Stonegate Capital Partners has updated its coverage on BlackSky Technology, Inc. (NYSE: BKSY), reporting the company's fourth-quarter 2025 financial results. The Dallas-based capital markets advisory firm noted that BlackSky generated revenue of $35.2 million, adjusted EBITDA of $8.8 million, and earnings per share of ($0.02). These figures compared to Stonegate's estimates of $41.1 million, $11.1 million, and ($0.18), respectively, and consensus estimates of $36.1 million, $7.2 million, and ($0.28).
Imagery and Software Analytical Services revenue declined to $14.5 million, down 17% year-over-year, as management remained cautious amid budget uncertainty related to the EnhancedView Optical Commercial Layer (EOCL) program. Mission Solutions revenue rose sharply to $9.5 million from $1.0 million in the prior year, driven by a new international Gen-3 contract and milestone deliveries. Professional and Engineering Services revenue slipped to $11.2 million from $11.9 million year-over-year due to project timing.
Adjusted EBITDA increased to $8.8 million from $7.4 million in the same period last year, supported by higher revenue and cost discipline. Gross margin improved to 72.6% from 65.3% in the third quarter of 2025, reflecting a better revenue mix and ongoing cost controls.
BlackSky secured over $240 million in new awards during the quarter, boosting its backlog to $345 million, with the majority coming from international Gen-3 contracts. The company's fiscal year 2026 guidance implies continued investment in scaling capacity to meet growing demand.
For more details, the full announcement is available here.
