BKSY - NYSE
BlackSky Technology Inc.
BKSY·NYSE
$37.48
-12%TechnologyHardware, Equipment & Parts
BlackSky Technology Inc. provides geospatial intelligence, imagery and related data analytic products and services, and mission systems that include the development, integration, and operations of satellite and ground systems to commercial and government customers worldwide. The company processes a range of observations from its constellation, as well as various space, internet-of-things, and terrestrial based sensors and data feeds. Its products are used in government defense and intelligence; commercial, construction, and industrial; and catastrophe, climate, and environment applications. The company was incorporated in 2014 and is headquartered in Herndon, Virginia.
At a Glance
Live SnapshotMarket Cap$1.39B
EPS-2.0900
P/E Ratio-17.93
Earnings Date08/06/2026
Earnings Call Transcript
BKSY • 2025 • Q4
Operator
Ladies and gentlemen, thank you for joining us, and welcome to BlackSky Technology Q4 2025 Earnings Call. [Operator Instructions] I will now hand the conference over to Aly Bonilla, Vice President of Investor Relations. Aly, please go ahead.
Operator
[Operator Instructions] Your first question comes from the line of Edison Yu with Deutsche Bank.
Operator
Your next question comes from the line of Jeff Van Rhee with Craig-Hallum Capital Group.
Jeff Van Rhee
Maybe to start with you, Henry, in terms of the guide. If I look at the low end of the guide, what has to happen here to hit that in terms of new bookings versus already having that in backlog?
Henry Dubois
We've got strong -- Jeff, thanks for the question. This is Henry. We've got strong visibility. We do have a backlog, as we've said, maybe about $345 million. We've got nearly $75 million of that coming through in 2026. We also have renewals that are not yet in there. So that's kind of our standard modus operandi. So we've got strong visibility to get into that -- into the low end and actually all the way into the full range there.
Jeff Van Rhee
Yes. Is the -- just to be clear, is the low end assuming -- I mean, can you give a ballpark of how -- what kind of new bookings you need to make that? Or is it already in the bag?
Henry Dubois
Well, as I said, we've got a fair bit of renewals in there. So we feel pretty comfortable that obviously we wouldn't put a low end out that we wouldn't feel that we could hit.
Jeff Van Rhee
Okay. Got it. And then, Henry, you mentioned on the guide in terms of linearity, you assume it's back-end loaded. Can you just expand a little bit? You had this large 8-figure customer. It sounds like a lot, maybe most of that revenue fell in Q4. So how much of that does not recur in Q1? Just trying to get a sense of the stepdown and then how to build the ramp through the year.
Henry Dubois
Well, I guess the way I would look at it, if you look at us historically over the last number of years, we've usually been in kind of like the 45% -- 40%, 45%, less than 50% in the first half of the year and 55% to as much as 60% in the second half of the year. That's kind of the way I would be looking at it.
Jeff Van Rhee
Yes. Congrats. I mean that first flight performance is pretty exceptional and the imagery just looks outstanding. So best of luck.
Operator
Your next question comes from the line of Timothy Horan with Oppenheimer.
Operator
Your next question comes from the line of Jaeson Schmidt with Lake Street.
Operator
Your next question comes from the line of Chris Quilty with Quilty Space.
Henry Dubois
Chris...
Christopher Quilty
Henry?
Henry Dubois
Yes. Looking at kind of the mission solutions line, given the fact that these satellites do have some customization associated for each individual client because of the way they need to operate them a little bit, we are able to look at from kind of an ETC basis or kind of a percent complete as you're calling it. So that we do expect to be able to get some revenue recognition as we march through. And that's what we were able to do with this 8-figure contract in the fourth quarter.
Christopher Quilty
Great. And Henry, are you going to give a quarterly breakdown of the new segment reporting in the K?
Henry Dubois
For historically, yes, we will. Historically, there will be.
Operator
Your next question comes from the line of Austin Moeller with Canaccord Genuity.
Operator
Your next question comes from the line of Scott Buck with H.C. Wainwright & Co.
Henry Dubois
Yes. We have shared, Scott -- I mean, back in some of our prior earnings calls, we did talk about how with the budget cuts and the impact that we had, that was in the neighborhood of about $2 million per month starting in August, so about a $10 million hit for the year. So that's what we stated.
Operator
Your next question comes from the line of Sheila Kahyaoglu with Jefferies.
Henry Dubois
I think you covered it there, Brian. I mean, we're disciplined in kind of cost management. We do make investments in sales, marketing and other R&D type stuff so that we are always making sure that we're growing, but we're also quite disciplined to make sure that we provide the leverage so that as we grow our top line, it will drop to the bottom.
Operator
Your next question comes from the line of Greg Burns with Sidoti.
Operator
Your next question comes from the line of Greg Pendy with Clear Street.
Operator
Your next question comes from the line of Dave Storms with Stonegate.
David Storms
I wanted to circle back to cash management. Henry, I believe in your prepared remarks, you mentioned that we should see an accounts receivable burn throughout the year. Just curious if you could give us any more color there, maybe some of the puts and takes on working capital management and if we should expect that AR balance maybe get back down to 2024 levels or not?
Henry Dubois
Yes. I mean when you take a look at the press release and the balance sheet there, our accounts receivable is about that $37.5 million mark. A lot of that, as you might imagine, when we signed a contract late in the year, and there's a fair bit of revenue, we built for it, but you haven't lapsed that through that typical 30- to 45-day receipt cycle. So we expect to kind of be able to bring that stuff back down. With mission solutions, we may get some lumpiness on that. But we've never had a problem with collecting receivables.
Transcript from February 26, 2026
Other Transcripts
Related Guides
Continue your BKSY research with focused valuation guides.
Research Paths
1
Snapshot
Start with context, operating signals, and key market metrics.
2
Value Model
Stress test fair value across bear, base, and bull assumptions.
3
Statements
Validate revenue quality, margins, and balance sheet durability.
4
Earnings Call
Read management commentary and compare it with reported outcomes.
5
Dividends
Check payout sustainability and long-term distribution behavior.
6
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.