Slides
Page 1
BLACKSKY Q3 2026 EARNINGS WEBCAST November 5, 2026 © BlackSky 2026. All rights reserved. Confidential & Proprietary. 1
Page 2
© 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,” ” forecast,” “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.
Page 3
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 3 Automated vessel and vehicle detection Valparaiso, Chile | Gen-3 | October 28, 2026 Strong Gen-3 Sales Delivers Record Q3 Revenue & Adjusted EBITDA Company Raises Full-Year Guidance
Page 4
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 4 Xi’an aircraft factory, Xi’an, China | Gen-3 | September 15, 2026 Customers Rely on the Unmatched Speed and Clarity of Gen-3 for Assured Real-Time Intelligence © BlackSky 2026. All rights reserved. Confidential & Proprietary.
Page 5
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 5 Delivered Record Quarter Revenues grew 118% YoY to $43 million led by record space-based intelligence sales Q3 space-based intelligence revenue exceeded $100 million annualized run-rate Delivered record Adjusted EBITDA(1) margin of 30%, or $13 million, a sequential 2x margin increase Named exclusive provider of VHR EO satellites under a $1 billion international initiative Launched 5th Gen-3 satellite in September with VHR imagery delivered within hours of launch Automated vessel detection La Paz, Mexico | Gen-3 | October 14, 2026 (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP.
Page 6
6 Space-Based Intelligence & AI Services Record Revenue of $33 million, up 107% YoY © BlackSky 2026. All rights reserved. Confidential & Proprietary. Iron ore carrier and ship-to-ship transfer Simandou mine transfer area, Guinea | Gen-3 | October 5, 2026 Delivered 34% sequential revenue growth unlocked by increasing Gen-3 utilization Strong YTD sales secured the backlog to achieve full year growth of 50% over 2025 High-margin Gen-2 and Gen-3 subscription revenue accelerates Adj. EBITDA margin growth Continued to convert multiple pilot programs into seven-figure contracts across U.S. government, international, and commercial markets
Page 7
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 7 Expanding Commercial Channels with SkyFi Pilot for Robinhood Retail Investors Selected as the first satellite imagery provider for SkyFi’s Satellite Intelligence platform BlackSky’s VHR imagery to power automated monitoring facility insights for Robinhood AI agents Provides Robinhood retail investors with real-time intelligence to track: • Vehicle production • E-commerce fulfillment hub logistics • Data center construction • Theme park attendance
Page 8
8 Mission Solutions Multiple Gen-3 Sovereign Satellite Deliveries On Track for Q4 © BlackSky 2026. All rights reserved. Confidential & Proprietary. Q3 revenue up ~5x over the prior year quarter Successfully ramping Gen-3 production capacity First Gen-3 sovereign satellite ready to ship and launch less than 1 year from contract award Actively working and growing a multi- billion-dollar sales pipeline
Page 9
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 9 Named Exclusive Provider of Very-High Resolution EO Satellites for $1B Program to Build Largest AI Infrastructure in Space BlackSky named exclusive provider of very- high resolution electro-optical satellites International consortium of AI and space industry leaders led by UAE and France Advanced AI-enabled 50-satellite constellation to include optical, radar, and other sensors Constellation designed to support government and commercial users in Europe and other markets BlackSky received initial contract to commence program development activities OrbitWorks CEO Dr. Hamdullah Mohib, French President Emmanuel Macron and Loft Orbital CEO Pierre-Damien Vaujour at the International Space Summit Photo courtesy of OrbitWorks Put a picture of Macron & UAE investor.
Page 10
10 Advanced Technology Programs Advancing Our Lead in Space with Leap-Ahead Technologies © BlackSky 2026. All rights reserved. Confidential & Proprietary. 10 Q3 revenue growth of 80% YoY Government funded AROS development program moving rapidly and contributing to revenue growth AROS on track to be available for launch in 2028 Expanding customer R&D funding for optical inter-satellite link integration
Page 11
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 11 Successfully Scaling Production Operations and On Track for 5 Gen-3 Deliveries in Q4 Successfully launched fifth Gen-3 satellite; started generating revenue in 24 hours Two more Gen-3 commercial satellites on track to launch this year On track for three sovereign Gen-3 deliveries in Q4 Successfully scaling production operations First Light image from the newest Gen-3 satellite Captured 20 hours after launch Nanning, China | September 11, 2026
Page 12
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 12 Q3 2026 FINANCIAL RESULTS
Page 13
© BlackSky 2026. All rights reserved. Confidential & Proprietary. $15.8 $32.7$0.9 $4.7 $3.0 $5.4 $19.7 $42.8 Q3 2025 Q3 2026 Advanced Technology Programs Mission Solutions Space-Based Intelligence & AI Services Record Q3 Revenue 13 Strong Revenue Growth ($ in millions) Record Q3 total revenue of $42.8 million, up 118% over the prior year quarter Record space-based intelligence & AI services revenue of $32.7 million, up 34% sequentially from Q2 2026 Strong execution on Mission Solutions and ATP programs contributed to revenue growth 118% YoY Growth
Page 14
© BlackSky 2026. All rights reserved. Confidential & Proprietary. $4.3 $4.9 $15.8 $32.7 Q3 2025 Q3 2026 Space-Based Intelligence & AI Services Revenue Q3 Space-Based Intelligence and AI Services Cost of Sales 14 Strong Operating Leverage is Driving Margin Expansion ($ in millions) +$17M Space-based intelligence and AI services revenue grew $17 million YoY, while cost of sales were nearly flat Over 90% of every incremental dollar in revenue contributes to the bottom line Space-based intelligence revenue growth drives margin expansion +$0.6M
Page 15
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 18.3 21.4 19.7 42.8 Q3 2025 Q3 2026 Cash Operating Expenses Total Revenue 15 Cash Operating Expenses Decrease as a % of Revenue ($ in millions) Q3 cash operating expenses of $21.4 million, compared to $18.3 million in prior year quarter Cash operating expenses decreased to 50% of revenue Revenue growth significantly outpaced costs by 7x (1) Cash operating expenses is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. Q3 Cash Operating Expenses (1) YoY Revenue Growth YoY Opex Growth
Page 16
© BlackSky 2026. All rights reserved. Confidential & Proprietary. Record Q3 Adjusted EBITDA (1) 16 Strong Operating Leverage Drives Adjusted EBITDA Growth ($ 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. Delivered record Adj. EBITDA of $12.8 million Achieved 30% Adj. EBITDA margin in Q3, a 2x sequential increase Adj. EBITDA grew sequentially by $8M $(4.5) $12.8 Q3 2025 Q3 2026 +$17.3M YoY Growth
Page 17
© BlackSky 2026. All rights reserved. Confidential & Proprietary. Cash and Liquidity 17 Strong Cash and Liquidity Position ($ in millions) $231.1 $27.0 $53.6 $25.1 $336.8 Q3 2026 Accounts Receivable Vendor Financing Unbilled Contract Assets Ending Cash Balance Achieved positive operating cash flow in Q3 Ample cash to achieve Gen-3 baseline constellation and support other strategic opportunities Q3 cash balance* of $231.1 million, up 57% over the prior year quarter * Ending cash balance includes cash and cash equivalents, restricted cash, and short -term investments.
Page 18
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 18 Raising 2026 Outlook Prior Guidance Capital Expenditures $50M - $60M Adj. EBITDA(1) $18M - $24M Revenue $140M - $150M $50M - $60M $12M - $24M $130M - $150M (1) BlackSky has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses, change in fair value of warrant liabilities, and depreciation and amortization are uncertain or out of BlackSky’s control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on BlackSky’s future GAAP financial results. Accordingly, a reconciliation of BlackSky’s non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. Updated Guidance
Page 19
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 19 Record Financial Performance On a Path to Sustained Long-Term Profitable Growth Singapore | The newest Gen-3 satellite October 30, 2026
Page 20
New York, New York | Gen-3 | October 13, 2026© BlackSky 2026. All rights reserved. Confidential & Proprietary. 20 BlackSky Investor Day – December 2, 2026
Page 21
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 21 APPENDIX
Page 22
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 22 2026 2025 2026 2025 Net income (loss) 18,515$ (15,340)$ (31,982)$ (69,392)$ Interest income (2,052) (1,324) (4,424) (2,574) Interest expense 3,622 4,037 11,419 10,889 Income tax expense - 39 - 104 Depreciation and amortization 7,508 7,864 24,752 22,308 (Gain) loss on derivatives (19,690) (8,386) (956) 14,148 Stock-based compensation expense 4,705 3,654 13,122 10,005 Non-recurring transaction costs 92 224 109 1,255 Severance 71 77 323 409 Litigation, settlements, and related costs 2 485 52 700 Loss on debt extinguishment - 4,140 - 4,140 Impairment and asset disposals - 46 - 90 Adjusted EBITDA 12,773$ (4,484)$ 12,415$ (7,918)$ Nine Months Ended September 30, Three Months Ended September 30, BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (unaudited) (in thousands)
Page 23
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 23 2026 2025 2026 2025 Operating expenses 33,361$ 29,629$ 97,406$ 88,444$ Depreciation and amortization (7,508) (7,864) (24,752) (22,308) Stock-based compensation for selling, general and administrative costs (4,410) (3,482) (12,403) (9,527) Cash operating expenses 21,443$ 18,283$ 60,251$ 56,609$ Nine Months Ended September 30, Three Months Ended September 30, BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands)