BlackSky revenue drops 30% on mission solutions timing; operating loss widens 55%

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Total revenue fell 30% YoY to $20.8M, driven by an 80% collapse in mission solutions revenue ($2.0M vs $9.8M prior year). Management attributes the decline to one-time satellite contract work recognized in Q1 2025 that did not recur in 2026.

  MD&A: Revenue verify on EDGAR →
• high

  Operating loss widened 55% to $18.5M from $12.0M, driven by revenue decline, 28% higher depreciation from Gen-3 satellite launches, and 42% increase in stock-based compensation expense tied to higher grant-date stock prices.

  MD&A: Operating Loss verify on EDGAR →
• high

  Operating cash flow swung to -$2.4M from +$27.2M prior year, a $29.6M deterioration. Management cites absence of a one-time Q1 2025 deferred revenue inflow from a capacity prepayment that did not recur in 2026.

  MD&A: Cash Flow verify on EDGAR →