Stonegate Updates Coverage on BlackSky Technology, Inc. (BKSY) 1Q25

Dallas, Texas–(Newsfile Corp. – May 9, 2025) – BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY reported revenue, adj EBITDA, and EPS of $29.5M, ($0.6)M, and ($0.42), respectively. This compares to our/consensus estimates of $27.6M/$27.2M, $0.7M/$1.5M, and ($0.62)/($0.46). The Imagery and Software Analytical Services segment generated $16.8M in revenue, down from $17.8M in 1Q24. This decrease was primarily due to timing variability in customer project deliveries. The Professional and Engineering Services segment reported revenue of $12.7M, a significant increase from $6.4 M in 1Q24, driven largely by milestone-based progress under the Company’s commercial Earth observation contract with India. Consolidated gross margins fell to 57.4%, an increase from 77.4% in 4Q24, impacted by the transfer of a previously capitalized satellite asset sold during the quarter.

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Key Takeaways:

• Guidance reiterated
• Gen-3 commercial availability expected in 4Q25
• Backlog increased 40% from last quarter to $366.1M

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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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