BlackSky Technology Inc. reported a total revenue of $106.6 million for the fiscal year ending December 31, 2025, reflecting a 4.4% increase from $102.1 million in 2024. The growth was primarily driven by a significant rise in mission solutions revenue, which surged by 257.7% to $21.2 million, attributed to the execution of a contract for a customized Earth observation satellite. However, revenue from space-based intelligence and AI services decreased by 7.1% to $65.1 million, largely due to a reduction in imagery revenue from a U.S. government contract. Advanced technology programs revenue also fell by 22.4% to $20.2 million, primarily due to the completion of existing contracts.
The company's operating loss widened to $46.9 million in 2025 from $44.3 million in the previous year. This increase was influenced by rising costs associated with mission solutions, which saw a 120.9% increase in costs to $10.9 million, and a 19.3% rise in costs for space-based intelligence and AI services, which reached $16.6 million. Selling, general, and administrative expenses also increased by 18% to $87.4 million, driven by the full-year inclusion of BlackSky Satellite Systems' operations and higher professional fees related to the acquisition.
As of December 31, 2025, BlackSky's total assets amounted to $386.2 million, up from $254.1 million in 2024, with cash and cash equivalents increasing to $42.4 million from $13.1 million. The company reported an accumulated deficit of $726.4 million, reflecting ongoing investments in growth and development. BlackSky's employee headcount stood at 321 as of the end of 2025, indicating a stable workforce as the company continues to expand its operations.
Strategically, BlackSky completed the acquisition of the remaining 50% of BlackSky Satellite Systems in November 2024, enhancing its control over satellite production and supply chain. The company also issued $185 million in Convertible Senior Notes in July 2025, which is expected to bolster liquidity and support future growth initiatives. Looking ahead, BlackSky anticipates continued investment in its satellite constellation and software platform, with plans to expand its capabilities and market presence in the rapidly evolving geospatial intelligence sector.
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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