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BLACKSKY Q4 AND FULL YEAR 2025 EARNINGS WEBCAST February 26, 2026 © BlackSky 2026. All rights reserved. Confidential & Proprietary. 1
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Legal Disclaimer 2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws 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,” 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, as a result, are subject to risks and uncertainties. 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 our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q. 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. Accordingly, 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. No representation is made as to the reasonableness 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. BlackSky 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. NON-GAAP FINANCIAL MEASURES 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; loss on debt extinguishment; non-recurring transaction costs; litigation, settlements and related costs; severance; and impairment, obsolescence, and asset disposals. Cash operating expenses is defined as operating expenses less stock-based compensation expense for selling, general, and administrative costs, and depreciation and amortization expense Adjusted EBITDA and cash operating expenses are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the appendix herein and our SEC filings for a reconciliation of our non-GAAP metrics to their most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of such metrics.
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 3 Success of Gen-3 Drove a Strong Finish to 2025 Fully operational 35cm imaging performance delivered in minutes Rama IX Bridge, Bangkok, Thailand | Gen-3 | February 10, 2026
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 4 Gen-3 Exceeds Expectations and Drives Demand BlackSky AI delivers real-time space-based intelligence on thousands of objects in seconds Sint Maarten | Gen-3 | December 27, 2025
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Proven Gen-3 Performance is a Major Growth Catalyst 5 Booked $240 million in multi-year contracts, driving YoY backlog growth of 32% International Gen-3 contracts make up over 90% of backlog Near-record Q4 revenue of $35 million driven by new Gen-3 contract awards Delivered 2nd consecutive year of positive adjusted EBITDA Strengthened balance sheet and increased liquidity to over $225 million Djibouti City, Djibouti | Gen-3 | February 3, 2026
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Space-Based Intelligence & AI Services Mission Solutions Advanced Technology Programs Real-time imaging, dynamic monitoring, & AI-enabled insights Sovereign satellites, ground systems, and support services Funded R&D for advanced space & AI capabilities 66 © BlackSky 2026. All rights reserved. Confidential & Proprietary. Leveraging Differentiated Tech Stack to Capture Market Expansion Opportunities
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7 Space-Based Intelligence & AI Services Driving High-Margin Recurring Revenue © BlackSky 2026. All rights reserved. Confidential & Proprietary. New international customer rapidly scales Gen-3 subscription to seven-figure quarterly run rate Capturing and converting new Gen-3 early access customers to subscription contracts Entered next phase of $100+ million multi-year subscription for assured access to Gen-3 Continued to ramp Gen-3 revenues on a seven-figure contract with the U.S. government Awarded additional options and task orders under NGA Luno and GDMP Hormozgan, Iran | Gen-3 | November 11, 2025
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8 Mission Solutions Rapidly Growing Demand Expands Total Addressable Market © BlackSky 2026. All rights reserved. Confidential & Proprietary. Gen-3 satellite in Tukwila, Washington New eight-figure multi-year contract to deliver a Gen-3 satellite and other advanced capabilities with an international customer Achieved major milestones against a multi-year contract contributing to a strong Q4 performance Delivered against key milestones with other contracts that drove conversion and burn down of prior unbilled receivables Building a strong pipeline of opportunities
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9 Advanced Technology Programs Accelerating Innovation With Customer-Funded R&D © BlackSky 2026. All rights reserved. Confidential & Proprietary.. 9 Advancing our space and AI capabilities through customer-funded R&D programs Actively developing future capabilities such as: • Optical intersatellite links • AROS – wide area digital mapping • Real-time multi-int AI processing into space and edge environments • Next-gen spacecraft and payloads
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 10 Q4 & FULL YEAR 2025 FINANCIAL RESULTS
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Q4 Revenue 11 Total Q4 Revenue ($ in millions) Revenue of $35.2 million, up 16% over prior year quarter Kickoff of a new mission solutions contract contributed to a strong quarter Successfully delivered against major contract milestones drove additional revenue Full year revenue grew to $106.6 million $17.5 $14.5 $1.0 $9.5 $11.9 $11.2 Q4 2024 Q4 2025 Advanced Technology Programs Mission Solutions Space-Based Intelligence & AI Services $35.2 $30.4
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Q4 Cash Operating Expenses (1) 12 Cash Operating Expenses (1) ($ in millions) (1) Cash operating expenses is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. Cash operating expenses of $17.7 million Cash operating expenses relatively flat to prior year quarter Successfully maintaining disciplined cost management $16.9 $17.7 Q4 2024 Q4 2025
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Q4 Adjusted EBITDA (1) 13 Adjusted EBITDA (1) ($ in millions) (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. Adjusted EBITDA of $8.8 million, up 20% over prior year quarter Increase in adjusted EBITDA driven by higher revenues from mission solutions Full year adjusted EBITDA of $0.9 million 2nd consecutive year of positive adjusted EBITDA $7.4 $8.8 Q4 2024 Q4 2025
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. Cash and Liquidity 14 Liquidity Improves to Over $225 Million ($ in millions) $53.8 $125.6$28.0 $26.6 $27.0 $37.4 $14.7 $37.6 Q4 2024 Q4 2025 Ending Cash Balance Unbilled Contract Assets Vendor Financing Accounts Receivable $227.2 $123.5 84% YoY Growth Q4 cash balance* of $125.6 million, up 133% over the prior year quarter Liquidity position improves 84% year-over-year to over $225 million * Ending cash balance includes cash and cash equivalents, restricted cash, and short -term investments.
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2026 Outlook © BlackSky 2026. All rights reserved. Confidential & Proprietary. 15 Full Year Guidance Revenue $120M - $145M Adj. EBITDA(1) $6M - $18M Capital Expenditures $50M - $60M (1) The Company is not providing a reconciliation of projected Adjusted EBITDA to the most comparable GAAP measure because the Company is unable to predict with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such reconciliation without unreasonable effort. These items include, but are not limited to, stock - based compensation, income taxes, and depreciation and amortization, which are uncertain, depend on various factors, and could have a material impact on GAAP results. Golden Gate Bridge, San Francisco, CA | Gen-3 | February 5, 2026
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 16 Well Positioned to Capitalize on Expanding Addressable Market Real-time space-based intelligence delivered at mission critical speed Dalian, China | Gen-3 | February 18, 2026
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 17 APPENDIX
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 18 (1) This represents our current estimate of net loss for the period ending December 31, 2025, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K. 2025 2024 2025 2024 Net loss(1) (868)$ (19,420)$ (70,260)$ (57,218)$ Interest income (1,230) (573) (3,804) (1,560) Interest expense 4,057 3,382 14,946 12,187 Income tax expense 21 20 125 370 Depreciation and amortization 8,035 9,950 30,343 43,536 Stock-based compensation expense 4,228 2,925 14,232 11,169 (Gain) loss on derivatives (6,136) 11,408 8,012 2,815 Loss on debt extinguishment - - 4,140 - Non-recurring transaction costs 301 284 1,556 512 Litigation, settlements, and related costs (55) 218 645 355 Severance 191 - 600 219 Impairment, obsolescence, and asset disposals 274 60 364 131 Income on equity method investment - (879) - (879) Adjusted EBITDA 8,818$ 7,375$ 899$ 11,637$ Years Ended December 31, Three Months Ended December 31, BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands)
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 19 2025 2024 2025 2024 Operating expenses 29,729$ 29,587$ 118,173$ 118,949$ Stock-based compensation for selling, general and administrative costs (4,037) (2,779) (13,564) (10,526) Depreciation and amortization (8,035) (9,950) (30,343) (43,536) Cash operating expenses 17,657$ 16,858$ 74,266$ 64,887$ Years Ended December 31, Three Months Ended December 31, BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands)
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© BlackSky 2026. All rights reserved. Confidential & Proprietary. 20