BlackSky Q1 revenue up 22% to $29.5M, backlog grows 40% to $366M

BlackSky Technology Inc.

2025-Q1 EPS reported -$0.42 revenue$29,544,000

Revenue $29.5M (+22% YoY); net loss improved to $12.8M from $15.8M.
Backlog $366M (+40% QoQ) driven by $130M+ in new contract bookings, including $100M+ seven-year subscription.
Cash balance up 43% vs prior quarter; first Gen-3 satellite fully commissioned, second on track for Q2 launch.
Cost of sales as % revenue rose to 43% from 29% due to transfer of capitalized satellite asset for India contract.
Adjusted EBITDA loss $0.6M vs positive $1.4M prior year, reflecting overhead from LeoStella operations.

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