Blacksky Technology . Wt Stock Earnings Reports

BlackSky reported a strong start to 2026 driven by the commercial deployment of its Gen-3 satellites and growing demand for high-resolution, low-latency space-based intelligence with integrated AI analytics. Q1 revenue was $20.8M (space-based intelligence & AI services up 14% sequentially). Management announced up to $160M in contract awards year-to-date, including over $60M in new Gen-3 contract awards and a previously disclosed ~$30M one-year subscription. Gen-3 is fully operational with four satellites on orbit, delivering 35-cm imagery and sub-40-minute delivery timelines; the company remains on track for at least eight Gen-3s on orbit this year. BlackSky raised full-year revenue guidance to $130M–$150M (previously $120M–$145M) and adjusted EBITDA guidance to $12M–$24M (previously $6M–$18M), citing expected >50% growth in its subscription space-based intelligence business and a projected >$100M annual run rate. Gross margins on subscription services are expected to be ~80%, supporting margin expansion. Cash/near-cash totaled $117.5M at quarter-end with total liquidity >$195M; capex guidance reaffirmed at $50M–$60M. Backlog was reported at ~$351M as of March 31 (grows to ~$380M including early-April awards), with roughly $90M expected to be recognized in 2026. International customers are driving a larger share of near-term growth while U.S. government funding is beginning to flow for FY-26. Management also highlighted a new up-to-$99M USAFRL contract for advanced optical payload development and continued R&D initiatives (AROS, OISL, on-orbit processing) that support future product differentiation.