Slide 1: BlackSky Q1 2026 Earnings Webcast
May 7, 2026 BLACKSKY Q1 2026 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,” ” forecast,” “anticipate,” “estimate,” “intend,” “strat
Slide 3: Strong YTD Sales Drive Increased Revenue and AEBITDA Forecast
Strong YTD Sales Drive Increased Revenue and AEBITDA Forecast Company Raises Full Year Guidance © BlackSky 2026. All rights reserved. Confidential & Proprietary. 3 Velana International Airport, Maldives | Gen-3 | March 24, 2026
Slide 4: Revenues Forecasted to Grow >50% in 2026
2,206 vehicles and 805 vessels detected & classified in 2 minutes Space-Based Intelligence & AI Services Revenues Forecasted to Grow >50% in 2026 Awarded $60 million in new contracts as Gen-3 early access pilots successfully transition into long-term subscription contracts Projecting annual revenue
Slide 5: Delivering Mission-Critical Intelligence Fast and At Scale
Delivering Mission-Critical Intelligence Fast and At Scale Very high-resolution 35cm Gen-3 imagery and real-time AI-enabled analytics fully integrated into government operations Dynamic tasking and delivery supports rapid cadence and response for 24/7 tactical operations types of military objects of
Slide 6: BlackSky's AI is Operational TODAY Delivering Real-Time Intelligence
BlackSky’s AI is Operational TODAY Delivering Mission-Critical Real-Time Intelligence at Scale © BlackSky 2026. All rights reserved. Confidential & Proprietary. 208 aircraft and 24,049 vehicles detected & classified in 3 minutes 6 Chicago O’Hare International Airport, Chicago, Illinois | Gen-3 | Apr
Slide 7: Expanding Gen-3 Constellation Delivers Time-Diverse 35cm Imaging Performance
Expanding Gen-3 Constellation Delivers Time-Diverse 35cm Imaging Performance Launched 4th Gen-3 satellite in March with VHR imagery delivered within hours of launch Began general commercial availability to customers with Gen-3 constellation Four Gen-3 satellites on orbit now delivering daily service
Slide 8: Demand for Gen-3 Satellites Drives Growth in Sales Pipeline
Mission Solutions Demand for Gen-3 Satellites Drives Growth in Multi- Billion Dollar Sales Pipeline Achieved major milestones against several customer programs Continued to drive conversion and burn down of prior unbilled receivables Growing a strong pipeline of Gen-3 sovereign opportunities and exp
Slide 9: Advancing Our Lead in Space with Leap-Ahead Technologies
Advanced Technology Programs Advancing Our Lead in Space with Leap-Ahead Technologies Awarded up to $99 million IDIQ contract with AFRL to develop a future Earth observation payload • Design a next generation large aperture optical payload • Leverages BlackSky’s innovative and differentiated tech st
Slide 10: Advanced Space Portfolio for Today and into the Future
Advanced Space Portfolio for Today and into the Future Gen-3 Gen-3x AROS Advanced EO payload 35cm very-high 35cm imaging with Broad area Large aperture optical resolution imaging for optical intersatellite links monitoring, change payload for future Earth and tactical operations (OISL) for reduced d
Slide 11: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS © BlackSky 2026. All rights reserved. Confidential & Proprietary. 11
Slide 12: Q1 Revenue
Q1 Revenue Strong Forecasted Revenue Growth ($ in millions) Revenue of $20.8 million $130M - $150M Space-based intelligence and AI services revenue up 14% sequentially from Q4’25 Strong YTD sales drive increased revenue guidance of $130M - $150M $20.8 Q1 2026 FY 2026 Forecast © BlackSky 2026. All ri
Slide 13: Q1 Cash Operating Expenses
Q1 Cash Operating Expenses (1) Cash Operating Expenses (1) ($ in millions) $18.9 $18.8 Cash operating expenses of $18.8 million Cash operating expenses relatively flat compared to prior year quarter Successfully maintaining disciplined cost management Q1 2025 Q1 2026 (1) Cash operating expenses is a
Slide 14: Q1 Adjusted EBITDA
Q1 Adjusted EBITDA (1) Adjusted EBITDA (1) ($ in millions) Adjusted EBITDA loss of $5.1 million $12M - $24M Rapidly growing space-based intelligence and AI services forecasted to deliver strong gross margins Strong YTD sales drive increased Adjusted EBITDA guidance of $12M - $24M (2) (1) Adjusted EB
Slide 15: Cash and Liquidity
Cash and Liquidity Liquidity Improves to Over $195 Million ($ in millions) 36% YoY Growth Q1 cash balance* of $117.5 million, up 53% $196.9 over the prior year quarter $24.6 $144.4 $30.6 Liquidity position improves 36% year-over-year $7.9 to over $195 million $20.3 $24.2 $39.2 $117.5 $77.0 Q1 2025 Q
Slide 16: Raising 2026 Outlook
Raising 2026 Outlook Prior Updated Guidance Guidance Commentary Forecasted Revenue growth driven by strong Revenue $120M - $145M $130M - $150M YTD sales performance, in-year revenue visibility, and accelerating Gen-3 demand Forecasted higher Adj. EBITDA driven by (1) Adj. EBITDA $6M - $18M $12M - $2
Slide 17: Strong Start to 2026 on the Success of Gen-3
Strong Start to 2026 on the Success of Gen-3 is a Major Inflection Point for BlackSky © BlackSky 2026. All rights reserved. Confidential & Proprietary. 17 Valparaiso, Chile | Gen-3 | March 19, 2026
Slide 18: Appendix
APPENDIX © BlackSky 2026. All rights reserved. Confidential & Proprietary. 18
Slide 19: Reconciliation of Net Loss to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended March 31, 2026 2025 Net loss $ (29,663) $ (12,813) Interest income (1,024) (573) Interest expense 3,932 3,343 Income tax expense - 30 Depreciation and amortization 9,247 7,236 (Gain)
Slide 20: 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 March 31, 2026 2025 Operating expenses $ 31,979 $ 28,923 Depreciation and amortization (9,247) (7,236) Stock-based compensation for selling, general and administrati