Revenue: As of FY2025 Q3, the actual value is USD 19.62 M, missing the estimate of USD 28.63 M.EPS: As of FY2025 Q3, the actual value is USD -0.44, missing the estimate of USD -0.3714.EBIT: As of FY2025 Q3, the actual value is USD -14.11 M.<h3>Segment Revenue</h3><ul><li>Imagery &amp; Software Analytical Services: Revenue for the three months ended September 30, 2025, was $15.782 million, a decrease from $17.276 million in the same period in 2024. For the nine months ended September 30, 2025, revenue was $50.593 million, down from $52.578 million in 2024.</li><li>Professional &amp; Engineering Services: Revenue for the three months ended September 30, 2025, was $3.836 million, a decrease from $5.273 million in the same period in 2024. For the nine months ended September 30, 2025, revenue was $20.768 million, up from $19.145 million in 2024.</li></ul><h3>Operational Metrics</h3><ul><li>Net Loss: For the three months ended September 30, 2025, the net loss was $15.340 million, compared to $12.591 million in the same period in 2024. For the nine months ended September 30, 2025, the net loss was $69.392 million, compared to $37.798 million in 2024.</li><li>Operating Loss: For the three months ended September 30, 2025, the operating loss was $16.826 million, compared to $13.230 million in the same period in 2024. For the nine months ended September 30, 2025, the operating loss was $42.745 million, compared to $38.204 million in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $18.992 million, compared to $4.567 million in the same period in 2024.</li><li>Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $110.410 million, compared to $27.462 million in the same period in 2024.</li><li>Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $144.942 million, compared to $55.901 million in the same period in 2024.</li></ul><h3>Unique Metrics</h3><ul><li>Convertible Notes: In July 2025, the company issued $185.0 million principal amount of Convertible Notes due August 1, 2033, in a private offering.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: The company plans to continue enhancing its satellite constellation capabilities and expanding its analytics offerings to increase value to customers. The focus is on increasing data processed by the BlackSky Spectra platform and expanding analytics offerings.</li><li>Non-Core Business: The acquisition of BlackSky Satellite Systems allows the company to improve control over the Gen-3 satellite supply chain and production operations, which is expected to optimize performance per unit cost.</li></ul>

BlackSky Tech | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 19.62 M