Amendment to Current Report (Form 8-K/A)

BLACKSKY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Delivered Q4 Revenue of $35 Million

Q4 Net Loss Narrows with Strong Q4 Adjusted EBITDA Performance

Strong Momentum in New Gen-3 Contracts Results in YoY Backlog Growth of 32% to $345 Million

HERNDON, VA - February 26, 2026 - BlackSky Technology Inc. ("BlackSky" or the "Company") (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2025.

"Growing demand and new Gen-3 contract awards drove a strong Q4 and delivered a second consecutive year of positive adjusted EBITDA," said Brian E. O'Toole, BlackSky CEO. "With the exceptional performance of Gen-3, we're converting early customer pilots into long-term subscription contracts worldwide. Significant international demand drove the majority of our backlog growth and is further diversifying our customer base. We enter 2026 with strong momentum and look forward to continuing our Gen-3 deployments throughout the year to meet our customers' mission-critical requirements."

Full Year Financial Highlights:

•Record total revenue of $107 million

•Backlog of $345 million, up 32% from prior year driven by $240 million in contract bookings

•Cash balance of $126 million as of December 31, 2025

Recent Highlights

•Awarded a new eight-figure multi-year contract with an international defense customer to deliver a very-high resolution Gen-3 satellite and advanced imagery services

•New international customer rapidly grew Gen-3 subscription from a small initial pilot to a seven-figure quarterly run rate to support time-sensitive mission-critical operations

•Converted multiple international Gen-3 early access pilots into subscription contracts

•Delivered against recently awarded Gen-3 contract milestones on multiple international programs that supported a strong fourth quarter performance

•Awarded NGA Luno contract options valued in the seven figures

•Continued to win new orders through the U.S. Space Force Global Data Marketplace

•Achieved major milestones across multiple contracts that converted prior unbilled receivables

•Third successful Gen-3 satellite deployment delivered very-high resolution images within 24 hours from launch and rapidly entered commercial operations

•Secured additional dedicated Gen-3 launches in 2026

•Shipped next Gen-3 satellite to the launch site

Financial Results

Revenues

Total revenue for the fourth quarter of 2025 was $35.2 million, up $4.8 million, or 16% from the fourth quarter of 2024. The year-over-year increase was primarily driven by a new contract for the delivery of a Gen-3 satellite and other new contracts.

For the full year 2025, total revenue was $106.6 million, up $4.5 million from 2024.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 27% for the fourth quarter of 2025, compared to 23% for the fourth quarter of 2024. The increase in cost of sales as a percentage of revenue was primarily due to growth in the mission solutions business.

For the full year 2025, cost of sales as a percentage of revenue was 33%, compared to 27% in 2024.

Operating Expenses

Operating expenses for the fourth quarter of 2025 were $29.7 million, which included $4.0 million of non-cash stock-based compensation expense and $8.0 million in depreciation and amortization expenses. Operating expenses for the fourth quarter of 2024 were $29.6 million, which included $2.8 million in non-cash stock-based compensation expense and $10.0 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(2) for the fourth quarter of 2025 were $17.7 million, compared to cash operating expenses of $16.8 million for the fourth quarter of 2024.

For the full year 2025, operating expenses were $118.2 million, which included $13.6 million of non-cash stock-based compensation expense and $30.3 million in depreciation and amortization expenses. For the full year 2024, operating expenses were $118.9 million, which included $10.5 million of non-cash stock-based compensation expense and $43.5 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(2) in 2025 were $74.3 million, compared to cash operating expenses of $64.9 million in 2024.

Net Loss(3)

Net loss for the fourth quarter of 2025 was $0.9 million, compared to a net loss of $19.4 million for the fourth quarter of 2024. The year-over-year improvement in net loss of $18.6 million was primarily due to changes in the gain/(loss) on derivatives, which are driven by fluctuations in the Company's equity warrants and other equity instruments that are measured at fair value and driven by the Company's common stock price.

For the full year 2025, net loss was $70.3 million, compared to $57.2 million in 2024.

Adjusted EBITDA(2)

Adjusted EBITDA for the fourth quarter of 2025 was $8.8 million, compared to adjusted EBITDA of $7.4 million for the fourth quarter of 2024. The year-over-year increase was primarily driven by higher revenues.

For the full year 2025, adjusted EBITDA was $0.9 million, compared to $11.6 million in 2024.

Balance Sheet & Capital Expenditures

As of December 31, 2025, cash and cash equivalents, restricted cash, and short-term investments totaled $125.6 million. During the quarter, the Company achieved major milestones across multiple contracts that triggered invoicing of prior unbilled receivables, which reduced unbilled contract assets from $44.0 million at the end of the third quarter of 2025 to approximately $28.6 million. Capital expenditures for the fourth quarter of 2025 were $12.7 million, bringing the full year total spend to $46.6 million.

2026 Outlook

BlackSky expects full year 2026 revenue to be between $120 million and $145 million, full year 2026 adjusted EBITDA to be between $6 million and $18 million, and full year 2026 capital expenditures to be between $50 million and $60 million.

The Company is not providing a reconciliation of projected adjusted EBITDA to the most comparable GAAP measure because the Company is unable to predict with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such reconciliation without unreasonable effort. These items include, but are not limited to, stock-based compensation, income taxes, and depreciation and amortization, which are uncertain, depend on various factors, and could have a material impact on GAAP results.

(1) Cost of sales is defined as space-based intelligence & AI services costs, excluding depreciation and amortization, mission solutions costs, excluding depreciation and amortization, and advanced technology programs costs, excluding depreciation and amortization.

(2) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below and reconciliation table at the end of this press release.

(3) This represents our current estimate of net loss for the period ending December 31, 2025, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K.

Investment Community Conference Call

BlackSky will host a conference call and webcast for the investment community this morning at 8:30 a.m. EST. Senior management will review the fourth quarter and full year results, discuss BlackSky's business, and answer questions. To access the live webcast, please visit the Company's investor relations website at http://ir.blacksky.com and then select "News & Events". A presentation accompanying the webcast can also be found on the investor relations website. The webcast and conference call will be archived on the investor relations website following completion of the call.

About BlackSky

BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry's most advanced, purpose-built

commercial, real-time intelligence system that combines the power of the BlackSky Spectra® tasking and analytics software platform and our proprietary low earth orbit satellite constellation.

With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on X (Twitter).

Non-GAAP Financial Measures

Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company's core operating performance. These items include, but are not limited to, stock-based compensation expense; unrealized (gain) loss on certain warrants/shares classified as derivative liabilities; loss on debt extinguishment; non-recurring transaction costs; litigation, settlements, and related costs; severance; and impairment, obsolescence, and asset disposals. Cash operating expenses is defined as operating expenses less stock-based compensation expense for selling, general, and administrative costs, and depreciation and amortization expense. The Company believes evaluating cash operating expenses is useful to manage expenses as it excludes non-cash items that may obscure the underlying business performance.

Adjusted EBITDA and cash operating expenses are non-GAAP financial performance measures. These measures should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our filings with the U.S. Securities and Exchange Commission (the "SEC") for a reconciliation of adjusted EBITDA to net loss, the most comparable measure reported in accordance with GAAP, and for a discussion of the presentation, comparability, and use of adjusted EBITDA. Please refer to the schedule herein for a reconciliation of cash operating expenses to operating expenses, the most comparable measure reported in accordance with GAAP, and this press release for a discussion of the use of cash operating expenses.