BlackSky (BKSY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $35.2 million, up 16% year-over-year, with full-year revenue at $106.6 million, a record for the company.

• Achieved second consecutive year of positive adjusted EBITDA, with Q4 adjusted EBITDA at $8.8 million, up 20% year-over-year; full-year adjusted EBITDA was $0.9 million.

• Booked $240 million in multi-year contracts, growing backlog 32% year-over-year to $345 million, with over 90% of backlog from international Gen-3 contracts.

• Strengthened liquidity position to over $225 million, with Q4 cash balance of $125.6 million, up 133% year-over-year.

• Net loss for Q4 2025 narrowed significantly to $0.9 million from $19.4 million in Q4 2024; full-year net loss was $70.3 million compared to $57.2 million in 2024.

Financial highlights

• Q4 2025 revenue: $35.2 million, up 16% year-over-year; full-year revenue: $106.6 million.

• Q4 adjusted EBITDA: $8.8 million, up 20% year-over-year; full-year adjusted EBITDA: $0.9 million.

• Cash operating expenses for 2025: $74.3 million, up from $64.9 million in 2024, mainly due to the LeoStella acquisition.

• Q4 net loss was $0.9 million, a significant improvement from a $19.4 million loss in Q4 2024.

• Ended Q4 2025 with $125.6 million in cash and short-term investments, more than double prior year.

Outlook and guidance

• 2026 revenue guidance: $120 million to $145 million, representing 24% growth at midpoint.

• 2026 adjusted EBITDA guidance: $6 million to $18 million, reflecting continued profitability and investment in growth.

• Capital expenditures for 2026 projected at $50 million to $60 million, focused on Gen-3 constellation and AI technologies.

• Revenue expected to be back-end loaded, with stronger performance in the second half of the year.