BKSY
Gen-3 is doing the heavy lifting
BlackSky’s second-quarter call had one of those “the story is changing” vibes. Revenue rose 50% year over year to $33.3 million, and management kept pointing back to Gen-3 satellites as the engine behind the surge. In plain English: the new hardware is finally acting less like a PowerPoint slide and more like a business.
More cash, more runway
The company also raised $150 million in capital, which pushed total liquidity above $325 million. That matters because space companies love two things: big ambitions and equally big bills. More cash means BlackSky gets a little more breathing room to keep building without constantly checking the couch cushions for spare funding.
Guidance says: steady as she goes
BlackSky reaffirmed its full-year outlook, with revenue still expected between $130 million and $150 million and adjusted EBITDA between $12 million and $24 million. That’s the kind of confirmation investors like to hear when a company is trying to prove it can scale beyond the “cool tech, unclear profits” phase.
Why investors are watching
International revenue was up 150% year over year, backlog is growing, and management said roughly 90% of growth came from Gen-3-related products and services. That’s a pretty clear sign the company’s strategy is not just working — it’s becoming the business model.
Big picture: BlackSky is still a high-risk space name, but this quarter looked a lot more like execution than experimentation.