BlackSky (BKSY) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue was $42.844M, up 118.4% YoY; Adjusted EBITDA was $12.773M at a 29.9% margin.

• Gen-3 demand and utilization drove record space-based intelligence and AI services revenue; positive operating cash flow was generated in Q3.

• FY 2026 revenue guidance rose to $140M–$150M and Adjusted EBITDA guidance to $18M–$24M; CapEx guidance remained $50M–$60M.

Financial highlights

• Q3 revenue was $42.844M versus $19.6M a year earlier; operating income was $405K versus an operating loss of $16.826M.

• Net income was $18.515M versus a $15.340M loss; a $19.7M derivative gain contributed to the earnings swing.

• Adjusted EBITDA was $12.773M versus a $4.484M loss, up $17.3M YoY and $8M sequentially.

• Cash operating expenses were $21.4M versus $18.3M YoY, or 50% of revenue; revenue growth outpaced expense growth sevenfold.

• Cost of sales fell to 21% of revenue from 35% YoY; Q3 basic and diluted EPS were $0.45 and $0.10, respectively.

Outlook and guidance

• FY 2026 revenue guidance increased from $130M–$150M to $140M–$150M; Adjusted EBITDA guidance rose from $12M–$24M to $18M–$24M.

• Backlog was $355M, including $45M expected to be recognized in Q4 2026; secured backlog supports 50% FY 2026 growth in space-based intelligence and AI services over 2025.

• Two additional commercial Gen-3 satellites were on track to launch in 2026; three sovereign Gen-3 deliveries were targeted for Q4, and the eighth satellite was expected in early 2027.

• Q4 revenue mix was expected to include significant satellite deliveries; award ramps and pilot timing may create quarterly variability.

• 2027 guidance was deferred to Q1; management cited continued services momentum and a large Mission Solutions pipeline.