Slide 1: BlackSky Q1 2025 Earnings Webcast
May 8, 2025 BLACKSKY Q1 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: Activity-Based Intelligence
Activity- Based Intelligence © BlackSky 2025. All rights reserved. Public Information. © BlackSky 2025. All rights reserved. Proprietary. 3 Gen-3 image of The Burj Khalifa, Dubai, United Arab Emirates | 16 April 2025
Slide 4: Real-Time Insights
Real-Time Insights © BlackSky 2025. All rights reserved. Proprietary. 4 Gen-3 image of a major golf event, Augusta, Georgia | 13 April 2025
Slide 5: Monitoring Emerging Events
Monitoring Emerging Events © BlackSky 2025. All rights reserved. Proprietary. 5 Gen-3 image of St. Peter’s Square, Vatican City, Rome, Italy | 23 April 2025
Slide 6: Recent Highlights
Recent Highlights Awarded over $130 million in new contracts and renewal agreements in Q1 Strong bookings quarter leads to a 50% YoY growth in backlog to $366 million Q1 revenue growth of 22% over the prior year quarter First Gen-3 satellite fully commissioned and exceeding performance expectations
Slide 7: Increased Backlog Growth Drives Outyear Revenue Visibility
Increased Backlog Growth Drives Outyear Revenue Visibility Q1 backlog increases to $366 million, up nearly 50% compared to prior year quarter Increase in backlog primarily driven by contracts awarded in Q1 2025 Gen-3 constellation expected to be a key driver to unlocking backlog and revenue growth ©
Slide 8: Monitoring Strategic Assets
Monitoring Strategic Assets © BlackSky 2025. All rights reserved. Proprietary. 8 Gen-3 image of The Louvre, Paris, France | 19 March 2025
Slide 9: Automated AI-Powered Intelligence
Automated AI-Powered Intelligence AI insights delivered in minutes 25,784 vehicles identified 734 maritime vessels identified © BlackSky 2025. All rights reserved. Proprietary. 9 Gen-3 image of Cape Town, South Africa | 3 March 2025
Slide 10: Ready to Begin a Cadence of Launches
Ready to Begin a Cadence of Launches Second Gen-3 satellite is being shipped and is on track to launch in Q2 Expect to have 8 Gen-3 satellites on orbit by early 2026 Anticipate commencing commercial Gen-3 imagery services for customers by Q4 © BlackSky 2025. All rights reserved. Proprietary. 10
Slide 11: Very-High Resolution, High Frequency Monitoring, and AI-Driven Analytics Unlocks New Applications
Very-High Resolution, High Frequency Monitoring, and AI-Driven Analytics Unlocks New Applications Very-high resolution imagery High frequency monitoring of Rapid exploitation with with low-latency delivery critical & strategic locations advanced, AI-driven analytics © BlackSky 2025. All rights reser
Slide 12: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS © BlackSky 2025. All rights reserved. Proprietary. 12
Slide 13: Q1 Revenue
Q1 Revenue Strong Revenue Growth ($ in millions) 22% YoY Growth Q1 revenue of $29.5 million, up 22% over the $29.5 prior year quarter $24.2 $12.7 Increase in professional and engineering $6.4 services revenue driven by sale of previously capitalized asset under contract supporting India $17.8 $16.8
Slide 14: Q1 Adjusted Imagery and Analytics Cost of Sales
Q1 Adjusted Imagery and Analytics Cost of Sales Cost of Sales In-Line with Prior Year ($ in millions) Q1 adjusted cost of sales(1) of $3.8 million, up $3.8 $0.4 million from the prior year quarter $3.4 Modest increase primarily due to short-term investments to optimize operating efficiencies to driv
Slide 15: Q1 Adjusted EBITDA
Q1 Adjusted EBITDA LeoStella Costs Impacting Adjusted EBITDA(1) ($ in millions) Q1 adjusted EBITDA(1) loss of $0.6 million, $2.0 down $2.0 million from the prior year quarter $11.6 $1.4 Excluding LeoStella overhead expenses, adjusted EBITDA would have been $2.0 million in Q1 2025 With success of Gen
Slide 16: Q1 Cash and Liquidity
Q1 Cash and Liquidity Strong Improvement to Liquidity Position ($ in millions) 51% YoY Growth Q1 cash balance of $77.0 million, up 115% $136.2 over the prior year quarter Includes a $32 million cash prepayment for $90.0 work related to a new contract awarded in Q1 with an international defense custo
Slide 17: 2025 Outlook – Maintaining Full Year Guidance
2025 Outlook – Maintaining Full Year Guidance Revenue: $125M - $142M | Adjusted EBITDA: $14M - $22M | Capital Expenditures: $60M - $70M * Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. © BlackSky 202
Slide 18: At the Forefront of a New Era in Space-Based Intelligence
At the Forefront of a New Era in Space-Based Intelligence First Gen-3 satellite fully operational and exceeding performance expectations Receiving positive customer responses on initial Gen-3 imagery Delivering highly efficient and cost-effective space and software solutions Gen-3 constellation is s
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 March 31, 2025 2024 Net loss $ (12,813) $ (15,810) Interest income (573) (400) Interest expense 3,343 2,634 Income tax expense 30 70 Depreciation and amortization 7,236 11,184 Stock-b
Slide 21: 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 March 31, 2025 2024 Imagery and software analytical service costs, $ 3,818 $ 3,445 excluding depreciation and amorti