Slide 1: BlackSky Q4 and Full Year 2024 Earnings Webcast
March 6, 2025 BLACKSKY Q4 AND FULL YEAR 2024 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: Gen-3 On Orbit and Exceeding Expectations
Gen-3 On Orbit and Exceeding Expectations © BlackSky 2025. All rights reserved. Confidential & Proprietary. © BlackSky 2025. All rights reserved. Proprietary. 3 Gen-3 image of Kingsford Smith Airport in Sydney, Australia
Slide 4: Gen-3 Delivers First Images in Unprecedented Speed
Gen-3 Delivers First Images in Unprecedented Speed © BlackSky 2025. All rights reserved. Proprietary. 4 Gen-3 image of Port Jackson in Sydney, Australia
Slide 5: BlackSky's Disruptive Economics is Changing the Space Industry
BlackSky’s Disruptive Economics is Changing the Space Industry 5 Gen-3 image of Australian National Maritime Museum in Sydney, Australia © BlackSky 2025. All rights reserved. roprietary.
Slide 6: On Track to Commence a Cadence of Gen-3 Launches to Build Out Constellation
On Track to Commence a Cadence of Gen-3 Launches to Build Out Constellation © BlackSky 2025. All rights reserved. Proprietary. 6
Slide 7: Existing Strategic Customer Awards $100M+ Contract to Lock-In Imagery Services
Seven-year subscription agreement secures annual capacity minimums to our high- resolution, low-latency imagery services Existing Strategic Customer Awards $100M+ Contract to Guarantees customer assured priority access Lock-In Imagery Services to our Gen-2 and Gen-3 imagery within region of interest
Slide 8: BlackSky Enters Market in India with ~$20M in Contracts for Imagery and Mission Services
Won $20 million in contracts to support India’s Earth Observation space industry BlackSky Enters Market in Provides customer with subscription-based India with ~$20M in Contracts access to Spectra services and the delivery and support of a high-resolution satellite for Imagery and Mission Services D
Slide 9: NRO Extends EOCL Subscription for Gen-2 Imagery Services to 2026
NRO Extends EOCL Subscription for Gen-2 Imagery Services to 2026 Awarded 3rd and 4th year contract extensions with NRO under the Electro-Optical Commercial Layer (EOCL) program Subscription contract includes feature enhancements to current SLA and interface to government systems Expect Gen-3 imaging
Slide 10: U.S. Government Extends TACGEO Contract for Gen-3 Launch
U.S. Government Extends TACGEO Contract for Gen-3 Launch Awarded a multi-million-dollar contract extension with the U.S. Defense Innovation Unit New contract includes the launch and management of a dedicated Gen-3 satellite Portfolio of strategic R&D programs enable us to deliver and deploy cost-eff
Slide 11: Strong Start to 2025
Strong Start to 2025 First Gen-3 very-high resolution satellite on orbit and exceeding customer expectations Recently secured over $150 million in multi-year contracts Achieved first full year of positive adjusted EBITDA in 2024 Forecasting 30% total revenue growth in 2025 11 © BlackSky 2025. All ri
Slide 12: Full Year 2024 Financial Results
FULL YEAR 2024 FINANCIAL RESULTS © BlackSky 2025. All rights reserved. Proprietary. 12
Slide 13: 2024 Revenue
2024 Revenue Delivered Continued Revenue Growth ($ in millions) Record full year revenue of $102.1 million $102.1 $94.5 $32.0 $70.1 million in high-margin imagery and $29.1 analytics revenue Professional and engineering services revenue grew from support to strategic $70.1 imagery and analytic custo
Slide 14: 2024 Adjusted Imagery and Analytics Cost of Sales
2024 Adjusted Imagery and Analytics Cost of Sales Strong Operating Leverage ($ in millions) +$4.7 Cost of sales(1) flat, despite increase in $70.1 revenue $65.4 High-margin imagery and analytics revenue growth drops directly to bottom line Performance demonstrates strong operating leverage and margi
Slide 15: 2024 Cash Operating Expenses
2024 Cash Operating Expenses Disciplined Cost Management ($ in millions) < 3% YoY Growth Cash operating expenses(1) of $64.9 million $63.1 $64.9 Streamlined operations driving efficiencies in the business; generating cost savings Disciplined cost management keeping expenses contained, while continui
Slide 16: Strategic Acquisition of LeoStella
Strategic Acquisition of LeoStella Bringing LeoStella operations in-house gives BlackSky full control over satellite manufacturing Operational control provides better visibility into supply chain, production processes, deployment schedules, and technology roadmap Vertical integration is key as Black
Slide 17: 2024 Adjusted EBITDA
2024 Adjusted EBITDA First Full Year of Positive Adjusted EBITDA(1) ($ in millions) $13.4 Full year Adjusted EBITDA(1) of $11.6 million, a $12.6 million improvement over 2023 $11.6 Revenue growth, improved margins and disciplined cost management drove year- over-year improvement Five consecutive qua
Slide 18: 2025 Outlook
2025 Outlook Delivering Strong Long-Term Growth ($ in millions) Revenue • Forecast 30% growth over prior year • Expect full year 2025 revenue between $125M - $142M $125 - $142 Adjusted EBITDA(1) • Expect full year 2025 Adjusted EBITDA between $14M - $22M $102 $133 • Includes full year of LeoStella o
Slide 19: At the Forefront of a New Era of Space-Based Intelligence
At the Forefront of a New Era of Space-Based Intelligence BlackSky’s High- Immediately commencing a cadence of launches Frequency and Very- to build out constellation High Resolution Constellation Expanding contracts with existing customers to unlock revenue growth Aggressively going to market to ca
Slide 20: Appendix
APPENDIX © BlackSky 2025. All rights reserved. Proprietary. 20
Slide 21: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Net loss $ (19,225) $ (3,788) $ (57,023) $ (53,859) Interest income (573) (461) (1,560) (2,063) Interest expense 3,382 2,679 12,187 9,306 Inco
Slide 22: Reconciliation of Imagery and Software Analytical Service Cost of Sales
RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES TO ADJUSTED IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES (unaudited) (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Imagery and software analytical service costs, $ 3
Slide 23: Reconciliation of Operating Expenses to Cash Operating Expenses
RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Operating expenses $ 29,593 $ 28,142 $ 118,955 $ 116,691 Stock-based compensation for selling, general and administrative co