Blacksky Technology Inc. · NYSE:BKSY
Blacksky Technology — Q1 2026 Earnings Presentation
37 slides from Blacksky Technology's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 © BlackSky 2026. All rights reserved. Proprietary. © BlackSky 2025. All rights reserved. Confidential & Proprietary. 1 Kingsford Smith Airport in Sydney, Australia | Gen-3 | March 2, 2025
Slide 2: Legal disclaimer
Legal disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to BlackSky. Words such as “believe,” “proje
Slide 3: BlackSky at a Glance: Key Highlights
BlackSky at a Glance: Key Highlights First of its kind platform delivering real-time, space-based intelligence for rapid and improved strategic decision making High-revisit, very-high resolution constellation of satellites monitoring strategic locations, economic assets & events worldwide BlackSky’s
Slide 4: BlackSky at a Glance: By the Numbers
BlackSky at a Glance: By the Numbers Revenue & Growth ($M) +33% Annual CAGR $102 $107 • Founded: 2014 $94 $65 ~ • Employees: ~320 $34 • Security Cleared: ~33% ~ ~ 2021 2022 2023 2024 2025 • Headquarters: Herndon, VA • Basic Shares Outstanding as of Mar. 31, 2026: 37.1M(2) Adjusted EBITDA(1) ($M) • M
Slide 5: Strong YTD Sales Drive Increased Revenue and AEBITDA Forecast
Strong YTD Sales Drive Increased Revenue and AEBITDA Forecast Awarded up to $160 million in new contracts driven by strong demand for Gen-3 solutions Raising full year guidance for Revenue and Adjusted EBITDA Projecting annual revenue run rate >$100 million with gross margins ~80% for space- based i
Slide 6: Space-Based Intelligence is an Essential Capability
Space-Based Intelligence is an Essential Capability GLOBAL CONFLICT ECONOMIC UNCERTAINTY NATIONAL SECURITY As regional conflicts become The unprecedented economic Governments are increasing global threats, timely situational impact of supply chain turmoil has spending on intelligence, awareness is c
Slide 7: Attractive Industry Growth Fuels Ongoing Opportunities
Attractive Industry Growth Fuels Ongoing Opportunities The global geospatial analytics market is expected to Expected Growth in the Geospatial grow to $141.9 billion in 2028, growing at a CAGR Analytics Market of 12.6% from 2023 to 2028 ($ in billions) +12.6% Annual CAGR $141.9 $119.9 Growing demand
Slide 8: BlackSky's Dynamic Monitoring is Highly Differentiated
BlackSky’s Dynamic Monitoring is Highly Differentiated Disruptive speed, economics and high value data have potential to deliver superior ROI Introduction of Gen-3 adds very-high resolution to high-frequency monitoring and is driving demand COMPETITORS’ STATIC MAPPING A traditional, large, BLACKSKY’
Slide 9: BlackSky Delivers Differentiated Real-Time Space-Based Intelligence
BlackSky Delivers Differentiated Real-Time Space-Based Intelligence Organizations want to see, understand and act on urgent events, in real time High-Frequency: On Demand: Uncontested Access: AI-Enabled: *Hourly revisit of the most Tasking to delivery in under For defined areas Actionable intelligen
Slide 10: BlackSky is Pioneering a New Era of Space-Based Intelligence
BlackSky is Pioneering a New Era of Space-Based Intelligence New Gen-3 Constellation unlocks next phase of BlackSky's growth © BlackSky 2026. All rights reserved. Proprietary. 10
Slide 11: Gen-3 On Track to be One of the Industry's Largest 35cm Constellations
We Believe Gen-3 is On Track to be One of the Industry’s Largest 35cm Class of Very-High Resolution Constellation Disruptive speed, economics and insights First successful launch on February 18, 2025 BlackSky has deployed four Gen-3 satellites with the next satellite ready to be shipped Launch to im
Slide 12: Gen-3 Delivers Very High Resolution at Disruptive Speeds and Economics
Gen-3 Delivers Very High Resolution at Disruptive Speeds and Economics (China - October 2025) 12 © BlackSky 2026. All rights reserved. Proprietary. Hainan, China | Gen-3 | October 25, 2025
Slide 13: Insights Into Emerging Events
1 Insights Into Emerging Events (Russia - June 2025) 1 3x Destroyed Tu-95 2 2 2x Destroyed Tu-22 3 3 © BlackSky 2026. All rights reserved. Proprietary. 13 Belaya Air Base, Russia | Gen-3 | June 4, 2025 2x Destroyed Tu-22
Slide 14: High Quality, Real-Time Monitoring
High Quality, Real-Time Monitoring (Russia - September 2025) Command and Control Center Personnel Armored vehicle staging C2 tent Vehicle convoy © BlackSky 2026. All rights reserved. Proprietary. Mulino Training Grounds, Russia | Gen-3 | September 12, 2025 14
Slide 15: Very-High Resolution Imagery and Advanced AI-Enabled Analytics
Very-High Resolution Imagery and Advanced AI-Enabled Analytics Provided by Gen-3 Delivers New Insights for Customers 1 image 25,784 vehicles identified 734 maritime vessels © BlackSky 2026. All rights reserved. Proprietary. Cape Town, South Africa | Gen-3 | March 3, 2025 15
Slide 16: BlackSky's AI is Operational TODAY
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 16 Chicago O’Hare International Airport, Chicago, Illinois | Gen-3 | Ap
Slide 17: Gen-3 Enables a Wide Range of New Mission Applications
Gen-3 Enables a Wide Range of New Mission Applications Powered by Innovative Advanced Space and AI Technologies Analytics: Custom Site Monitoring Type: Vehicle Type Confidence: 0.79 Category: Civilian Sub type: Bus Sub type confidence: 0.84369486 Area: 28.95m2 Family: Detect Product type: Feature Gu
Slide 18: BlackSky Has a Strong Track Record of Multi-Year Contract Wins
Public BlackSky Has a Strong Track Record of Multi-Year Contract Wins Total contracted value of up to $2.7B(1) with average contract duration of five years Electro Optical Commercial Layer (EOCL) $1B+(2) AIR FORCE RESEARCH LABORATORY $202M(3) Commercial satellite imagery 10 Years Moving target engag
Slide 19: Proven Ability to Deliver Space-Based Intelligence as a Trusted Partner
Proven Ability to Deliver Space-Based Intelligence as a Trusted Partner to Some of the World’s Most Demanding Customers U.S. International Q1 2026 Backlog (Primarily Gen-3) ~ ~ BlackSky has taken steps to diversify its revenue base with 94% of backlog represented by International contracts as of Mar
Slide 20: BlackSky is Highly Differentiated From Its Peers
BlackSky is Highly Differentiated From Its Peers… BlackSky Spectra Artificial Intelligence Gen-3 Constellation Scalable multi-INT Real time intelligence 35cm very high resolution software platform at scale + high-frequency © BlackSky 2026. All rights reserved. Proprietary. 20
Slide 21: Fully Vertically-Integrated with the Satellite Systems Acquisition in 2024
…and Fully Vertically-Integrated with the Satellite Systems Acquisition in 2024 Bringing Satellite Systems’ operations in-house vertically- integrates and gives BlackSky full control over satellite manufacturing and disruptive satellite economics • Enables BlackSky to deliver similar performance to
Slide 22: AROS Satellites Expected to Expand Addressable Market and Drive Future Growth
BlackSky's AROS Satellites Are Expected to Expand Addressable Market and Drive Future Growth Cost-effective large area mapping, search and change monitoring expected to fill the emerging capacity gap Optimized for high-performance large area monitoring and precision foundation collection Multi-spect
Slide 23: Annual Revenue Trend
Annual Revenue Trend BlackSky has demonstrated continued Demonstrated Annual Revenue Growth year-over-year revenue growth from long-term ($ in millions) customers with little-to-no churn $107 • In 2025, more than 70% of revenue was driven $102 $94 by customers engaged for multiple years, with $20 an
Slide 24: Adjusted EBITDA Trend
Adjusted EBITDA Trend Sustained revenue growth, improved margins Improving Adjusted EBITDA(1) and disciplined cost management has driven ($ in millions) annual improvements $12 $1 Delivering strong operating leverage to further scale the business $(1) Prudent cost management continues to drive effic
Slide 25: 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 26: Long-Term Revenue Growth Exceeds 20% and Adj. EBITDA Margin Exceeds 40%
Driven by Gen-3, BlackSky's Long-Term Revenue Growth Rate Exceeds 20% and Long-Term Adj. EBITDA Margin Exceeds 40% Long-Term Metric FY 2023 FY 2024 FY 2025 Target(4) YoY Revenue Growth % 45% 8% 4% 20% - 30% Space-Based Intelligence & AI Services Gross Margin %(1) 79% 80% 76% 80%+ Total Gross Margin
Slide 27: Compelling Investment Economics
Compelling Investment Economics • Recurring subscription revenue building strong backlog; multi-year take or pay contracts • Land-and-expand strategy drives incremental growth from growing customer base High-Visibility • Diversifying revenue through increase in international customers, which represe
Slide 28: BlackSky is at the Forefront of a New Era of Space Intelligence
BlackSky is at the Forefront of a New Era of Space Intelligence Gen-3 enabled constellation delivers real-time space-based intelligence to meet market demand BlackSky’s High-Frequency and Very-High Resolution Long-term multi-year contracts in place with major Constellation customers Land and expand
Slide 29: Harness the power of a superpower.
BLACK(SKY Harness the power of a superpower.
Slide 30: Appendix
BLACK SKY APPENDIX
Slide 31: BlackSky Technology Inc. Total Revenue Trend
BLACKSKY TECHNOLOGY INC. TOTAL REVENUE TREND (in thousands) (unaudited) 2022 2023 2024 2025 Total Revenue $ 65,350 $ 94,492 $ 102,093 $ 106,575 YoY revenue growth % 45% 8% 4% © BlackSky 2026. All rights reserved. Proprietary. 31
Slide 32: Reconciliation of Net Loss to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in thousands) (unaudited) 2021 2022 2023 2024 2025 Net (loss) $ (245,643) $ (74,172) $ (53,859) $ (57,023) $ (70,260) Interest income - (1,116) (2,063) (1,560) (3,804) Interest expense 5,165 5,426 9,306 12,187 14,946 Income tax
Slide 33: Reconciliation of Imagery and Software Analytical Service Costs and Total Cost of Sales
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COSTS AND TOTAL COST OF SALES (in thousands) (unaudited) 2023 2024 2025 Space intelligence and AI services revenue $ 65,391 $ 70,062 $ 65,116 Space intelligence and AI services costs, excluding depreciation and amorti
Slide 34: Monitoring Emerging Events
Monitoring Emerging Events St. Peter’s Square, Vatican City, Rome, Italy | Gen-3 | April 23, 2025 © BlackSky 2026. All rights reserved. Proprietary. 34
Slide 35: Real-Time Insights
Real-Time Insights A major golf event, Augusta, Georgia | Gen-3 | April 13, 2025 © BlackSky 2026. All rights reserved. Proprietary. 35
Slide 36: Activity-Based Intelligence
Activity- Based Intelligence The Burj Khalifa, Dubai, United Arab Emirates | Gen-3 | April 16, 2025 © BlackSky 2026. All rights reserved. Proprietary. 36 36
Slide 37: BlackSky is Well-Positioned to Capitalize on Growing Global Market
BlackSky is Well-Positioned to Capitalize on Growing Global Market for Space-Based Intelligence © BlackSky 2026. All rights reserved. Proprietary. The Paracel Islands | Gen-3 | July 7, 2025 37