BlackSky Technology Inc. · NYSE:BKSY
BlackSky Technology — Q3 2026 Earnings Presentation
23 slides from BlackSky Technology's earnings presentation, Nov 5, 2026
Slide 1: BlackSky Q3 2026 Earnings Webcast
November 5, 2026 BLACKSKY Q3 2026 EARNINGS WEBCAST © BlackSky 2026. All rights reserved. Confidential & Proprietary. 1
Slide 2: Legal Disclaimer
Legal Disclaimer 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,” “strat
Slide 3: Strong Gen-3 Sales Delivers Record Q3 Revenue & Adjusted EBITDA
Strong Gen-3 Sales Delivers Record Q3 Revenue & Adjusted EBITDA Company Raises Full-Year Guidance Automated vessel and vehicle detection © BlackSky 2026. All rights reserved. Confidential & Proprietary. Valparaiso, Chile | Gen-3 | October 28, 2026 3
Slide 4: Customers Rely on the Unmatched Speed and Clarity of Gen-3
Customers Rely on the Unmatched Speed and Clarity of Gen-3 for Assured Real-Time Intelligence ©© BlackSky BlackSky 2026. 2026. AllAll rights rights reserved. reserved. Confidential Confidential && Proprietary. Proprietary. 4 Xi’an aircraft factory, Xi’an, China | Gen-3 | September 15, 2026
Slide 5: Delivered Record Quarter
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
Slide 6: Space-Based Intelligence & AI Services: Record Revenue of $33 million
Space-Based Intelligence & AI Services Record Revenue of $33 million, up 107% YoY 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 accele
Slide 7: Expanding Commercial Channels with SkyFi Pilot for Robinhood Retail Investors
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 investor
Slide 8: Mission Solutions: Multiple Gen-3 Sovereign Satellite Deliveries On Track for Q4
Mission Solutions Multiple Gen-3 Sovereign Satellite Deliveries On Track for Q4 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 mu
Slide 9: Named Exclusive Provider of Very-High Resolution EO Satellites for $1B Program
Named Exclusive Provider of Very-High Resolution EO Satellites for $1B Program to Build Largest AI Infrastructure in Space BlackSky named exclusive provider of very- high resolution electro-optical satellites International consortium of AI and space industry leaders led by UAE and France Put a pictu
Slide 10: Advanced Technology Programs: Advancing Our Lead in Space
Advanced Technology Programs Advancing Our Lead in Space with Leap-Ahead Technologies Q3 revenue growth of 80% YoY Government funded AROS development program moving rapidly and contributing to revenue growth AROS on track to be available for launch in 2028 Expanding customer R&D funding for optical
Slide 11: Successfully Scaling Production Operations and On Track for 5 Gen-3 Deliveries in Q4
Successfully Scaling Production Operations and On Track for 5 Gen-3 Deliveries in Q4 Successfully launched fifth Gen-3 satellite; started generating revenue in 24 hours Two more Gen-3 commercial satellites on track to launch this year On track for three sovereign Gen-3 deliveries in Q4 Successfully
Slide 12: Q3 2026 Financial Results
Q3 2026 FINANCIAL RESULTS © BlackSky 2026. All rights reserved. Confidential & Proprietary. 12
Slide 13: Record Q3 Revenue
Record Q3 Revenue Strong Revenue Growth ($ in millions) $42.8 Record Q3 total revenue of $42.8 million, $5.4 up 118% over the prior year quarter 118% YoY Growth $4.7 Record space-based intelligence & AI services revenue of $32.7 million, up 34% sequentially $19.7 from Q2 2026 $3.0 $0.9 $32.7 Strong
Slide 14: Q3 Space-Based Intelligence and AI Services Cost of Sales
Q3 Space-Based Intelligence and AI Services Cost of Sales Strong Operating Leverage is Driving Margin Expansion ($ in millions) $32.7 Space-based intelligence and AI services revenue grew $17 million YoY, while cost of sales were +$17M nearly flat $15.8 Over 90% of every incremental dollar in revenu
Slide 15: Q3 Cash Operating Expenses
Q3 Cash Operating Expenses (1) Cash Operating Expenses Decrease as a % of Revenue ($ in millions) 42.8 Q3 cash operating expenses of $21.4 million, compared to $18.3 million in prior year quarter YoY Revenue Growth Cash operating expenses decreased to 50% of revenue 19.7 YoY Opex Revenue growth sign
Slide 16: Record Q3 Adjusted EBITDA
Record Q3 Adjusted EBITDA (1) Strong Operating Leverage Drives Adjusted EBITDA Growth $12.8 ($ in millions) Delivered record Adj. EBITDA of $12.8 million +$17.3M YoY Growth Achieved 30% Adj. EBITDA margin in Q3, a 2x sequential increase Adj. EBITDA grew sequentially by $8M $(4.5) (1) Adjusted EBITDA
Slide 17: Cash and Liquidity
Cash and Liquidity Strong Cash and Liquidity Position ($ in millions) $336.8 $25.1 Achieved positive operating cash flow in Q3 $53.6 $27.0 Ample cash to achieve Gen-3 baseline constellation and support other strategic opportunities $231.1 Q3 cash balance* of $231.1 million, up 57% over the prior yea
Slide 18: Raising 2026 Outlook
Raising 2026 Outlook Prior Guidance Updated Guidance Revenue $130M - $150M $140M - $150M Adj. EBITDA(1) $12M - $24M $18M - $24M Capital Expenditures $50M - $60M $50M - $60M (1) BlackSky has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain re
Slide 19: Record Financial Performance On a Path to Sustained Long-Term Profitable Growth
Record Financial Performance On a Path to Sustained Long-Term Profitable Growth © BlackSky 2026. All rights reserved. Confidential & Proprietary. Singapore | The newest Gen-3 satellite 19 October 30, 2026
Slide 20: BlackSky Investor Day – December 2, 2026
BlackSky Investor Day – December 2, 2026 © BlackSky 2026. All rights reserved. Confidential & Proprietary. New York, New York | Gen-3 | October 13, 2026 20
Slide 21: Appendix
APPENDIX © BlackSky 2026. All rights reserved. Confidential & Proprietary. 21
Slide 22: Reconciliation of Net Income (Loss) to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 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)
Slide 23: Reconciliation of Operating Expenses to Cash Operating Expenses
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Operating expenses $ 33,361 $ 29,629 $ 97,406 $ 88,444 Depreciation and amortization (7,508) (7,864