FAQ on Stonegate's Coverage Update of BlackSky Technology, Inc. (NYSE: BKSY) 2Q25

What were BlackSky Technology, Inc.’s financial results for 2Q25?

BlackSky reported revenue of $22.2M, adj EBITDA loss of ($2.8)M, and EPS of ($1.27), with imagery and software analytical services revenue increasing to $18.0M, up 2.9% y/y.

Why did BlackSky’s Professional and Engineering Services revenue decline in 2Q25?

The decline to $4.2M from $7.5M in 2Q24 was due to timing differences in milestone-based contract recognition.

How has BlackSky strengthened its balance sheet in 2Q25?

BlackSky completed a $185.0M upsized convertible note offering, using proceeds to retire $113M in outstanding debt, resulting in pro-forma cash of $99.3M.

What are the key contract wins for BlackSky as of 2Q25?

BlackSky secured over $35.0M in new contracts, including a $24.0M NGA Luno A monitoring award and a multi-year Gen-2/Gen-3 contract with a new international defense customer, growing its total backlog to $356.0M.

What is the significance of BlackSky’s Gen-3 satellite launch?

The successful launch and commissioning of its second Gen-3 satellite, delivering very-high resolution imagery within 12 hours, highlights growing confidence in the system’s utility and supports the company’s schedule to deploy six Gen-3 satellites in 2025.

What is BlackSky’s guidance for FY25?

BlackSky reaffirmed its FY25 revenue guidance of $105M–$130M and adjusted EBITDA of breakeven to $10M, with CapEx guidance unchanged at $60M–$70M, expecting stronger 2H25 revenue.

How does Stonegate Capital Partners value BlackSky Technology, Inc.?

Using a DCF Model and EV/EBITDA comp analysis, Stonegate values BlackSky at a range of $24.51 to $30.56 with a mid-point of $27.26, and $22.97 to $28.18 with a mid-point of $25.58, respectively.

Who is Stonegate Capital Partners?

Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies.