Slide 1: BlackSky Q4 and Full Year 2025 Earnings Webcast
February 26, 2026 BLACKSKY Q4 AND FULL YEAR 2025 EARNINGS WEBCAST © BlackSky 2026. All rights reserved. Confidential & Proprietary. 1
Slide 2: Legal Disclaimer
Legal Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future
Slide 3: Success of Gen-3 Drove a Strong Finish to 2025
Success of Gen-3 Drove a Strong Finish to 2025 Fully operational 35cm imaging performance delivered in minutes © BlackSky 2026. All rights reserved. Confidential & Proprietary. 3 Rama IX Bridge, Bangkok, Thailand | Gen-3 | February 10, 2026
Slide 4: Gen-3 Exceeds Expectations and Drives Demand
Gen-3 Exceeds Expectations and Drives Demand BlackSky AI delivers real-time space-based intelligence on thousands of objects in seconds © BlackSky 2026. All rights reserved. Confidential & Proprietary. 4 Sint Maarten | Gen-3 | December 27, 2025
Slide 5: Proven Gen-3 Performance is a Major Growth Catalyst
Proven Gen-3 Performance is a Major Growth Catalyst Booked $240 million in multi-year contracts, driving YoY backlog growth of 32% International Gen-3 contracts make up over 90% of backlog Near-record Q4 revenue of $35 million driven by new Gen-3 contract awards Delivered 2nd consecutive year of pos
Slide 6: Leveraging Differentiated Tech Stack to Capture Market Expansion Opportunities
Leveraging Differentiated Tech Stack to Capture Market Expansion Opportunities Space-Based Intelligence Mission Solutions Advanced Technology & AI Services Programs Real-time imaging, dynamic Sovereign satellites, ground Funded R&D for advanced monitoring, & AI-enabled insights systems, and support
Slide 7: Driving High-Margin Recurring Revenue
Space-Based Intelligence & AI Services Driving High-Margin Recurring Revenue New international customer rapidly scales Gen-3 subscription to seven-figure quarterly run rate Capturing and converting new Gen-3 early access customers to subscription contracts Entered next phase of $100+ million multi-y
Slide 8: Mission Solutions Rapidly Growing Demand Expands Total Addressable Market
Mission Solutions Rapidly Growing Demand Expands Total Addressable Market New eight-figure multi-year contract to deliver a Gen-3 satellite and other advanced capabilities with an international customer Achieved major milestones against a multi-year contract contributing to a strong Q4 performance D
Slide 9: Accelerating Innovation With Customer-Funded R&D
Advanced Technology Programs Accelerating Innovation With Customer-Funded R&D Advancing our space and AI capabilities through customer-funded R&D programs Actively developing future capabilities such as: • Optical intersatellite links • AROS – wide area digital mapping • Real-time multi-int AI proce
Slide 10: Q4 & Full Year 2025 Financial Results
Q4 & FULL YEAR 2025 FINANCIAL RESULTS © BlackSky 2026. All rights reserved. Confidential & Proprietary. 10
Slide 11: Q4 Revenue
Q4 Revenue Total Q4 Revenue ($ in millions) $35.2 Revenue of $35.2 million, up 16% over prior $30.4 year quarter $11.2 $11.9 Kickoff of a new mission solutions contract contributed to a strong quarter $9.5 $1.0 Successfully delivered against major contract milestones drove additional revenue $17.5 $
Slide 12: Q4 Cash Operating Expenses
Q4 Cash Operating Expenses (1) Cash Operating Expenses (1) ($ in millions) Cash operating expenses of $17.7 million $17.7 $16.9 Cash operating expenses relatively flat to prior year quarter Successfully maintaining disciplined cost management Q4 2024 Q4 2025 (1) Cash operating expenses is a non-GAAP
Slide 13: Q4 Adjusted EBITDA
Q4 Adjusted EBITDA (1) Adjusted EBITDA (1) ($ in millions) $8.8 Adjusted EBITDA of $8.8 million, up 20% over prior year quarter $7.4 Increase in adjusted EBITDA driven by higher revenues from mission solutions Full year adjusted EBITDA of $0.9 million 2nd consecutive year of positive adjusted EBITDA
Slide 14: Cash and Liquidity
Cash and Liquidity Liquidity Improves to Over $225 Million ($ in millions) 84% YoY Growth $227.2 Q4 cash balance* of $125.6 million, up 133% over the prior year quarter $37.6 $37.4 Liquidity position improves 84% year-over-year $123.5 $26.6 to over $225 million $14.7 $27.0 $28.0 $125.6 $53.8 Q4 2024
Slide 15: 2026 Outlook
2026 Outlook Full Year Guidance Revenue $120M - $145M Adj. EBITDA(1) $6M - $18M Capital Expenditures $50M - $60M (1) The Company is not providing a reconciliation of projected Adjusted EBITDA to the most comparable GAAP measure because the Company is unable to predict with reasonable certainty the u
Slide 16: Well Positioned to Capitalize on Expanding Addressable Market
Well Positioned to Capitalize on Expanding Addressable Market Real-time space-based intelligence delivered at mission critical speed © BlackSky 2026. All rights reserved. Confidential & Proprietary. 16 Dalian, China | Gen-3 | February 18, 2026
Slide 17: Appendix
APPENDIX © BlackSky 2026. All rights reserved. Confidential & Proprietary. 17
Slide 18: Reconciliation of Net Loss to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended Years Ended December 31, December 31, 2025 2024 2025 2024 (1) Net loss $ (868) $ (19,420) $ (70,260) $ (57,218) Interest income (1,230) (573) (3,804) (1,560) Interest expense 4,057 3,
Slide 19: Reconciliation of Operating Expenses to Cash Operating Expenses
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Three Months Ended Years Ended December 31, December 31, 2025 2024 2025 2024 Operating expenses $ 29,729 $ 29,587 $ 118,173 $ 118,949 Stock-based compensation for selling, general and
Slide 20: © BlackSky 2026. All rights reserved. Confidential & Proprietary.
© BlackSky 2026. All rights reserved. Confidential & Proprietary. 20