Revenue: As of FY2026 Q1, the actual value is USD 20.77 M, missing the estimate of USD 27.26 M.EPS: As of FY2026 Q1, the actual value is USD -0.82.EBIT: As of FY2026 Q1, the actual value is USD -15.63 M.BlackSky Technology Inc. operates as a single reportable segment, offering space-based intelligence and AI services, mission solutions, and advanced technology programs .<h4>Segment Revenue</h4>For the three months ended March 31, 2026, total revenue was $20,774 thousand, marking a 29.7% decrease from $29,544 thousand in the same period of 2025 . Space-based intelligence &amp; AI services revenue was $16,519 thousand in 2026, a slight decrease of 1.8% from $16,829 thousand in 2025 . This segment constituted 79.6% of total revenue in 2026, an increase from 57.0% in 2025 . The costs for these services, excluding depreciation and amortization, increased by 29.0% to $4,924 thousand in 2026 from $3,818 thousand in 2025, driven by increased capacity demand and direct labor fulfillment costs . Mission solutions revenue decreased by 79.6% to $2,009 thousand in 2026 from $9,842 thousand in 2025, primarily due to non-recurring work in process costs recognized in Q1 2025 . Mission solutions costs, excluding depreciation and amortization, decreased by 82.2% to $1,216 thousand in 2026 from $6,847 thousand in 2025 . Advanced technology programs revenue decreased by 21.8% to $2,246 thousand in 2026 from $2,873 thousand in 2025, mainly due to the timing of completion of design and implementation services . Advanced technology programs costs, excluding depreciation and amortization, decreased by 38.4% to $1,192 thousand in 2026 from $1,935 thousand in 2025 .<h4>Operational Metrics</h4><ul><li>Operating loss increased to - $18,537 thousand in 2026 from - $11,979 thousand in 2025 .</li><li>Net loss for the three months ended March 31, 2026, was - $29,663 thousand, compared to - $12,813 thousand in the same period of 2025 .</li><li>Selling, general and administrative (SG&amp;A) expenses increased by 5.2% to $22,562 thousand in 2026 from $21,442 thousand in 2025, primarily due to higher stock-based compensation and increased selling and marketing expenses .</li><li>Research and development (R&amp;D) expense decreased by 30.6% to $170 thousand in 2026 from $245 thousand in 2025, attributed to the completion of certain development projects .</li><li>Depreciation and amortization increased by 27.8% to $9,247 thousand in 2026 from $7,236 thousand in 2025, driven by increased satellite depreciation and higher depreciation of internal-use software .</li><li>Adjusted EBITDA was - $5,096 thousand for the three months ended March 31, 2026, compared to - $617 thousand for the same period in 2025 .</li></ul><h4>Cash Flow</h4><ul><li>Net cash used in operating activities was - $2,356 thousand for the three months ended March 31, 2026, a decrease compared to $27,245 thousand provided in the same period of 2025, largely due to working capital fluctuations .</li><li>Net cash used in investing activities was - $9,332 thousand in 2026, an improvement from - $24,142 thousand in 2025, primarily due to increased net proceeds from short-term investments .</li><li>Net cash provided by financing activities was $9,549 thousand in 2026, up from $4,420 thousand in 2025, driven by higher net proceeds from equity issuances .</li></ul><h4>Unique Metrics</h4><ul><li>Backlog: As of March 31, 2026, BlackSky Technology Inc. had $351.6 million in backlog . The company expects to recognize $69.3 million of this backlog in the nine months ending December 31, 2026, $55.3 million in fiscal year 2027, and $227.0 million thereafter .</li><li>Customer Concentration: For the three months ended March 31, 2026, the U.S. federal government and agencies accounted for 45% of total revenue, and Customer B (Rest of world) accounted for 22% . In 2025, Customer C (Rest of world) represented 33% of total revenue .</li><li>Liquidity: As of March 31, 2026, short-term liquidity, including cash, cash equivalents, and short-term investments, was $117.5 million . Current assets were $185.3 million and current liabilities were $53.6 million .</li></ul><h4>Future Outlook and Strategy</h4>BlackSky Technology Inc. anticipates that its cash, cash equivalents, short-term investments, and cash generated from operating activities will sufficiently cover its working capital and capital expenditure needs in the foreseeable future . The company plans to continue capital expenditures for Gen-3 satellite production, launches, and investments in the BlackSky Spectra software platform to expand product capabilities . BlackSky Technology Inc. can manage the timing of a significant portion of its capital expenditures to optimize long-term liquidity requirements .

BlackSky Tech | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 20.77 M