--- title: "BlackSky Tech | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 20.77 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285607732.md" datetime: "2026-05-07T20:06:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285607732.md) - [en](https://longbridge.com/en/news/285607732.md) - [zh-HK](https://longbridge.com/zh-HK/news/285607732.md) --- # BlackSky Tech | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 20.77 M 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 . #### Segment Revenue 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 & 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 . #### Operational Metrics - **Operating loss** increased to - $18,537 thousand in 2026 from - $11,979 thousand in 2025 . - **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 . - **Selling, general and administrative (SG&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 . - **Research and development (R&D) expense** decreased by 30.6% to $170 thousand in 2026 from $245 thousand in 2025, attributed to the completion of certain development projects . - **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 . - **Adjusted EBITDA** was - $5,096 thousand for the three months ended March 31, 2026, compared to - $617 thousand for the same period in 2025 . #### Cash Flow - **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 . - **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 . - **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 . #### Unique Metrics - **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 . - **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 . - **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 . #### Future Outlook and Strategy 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 . 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