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BKSY on NYSE

BlackSky

Satellite Earth observation company BlackSky

BlackSky Technology Inc. (NYSE: BKSY) is an American company that provides geospatial intelligence services, such as satellite imagery and data analytics. The company is headquartered in Herndon, Virginia, and operates some small satellites in low Earth orbit. It serves government and commercial customers through imagery products and a software platform called BlackSky Spectra.3 It is part of Spaceflight Industries.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2013Founded1

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  • TickerBKSY on NYSE1
  • Industrysoftware industry, space industry1
  • HeadquartersHerndon1
  • Websiteblacksky.com
  • Legal formcorporation1
  • Incorporated inDE4
  • Business address2411 Dulles Corner Park, Suite 300, Herndon, Va 201714
  • Filer categoryNon-accelerated filer4

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BlackSky Technology Inc. (NYSE: BKSY) is an American company that provides geospatial intelligence services, such as satellite imagery and data analytics. The company is headquartered in Herndon, Virginia, and operates some small satellites in low Earth orbit. It serves government and commercial customers through imagery products and a software platform called BlackSky Spectra.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-44.0%Operating margin7
-65.9%Net margin7
4.4%Revenue growth, 20257
-74.1%Return on equity7
2.04×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Space-Based Intelligence & AI Services, Service brought in 61% of the revenue BlackSky broke down this way in fiscal 2025.

  1. Space-Based Intelligence & AI Services, Service$65.1M761%down 7% from 2024
  2. Mission Solutions, Product$21.2M720%up 258% from 2024
  3. Advanced Technology Programs. Service$20.2M719%down 22% from 2024
Products and services by year
Products and services20242025
Space-Based Intelligence & AI Services, Service$70.1M$65.1M
Mission Solutions, Product$5.9M$21.2M
Advanced Technology Programs. Service$26.1M$20.2M

Regions

Outside the United States brought in 57% of the revenue BlackSky broke down this way in fiscal 2025.

  1. Outside the United States$60.3M757%up 54% from 2024
  2. United States$46.2M743%down 27% from 2024
Regions by year
Regions20242025
Outside the United States$39.1M$60.3M
United States$63.0M$46.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development0¢$433.0K
  • Selling, general and admin82¢$87.4M
  • Other costs3¢$3.7M
  • Interest14¢$14.9M
  • Income tax0¢$125.0K

Out of $106.6M in revenue.7 The company lost money this year.

Financial statements

Revenue8910117$106.6M in 2025+404% since 2020
0$50.0M$100.0M$150.0M2020: $21.1M$21.1M20202021: $34.1M$34.1M2021+61%2022: $65.3M$65.3M2022+92%2023: $94.5M$94.5M2023+45%2024: $102.1M$102.1M2024+8%2025: $106.6M$106.6M2025+4%
Operating income128910117-$46.9M in 2025+17642% since 2019
-$150.0M-$100.0M-$50.0M02019: -$264.3K-$264.3K20192020: -$41.4M-$41.4M2020+15559%2021: -$120.1M-$120.1M2021+190%2022: -$86.5M-$86.5M2022−28%2023: -$56.0M-$56.0M2023−35%2024: -$44.3M-$44.3M2024−21%2025: -$46.9M-$46.9M2025+6%
Net income128910117-$70.3M in 2025+875% since 2019
-$300.0M-$200.0M-$100.0M02019: -$7.2M-$7.2M20192020: -$19.5M-$19.5M2020+171%2021: -$245.6M-$245.6M2021+1157%2022: -$74.2M-$74.2M2022−70%2023: -$53.9M-$53.9M2023−27%2024: -$57.2M-$57.2M2024+6%2025: -$70.3M-$70.3M2025+23%

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Revenue$106.6M$102.1M
Selling, general and administrative$87.4M$74.1M
Research and development$433.0K$1.3M
Depreciation and amortization$30.3M$43.5M
Operating loss-$46.9M-$44.3M
Loss on derivatives-$8.0M-$2.8M
Income on equity method investments$0$879.0K
Loss on debt extinguishment-$4.1M$0
Interest income$3.8M$1.6M
Interest expense-$14.9M-$12.2M
Other income, net$60.0K$3.0K
Loss before income taxes-$70.1M-$56.8M
Income tax expense-$125.0K-$370.0K
Net loss-$70.3M-$57.2M
Other comprehensive income$0$0
Total comprehensive loss-$70.3M-$57.2M
Net income (loss) per share of common stock (in dollars per share)-$2.09-$2.67
Net income (loss) per share of common stock, diluted (in dollars per share)-$2.09-$2.67

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Corporate structure

BlackSky sits at the top of its group. 9 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BlackSky

  • BlackSky Herndon
    • BlackSky Europe Limited Subsidiary · United Kingdom
    • BlackSky Geospatial Solutions, LLC Subsidiary · Delaware, United States
    • BlackSky Global LLC Subsidiary · Delaware, United States
    • BlackSky Holdings, Inc. Subsidiary · Delaware, United States
    • BlackSky International LLC Subsidiary · Delaware, United States
    • BlackSky Satellite Systems LLC Subsidiary · Delaware, United States
    • Building 5 LLC Subsidiary · Delaware, United States
    • SFI IP Holdco LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BlackSky reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$211.5M7 Dec 31, 2025$160.3M7 Dec 31, 2024+31.9%
Accumulated depreciation$132.5M7 Dec 31, 2025$114.7M7 Dec 31, 2024+15.5%
Property and equipment, net$79.0M7 Dec 31, 2025$45.6M7 Dec 31, 2024+73.3%
Operating-lease assets (leased space)$3.4M7 Dec 31, 2025$4.0M7 Dec 31, 2024−15.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$42.4M7 Dec 31, 2025$13.1M7 Dec 31, 2024+225.1%
Marketable securities, current$82.0M7 Dec 31, 2025$39.4M7 Dec 31, 2024+108.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$10.3M7 Dec 31, 2025$10.3M7 Dec 31, 2024+0.2%
Intangible assets, net (excluding goodwill)$4.4M7 Dec 31, 2025$5.4M7 Dec 31, 2024−18.8%
Finite-lived intangibles, gross$6.8M7 Dec 31, 2025$6.8M7 Dec 31, 20240%
Accumulated amortization$5.9M7 Dec 31, 2025$4.9M7 Dec 31, 2024+21.0%
Finite-lived intangibles, net$922.0K7 Dec 31, 2025$1.9M7 Dec 31, 2024−52.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$6.2M7 Dec 31, 2025$6.0M7 Dec 31, 2024+2.2%
Raw materials$46.0K11 Dec 31, 2024
Work in process$6.2M7 Dec 31, 2025$6.0M7 Dec 31, 2024+3.3%

Properties, in its own words

We lease 17,119 square feet of office space in Herndon, Virginia for our U.S. administrative headquarters. The current lease for the building expires in August 2036.

We also lease two office spaces in the Seattle, Washington and metropolitan area, of which 28,704 square feet of office space is used as our manufacturing hub and 14,503 square feet of office space is used as our satellite operations center. The leases for these offices expire in May 2027 and November 2033, respectively.

Item 2 of the 10-K filed Mar 17, 2026.15

The story

Founding and early development (2013–2016)

BlackSky was founded in 2013 as a subsidiary of Spaceflight Industries to develop on-demand satellite imagery services. In 2015, the company announced plans for a constellation of 60 satellites intended to provide imagery of any location on Earth within 90 minutes.

The company's first satellite, BlackSky Pathfinder-1, was launched on September 26, 2016, aboard an Indian Space Research Organisation (ISRO) PSLV rocket. The 44-kilogram demonstration satellite carried imaging payloads from Harris Corporation.

Constellation development (2017–2021)

In September 2017, BlackSky and Thales Alenia Space established LeoStella LLC, a satellite manufacturing joint venture based in Tukwila, Washington. LeoStella was contracted to build 20 satellites for BlackSky's initial operational constellation.

Between 2018 and 2021, BlackSky launched multiple second-generation (Gen-2) satellites via Rocket Lab, SpaceX, and ISRO. By December 2021, the company had launched 12 Gen-2 satellites, including six within a 30-day period across three missions.

Public listing (2021)

On February 18, 2021, BlackSky announced a definitive merger agreement with Osprey Technology Acquisition Corp., a special purpose acquisition company (SPAC). The transaction valued the combined entity at approximately $1.5 billion and included $283 million in gross proceeds — $103 million from Osprey's trust and $180 million in PIPE financing from investors including Tiger Global Management, Mithril Capital, and Hedosophia.

The merger closed on September 9, 2021, and BlackSky began trading on the New York Stock Exchange under the ticker symbol "BKSY" on September 10, 2021.

Gen-3 constellation (2024–present)

In November 2024, BlackSky acquired Thales Alenia Space's stake in LeoStella LLC, taking full ownership of the satellite manufacturing venture.

In February 2025, BlackSky launched its first third-generation (Gen-3) satellite on Rocket Lab's Electron rocket. Gen-3 satellites are designed to capture imagery at 35-centimeter resolution, compared to approximately 1-meter resolution for the Gen-2 constellation.

From Wikipedia’s article on BlackSky Technology Inc., shared under CC BY-SA 4.0.5

Leadership

Who has led BlackSky, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David Didomenico2019

Chair

  1. Edward E. Cohen2019
  2. Jonathan Cohen2019

Chief financial officer

  1. Brian G. Daum2021
  2. Johan G. Broekhuysen2021–2022
  3. Henry Edward Dubois2022–now
201520202025
Board members and other officers (13)

Products and brands

Technology

Satellite constellation

BlackSky operates a constellation of small satellites in low Earth orbit. Gen-2 satellites offer approximately 1-meter resolution, while Gen-3 satellites are designed for 35-centimeter resolution. The satellites use steam-powered propulsion systems supplied by Bradford Space and are designed for three-year operational lifespans.

BlackSky Spectra platform

BlackSky Spectra is the company's software platform for satellite tasking and imagery analytics. The platform processes imagery from BlackSky's satellites as well as third-party sources, and includes automated object detection, change detection, and monitoring capabilities delivered via a web interface or API.

AI and analytics programs

BlackSky has participated in the Intelligence Advanced Research Projects Activity (IARPA) Space-based Machine Automated Recognition Technique (SMART) program, which focuses on developing automated change-detection tools using satellite imagery. In January 2024, the company was selected to advance to Phase III of the program.

Operations

BlackSky serves government and commercial customers globally. Government customers include the United States Army, National Geospatial-Intelligence Agency (NGA), Defense Innovation Unit (DIU), and various international defense agencies.

Read the full text

In October 2024, the NGA awarded BlackSky a position on the Luno A contract, a five-year, multi-award indefinite-delivery, indefinite-quantity vehicle worth up to $290 million across all awardees.

Commercial applications of BlackSky's services have included supply chain monitoring, infrastructure observation, and disaster response.

From Wikipedia’s article on BlackSky Technology Inc., shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Former owners and parents

Subsidiaries (Exhibit 21)

  • BlackSky Europe Limited United Kingdom6
  • BlackSky Geospatial Solutions, LLC Delaware6
  • BlackSky Global LLC Delaware6
  • BlackSky Holdings, Inc. Delaware6
  • BlackSky International LLC Delaware6
  • BlackSky Satellite Systems LLC Delaware6
  • Building 5 LLC Delaware6
  • SFI IP Holdco LLC Delaware6

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Osprey Technology Acquisition Corp.Oct 24, 2018 to Sep 8, 20214
  • Osprey Energy Acquisition Corp. IISep 28, 2018 to Apr 8, 20194

Timeline

  1. Sep 14, 20268-K Shareholder vote34
  2. Aug 13, 20268-K Listing notice or transfer35
  3. Aug 6, 20268-K Results of operations36
  4. May 22, 20268-K Entered a material agreement37
  5. May 7, 20268-K Results of operations38
  6. Apr 7, 20268-K Executive or director change39
  7. Mar 2, 20268-K Results of operations; Other events40
  8. Feb 26, 20268-K Results of operations; Other events41
  9. Dec 12, 20258-K Entered a material agreement42
  10. Nov 6, 20258-K Results of operations43
  11. Sep 11, 20258-K Shareholder vote44
  12. Aug 7, 20258-K Results of operations45
  13. Sep 10, 2021Went public Listed on NYSE1
  14. Oct 31, 2019New chief executive David Didomenico becomes CEO16
  15. 2013Acquired Acquired by Spaceflight Industries1
  16. 2013Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.35) a share, on Nov 6, 2025.46

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results36
  2. May 7, 2026Reported quarterly or annual results38
  3. Mar 2, 2026Reported quarterly or annual results40
  4. Feb 26, 2026Reported quarterly or annual results41
  5. Nov 6, 2025Reported quarterly or annual results43
  6. Aug 7, 2025Reported quarterly or annual results45
  7. Jul 17, 2025Reported quarterly or annual results47
  8. May 8, 2025Reported quarterly or annual results48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

386 filings to the SEC since October 2021: 10 annual reports, 15 quarterly reports, 49 major events, 192 insider forms, 28 large holders, 92 other. The latest 20:

  1. Oct 1, 20264 EDGAR
  2. Oct 1, 20264 EDGAR
  3. Oct 1, 20264 EDGAR
  4. Oct 1, 20264 EDGAR
  5. Sep 22, 20264 EDGAR
  6. Sep 22, 20264 EDGAR
  7. Sep 22, 20264 EDGAR
  8. Sep 21, 2026144 EDGAR
  9. Sep 14, 20264 EDGAR
  10. Sep 14, 20264 EDGAR
  11. Sep 14, 20264 EDGAR
  12. Sep 14, 20264 EDGAR
  13. Sep 14, 20264 EDGAR
  14. Sep 14, 20268-K EDGAR
  15. Sep 14, 20264 EDGAR
  16. Sep 14, 20264 EDGAR
  17. Sep 14, 20264 EDGAR
  18. Sep 14, 20264 EDGAR
  19. Sep 10, 2026144 EDGAR
  20. Sep 10, 20264 EDGAR

The 386 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 1 buys and 42 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026O'Toole Brian ECEO and PresidentSale20,000$22.88$457.6KForm 4
Sep 21, 2026Lin Christiana LGeneral Counsel & CAOSale6,000$23.10$138.6KForm 4
Sep 21, 2026Dubois Henry EdwardChief Financial OfficerSale4,000$22.97$91.9KForm 4
Sep 11, 2026O'Toole Brian ECEO and PresidentSale56,280$20.95$1.2MForm 4
Sep 11, 2026Lin Christiana LGeneral Counsel & CAOSale13,052$20.95$273.4KForm 4
Sep 11, 2026Dubois Henry EdwardChief Financial OfficerSale15,225$20.95$319.0KForm 4
Sep 9, 2026O'Toole Brian ECEO and PresidentSale20,000$21.83$436.6KForm 4
Aug 28, 2026Dubois Henry EdwardChief Financial OfficerSale4,000$23.78$95.1KForm 4
Jun 10, 2026O'Toole Brian ECEO and PresidentSale15,512$34.10$529.0KForm 4
Jun 10, 2026Dubois Henry EdwardChief Financial OfficerSale14,749$34.10$502.9KForm 4
Jun 10, 2026Lin Christiana LGeneral Counsel & CAOSale12,001$34.10$409.2KForm 4
Dec 12, 2025Ward TracySVP & ControllerSale700$19.27$13.5KForm 4
Dec 12, 2025Lin Christiana LGeneral Counsel & CAOSale10,388$19.27$200.2KForm 4
Dec 12, 2025Dubois Henry EdwardChief Financial OfficerSale12,912$19.27$248.8KForm 4
Dec 12, 2025O'Toole Brian ECEO and PresidentSale13,416$19.27$258.5KForm 4
Sep 12, 2025Ward TracySVP & ControllerSale681$17.45$11.9KForm 4
Sep 12, 2025O'Toole Brian ECEO and PresidentSale31,519$17.45$550.0KForm 4
Sep 12, 2025Lin Christiana LGeneral Counsel & CAOSale22,742$17.45$396.8KForm 4
Sep 12, 2025Dubois Henry EdwardChief Financial OfficerSale29,943$17.45$522.5KForm 4
Sep 10, 2025Ward TracySVP & ControllerSale720$17.45$12.6KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Brian O’ToolePresident and Chief Executive Officer63$510.0K$7.8M64
2025Henry DuboisChief Financial Officer64$425.0K$2.5M64
2025Christiana LinGeneral Counsel and Chief Administrative Officer57$400.0K$2.1M64
2024Brian O’ToolePresident and Chief Executive Officer63$498.8K$2.5M64
2024Henry DuboisChief Financial Officer64$418.8K$2.2M64
2024Christiana LinGeneral Counsel and Chief Administrative Officer57$393.8K$1.8M64

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,094,695$86.4M0.0%+553,148
Tema ETFs LLC1,446,724$40.4M1.3%+1,445,416
Tidal Investments LLC1,407,186$39.3M0.1%New
Vanguard Capital Management LLC1,387,004$38.7M0.0%+47,837
AWM Investment Company, Inc.1,200,000$33.5M2.9%−525,610
Driehaus Capital Management LLC1,033,578$28.9M0.2%New
Van Eck Associates Corp1,024,892$28.6M0.0%+363,787
State Street Corp957,575$26.7M0.0%−70,730
Morgan Stanley941,872$26.3M0.0%+581,011
Cercano Management LLC932,982$26.0M3.5%−310,994
Millennium Management LLC914,009$25.5M0.0%+369,333
Jane Street Group, LLC836,870$23.4M0.0%+426,774
Geode Capital Management, LLC817,241$22.8M0.0%+72,526
Bank Of America Corp /de/730,140$20.4M0.0%+317,249
Bank of New York Mellon Corp657,613$18.4M0.0%−1,260,471
Raymond James Financial Inc627,886$17.5M0.0%+286,793
Daiwa Securities Group Inc.534,196$14.9M0.0%−340,193
Citadel Advisors LLC471,756$13.2M0.0%New
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.418,093$11.7M0.0%−1,764
Trexquant Investment LP411,940$11.5M0.1%+400,687
D. E. Shaw & Co., Inc.362,600$10.1M0.0%New
Goldman Sachs Group Inc361,726$10.1M0.0%+197,815
Vanguard Portfolio Management LLC361,447$10.1M0.0%+149,964
Mitsubishi UFJ Asset Management Co., Ltd.307,727$8.6M0.0%−215,524
Nuveen, LLC302,490$8.4M0.0%−94,619

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BlackSky is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBlackSky Technology Inc.2
  • CIK0001753539
  • Employer ID (EIN)83-183376015
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company15
  • Incorporated inDelaware15
  • Fiscal year endsDecember 312
  • Industry code (SIC)3663 Radio & Tv Broadcasting & Communications Equipment2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address2411 Dulles Corner Park, Suite 300, Herndon, VA 201712
  • Phone571-267-15712
  • Shares outstanding40,924,846 as of Aug 3, 202614
  • Public float$698.2M as of Jun 30, 202515
  • AuditorDeloitte & Touche LLP, McLean, VA PCAOB ID 3415
  • On EDGAR sinceSep 28, 20182
  • Filings522 in all: 4 (184), 8-K (60), 425 (39), 3 (22), 10-Q (21), 144 (21), SC 13G (16), 424B3 (15)2
    All 46 form types

    CORRESP (12), SC 13G/A (11), EFFECT (9), SCHEDULE 13G/A (8), 10-K (7), 10-K/A (7), 4/A (7), DEFA14A (7), S-8 (7), UPLOAD (7), 424B5 (5), 8-K/A (5), DEF 14A (5), ARS (4), DRS/A (4), SCHEDULE 13G (4), POS AM (3), S-1/A (3), S-3 (3), S-4/A (3), 25-NSE (2), 3/A (2), S-1 (2), SC 13D/A (2), SCHEDULE 13D/A (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRSLTR (1), NT 10-Q (1), PRE 14A (1), S-1MEF (1), S-3/A (1), S-3ASR (1), S-4 (1), SC 13D (1), SD (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Jul 23, 2026
    Latest 8-K (8-K) Sep 14, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareBKSYThe New York Stock Exchange
Warrants, exercisable for shares of Class A common stock at an exercise price of $92.00 per shareBKSY.WThe New York Stock Exchange

From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks BlackSky names in Item 1A of its 10-K filed Mar 17, 2026: 69 risks under these headings, as written.15

  • Risks Related to Our Business and Industry
  • We have a limited history of operating at our current scale and under our current strategy, which makes it difficult to predict our future operating results, and we may not achieve our expected operating results in the future.
  • We may not be able to sustain our revenue growth rate in the future.
  • Our results of operations are subject to fluctuation from period to period and may not be an accurate indication of future performance; our operating results have fallen, and may in the future fall, below our financial guidance or other projections or the expectations of securities analysts and investors.
  • The loss of one or more of our largest customers could adversely affect our results of operations.
  • If existing customers do not make subsequent purchases from us or renew their contracts with us, our revenue could decline, and our results of operations would be adversely impacted.
  • We rely on the significant experience and specialized expertise of our senior management, engineering, sales, and operational staff and must retain and attract qualified and highly skilled personnel in order to grow our business successfully.
  • We may not be able to convert our orders in backlog into revenue.
  • We could incur significant unanticipated costs if we do not accurately estimate and execute the costs of fixed-price engagements.
  • If we do not establish relationships with high-impact distributors and resellers, or if we fail to optimize relationships with existing members of our distribution channel, or if our distribution channel members suffer financial losses due to adverse economic conditions or otherwise, our ability to generate revenue would be adversely affected.
  • The market for our products and services has not been established with precision, is still emerging, and may not achieve the growth potential we expect or may grow more slowly than expected.
  • We face intense competition that may cause us to either reduce our prices for our products and services or lose market share.
The other 58 risks
  • We have incurred significant losses each year since our inception, we expect our operating expenses to increase, and we cannot give assurances of our future profitability, if any.
  • Risks Related to Our Operations
  • We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, and other third parties, including other SaaS companies, to support some of our customers, and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition, and results of operations.
  • Our business is dependent upon our ability to keep pace with the latest technological changes.
  • Our business involves significant risks and uncertainties that may not be covered by insurance. For example, if one or more of our satellite launches result in catastrophic failure or one or more of our in-orbit satellites or payloads fail, and we have not obtained insurance coverage or have not obtained sufficient insurance coverage, we could be required to record significant impairment charges for the satellite or payload.
  • Issues in the use of artificial intelligence (“AI”), including machine learning, in our geospatial data and analytics platforms may negatively affect our business.
  • Our products and services are complex and could have unknown defects or errors, which may increase our costs, harm our reputation with customers, give rise to costly litigation, or divert our or our customers’ resources from other purposes. We may devote substantial resources to research and development to address defects or errors, which could cause our operating results to decline.
  • We have limited experience with respect to determining the optimal prices and pricing structures for our products and services.
  • If we fail to meet our service level commitments, our business, results of operations, and financial condition could be adversely affected.
  • If we are unable to cross-sell our solutions, our business, financial condition, results of operations, and prospects may be harmed.
  • Any failure to offer high-quality technical support may harm our relationships with our customers and have a negative impact on our business and financial condition.
  • We are obligated to develop and maintain proper and effective internal control over financial reporting. If we identify material weaknesses in the future, or otherwise fail to develop and maintain an effective system of internal controls, our ability to produce timely and accurate financial statements or comply with applicable regulations could be adversely affected, which may adversely affect investor confidence in our company and the value of our Class A common stock.
  • Our ability to use net operating loss carryforwards and certain other tax attributes may be limited.
  • Risks Related to Our Government Contracts
  • Our business with various governmental entities is subject to the policies, priorities, regulations, mandates, and funding levels of such governmental entities and may be negatively impacted by any change thereto.
  • We face other risks and uncertainties associated with government and related contracts, which may have an adverse effect on our business.
  • Changes in U.S. government policy regarding use of commercial data or space infrastructure providers, or material delay or cancellation of certain U.S. government programs, may adversely affect our revenue and our ability to achieve our growth objectives.
  • If our subcontractors or suppliers fail to perform their contractual obligations, our performance and reputation as a contractor and our ability to obtain future business could suffer.
  • Risks Related to Our Satellites and Ground Stations
  • Our ability to grow our business depends on the successful production, launch, commissioning, and/or operation of our satellites and related ground systems, which is subject to many uncertainties, some of which are beyond our control.
  • Loss of, or damage to, a satellite and the failure to obtain data or alternate sources of data for products and services may have an adverse impact on our business, financial condition, and results of operations. If our satellites and related equipment have shorter useful lives than we anticipate, we may be required to recognize impairment charges.
  • Satellites are subject to construction and launch delays, launch failures, damage, or destruction during launch, the occurrence of which can materially and adversely affect our operations.
  • If our satellites fail to operate as intended, it could have a material adverse effect on our business, financial condition, and results of operations.
  • Any significant disruption to our ability to manufacture satellites could have a material adverse effect on our business, financial condition, and results of operations.
  • We are dependent on a limited number of vendors to provide certain key raw materials, supplied components, products, or services, including launch transport and launch services. The inability of these key vendors to meet our needs could have a material adverse effect on our business, financial condition, and results of operations.
  • Our satellites may not be able to capture Earth images due to weather, natural disasters, or other external factors, or as a result of our constellation of satellites having restrained capacity.
  • Natural disasters, unusual weather conditions, epidemic outbreaks, terrorist acts, and political events could impact our ground operations infrastructure, which could harm our business, prospects, financial condition, and results of operations.
  • Risks Related to Our Intellectual Property
  • Our technologies contain “open source” software, and the use of that software, including any failure to comply with the terms of open source licenses that pertain to that software, could negatively affect our business.
  • We rely on the availability of licenses to third-party technology that may be difficult to replace or that may negatively affect our business should we not be able to maintain or obtain a commercially reasonable license to such technology.
  • We may be unable to protect our intellectual property rights, and misuse of our trade secrets could cause harm to our business.
  • Our technology may violate the proprietary rights of third parties and our intellectual property may be misappropriated or infringed upon by third parties, each of which could have a negative impact on our business.
  • Risks Related to Our Indebtedness and Alternative Financings
  • Our business is capital intensive, and we may not be able to adequately finance our capital needs, including funding future satellites, through operations, or by raising capital, or we may be able to do so only on terms that significantly restrict our ability to operate our business.
  • Our ability to generate the amount of cash needed to pay interest and principal on our outstanding indebtedness and our ability to refinance all or a portion of our indebtedness or obtain additional financing depend on many factors beyond our control.
  • Conversion of the notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our Class A common stock.
  • Our debt agreements contain restrictions that may limit our flexibility in operating our business.
  • Changes in our credit ratings or macroeconomic conditions may affect our liquidity, increasing borrowing costs and limiting our financing options.
  • Risks Related to Our Regulatory, Environmental and Legal Issues
  • If we do not maintain regulatory authorizations for our existing satellites, associated ground facilities and terminals, and services we provide, or obtain authorizations for our future satellites, associated ground facilities and terminals, and services we provide, we may not be able to operate our existing satellites or expand our operations.
  • Coordination results may adversely affect our ability to use our satellites in certain frequency bands for our proposed service or coverage area, or may delay our ability to launch satellites and thereby operate our proposed services.
  • Loss of existing export control approvals or the inability to obtain required new approvals for the use of particular components, the transfer of company technologies, or the provision of analytical products or related services may have an adverse impact on our business, financial condition, and results of operations.
  • We are subject to international trade and governmental export and import controls and economic sanctions programs that could impair our ability to compete in international markets or subject us to liability if we violate these controls.
  • Failure to comply with anti-bribery and anti-corruption laws could subject us to penalties and other adverse consequences.
  • We may be subject to assertions that taxes must be collected based on gross receipts, sales, and use of our services and the location of our remote employees in various states, which could expose us to liability and cause material harm to our business, financial condition, and results of operations.
  • Changes in tax laws could have a material adverse effect on our business, cash flow, results of operations, or financial conditions.
  • We may become involved in litigation that may materially adversely affect us.
  • Increasing regulatory focus on privacy issues and expanding laws may impact our business or expose us to increased liability.
  • We are subject to environmental laws and regulations which could result in material liabilities or obligations. In addition, our operations have involved the handling, storage, and disposal of hazardous materials, which could result in potential exposure to environmental liabilities.
  • Intelsat Jackson Holdings, S.A. (“Intelsat”), which is now part of SES, has a right of first offer with respect to the sale of BlackSky Holdings, Inc., (which is our subsidiary), which might discourage, delay or prevent a sale of BlackSky Technology, Inc., and therefore, depress the trading price of our Class A common stock.
  • Joint ventures, partnerships, and strategic alliances may have a material adverse effect on our business, results of operations, and prospects.
  • Risks Relating to Ownership of Our Class A Common Stock
  • Our stock price may fluctuate significantly and you could lose all or part of your investment as a result.
  • We currently benefit from smaller reporting company status pursuant to the rules and regulations promulgated under the Exchange Act, and the reduced disclosure requirements applicable to smaller reporting companies could make it more difficult to compare our performance with other public companies and make our Class A common stock less attractive to investors.
  • Because there are no current plans to pay cash dividends on our Class A common stock for the foreseeable future, you may not receive any return on investment unless you sell your Class A common stock for a price greater than that which you effectively paid for it.
  • If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volume could decline.
  • We have broad discretion in the use of our assets and may not use them effectively.
  • Anti-takeover provisions in our organizational documents and in the Indenture for our Convertible Senior Notes issued in July 2025 ("Indenture") could delay or prevent a change of control.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
  • If the estimates we make, or the assumptions on which we rely, in preparing our condensed consolidated financial statements are incorrect, our actual results may vary from those reflected in our projections and accruals.
  • General Risk Factors
  • Our employees or others acting on our behalf may engage in misconduct or other improper activities, which could cause us to lose contracts or cause us to incur costs.
  • We use our judgment and estimates relating to our critical accounting policies including accounting for contracts, and any changes in such estimates or errors in our underlying assumptions could have an adverse effect on our overall financial performance.
  • We may not realize some or all the expected benefits and synergies from our acquisition of BlackSky Satellite Systems, f/k/a LeoStella.
  • Future acquisitions may adversely affect our financial condition.
  • We are exposed to risks related to geopolitical and economic factors, laws and regulations and our international business subjects us to numerous political and economic factors, legal requirements, cross-cultural considerations and other risks associated with doing business globally.

Legal proceedings

From time to time, we may be involved in claims and proceedings arising in the course of our business. The outcome of any such claims or proceedings, regardless of the merits, is inherently uncertain.

On May 7, 2024, a putative class action relating to the merger (the “Merger”) of BlackSky Holdings, Inc. (“Legacy BlackSky”) on September 9, 2021 with a wholly-owned subsidiary of Osprey Technology Acquisition Corp. (“Osprey”) was filed in the Delaware Court of Chancery. The action is captioned Drulias v. Osprey Sponsor II, LLC, et al. (“Drulias”) (Del. Ch. 2024). The Drulias complaint asserts breach of fiduciary duty and unjust enrichment claims against the former directors of Osprey (the “Osprey Board”); the former officers of Osprey; and Osprey Sponsor II, LLC (the “Sponsor”); and aiding and abetting breach of fiduciary duty claims against HEPCO Capital Management, LLC; JANA Partners LLC; and a director of Legacy BlackSky. The Drulias complaint alleges the Sponsor and Osprey Board faced conflicts of interests with respect to the Merger, caused Osprey to pay an unfair price to acquire Legacy BlackSky, and made false or misleading disclosure of facts in the proxy statement disseminated in connection with the approval of the Merger (the “Merger Proxy”). The Drulias complaint further alleges that a Legacy BlackSky director aided and abetted breaches of fiduciary duty by the Osprey Directors by conspiring with them to provide misleading financial information in connection with the Merger Proxy. The Drulias complaint seeks, among other things, damages and attorneys’ fees and costs. The terms of the Merger required us to indemnify the directors of Osprey.

The opening of Item 3, Legal Proceedings.15

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