BlackSky Posts Record Revenue, Secures Multi-Million Defense Contracts
Event summary
- BlackSky reported full-year 2025 revenue of $107 million, up from $102 million in 2024.
- Backlog grew 32% year-over-year to $345 million, driven by $240 million in contract bookings.
- Secured an eight-figure multi-year contract with an international defense customer for Gen-3 satellite and imagery services.
- Achieved second consecutive year of positive adjusted EBITDA, with Q4 2025 adjusted EBITDA at $8.8 million.
- Cash balance stood at $126 million as of December 31, 2025.
The big picture
BlackSky's strong financial performance in 2025, marked by record revenue and significant contract wins, underscores the growing demand for its Gen-3 satellite technology. The company's ability to secure multi-million-dollar defense contracts highlights its strategic positioning in the aerospace and defense sectors. As BlackSky continues to deploy Gen-3 satellites and expand its international customer base, its focus on converting pilots into subscription contracts will be crucial for sustained growth.
What we're watching
- Revenue Growth
- Whether BlackSky can sustain its revenue growth trajectory in 2026, with projected revenue between $120 million and $145 million.
- International Expansion
- The pace at which BlackSky converts international pilots into long-term subscription contracts.
- Operational Efficiency
- How BlackSky manages its cost of sales, which increased to 33% of revenue in 2025 from 27% in 2024.
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