<span item_type="fundamental" item_id="590eccaf6cc84276274cd154f6457bef" counter_id="ST/US/BKSY" env="prod"></span><span item_type="announcement" item_id="579761066730264705" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 19.62 M, missing the estimate of USD 28.63 M.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.44, missing the estimate of USD -0.3714.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -14.11 M.</p><p></p><h3>Segment Revenue</h3><ul><li>Total revenue for the third quarter of 2025 was $19.6 million, reflecting a reduction in the Electro-Optical Commercial Layer (EOCL) contract with NRO and other U.S. government budget uncertainties.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li>Net loss for the third quarter of 2025 was - $15.3 million, compared to a net loss of - $12.6 million for the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Operating expenses for the third quarter of 2025 were $29.6 million, including $3.5 million of non-cash stock-based compensation and $7.9 million in depreciation and amortization expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Cash operating expenses for the third quarter of 2025 were $18.2 million, compared to $15.6 million for the third quarter of 2024, primarily due to overhead expenses previously included in capitalized satellite assets.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Adjusted EBITDA for the third quarter of 2025 was a loss of - $4.5 million, compared to an adjusted EBITDA of $0.7 million for the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li></ul><h3>Cash Flow</h3><ul><li>Net cash used in operating activities for the nine months ended September 30, 2025, was - $18.992 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Net cash used in investing activities for the same period was - $110.410 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Net cash provided by financing activities was $144.942 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li>Backlog of $322.7 million, with approximately 91% from international contracts.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>Cash balance increased to $147.6 million as of September 30, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>The company is maintaining its full-year 2025 guidance for revenue, adjusted EBITDA, and capital expenditures.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>The company anticipates strong international demand and expects to carry momentum into 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li><li>The next Gen-3 satellite is at the launch site with an anticipated launch in the coming weeks.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1753539/000175353925000103/exhibit991-blackskyq32025e.htm"></span></li></ul>

BlackSky Tech | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 19.62 M