BlackSky Technology Inc. (BKSY) is a Technology stock trading at $26.74 (as of 2026-08-20), with a market capitalization of $1.09B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
BlackSky Technology Inc. provides geospatial intelligence and imagery-related analytics, along with mission systems that develop, integrate, and operate satellite and ground infrastructure. It processes data from its constellation and other space, IoT, and terrestrial sensor feeds to support commercial and government use cases.
Understand BlackSky Technology Inc.: how it makes money
BlackSky provides geospatial intelligence and imagery plus software analytics, and it also delivers mission systems that integrate and operate satellite and ground systems for commercial and government customers, earning money through services and systems work connected to client contracts.
The profit engine is backlog conversion, contract awards, and renewal-driven demand, because the company’s operating flow is tied to Remaining Performance Obligations (0.35 USD_B) that are expected to be billed and received over the next twelve months and to new Contract Awards (0.16 USD_B).
Revenue by segment (latest quarter)
EngSvcs
$0.0B
EngSysInt
$0.0B
MissionSol
$0.0B
AdvTechProg
$0.0B
Business quality (Weak): Clear demand indicators exist (Remaining Performance Obligations and Contract Awards), but the latest quarter shows very weak reported profitability (operating margin -89.2) and revenue is reported as 0.0B, which makes quarter-to-quarter financial visibility a key risk.
Bull case
Backlog provides near-term visibility: Remaining Performance Obligations are 0.35 USD_B, and the company reports a specific KPI for the Portion of Unbilled Contract Assets Anticipated to Be Billed and Received Within Next Twelve Months (0.04 USD_B).
Ongoing contract momentum: Contract Awards are 0.16 USD_B, supported by additional operating KPIs such as New Contracts and Renewal Agreements Awarded (0.06 USD_B) and New Contract Wins Valued at Up to (0.16 USD_B).
Government and program references point to recurring work: The company highlights a NASA Commercial Small Satellite Data Acquisition Program Contract Value of 0.48 USD_B, and satellite capability is evidenced by Gen 2 Satellites on Orbit (11) and Gen 3 Satellites on Orbit (4).
Bear case
Profitability is extremely weak in the latest period: Operating margin is -89.2 for the period ended 2026-03-31, indicating costs significantly outweigh operating revenue in that quarter.
Reported revenue is 0.0B for the latest quarter: Revenue is shown as 0.0B for the period ended 2026-03-31, which increases uncertainty about how quickly contract backlog is converting into recognized revenue.
Business is linked to complex, contract-based defense and mission work: The company serves government defense and intelligence customers and provides mission systems (satellite and ground systems) that require development, integration, and operations, which can be exposed to execution and contract timing risks.