BlackSky Technology Inc. reported total revenue of $29.5 million for the first quarter of 2025, a 22% increase from $24.2 million in Q1 2024. This growth was primarily driven by progress on a new contract to accelerate India’s commercial Earth observation capabilities. The company's backlog grew 40% to $366 million, fueled by over $130 million in Q1 contract wins.
Net loss for the quarter improved by $3.0 million to $12.8 million, compared to a net loss of $15.8 million in Q1 2024. However, Adjusted EBITDA was a loss of $0.6 million, compared to a positive $1.4 million in Q1 2024, primarily due to overhead expenses related to the recently acquired LeoStella operations.
BlackSky maintained its full-year 2025 guidance, forecasting revenue between $125 million and $142 million and Adjusted EBITDA between $14 million and $22 million. The first Gen-3 satellite was fully commissioned and exceeding performance expectations, with the second Gen-3 satellite readying for a Q2 launch, indicating continued progress in constellation deployment.
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