BlackSky Technology Inc. reported total revenue of $22.2 million for the second quarter of 2025, an 11% decrease from $24.9 million in Q2 2024. Imagery and software analytical services revenue increased by $0.5 million to $18.0 million, while Professional and engineering services revenue decreased by $3.3 million to $4.2 million, primarily due to revenue recognition timing on long-term contracts.
The company reported a net loss of $41.2 million for the quarter, significantly higher than the $9.4 million loss in Q2 2024, primarily due to a $24.4 million loss on derivatives. Adjusted EBITDA was a loss of $2.8 million, compared to a positive $2.1 million in Q2 2024, attributed to higher overhead expenses from LeoStella operations and lower professional and engineering revenues.
BlackSky adjusted its full-year 2025 guidance, forecasting revenue between $105 million and $130 million (down from $125M-$142M) and Adjusted EBITDA from breakeven to $10 million (down from $14M-$22M), citing near-term volatility from U.S. government budget processes and international contract timing. Subsequent to the quarter, the company completed an upsized $185.0 million convertible note offering, used to pay off its senior secured note and commercial bank line.
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