BlackSky raises $185M in convertible notes, acquires LeoStella, but revenue growth stalls at 4%

Filed March 17, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 20, 2025 · ~2 min read

Key Changes

• high

  Issued $185M convertible notes at 8.25% (convertible at $36.78/share) to repay $100M in related-party debt and $10M bank line, reducing average interest rate from 12% to 8.25% but nearly doubling total debt to $208M.

  Business: Convertible Senior Notes verify on EDGAR →
• high

  Space-based intelligence revenue declined 7% to $65M due to reduced NRO contract activity, while mission solutions revenue surged 258% to $21M from a new satellite delivery contract, shifting revenue mix toward hardware.

  MD&A: Revenue Mix verify on EDGAR →
• high

  Net loss widened 23% to $70M despite 4% revenue growth, driven by full-year LeoStella consolidation, $4M debt extinguishment charge, and $8M derivative losses; operating cash burn increased to $28M from $6M.

  MD&A: Net Loss & Cash Flow verify on EDGAR →