Slides
Page 1
© BlackSky 2025. All rights reserved. Confidential & Proprietary. 1 Investor Presentation November 2025 © BlackSky 2025. All rights reserved. Proprietary. Kingsford Smith Airport in Sydney, Australia | 02 March 2025
Page 2
Legal disclaimer © BlackSky 2025. All rights reserved. Proprietary. 2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to BlackSky. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative of these words, and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and on information currently available to our management and, as a result, are subject to risks and uncertainties, some of which cannot be predicted or quantified. BlackSky cannot assure you that the results, events, and circumstances reflected in the forward-looking statements in this presentation will be achieved or occur. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including those described in the section captioned “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect our expectations, plans, or forecasts of future events and views as of the date of this presentation. We anticipate that subsequent events and developments will cause our assessments to change. Accor dingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additional risks and uncertainties are identified and discussed in BlackSky’s disclosure materials filed from time to time with the SEC which are available at the SEC’s website at http://www.sec.gov or on BlackSky’s Investor Relations website at https://ir.blacksky.com. USE OF PROJECTIONS AND DATA The data contained herein is derived from various internal and external sources. All of the market data in the presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data. BlackSky has not independently verified the data obtained from external sources. No representation is made as to the reasonableness or reliability of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication of future performance. Black Sky assumes no obligation to update the information in this presentation. TRADEMARKS BlackSky owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with BlackSky, or an endorsement or sponsorship by or of BlackSky. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate, in any way, that BlackSky will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. NON-GAAP FINANCIAL MEASURES In addition to results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation contains Adjusted EBITDA, a non-GAAP financial performance measure. Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, stock-based compensation expense; unrealized (gain) loss on certain warrants/shares classified as derivative liabilities; severance; impairment losses; (income) loss on equity method investment; investment loss on short-term investments; transaction costs associated with debt and equity financings; non-recurring transaction costs; severance; and litigation, settlements, and related costs. Adjusted EBITDA should not be considered in isolation or as an alternative to measures of financial performance determined in accordance with GAAP. Please refer to the appendix herein and our SEC filings for a reconciliation of Adjusted EBITDA to net loss/income, the most comparable measure reported in accordance with GAAP, and for a discussion of the presentation, comparability, and use of such metric.
Page 3
3 First of its kind platform delivering real-time, space-based intelligence for rapid and improved strategic decision making High-revisit, high resolution constellation of satellites monitoring strategic locations, economic assets & events worldwide BlackSky’s purpose-built Spectra platform delivers real-time imagery and automated AI-driven analytics in under 90 minutes on average Awarded multi-year contracts valued up to approximately $2.4B(1) and considered a trusted mission partner by many U.S. and international government agencies Large and growing addressable market fueling increased opportunities in defense and intelligence sector Proven business model with a strong financial profile, growing recurring subscription revenues and compelling investment economics with the potential to lead to long-term profitable growth BlackSky at a Glance: Key Highlights (1) Total contracted values include IDIQ (Indefinite Delivery/Indefinite Quantity) figures (not fully contracted to BKSY).© BlackSky 2025. All rights reserved. Proprietary.
Page 4
4 BlackSky at a Glance: By the Numbers (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. (2) Inclusive of shares issued under the Company's at-the-market equity program. (3) Market Capitalization based on stock price as of 11/5/25. • Founded: 2014 • Employees: ~320 • Security Cleared: ~33% • Headquarters: Herndon, VA • Basic Shares Outstanding as of Sep. 30, 2025: 36.0M(2) • Market Capitalization: $668M(3) • Total Debt as of Sep. 30, 2025: $195M • Cash and Cash Equivalents as of Sep. 30, 2025: $148M ~ ~ ~ $34 $65 $94 $102 2021 2022 2023 2024 Revenue & Growth ($M) $(44) $(29) $(1) $12 2021 2022 2023 2024 Adjusted EBITDA(1) ($M) +44% Annual CAGR © BlackSky 2025. All rights reserved. Proprietary.
Page 5
© BlackSky 2025. All rights reserved. Proprietary. 5 Recent Highlights Won over $60 million in new contracts, primarily with Int’l customers and for Gen-3 services Awarded contract over $30 million to integrate Gen-3 tactical ISR services into strategic defense customer’s secure environment Won seven-figure contract with US government and expanded customers for Gen-3 early access AI & analytic solutions gaining traction with YTD orders under NGA Luno at about $30 million Gen-3 constellation expansion continues with next satellite getting ready for launch Cash balance increased, bringing total liquidity to over $200 million Puerto San Antonio, Chile | October 20, 2025
Page 6
6 GLOBAL CONFLICT As regional conflicts become global threats, timely situational awareness is critical for governments and businesses. ECONOMIC UNCERTAINTY The unprecedented economic impact of supply chain turmoil has created growing demand for early warnings on disruptive events. NATIONAL SECURITY Governments are increasing spending on intelligence, surveillance and reconnaissance (ISR) capabilities for activity within and outside their borders. With BlackSky’s technology, space-based intelligence meets the urgency of the moment. Space-Based Intelligence is an Essential Capability © BlackSky 2025. All rights reserved. Proprietary.
Page 7
$78.5 $89.7 $96.3 $107.8 $119.9 $141.9 2023 2024 2025 2026 2027 2028 Expected Growth in the Geospatial Analytics Market ($ in billions) Source: ResearchandMarkets.com The global geospatial analytics market is expected to grow to $141.9 billion in 2028, growing at a CAGR of 12.6% from 2023 to 2028 Growing demand for imagery and analytics supported by national security and defense concerns Demand for geospatial intelligence expected to accelerate driven by artificial intelligence, machine learning, big data and cloud computing technologies Attractive Industry Growth Fuels Ongoing Opportunities 7 +12.6% Annual CAGR © BlackSky 2025. All rights reserved. Proprietary.
Page 8
8 BLACKSKY’S DYNAMIC MONITORING BlackSky’s fleet of satellites, scaled and designed for efficiency, fly a mid-inclination orbit, constantly passing over and revisiting the most important strategic and economic assets in the world. COMPETITORS’ STATIC MAPPING A traditional, large, high-investment satellite orbits from pole to pole, periodically imaging the entire world with highly restricted time windows. Disruptive speed, economics and high value data have potential to deliver superior ROI BlackSky’s Dynamic Monitoring is Highly Differentiated Introduction of Gen-3 adds very high resolution to high-frequency monitoring and is driving demand © BlackSky 2025. All rights reserved. Proprietary.
Page 9
BlackSky Delivers Differentiated Real-Time Space-Based Intelligence 9 High-Frequency: *Hourly revisit of the most important locations and assets in the world Uncontested Access: For defined areas of interest On Demand: Tasking to delivery in under 90 mins on average to networked & remote secure tactical terminals AI-Enabled: Actionable intelligence delivered on demand via secure web domain Organizations want to see, understand and act on urgent events, in real time BlackSky Monitoring Traditional Static Mapping 6:24 am 6:27 am 6:48 am 8:02 am 10:08 am 12:51 pm 2:00 pm 2:29 pm 2:38 pm 3:38 pm 9:47 am 2:44 pm *Hourly monitoring can be done up to 15 times per day.© BlackSky 2025. All rights reserved. Proprietary.
Page 10
10 BlackSky is Pioneering a New Era of Space-Based Intelligence New Gen-3 Constellation unlocks next phase of BlackSky's growth © BlackSky 2025. All rights reserved. Proprietary.
Page 11
11 We Believe Gen-3 is On Track to be One of the Industry’s Largest 35cm Class of Very-High Resolution Constellation Disruptive speed, economics and insights First successful launch on February 18, 2025 BlackSky has deployed two Gen-3 satellites with the next satellite at the launch site and expected to launch in the coming weeks Launch to imaging operations in 12 hours, a new standard in rapid deployment, compared to weeks/months for other providers Fully-automated tasking, collection, maintenance operations Design leverages greater than 50 years of heritage supporting sustained deployment of Gen-3 satellites for rapid revisit and low- latency delivery for years to come © BlackSky 2025. All rights reserved. Proprietary.
Page 12
12 Gen-3 Delivers Very High Resolution at Disruptive Speeds and Economics (China - October 2025) © BlackSky 2025. All rights reserved. Proprietary. Hainan, China | October 25, 2025
Page 13
13 1 2 3 Gen-3 image of Belaya Air Base, Russia | 04 June 2025 1 2 3 2x Destroyed Tu-22 2x Destroyed Tu-22 3x Destroyed Tu-95 Insights Into Emerging Events (Russia - June 2025) © BlackSky 2025. All rights reserved. Proprietary.
Page 14
© BlackSky 2025. All rights reserved. Proprietary. 14Mulino Training Grounds, Russia | September 12, 2025 Personnel Armored vehicle staging C2 tent Vehicle convoy Command and Control Center High Quality, Real-Time Monitoring (Russia - September 2025)
Page 15
15 Very-High Resolution Imagery and Advanced AI-Enabled Analytics Provided by Gen-3 Delivers New Insights for Customers 1 image 25,784 vehicles identified 734 maritime vessels Gen-3 image of Cape Town, South Africa | 03 March 2025© BlackSky 2025. All rights reserved. Proprietary.
Page 16
16 Gen-3 Enables a Wide Range of New Mission Applications Powered by Innovative Advanced Space and AI Technologies Time Diverse High- Frequency Site Monitoring Advanced ISR Solutions Moving Target Indicators Automated AI Object Detection / Identification Analytics: Custom Site Monitoring Type: Vehicle Type Confidence: 0.79 Category: Civilian Sub type: Bus Sub type confidence: 0.84369486 Area: 28.95m2 Family: Detect Product type: Feature Guaranteed Low-Latency, Very High Resolution ("VHR") Target Collection © BlackSky 2025. All rights reserved. Proprietary.
Page 17
Public $24M(3) Multi-Year AIR FORCE RESEARCH LABORATORY Moving target engagement services Indonesian Ministry of Defense Strategic and tactical intelligence,surveillance and reconnaissance ~$50M Multi-Year LUNO A & B Detection and analysis of objects of economic interest $490M(3) 5 Years $180M+ Multi-Year International Ministry of Defense High-frequency imagery and analytics $150M+ Multi-Year Support for other International Ministries of Defense and Governments High-frequency imagery and analytics BlackSky Has a Strong Track Record of Multi-Year Contract Wins Total contracted value of up to $2.4B(1) with average contract duration over five years 17(1) Total contracted values include IDIQ figures (not fully contracted to BKSY). (2) Contract valued up to $1.021 billion. (3) Represents total ceiling value of IDIQ. National Aeronautics and Space Administration (NASA) Time-diverse rapid-revisit satellite imagery to support Earth and Applied Science Research $476M(3) Multi-Year Electro Optical Commercial Layer (EOCL) Commercial satellite imagery $1B+(2) 10 Years © BlackSky 2025. All rights reserved. Proprietary.
Page 18
18 Proven Ability to Deliver Space-Based Intelligence as a Trusted Partner to Some of the World’s Most Demanding Customers Q3 2025 Backlog (Primarily Gen-3) International U.S. BlackSky has taken steps to diversify its revenue base with 91% of backlog represented by International contracts as of September 30, 2025 © BlackSky 2025. All rights reserved. Proprietary. ~~ ~
Page 19
19 BlackSky Spectra Scalable multi-INT software platform Artificial Intelligence Real time intelligence at scale Gen-3 Constellation 35cm very high resolution + high-frequency BlackSky is Highly Differentiated From Its Peers… © BlackSky 2025. All rights reserved. Proprietary.
Page 20
20 …and Fully Vertically-Integrated with the LeoStella Acquisition in November 2024 Bringing LeoStella operations in-house vertically-integrates and gives BlackSky full control over satellite manufacturing and disruptive satellite economics • Enables BlackSky to deliver similar performance to alternatives at ~10% of the cost Operational control provides better visibility into supply chain, production processes, deployment schedules and technology roadmap Vertical integration is key as BlackSky accelerates manufacturing and deployment of its Gen-3 constellation Acquisition included next generation satellite IP to accelerate programs like AROS © BlackSky 2025. All rights reserved. Proprietary.
Page 21
Satellite constellation will enable daily collections Cost-effective large area mapping, search and change monitoring expected to fill the emerging capacity gap Multi-spectral very-high resolution imagery Low-latency space communications for fast delivery Launch date as early as 2027 21 BlackSky's AROS Satellites Are Expected to Expand Addressable Market and Drive Future Growth © BlackSky 2025. All rights reserved. Proprietary. Optimized for high-performance large area monitoring and precision foundation collection
Page 22
(1) Effective January 1, 2022, the Company reorganized its classification on the consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. The annual amounts shown prior to Q4’22 reflect the recast from this reorganization. Annual Revenue Trend 22 Demonstrated Annual Revenue Growth ($ in millions) BlackSky has demonstrated continued year-over-year revenue growth from long-term customers with little-to-no churn • In 2024, more than 70% of revenue was driven by customers engaged for multiple years, with ~50% year-over-year revenue growth since 2022 High-margin Imagery and Analytics Software revenue continues to grow • Imagery and Analytics Software Gross Margin of 80%+ with further margin expansion expected with Gen-3 rollout • Recurring subscription revenue from multi-year take or pay contracts Strong global demand for BlackSky’s space- based intelligence solutions expected to drive expansion of customer base worldwide $15 $47 $65 $70 $19 $18 $29 $32 $34 $65 $94 $102 2021 2022 2023 2024 Imagery and Software Analytics Professional & Engineering Services 45% Imagery and Software Analytics % of Revenue 73% 69% 69% +44% Annual CAGR (1) (1) © BlackSky 2025. All rights reserved. Proprietary.
Page 23
($44) ($29) ($1) $12 2021 2022 2023 2024 23 Adjusted EBITDA Trend Annual Adjusted EBITDA(1) Improvement ($ in millions) (1) Adjusted EBITDA is a non-GAAP financial measure. See appendix for a reconciliation to the most comparable measures reported in accordance with GAAP. Sustained revenue growth, improved margins and disciplined cost management has driven quarterly improvements Delivering strong operating leverage to further scale the business Prudent cost management continues to drive efficiencies in margins Expected margin expansion due to high contribution margin from Imagery and Software Analytics revenue © BlackSky 2025. All rights reserved. Proprietary.
Page 24
Petronas Towers, Kuala Lumpur, Malaysia | August 17, 2025 24 (1) The Company is not providing a reconciliation of projected Adjusted EBITDA to the most comparable GAAP measure because the Company is unable to predict with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such reconciliation without unreasonable effort. These items include, but are not limited to, stock - based compensation, income taxes, and depreciation and amortization, which are uncertain, depend on various factors, and could have a material impact on GAAP results. Maintaining 2025 Outlook Full Year Guidance Capital Expenditures Adj. EBITDA(1) $105M - $130M © BlackSky 2025. All rights reserved. Proprietary. Revenue $0M - $10M $60M - $70M
Page 25
25 Driven by Gen-3, BlackSky's Long-Term Revenue Growth Rate Exceeds 20% and Long-Term Adj. EBITDA Margin Exceeds 40% FY 2022 FY 2023 FY 2024 Long-Term Target(4) 80% Metric YoYRevenue Growth % 92% 69% 45% (45%) 45% 79% 64% (1%) 8% 73% 11% Imagery & Software Gross Margin %(1) TotalGross Margin %(2) Adj. EBITDA Margin %(3) 20% - 30% 80%+ 75%+ 40%+ (1) Imagery and software analytical service gross margin is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. (2) Total gross margin is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP, (3) Adjusted EBITDA Margin is a non-GAAP financial measure. We determine Adjusted EBITDA Margin by taking the ratio between our Adjusted EBITDA and our revenue and expressing such ratio as a percentage. See Appendix for a reconciliation of Adjusted EBITDA to the most comparable measure reported in accordance with GAAP. (4) Long-term time period is 3 – 5 years. Our long-term targets are not a projection or forecast and certain occurrences, either in our business or industry-wide, may cause actual results to vary materially from such targets.© BlackSky 2025. All rights reserved. Proprietary.
Page 26
26 High-Visibility Revenue • Recurring subscription revenue building strong backlog; multi -year take or pay contracts • Land-and-expand strategy drives incremental growth from growing customer base • Diversifying revenue through increase in international customers, which represent over 90% of backlog as of September 30, 2025 • Long-term* target to achieve 20–30% annual revenue growth High-Margin, Proprietary Imagery and Software Analytics • Satellite unit economics yield high-margin, low-cost data • Increasing opportunity to upsell analytic services delivered at high margins • Long-term* target to achieve 80%+ gross margin performance Strong Operating Leverage • Fixed operating costs provide significant leverage and scale • Low incremental costs on high-margin data and analytic services • Gen-3 roll-out unlocks next phase of growth • Acquisition of LeoStella vertically-integrates with Gen-3 and AROS, further supporting growth in 2027 and beyond and places BlackSky in control over satellite manufacturing • Long-term* target to achieve strong adjusted EBITDA margins >40% Capital and Operationally Efficient Constellation • Low-cost satellites benefit from longer life and reduced on -orbit costs • Collect-once, sell-to-many strategy yields compelling ROIC • Right-sized constellation with just-in-time capacity strategy = efficient CAPEX • Emerging capacity gap for HR / VHR area collection that BKSY is well positioned to address with continued constellation expansion Compelling Investment Economics *Long-term time period is 3-5 years. © BlackSky 2025. All rights reserved. Proprietary.
Page 27
27 Gen-3 enabled constellation delivers real-time space-based intelligence to meet market demand Long-term multi-year contracts in place with major customers Land and expand strategy driven by strong existing customer base drives high visibility growth Continuing to expand customer base with new customers entering into agreements for Gen-3 services Proven business model and operating leverage delivers strong financial profile Acceleration of AROS expands TAM and accelerates growth opportunities in the next 2 to 3 years BlackSky’s High-Frequency and Very-High Resolution Constellation BlackSky is at the Forefront of a New Era of Space Intelligence © BlackSky 2025. All rights reserved. Proprietary.
Page 29
29 APPENDIX
Page 30
3030 2021 2022 2023 2024 Total Revenue 34,085$ 65,350$ 94,492$ 102,093$ YoY revenue growth % 92% 45% 8% BLACKSKY TECHNOLOGY INC. TOTAL REVENUE TREND (in thousands) (unaudited)© BlackSky 2025. All rights reserved. Proprietary.
Page 31
3131 (1) See associated quarter’s earnings release or Form 10-Q/K for further details. © BlackSky 2025. All rights reserved. Proprietary. 2021 2022 2023 2024 Net (loss) (245,643)$ (74,172)$ (53,859)$ (57,023)$ Interest income - (1,116) (2,063) (1,560) Interest expense 5,165 5,426 9,306 12,187 Income tax expense - - 673 744 Depreciation and amortization 14,306 35,661 43,431 43,542 Stock-based compensation expense 42,571 20,025 10,862 11,169 (Gain) on derivatives (23,885) (11,812) (7,679) 2,815 Litigation, settlements, and related costs 399 - - 355 (Income) loss on equity method investment (1,027) (2,087) (4,165) (1,401) Severance - 1,196 590 219 Impairment losses 18,407 - 81 131 Transaction costs and losses associated with debt and equity financings 147,678 - 1,738 - Other* (2,409) (2,601) 55 459 Adjusted EBITDA (44,438)$ (29,480)$ (1,030)$ 11,637$ Adjusted EBITDA margin (130%) (45%) (1%) 11% BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in thousands) (unaudited)
Page 32
3232 2022 2023 2024 Imagery and software analytical service revenue 47,415$ 65,391$ 70,062$ Imagery and software analytical service costs, excluding depreciation and amortization (14,462) (13,793) (13,907) Imagery and software analytical service costs, excluding depreciation and amortization, as a % of revenue 31% 21% 20% Imagery and software analytical service gross profit, excluding depreciation and amortization, as a % of revenue 69% 79% 80% 2022 2023 2024 Total revenue 65,350$ 94,492$ 102,093$ Imagery and software analytical service costs, excluding depreciation and amortization (14,462) (13,793) (13,907) Professional and engineering service costs, excluding depreciation and amortization (21,365) (19,988) (13,525) Total cost of sales, excluding depreciation and amortization, as a % of revenue 55% 36% 27% Total gross profit, excluding depreciation and amortization, as a % of revenue 45% 64% 73% BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COSTS AND TOTAL COST OF SALES (in thousands) (unaudited)© BlackSky 2025. All rights reserved. Proprietary.
Page 33
33 St. Peter’s Square, Vatican City, Rome, Italy | 23 April 2025 Monitoring Emerging Events © BlackSky 2025. All rights reserved. Proprietary.
Page 34
34 A major golf event, Augusta, Georgia | 13 April 2025 Real-Time Insights © BlackSky 2025. All rights reserved. Proprietary.
Page 35
35 The Burj Khalifa, Dubai, United Arab Emirates | 16 April 2025 35 Activity- Based Intelligence © BlackSky 2025. All rights reserved. Proprietary.
Page 36
36 The Paracel Islands | 7 July 2025© BlackSky 2025. All rights reserved. Proprietary. BlackSky is Well-Positioned to Capitalize on Growing Global Market for Space-Based Intelligence