BlackSky Raises Full-Year Guidance and Secures Up To $160M in New Contracts
BKSY has more than doubled off its 52-week low of $8.29.
Summary
BlackSky Technology reported Q1 2026 results, raising full-year revenue and Adjusted EBITDA guidance due to strong sales performance and securing up to $160 million in new contracts.
Key Events · Earnings and Guidance · BKSY
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Q1 2026 Financial Results
Reported total revenue of $20.8 million, a net loss of $29.7 million, and an Adjusted EBITDA loss of $5.1 million. The year-over-year revenue decline and increased net loss were attributed to a prior-year one-time program milestone and non-cash derivative losses, respectively.
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Significant New Contract Wins
Secured new contracts valued up to $160 million, including a multi-year sole-source IDIQ contract up to $99 million with the Air Force Research Lab, a $25 million multi-year subscription with an international Ministry of Defense, and a nearly $30 million annual subscription with a major international defense customer.
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Raised Full-Year 2026 Guidance
Increased full-year 2026 revenue outlook to between $130 million and $150 million (over 30% year-over-year growth at midpoint) and Adjusted EBITDA to between $12 million and $24 million, citing strong year-to-date sales and accelerated demand for Gen-3 solutions.
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Operational Milestone Achieved
Successfully deployed its fourth Gen-3 satellite, which rapidly entered commercial operations within a week of launch, enhancing its space-based intelligence capabilities.
Analysis · BKSY · Manufacturing
BlackSky Technology reported mixed first-quarter results, with a year-over-year decline in total revenue and an increased net loss, primarily due to a one-time program milestone in the prior year and non-cash derivative losses. However, the company announced significant new contract wins totaling up to $160 million, including a $99 million IDIQ contract with the Air Force Research Lab and substantial international defense subscriptions. This strong sales performance led management to raise its full-year 2026 revenue and Adjusted EBITDA guidance, signaling accelerated demand for its Gen-3 space-based intelligence and AI services. The successful deployment of its fourth Gen-3 satellite further supports future growth. Investors should focus on the forward-looking guidance and new business momentum, which outweigh the backward-looking Q1 GAAP losses.
At the time of this filing, BKSY was trading at $36.53 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $8.29 to $42.75. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.