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BlackSky Technology inc. 20 24
2025 annual shareholder letter Gen-3 is here 2024 was a year of focused execution for BlackSky, setting a strong foundation for our next phase of growth. We continued to streamline our operations by completing final development of our flagship Gen-3 satellites, sharpened our value proposition with initial Gen-3 launches and positioned the company for meaningful growth validated by early customer demand. 2024 was about scaling what works, deepening strategic advantages and delivering for customers. In early 2025, we launched and commissioned our first two Gen-3 satellites, which began delivering high-resolution imagery 12 hours after launch. These systems are already exceeding performance expectations, delivering high quality imagery with better unit economics than traditional providers. 2024 highlights: strategic wins and growth One of our most significant milestones in 2024 was the strategic acquisition of full ownership in LeoStella, our smallsat manufacturer. The move gives BlackSky full control over spacecraft design and production, accelerating innovation, improving cost efficiency and increasing agility as we expand and build upon our Gen-3 constellation and beyond. It s a foundational advantage that strengthens our long-term position in the space-based intelligence market. BlackSky secured more than $150 million in new contracts, including: A fourth-year renewal for Gen-2 imagery services under the NRO s EOCL program. Major contract expansions with legacy international defense customers Selected as a provider for the NGA s Luno A and Luno B programs. Expanded Defense Innovation Unit contract under TACGEO, a U.S. Government funded Gen-3 satellite New partnerships with organizations like EMDYN for tasking, analytics and persistent monitoring. These contract wins helped grow our backlog significantly. In 2024, we also achieved record annual revenue of $102 million and, in spite of our net loss, achieved our first full year of positive adjusted EBITDA, totaling $11.6 million which is clear progress in scaling a capital efficient business. Early access customers are already leveraging Gen-3 capabilities, and the response has been overwhelmingly positive with strong adoption ahead of general availability. We are meeting mission timelines faster than expected and unlocking value for government and commercial users. We plan to launch 6 Gen-3 satellites in 2025 with 8 satellites planned by Q1 2026, further reducing latency, increasing revisit rates and expanding our ability to deliver real-time, space-based intelligence around the globe. 2025 scaling smart We entered 2025 with strong operational momentum, with a $32 million prepayment from a strategic customer and our first full year of positive Adjusted EBITDA. Our priorities are clear: scale the Gen-3 constellation, expand our analytics offerings, deliver timely, relevant insights that help our customers action with speed and precision. In a time of geopolitical uncertainty, we are seeing global demand for real-time, space-based intelligence accelerate. BlackSky is well positioned to lead technically, operationally and commercially. Thank you for your continued confidence and support. Sincerely, Brian O Toole Chief Executive Officer



 • shareholder letter icon 7/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 8/1/2023 BKSY Stockholder Letter
 • stockholder letter icon 7/25/2024 BKSY Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon BKSY Benford's Law Stock Score = 97


BKSY Shareholder/Stockholder Letter Transcript:

BlackSky
Technology inc.
20
24

2025 annual shareholder letter
Gen-3 is here
2024 was a year of focused execution for BlackSky, setting a
strong foundation for our next phase of growth. We continued
to streamline our operations by completing final development
of our flagship Gen-3 satellites, sharpened our value proposition
with initial Gen-3 launches and positioned the company for
meaningful growth validated by early customer demand. 2024
was about scaling what works, deepening strategic advantages
and delivering for customers.
In early 2025, we launched and commissioned our first two
Gen-3 satellites, which began delivering high-resolution imagery
12 hours after launch. These systems are already exceeding
performance expectations, delivering high quality imagery with
better unit economics than traditional providers.
2024 highlights: strategic wins and growth
One of our most significant milestones in 2024 was the
strategic acquisition of full ownership in LeoStella, our smallsat
manufacturer. The move gives BlackSky full control over
spacecraft design and production, accelerating innovation,
improving cost efficiency and increasing agility as we expand
and build upon our Gen-3 constellation and beyond. It   s a
foundational advantage that strengthens our long-term position
in the space-based intelligence market.
BlackSky secured more than $150 million in
new contracts, including:
    A fourth-year renewal for Gen-2 imagery services under
the NRO   s EOCL program.
    Major contract expansions with legacy international
defense customers
    Selected as a provider for the NGA   s Luno A and
Luno B programs.
    Expanded Defense Innovation Unit contract under TACGEO,
a U.S. Government funded Gen-3 satellite
    New partnerships with organizations like EMDYN for tasking,
analytics and persistent monitoring.
These contract wins helped grow our backlog significantly. In
2024, we also achieved record annual revenue of $102 million
and, in spite of our net loss, achieved our first full year of
positive adjusted EBITDA, totaling $11.6 million which is clear
progress in scaling a capital efficient business.
Early access customers are already leveraging Gen-3
capabilities, and the response has been overwhelmingly
positive with strong adoption ahead of general availability.
We are meeting mission timelines faster than expected and
unlocking value for government and commercial users.
We plan to launch 6 Gen-3 satellites in 2025 with 8 satellites
planned by Q1 2026, further reducing latency, increasing revisit
rates and expanding our ability to deliver real-time, space-based
intelligence around the globe.
2025 scaling smart
We entered 2025 with strong operational momentum, with a
$32 million prepayment from a strategic customer and our first
full year of positive Adjusted EBITDA. Our priorities are clear:
scale the Gen-3 constellation, expand our analytics offerings,
deliver timely, relevant insights that help our customers action
with speed and precision. In a time of geopolitical uncertainty,
we are seeing global demand for real-time, space-based
intelligence accelerate. BlackSky is well positioned to lead
technically, operationally and commercially.
Thank you for your continued confidence and support.
Sincerely,
Brian O   Toole
Chief Executive Officer


shareholder letter icon 7/24/2025 Letter Continued (Full PDF)
 

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