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AI transparency: articles and reports are produced with the help of artificial intelligence and checked through a process that does not constitute specialist validation. They may contain errors: verify relevant information with independent sources. Read the full disclaimer.
Nov 5, 2026, 7:00 AM ET
BlackSky Reports Third Quarter 2026 Results
NYSE: $BKSYGen-3 imagery servicesSkyFi and sovereign systemsCash conversion and dilution
BKSY Stock Hub: BlackSky News, Gen-3 Contracts and Cash Conversion
BlackSky reported $42.8 million of Q3 revenue, $12.8 million of adjusted EBITDA and higher 2026 revenue and adjusted EBITDA guidance.
Full research report · PDF
BlackSky Technology Inc. research updated November 5, 2026
20 pages. Q3 results, Gen-3 demand, full-year outlook, cash conversion, debt and share dilution. Personal use only: redistribution prohibited.
Next scheduled company event
December 2, 2026 · Investor Day at 8:00 a.m. ET
The Investor Day in New York City follows the Q3 2026 results of November 5, when BlackSky raised its full-year outlook; the results call was held at 8:30 a.m. ET. In-person attendance is by invitation, with a live webcast and presentation materials on the investor relations site. Investor Day announcement · Q3 2026 results
First-light imagery is a commissioning milestone; contract awards and distribution opportunities are not all recognized revenue or collected cash.
BKSY stock at a glance
Close · November 4, 2026
$16.77
Completed NYSE regular session before November 5 results.
Price series in PDF, page 2Q3 2026 revenue
$42.8M
Quarter ended September 30; $19.6 million a year earlier and $33.3 million in Q2.
SourceQ3 adjusted EBITDA
$12.8M
29.9% margin; non-GAAP measure, not operating cash flow. GAAP net income $18.5 million.
SourceNine-month operating cash flow
−$2.325M
Nine months ended September 30; −$18.992 million a year earlier.
SourceCash + short investments · September 30
$212.789M
Calculated sum excluding $18.327 million of restricted cash; $231.1 million including it.
SourceDebt, carrying value · September 30
$219.865M
$15.361 million current plus $204.504 million long-term, net; principal is reported separately in the quarterly filing.
Source2026 revenue outlook · November 5
$140–150M
Raised from $130–150 million; adjusted EBITDA outlook $18–24 million. Company guidance, not recognized revenue.
SourceWhere BlackSky stands now
BlackSky combines an owned satellite constellation with tasking, processing and analytics services. On November 5, 2026 it reported record Q3 revenue of $42.8 million, up 118% from $19.6 million, driven by Gen-3 demand and record space-based intelligence and AI services revenue of $32.7 million; cost of sales fell to 21% of revenue from 35%. Net income was $18.5 million, against a $15.3 million loss, helped by changes in the fair value of warrants and other equity instruments, and adjusted EBITDA a record $12.8 million. The company raised its 2026 outlook to revenue of $140–150 million and adjusted EBITDA of $18–24 million, and kept capital expenditure guidance at $50–60 million; Q3 capital expenditure was $15.4 million. Q3 2026 results
At September 30 cash and equivalents, restricted cash and short-term investments totaled $231.1 million, against debt with a carrying value of $219.9 million. Operating cash flow over nine months was negative $2.3 million, and Class A shares outstanding rose to 41.102 million from 35.930 million at December 31, 2025. Q3 balance sheet and cash flows
Contract announcements and adjusted EBITDA do not establish free cash flow. Sovereign work can carry cost-estimation and acceptance risks, and deployment requires capital. A distribution channel or seven-figure renewal does not disclose all economics, revenue timing or future customer commitments.
The constructive case
Higher-resolution Gen-3 services and recurring tasking subscriptions can expand customer use if deployment, availability and profitable delivery progress together. Q3 2026 showed record revenue and adjusted EBITDA and a second raise of the full-year outlook.
The cautious case
Constellation capital needs, debt, share issuance and contract-estimate changes can absorb operating gains. New channels and pilot awards can remain small relative to their announced opportunity. Q3 net income relied partly on derivative fair-value changes, and nine-month operating cash flow was still negative.
Latest BlackSky news
Nov 5, 2026
BlackSky Reports Third Quarter 2026 Results
BlackSky reported its results for the third quarter of 2026. No further details are available in the source.
Nov 4, 2026
SkyFi's 'Satellite Intelligence' Now Available as a Robinhood Agent App
SkyFi's 'Satellite Intelligence' app, introduced in September, is now available as a Robinhood Agents app. BlackSky is the first imagery supplier for the app, which covers 24 monitored sites associated with 10 publicly traded companies. Subscribers pay $10 per month, with the first 30 days free, for four recurring observation sets. The app does not provide investment advice.
Nov 3, 2026
BlackSky to host investor day on December 2, 2026
BlackSky announced that it will host an Investor Day on December 2, 2026.
Nov 3, 2026
BlackSky renews HEO agreement and adds Gen-3 imagery for space domain awareness
BlackSky has renewed its deal with HEO. The renewal adds Gen-3 imagery for space domain awareness. Not confirmed by a company release or filing at the time of writing; to be verified.
Oct 22, 2026
Seven-figure Gen-3 Assured contract expanded with an international defense partner
BlackSky said it won an expanded seven-figure Gen-3 Assured contract with an unnamed international defense partner operating in what the company describes as one of the world’s most demanding and contested regions. The relationship began as a small Gen-2 pilot and grew into a large annual Gen-3 Assured subscription; the customer’s subscription roughly doubled in less than six months, and this agreement is the latest expansion. Assured combines Gen-2’s high-frequency revisit with Gen-3’s 35 cm resolution and provides committed tasking over the customer’s areas of interest; the stated uses include border monitoring, countering drone threats and force protection. The release gives only the “seven-figure” size, not the exact amount, duration or revenue recognition.
Oct 19, 2026
Third-quarter 2026 results call on November 5
BlackSky will host a live webcast and conference call to discuss third-quarter 2026 financial results and its business outlook on Thursday, November 5, 2026, at 8:30 a.m. EST.
BKSY stock catalysts: results, Gen-3 utilization and cash conversion
- November 5, 2026 — Q3 2026 results: revenue $42.8 million, net income $18.5 million, adjusted EBITDA $12.8 million; 2026 outlook raised; results call held at 8:30 a.m. ET. Completed
- December 2, 2026 · 8:00 a.m. ET — Investor Day in New York City, with presentations from senior leadership including CEO Brian O’Toole and CFO Henry Dubois; live webcast and presentation materials on the investor relations site. Scheduled company event
- Subsequent operating updates — Gen-3 commissioning, service utilization and subscription conversion. Operating milestones; no new date asserted
- Contract performance periods — Accepted sovereign deliveries, cost estimates and cash collection. Contract-specific execution
Q3 2026 results · Primary source · Investor Day announcement
Gen-3 deployment: resolution, availability and utilization
BlackSky’s September 14, 2026 announcement reports first imagery from its fifth Gen-3 satellite in less than 20 hours after launch and describes 35-centimeter electro-optical imagery; it also maintains a plan for further deployments before year-end in the company release. This is evidence of commissioning progress. It is not a published utilization rate, revenue-per-satellite measure or lifetime cash return.
Resolution describes how much ground detail a sensor can distinguish under appropriate conditions. Revisit frequency describes opportunities to observe a location. Latency describes the time between collection and delivery. Availability describes whether the customer can obtain a usable observation when needed. These characteristics interact, but one cannot substitute for another. A detailed image delivered after a decision has been made may have limited operational value; frequent passes with unusable conditions may not resolve the customer’s question.
BKSY cash conversion, backlog and the funding of the constellation
Q3 adjusted EBITDA of $12.8 million is non-GAAP and differs from nine-month operating cash flow of negative $2.325 million; Q3 capital expenditure was $15.4 million, and the company expects $50–60 million for 2026. At September 30 cash and short-term investments were $212.789 million, excluding $18.327 million of restricted cash, alongside debt with a carrying value of $219.865 million. Q3 2026 results
The $378.1M backlog at June 30, the latest figure the company has reported (the Q3 release does not update it), includes funded and unfunded work but excludes options. Awards and backlog require performance, acceptance and collection before becoming cash available to shareholders.
Merlintrader Health Score · $BKSY
3.30out of 5
Reassessed November 5, 2026. Weighted calculation: 4.0 × 30% + 3.5 × 30% + 2.0 × 20% + 3.0 × 10% + 3.5 × 10% = 3.30 / 5. Financial and operating resilience over twelve to eighteen months; no price target or investment recommendation.
Red flags
- Adjusted EBITDA differs from operating and free cash flow.
- Sovereign contract estimates and acceptance can affect reported results.
- Seven-figure awards do not disclose exact value or recognized revenue.
- Constellation investment, debt and new shares can absorb service growth.
BKSY Stock FAQ: BlackSky Technology Inc. Questions Answered
When is the next BKSY stock catalyst?
BlackSky reported its Q3 2026 results on November 5, 2026 and raised its full-year outlook. The next dated event is the Investor Day on December 2, 2026 at 8:00 a.m. ET in New York City; in-person attendance is by invitation, with a live webcast and presentation materials on its investor relations website. Q3 2026 results. Investor Day announcement.
How much revenue does BlackSky make, and is it profitable?
BlackSky reported record revenue of $42.8 million and net income of $18.5 million for the quarter ended September 30, 2026, against $19.6 million of revenue and a $15.3 million net loss a year earlier. Changes in the fair value of warrants and other equity instruments contributed to net income. Adjusted EBITDA was a record $12.8 million, while nine-month operating cash flow was negative $2.325 million and the nine-month net loss $31.982 million. The company now expects 2026 revenue of $140–150 million and adjusted EBITDA of $18–24 million. Q3 2026 results and cash-flow statement.
How much cash does BlackSky have, and how long will it last?
BlackSky held $212.789 million of cash and short-term investments at September 30, 2026, excluding $18.327 million of restricted cash ($231.1 million in total), against debt with a carrying value of $219.865 million. Nine-month operating cash use was $2.325 million and Q3 capital expenditure $15.4 million, with $50–60 million expected for 2026. The company does not state a cash runway; constellation deployment, launch financing and sovereign-project collections determine how quickly those resources are consumed. September 30 balance sheet and cash flows.
Is BKSY stock at risk of dilution?
BlackSky had 41.102 million Class A shares outstanding at September 30, 2026, against 35.930 million at December 31, 2025; Q3 diluted weighted shares were 43.281 million. Its June 30, 2026 filing identifies convertible debt, warrants and equity awards that can increase the share count. Ownership changes also require care: Mithril’s August 20 amendment reports an earlier pro rata distribution to partners without additional consideration, rather than a sale of its entire holding in the market. Capital structure. Mithril ownership amendment.
When does BlackSky report earnings?
BlackSky reported Q3 2026 results on November 5, 2026, before the market opened, and held its results call at 8:30 a.m. ET. It raised the full-year revenue outlook to $140–150 million from the $130–150 million given in August. As of November 5 the company had not announced the date of its next results; the next scheduled event is the December 2 Investor Day. Q3 2026 results. Earlier outlook.
What does BlackSky do?
BlackSky provides space-based intelligence using its satellite constellation, rapid image collection and analytics services. Its Gen-3 satellites support higher-resolution imagery, while customers subscribe to tasking and monitoring services or commission dedicated sovereign systems. Business overview.
What is BlackSky’s HEO imaging contract?
BlackSky’s October 15, 2026 HEO announcement describes a seven-figure annual extension for automated non-Earth imaging and space-domain awareness, now including Gen-3 imagery. The relationship began as a six-figure pilot in 2024 and enters its third year. The exact contract value was not disclosed. HEO extension announcement.
What do BlackSky’s SkyFi and space AI partnerships involve?
BlackSky supplies imagery for SkyFi’s Satellite Intelligence app on Robinhood Agents. SkyFi announced availability on November 4, 2026: $10 per month after a 30-day trial, with 24 sites associated with 10 listed companies. BlackSky’s compensation is undisclosed. Separately, BlackSky provides optical satellites for an initial 50-satellite constellation under a $1 billion consortium investment involving France and the UAE. BlackSky’s share of the investment is undisclosed. SkyFi availability announcement · SkyFi distribution announcement · International consortium announcement.
Primary sources
- November 5, 2026 — Q3 2026 results: record revenue of $42.8 million and raised 2026 outlook (Form 8-K, exhibit 99.1)
- November 4, 2026 — SkyFi’s Satellite Intelligence app, with BlackSky imagery, now available to Robinhood Agents customers
- November 3, 2026 — Investor Day on December 2, 2026 at 8:00 a.m. ET in New York City
- October 22, 2026 — Seven-figure Gen-3 Assured contract expanded with an international defense partner
- October 19, 2026 — Third-quarter 2026 results call on November 5
- October 15, 2026 — HEO renews non-Earth imaging with a seven-figure annual contract that adds Gen-3
- October 8, 2026 — Six-figure Gen-3 On-Demand pilot with a new international intelligence customer
- September 30, 2026 — SkyFi distribution reaches Robinhood Agent Apps
- September 14, 2026 — Another Gen-3 reaches first imagery
Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent educational research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $BKSY or any other security.
Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
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