Slide 1: BlackSky Q2 2025 Earnings Webcast
August 7, 2025 BLACKSKY Q2 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: BlackSky is Well-Positioned to Capitalize on Growing Global Market for Space-Based Intelligence
BlackSky is Well-Positioned to Capitalize on Growing Global Market for Space-Based Intelligence © BlackSky 2025. All rights reserved. Proprietary. Gen-3 image of the Paracel Islands | 7 July 2025 3
Slide 4: Recent Highlights
Recent Highlights Awarded a facility monitoring delivery order valued at up to $24 million with NGA Luno A program Signed early access agreements for Gen-3 services with multiple international customers Launched second Gen-3 satellite, which began delivering very high resolution (VHR) imagery within
Slide 5: NGA Awards Multi-Year Contract Valued at up to $24 Million
BlackSky’s AI Capabilities are Accelerating and Winning New Contracts NGA Awards Multi-Year Contract Valued at up to $24 Million Awarded a facility operational monitoring delivery order valued at up to $24 million supporting the NGA Luno A program Leverages BlackSky’s real-time, AI-driven monitoring
Slide 6: A Growing Strong and Diverse International Customer Base
A Growing Strong and Diverse International Customer Base Awarded a contract that includes immediate Gen-3 and Gen-2 subscription services with ground segment modernization services Won new contract to deliver Gen-3 and Gen-2 monitoring and analytic services to Latin American customer using Spectra p
Slide 7: Dynamic Monitoring of Strategic Events
Buildings damaged before June 22 Dynamic Monitoring of Strategic Events New damage, likely from Tomahawk cruise missiles © BlackSky 2025. All rights reserved. Proprietary. Gen-3 image of Isfahan Nuclear Technology/Research Center, Iran | 22 June 2025 7
Slide 8: Dynamic Monitoring of Strategic Assets
Dynamic Monitoring of Strategic Assets © BlackSky 2025. All rights reserved. Proprietary. Gen-3 image of Yuchi Naval Base, China | 26 June 2025 8
Slide 9: Continuing a Cadence of Gen-3 Launches
Continuing a Cadence of Gen-3 Launches Successfully launched and commissioned our second very-high resolution Gen-3 satellite Third Gen-3 satellite is in final testing phase and preparing to be shipped in the coming weeks Remain on track to launch 6 Gen-3 satellites this year and have 8 Gen-3 satell
Slide 10: BlackSky's AROS Satellites Are Expected to Expand Addressable Market and Drive Future Growth
BlackSky's AROS Satellites Are Expected to Expand Addressable Market and Drive Future Growth Cost-effective large area mapping, search and change monitoring expected to fill the emerging capacity gap Optimized for high-performance large area monitoring and precision foundation collection Multi-spect
Slide 11: 1st Half 2025 Financial Results
1st Half 2025 FINANCIAL RESULTS © BlackSky 2025. All rights reserved. Proprietary. 11
Slide 12: 1H Revenue
1H Revenue(1) Total Revenue Continues to Grow ($ in millions) $51.7 1H revenue of $51.7 million, up 5.2% over $49.2 prior year period $13.9 $16.9 Revenue growth driven by timing of professional and engineering service contracts $35.3 $34.8 2nd half revenue has historically been a larger contributor
Slide 13: 1H Adjusted Imagery and Analytics Cost of Sales
1H Adjusted Imagery and Analytics Cost of Sales(1)(2) Cost of Sales In-Line with Prior Year ($ in millions) 1H adjusted imagery and analytics cost of sales(2) of $7.2 million, up $0.4 million from the $7.2 prior year period $6.8 Slight increase primarily due to short-term investments to optimize ope
Slide 14: 1H Adjusted EBITDA
1H Adjusted EBITDA(1)(2) AROS Investments Impacting Adjusted EBITDA(2) ($ in millions) $3.5 1H adjusted EBITDA(2) loss of $3.4 million; would have been $2.2 million excluding $2.2 LeoStella $11.6 Strategic acquisition of LeoStella accelerates and advances space architecture Continuing to invest in n
Slide 15: Convertible Note Financing Strengthens Balance Sheet
Convertible Note Financing Strengthens Balance Sheet to Unlock Growth Opportunities Upsized $185 million convertible note Use of proceeds: strengthens balance sheet and increases BlackSky’s liquidity $103.1 million to repay and terminate senior secured note Improves capital structure with new long-t
Slide 16: Cash and Liquidity
Cash and Liquidity Liquidity Improves to Over $227 Million ($ in millions) Q2 cash balance* of $94.9 million, up 124% over 130% YoY Growth the prior year quarter • Includes $35.8 million in net proceeds under the $227.7 at-the-market (ATM) equity program $76.7 $56.1 million of additional liquidity a
Slide 17: 2025 Outlook
2025 Outlook(1) Full Year Guidance Revenue $105M - $130M Adj. EBITDA(2) $0M - $10M Capital Expenditures $60M - $70M (1) As previously disclosed in an 8-K filing on July 17, 2025. (2) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure rep
Slide 18: BlackSky is Uniquely Positioned as a Leading Space-Based Technology Company
BlackSky is Uniquely Positioned as a Leading Space-Based Technology Company BlackSky’s High-Frequency and Very-High Resolution Exceptional performance from Gen-3 satellites fueling Constellation global customer expansion Multi-year contract wins and increased backlog driving long-term visibility and
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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net loss $ (41,239) $ (9,397) $ (54,052) $ (25,207) Interest income (677) (330) (1,250) (730) Interest expense 3,509 3,029 6,852
Slide 21: Reconciliation of Imagery and Software Analytical Service Cost of Sales
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES TO ADJUSTED IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES (unaudited) (in thousands) Six Months Ended June 30, 2025 2024 Imagery and software analytical service costs, $ 7,278 $ 6,877 excluding d