BlackSky Q2 revenue declines 11%; net loss widens on $24.4M derivative charge; launches second Gen-3 satellite

BlackSky Technology Inc.

2025-Q2 EPS reported -$1.71 revenue$51,743,000

Revenue $22.2M, down 11% YoY; imagery/software analytics revenue grew to $18.0M.
Net loss $41.2M vs $9.4M YoY, driven by $24.4M loss on derivatives; adjusted EBITDA loss $2.8M.
Backlog $356M (~85% international); awarded up to $24M NGA Luno A monitoring order.
Second Gen-3 satellite launched and delivering very-high-resolution imagery; third Gen-3 in final testing.
Completed $185M upsized convertible note offering in July; pro forma cash >$170M.

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