BlackSky Technology Inc. reported third‑quarter 2025 results on Thursday, November 6, 2025, showing revenue of $19.6 million—down from $22.2 million in the second quarter—and a net loss of $15.3 million. Adjusted EBITDA for the quarter was a $4.5 million loss, reflecting a decline in profitability as the company’s cost of sales rose to 35% of revenue from 29% in the prior quarter.
Operating expenses for the quarter totaled $29.6 million, with higher overhead linked to the integration of LeoStella and ongoing Gen‑3 satellite production. The increase in cost of sales and operating expenses contributed to margin contraction, while the reduction in the Electro‑Optical Commercial Layer contract with the National Reconnaissance Office further weighed on revenue.
Despite the lower quarterly figures, BlackSky confirmed that it is maintaining its full‑year 2025 guidance for revenue, adjusted EBITDA, and capital expenditures. Management highlighted strong international demand for Gen‑3 services and the continued deployment of the Gen‑3 constellation as key drivers that should support a rebound in the fourth quarter.
The company’s Q3 results underscore short‑term volatility tied to government contract timing, but the broader trajectory remains positive. With a growing international backlog and the expansion of its Gen‑3 satellite fleet, BlackSky expects to convert its technological advantages into sustained revenue growth in the coming quarters.
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