BlackSky Technology Inc. has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company's total revenue for the fourth quarter of 2025 was $35.2 million, marking a 16% increase from the fourth quarter of 2024, which saw revenue of $30.4 million. The full year revenue for 2025 was $106.6 million, up from $102.1 million in 2024.
The cost of sales as a percentage of revenue was 27% for the fourth quarter of 2025, compared to 23% for the same period in 2024. For the full year 2025, the cost of sales as a percentage of revenue was 33%, up from 27% in 2024.
Operating expenses for the fourth quarter of 2025 were $29.7 million, slightly higher than the $29.6 million reported in the fourth quarter of 2024. The company's net loss for the fourth quarter of 2025 was $0.9 million, a significant improvement from the net loss of $19.4 million in the fourth quarter of 2024.
BlackSky's adjusted EBITDA for the fourth quarter of 2025 was $8.8 million, up from $7.4 million in the fourth quarter of 2024. However, the full year 2025 adjusted EBITDA was reported at $0.9 million, down from $11.6 million in 2024.
The company's cash and cash equivalents, restricted cash, and short-term investments as of December 31, 2025, totaled $125.6 million. The capital expenditures for the fourth quarter of 2025 were $12.7 million, bringing the full year total spend to $46.6 million.
Looking ahead, BlackSky expects full year 2026 revenue to be between $120 million and $145 million, with adjusted EBITDA projected to be between $6 million and $18 million, and capital expenditures to be between $50 million and $60 million.
As a result of these announcements, the company's shares have moved -2.72% on the market, and are now trading at a price of $27.53. For more information, read the company's full 8-K submission here.
