BlackSky Technology Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $19.6 million, a decrease of 13% compared to $22.5 million in the same period last year. The decline was primarily driven by a reduction in imagery and software analytical services revenue, which fell to $15.8 million from $17.3 million, and a significant drop in professional and engineering services revenue, which decreased to $3.8 million from $5.3 million. For the nine months ending September 30, 2025, total revenue was $71.4 million, slightly down from $71.7 million in the prior year.
The company's operating loss for the third quarter was $16.8 million, compared to a loss of $13.2 million in the same quarter of 2024. The net loss for the quarter was $15.3 million, or $0.44 per share, compared to a net loss of $12.6 million, or $0.66 per share, in the prior year. The increase in losses was attributed to higher selling, general, and administrative expenses, which rose to $21.7 million from $18.0 million, and increased costs associated with imagery and software analytical services.
In terms of strategic developments, BlackSky completed the acquisition of the remaining 50% of BlackSky Satellite Systems, formerly known as LeoStella, in November 2024, which is expected to enhance control over its satellite supply chain and production operations. The company also issued $185 million in convertible notes in July 2025, which will mature in 2033, to bolster its financial position. As of September 30, 2025, BlackSky had cash and cash equivalents of $28.8 million and short-term investments totaling $117.7 million, reflecting a significant increase in liquidity compared to the previous year.
Operationally, BlackSky reported a backlog of $322.7 million as of September 30, 2025, indicating a strong pipeline of future revenue. The company continues to focus on expanding its customer base, particularly within the defense and intelligence sectors, while also exploring opportunities in commercial markets such as energy, agriculture, and logistics. The total employee headcount has increased as the company integrates BlackSky Satellite Systems into its operations, further supporting its growth strategy.
Looking ahead, BlackSky anticipates continued investment in its satellite constellation and software capabilities, with plans to enhance its product offerings and expand its market presence. The company remains optimistic about future revenue growth, driven by increased demand for its services and the successful integration of its recent acquisitions. However, it acknowledges the potential impact of macroeconomic conditions and government funding levels on its operations and financial performance.
About BlackSky Technology Inc.
BlackSky Technology Inc. operates a vertically integrated space-based intelligence business, designing, manufacturing, and operating a high-revisit constellation of small satellites that deliver real-time, high-resolution Earth imagery and analytics. Its AI-enabled BlackSky Spectra software platform integrates proprietary and third-party data to provide on-demand geospatial intelligence via subscription services. Serving primarily U.S. and international government defense agencies, BlackSky offers scalable, cost-effective monitoring solutions for strategic locations and economic assets worldwide.
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