Slide 1: BlackSky Q3 2025 Earnings Webcast
November 6, 2025 BLACKSKY Q3 2025 EARNINGS WEBCAST © BlackSky 2025. All rights reserved. Proprietary.
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: Very-High Resolution Gen-3 Satellites Delivering Advanced Space-Based Intelligence Solutions
Very-High Resolution Gen-3 Satellites Delivering Advanced Space-Based Intelligence Solutions © BlackSky 2025. All rights reserved. Proprietary. Hainan, China | October 25, 2025 3
Slide 4: Recent Highlights
Recent Highlights Won over $60 million in new contracts, primarily with Int’l customers and for Gen-3 services Awarded contract over $30 million to integrate Gen-3 tactical ISR services into strategic defense customer’s secure environment Won seven-figure contract with US government and expanded cus
Slide 5: Accelerating International Demand for Sovereign Solutions
Accelerating International Demand for Sovereign Solutions International demand continues to accelerate 50% of BlackSky’s revenues are from international customers Over 90% of backlog is from international contracts for Gen-3 capabilities Gen-3 powered sovereign solutions continue to gain traction wo
Slide 6: $30M Contract to Integrate Gen-3 Tactical ISR Services into Secure Customer Environment
$30M Contract to Integrate Gen-3 Tactical ISR Services into Secure Customer Environment Won a multi-year contract valued at over $30 million with a strategic international defense customer to integrate tactical ISR services Expanded solution to deliver a new level of secure and autonomous operations
Slide 7: Continuing to Win Contracts with Industry-Leading AI Analytics
Sohae Satellite Launch Facility, North Korea Continuing to Win Contracts with Industry-Leading AI Analytics Awarded a seven-figure delivery order supporting the NGA Luno program; brings total delivery orders won this year to about $30 million May 28, 2025 | 3:08 p.m. Leverages BlackSky’s proprietary
Slide 8: Gen-3 Imaging Services Gaining Traction
Gen-3 Imaging Services Gaining Traction © BlackSky 2025. All rights reserved. Proprietary. Toronto, Canada | October 4, 2025 8
Slide 9: Gen-3 Constellation Continues to Expand
Gen-3 Constellation Continues to Expand Next Gen-3 satellite is at the launch site Expected to launch in the coming weeks Continuing with a cadence of Gen-3 launches Gen-3 commercial constellation planned to be fully operational in 2026 © BlackSky 2025. All rights reserved. Proprietary. 9
Slide 10: Long-Term Opportunities with the U.S. Government Remain Strong
Long-Term Opportunities with the U.S. Government Remain Strong Command and Control Center Personnel Armored vehicle staging C2 tent Vehicle convoy © BlackSky 2025. All rights reserved. Proprietary. Mulino Training Grounds, Russia | September 12, 2025 10
Slide 11: AROS Continues to Progress
AROS Continues to Progress © BlackSky 2025. All rights reserved. Proprietary. 11
Slide 12: YTD 2025 Financial Results
YTD 2025 FINANCIAL RESULTS © BlackSky 2025. All rights reserved. Proprietary. 12
Slide 13: YTD Revenue
YTD Revenue Total Revenue by Revenue Type ($ in millions) $71.7 $71.4 YTD revenue of $71.4 million $19.1 $20.8 Reductions to EOCL program impacted near-term imagery orders and revenue Professional and engineering services $52.6 $50.6 revenue up 9% over the prior year YTD '24 YTD '25 Professional & E
Slide 14: YTD Cash Operating Expenses
YTD Cash Operating Expenses (1) Cash Operating Expenses ($ in millions) $56.6 YTD cash operating expenses(1) were flat to the prior year period, excluding LeoStella $9.0 overhead expenses Disciplined cost management continues to drive efficiencies in the business $48.0 $47.6 YTD'24 YTD'25 Non LeoSte
Slide 15: YTD Adjusted EBITDA
YTD Adjusted EBITDA(1) Adjusted EBITDA (1) ($ in millions) $5.0 $4.3 YTD adjusted EBITDA(1) loss of $7.9 million; would have been positive ~ $5 million, excluding impacts from EOCL and LeoStella $11.6 Continue to remain focused on disciplined cost management, while investing in next- generation spac
Slide 16: Cash and Liquidity
Cash and Liquidity Liquidity Improves to Over $200 Million ($ in millions) 71% YoY Growth Q3 cash balance* of $147.6 million, up 129% over the prior year quarter $204.5 $13.5 $56.9 million of additional liquidity as of Sept. 30th $43.4 • $43.4 million in unbilled contract asset receivables • $13.5 m
Slide 17: Maintaining 2025 Outlook
Maintaining 2025 Outlook Full Year Guidance Revenue $105M - $130M Adj. EBITDA(1) $0M - $10M Capital Expenditures $60M - $70M (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 cer
Slide 18: Building Momentum for 2026 and Beyond
Building Momentum for 2026 and Beyond Expect a strong finish to 2025 Significant high visibility growth in 2026 Growth anchored by strong pipeline and backlog of international contracts Significant opportunities ahead to capitalize on growing global market for space-based intelligence solutions © Bl
Slide 19: Appendix
APPENDIX © BlackSky 2025. All rights reserved. Proprietary. 19
Slide 20: Reconciliation of Net Loss to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net loss $ (15,340) $ (12,591) $ (69,392) $ (37,798) Interest income (1,324) (257) (2,574) (987) Interest expense 4,0
Slide 21: Reconciliation of Operating Expenses to Cash Operating Expenses
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Nine Months Ended September 30, 2025 2024 Operating expenses $ 88,444 $ 89,362 Stock-based compensation for selling, general and administrative costs (9,527) (7,747) Depreciation and a