Stonegate Capital Partners Updates Coverage on BlackSky Technology, Inc. (BKSY) 4Q25

Dallas, Texas–(Newsfile Corp. – February 27, 2026) – BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners Updates Coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY reported revenue, adj EBITDA, and EPS of $35.2M, $8.8M, and ($0.02), respectively. This compares to our/consensus estimates of $41.1M/$36.1M, $11.1M/$7.2M, and ($0.18)/($0.28). Imagery and Software Analytical Services revenue declined to $14.5M (-17% y/y), with management remaining cautious amid EOCL-related budget uncertainty. Mission Solutions rose to $9.5M (vs. $1.0M last year) on a new international Gen-3 contract and milestone deliveries. Professional and Engineering Services slipped to $11.2M from $11.9M y/y due to project timing. Adjusted EBITDA increased to $8.8M from $7.4M on higher revenue and cost discipline, while gross margin improved to 72.6% from 65.3% in 3Q25.

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Key Takeaways:

• $240M+ new awards lifted backlog to $345M, mostly international Gen-3.
• FY26 guidance implies continued investment in scaling capacity.
• Adjusted EBITDA increased to $8.8M and gross margin expanded to 72.6%, supported by improved mix and cost discipline.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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