BlackSky (BKSY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $33.3 million, a 50% year-over-year increase, driven by Gen-3 satellite adoption, record space-based intelligence and AI services, and strong execution in Mission Solutions and Advanced Technology Programs.

• Adjusted EBITDA for Q2 2026 was $4.7 million, up $7.5 million year-over-year, reflecting high-margin Gen-3 recurring revenue and improved operational performance.

• Net loss for Q2 2026 improved to $20.8 million from $41.2 million in Q2 2025, with basic and diluted net loss per share at $0.54, improved from $1.27.

• International revenue grew 200% year-over-year, with international customers accounting for 60% of first-half revenue and multi-year contracts comprising over 80% of funded backlog.

• Cash balance as of June 30, 2026, was $244.1 million, up 157% year-over-year, with total liquidity exceeding $325 million after a $150 million capital raise.

Financial highlights

• Q2 2026 revenue: $33.3 million, up 50% year-over-year and 60% sequentially from Q1; space-based intelligence & AI services revenue: $24.5–$25 million, up 50% sequentially.

• Adjusted EBITDA for Q2 was $4.7 million, a $7.5 million improvement over the prior year, with a 14.2% margin.

• Cash operating expenses remained flat at $20.0 million, with cash operating expense as a percentage of revenue dropping to 60% from 87% a year ago.

• Net loss per share improved to $(0.54) in Q2 2026 from $(1.27) in Q2 2025.

• Capital expenditures for Q2 were $15–$15.4 million, with year-to-date CapEx at $31 million.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenue between $130 million and $150 million, adjusted EBITDA between $12 million and $24 million, and CapEx between $50 million and $60 million.

• Management expects cash and investments to be sufficient for foreseeable working capital and capital expenditure needs.

• Ongoing investments planned in Gen-3 satellite expansion and BlackSky Spectra software platform.

• Anticipates continued growth in international defense and government demand for space-based intelligence.