Revenue performance remains highly inconsistent, with gross margins contracting sharply from 77.4% in 2024Q4 to 20.2% in 2026Q1 due to unfavorable shifts in contract mix.
| Sales/Revenue | 97.81M | 106.58M | 102.09M | 94.49M | 65.35M | 34.09M | 21.14M | 13.71M |
| Revenue Growth % | -8.93% | 4.39% | 8.04% | 44.59% | 91.73% | 61.27% | 54.12% | - |
| Cost of Goods Sold | 47.15M | 35.3M | 27.43M | 33.78M | 35.83M | 34.75M | 23.87M | 11.5M |
| COGS % of Revenue | - | 33.13% | 26.87% | 35.75% | 54.82% | 101.95% | 112.92% | 83.84% |
| Gross Profit | 50.66M | 71.27M | 74.66M | 60.71M | 29.52M | -663K | -2.73M | 2.22M |
| Gross Margin % | 51.8% | 66.88% | 73.13% | 64.25% | 45.18% | -1.95% | -12.92% | 16.16% |
| Gross Profit Growth % | - | -4.54% | 22.98% | 105.64% | 4552.94% | 75.72% | -223.24% | - |
| Operating Expenses | 104.12M | 118.17M | 118.95M | 116.69M | 116.07M | 119.48M | 38.66M | 48.46M |
| OpEx % of Revenue | - | 110.88% | 116.51% | 123.49% | 177.62% | 350.54% | 182.94% | 353.42% |
| Selling, General & Admin | 86.76M | 85.29M | 74.58M | 72.62M | 78.85M | 85.24M | 21.42M | 33.86M |
| SG&A % of Revenue | - | 80.03% | 73.05% | 76.85% | 120.65% | 250.07% | 101.33% | 246.93% |
| Research & Development | 1.54M | 2.54M | 2.3M | 1.68M | 1.56M | 1.53M | 7.45M | 1.1M |
| R&D % of Revenue | - | 2.38% | 2.25% | 1.78% | 2.39% | 4.49% | 35.23% | 8.01% |
| Other Operating Expenses | 2.57M | 30.34M | 42.07M | 42.39M | 35.66M | 32.71M | 9.8M | 13.5M |
| Operating Income | -53.46M | -46.9M | -44.29M | -55.98M | -86.55M | -120.14M | -41.4M | -46.25M |
| Operating Margin % | -54.66% | -44.01% | -43.38% | -59.24% | -132.44% | -352.48% | -195.86% | -337.26% |
| Operating Income Growth % | - | -5.9% | 20.89% | 35.32% | 27.96% | -190.24% | 10.49% | - |
| EBITDA | -20.65M | -15.95M | -169K | -11.67M | -49.21M | -105.84M | -31.59M | -39.35M |
| EBITDA Margin % | -21.11% | -14.96% | -0.17% | -12.35% | -75.3% | -310.51% | -149.48% | -286.96% |
| EBITDA Growth % | -617.37% | -9336.09% | 98.55% | 76.29% | 53.5% | -235.01% | 19.72% | - |
| D&A (Non-Cash Add-back) | 32.81M | 30.95M | 44.12M | 44.31M | 37.34M | 14.31M | 9.8M | 6.9M |
| EBIT | -64.29M | -55.19M | -44.66M | -43.88M | -69.45M | -238.83M | -42.52M | -39.64M |
| Net Interest Income | -11.28M | -11.14M | -10.63M | -7.24M | -4.31M | -52.88M | -5.2M | -13.69M |
| Interest Income | 4.25M | 3.8M | 1.56M | 2.06M | 1.12M | 0 | 0 | 0 |
| Interest Expense | 15.54M | 14.95M | 12.19M | 9.31M | 5.43M | 52.88M | 5.2M | 13.69M |
| Other Income/Expense | -33.56M | -23.23M | -12.56M | 2.79M | 11.67M | -123.85M | -6.33M | -13.74M |
| Pretax Income | -87.02M | -70.14M | -56.85M | -53.19M | -74.88M | -243.99M | -47.72M | -59.98M |
| Pretax Margin % | -88.97% | -65.81% | -55.68% | -56.29% | -114.58% | -715.84% | -225.79% | -437.43% |
| Income Tax | 95K | 125K | 370K | 673K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.11% | -0.18% | -0.65% | -1.27% | 0% | 0% | 0% | 0% |
| Net Income | -87.11M | -70.26M | -57.22M | -53.86M | -74.17M | -245.64M | -19.54M | -66.14M |
| Net Margin % | -89.07% | -65.93% | -56.05% | -57% | -113.5% | -720.68% | -92.43% | -482.35% |
| Net Income Growth % | -60.66% | -22.79% | -6.24% | 27.39% | 69.8% | -1157.45% | 70.47% | - |
| Net Income (Continuing) | -87.11M | -70.26M | -57.22M | -53.86M | -74.88M | -243.99M | -47.72M | -59.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 707K | -1.65M | 28.18M | -6.16M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.41 | -2.09 | -2.67 | -3.18 | -5.04 | -27.12 | -4.25 | -1.89 |
| EPS Growth % | 14.86% | 21.72% | 16.04% | 36.9% | 81.42% | -538.12% | -124.87% | - |
| EPS (Basic) | - | -2.09 | -2.67 | -3.18 | -5.04 | -26.94 | -4.27 | -1.89 |
| Diluted Shares Outstanding | 36.15M | 33.58M | 21.44M | 16.93M | 14.73M | 9.06M | 4.6M | 3.82M |
| Basic Shares Outstanding | 36.15M | 33.58M | 21.44M | 16.93M | 14.73M | 9.12M | 4.58M | 3.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
According to the provided quarterly income statements, BKSY's revenue trajectory remains highly inconsistent, with a notable 29.7% year-over-year decline reported in 2026Q1, highlighting the inherent lumpiness of project-based mission systems contracts compared to the more stable imagery services segment that typically anchors the company's long-term growth profile.
The erratic revenue performance suggests that the company's reliance on large, milestone-driven government contracts creates significant quarter-to-quarter variance. Investors should monitor whether the recent volatility reflects a structural shift in demand or merely the timing of specific mission-critical delivery milestones within the defense sector.
As reported in financial statements, BKSY's gross margins have demonstrated extreme sensitivity, swinging from a robust 77.4% in 2024Q4 to a strained 20.2% in 2026Q1, which appears to indicate that the cost structure is heavily influenced by the specific mix of imagery services versus lower-margin mission systems.
The sharp contraction in gross margins suggests that the company lacks the pricing power to fully offset the costs associated with its hardware-intensive mission systems segment. This volatility warrants further investigation into whether the recent margin compression is a temporary byproduct of project-specific costs or a permanent shift in the competitive landscape.
Based on reported figures, BKSY continues to struggle with operating leverage, as SG&A expenses have remained stubbornly elevated near $20 million per quarter, preventing the company from scaling its operating income despite the high gross margins achieved during peak periods of revenue generation in late 2025.
The persistent operating losses suggest that the company's fixed cost base, particularly in administrative and overhead functions, is not yet aligned with its current revenue scale. Without a significant increase in top-line growth, the company may continue to face difficulty in achieving the operating efficiency required to reach profitability.
Data from recent filings indicates that BKSY's net loss of $29.7 million in 2026Q1, coupled with a limited cash position, raises significant questions regarding the sustainability of its current operating model without further dilutive financing or a substantial improvement in the conversion of backlog into cash.
Short-sellers would likely focus on the disconnect between the company's high-tech narrative and its inability to generate positive operating cash flow. The reliance on external capital to fund ongoing constellation maintenance and R&D appears to be a primary risk factor that could lead to further shareholder dilution.
Quick answers to the most common questions about buying BKSY stock.
For fiscal year 2025, BlackSky Technology Inc. (BKSY) reported total revenue of $106.6M. This represents a 677.2% increase compared to $13.7M in 2019.
BlackSky Technology Inc. (BKSY) reported a net loss of $70.3M for the fiscal year ending 2025.
BlackSky Technology Inc. (BKSY) reported an operating income of $-46.9M, resulting in an operating profit margin of -44.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BlackSky Technology Inc. (BKSY) generated $71.3M in gross profit for the year, representing a gross profit margin of 66.9%. This demonstrates the company's core pricing power and production efficiency.