,246
Current liabilities:
Accounts payable and accrued liabilities	13,787	14,945
Contract liabilities - current	18,995	20,518
Debt, Current	11,672	7,937
Other current liabilities	8,639	16,061
Total current liabilities	53,093	59,461
Operating lease liabilities	10,059	7,579
Derivative liabilities	39,171	20,648
Long-term debt - net of current portion	199,166	193,180
Other liabilities	4,005	10,503
Total liabilities	305,494	291,371
Commitments and contingencies (Note 17)
Stockholders’ equity:
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 40,925 and 36,227 shares; outstanding, 40,628 shares and 35,930 shares as of June 30, 2026 and December 31, 2025, respectively.	4	4
Additional paid-in capital	988,473	821,319
Accumulated deficit	(776,945)	(726,448)
Total stockholders’ equity	211,532	94,875
Total liabilities and stockholders’ equity	$ 517,026	$ 386,246