# BlackSky Technology Inc. (BKSY)

> Source: Nexqual · https://nexqual.com/BKSY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BlackSky Technology Inc. (BKSY), nexqual.com/BKSY" · informational, not investment advice.

**Price:** USD 16.69 (-3.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.35 · day 16.39–17.39 · 52w 12.41–52.88 · market cap $683M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $109M, net income -$66.7M (-61.2% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $4.9M; 6 not under a Rule 10b5-1 plan ($3.2M); 14 by opportunistic insiders (6 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 38.42 (range 33–50).
- Total return with dividends: 1Y -27.0% vs S&P 500 +14.9%; 5Y -77.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.16, revenue estimate $40.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $34.1M | $65.3M | $94.5M | $102M | $107M | $109M |
| Operating income | -$120M | -$86.5M | -$56.0M | -$44.3M | -$46.9M | -$47.3M |
| Net income | -$246M | -$74.2M | -$53.9M | -$57.2M | -$70.3M | -$66.7M |
| EPS (diluted) | -$27.12 | -$5.04 | -$3.18 | -$2.67 | -$2.09 | — |
| Operating margin | -352.5% | -132.4% | -59.2% | -43.4% | -44.0% | -43.4% |
| Net margin | -720.7% | -113.5% | -57.0% | -56.0% | -65.9% | -61.2% |
| Revenue growth | +61.3% | +91.7% | +44.6% | +8.0% | +4.4% | — |
| Cash + short-term investments | $166M | $72.2M | $52.5M | $52.5M | $124M | — |
| Total debt | $71.4M | $76.2M | $83.5M | $108M | $201M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.3x · EV/Sales 6.1x · P/B 3.2x · Earnings yield -9.77% · Net cash $23.3M · EV $660M

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Dubois Henry Edward | Chief Financial Officer | 4,000 | $67K | 0.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-20 | O'Toole Brian E | CEO and President | 20,000 | $337K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-20 | Lin Christiana L | General Counsel & CAO | 6,000 | $101K | 1.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21 | Lin Christiana L | General Counsel & CAO | 6,000 | $139K | 1.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21 | Dubois Henry Edward | Chief Financial Officer | 4,000 | $92K | 0.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21 | O'Toole Brian E | CEO and President | 20,000 | $458K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-11 | O'Toole Brian E | CEO and President | 56,280 | $1.2M | 5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-11 | Dubois Henry Edward | Chief Financial Officer | 15,225 | $319K | 3.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-11 | Lin Christiana L | General Counsel & CAO | 13,052 | $273K | 3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-09 | O'Toole Brian E | CEO and President | 20,000 | $437K | 1.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-28 | Dubois Henry Edward | Chief Financial Officer | 4,000 | $95K | 0.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10 | O'Toole Brian E | CEO and President | 15,512 | $529K | 1.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10 | Dubois Henry Edward | Chief Financial Officer | 14,749 | $503K | 2.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10 | Lin Christiana L | General Counsel & CAO | 12,001 | $409K | 2.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 38.42 (low 33, high 50).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -27.0% | -77.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.0% | -26.0% |
| Volatility (annualized) | 99.9% | 88.7% |
| Max drawdown | -67.7% (May 2026→Oct 2026) | -94.7% (Nov 2021→Sep 2024) |

## Peers (Specialty Business Services)
CASS (Cass Information Systems, Inc) USD 57.67 +5.05% · TRNS (Transcat, Inc.) USD 81.84 -5.18% · EBF (Ennis, Inc.) USD 22.92 +1.69% · KODK (Eastman Kodak Company) USD 9.21 -1.29% · BUUU (BUUU Group Limited) USD 47.9 +13.64% · RHLD (Resolute Holdings Management) USD 118.81 +3.10%

## More
Full page: https://nexqual.com/BKSY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BKSY's own 10-K filed 2026-03-17 (https://www.sec.gov/Archives/edgar/data/1753539/000175353926000032/bksy-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We depend on computing infrastructure operated by Amazon Web Services ("AWS"), Microsoft, and other third parties, including other SaaS companies, to support some of our customers, and any errors, disruption, performance…" |
| Supplier | Microsoft (MSFT) | "We depend on computing infrastructure operated by Amazon Web Services ("AWS"), Microsoft, and other third parties, including other SaaS companies, to support some of our customers, and any errors, disruption, performance…" |
| Partner | Deutsche Bank Securities | "On December 12, 2025, we entered into an ATM sales agreement with Deutsche Bank Securities Inc. and Craig-Hallum Capital Group LLC as our sales agents, under which we may offer and sell from time to time up to $100.0 mil…" |
| Partner | Craig-Hallum Capital Group | "On December 12, 2025, we entered into an ATM sales agreement with Deutsche Bank Securities Inc. and Craig-Hallum Capital Group LLC as our sales agents, under which we may offer and sell from time to time up to $100.0 mil…" |
| Partner | Jefferies | "On December 15, 2022, we entered into an "at the market" (ATM) sales agreement with Jefferies LLC as our sales agent, which authorized the offer and sale from time to time of up to $75.0 million of shares of our common s…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Space-based intelligence & AI services | $24.5M | 73.6% | +36.3% |
| Mission solutions | $5.1M | 15.3% | +386.3% |
| Advanced technology programs | $3.7M | 11.1% | +16.8% |
| Total revenue | $33.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non-US | $22.0M | 66.1% | +159.9% |
| North America | $11.3M | 33.9% | -17.8% |
| Total revenue | $33.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "BlackSky is reaffirming its full year 2026 outlook, which was previously updated on May 7, 2026."
- "The Company expects full year revenue between $130 million and $150 million, Adjusted EBITDA between $12 million and $24 million, and capital expenditures between $50 million and $60 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.15 | $-0.22 | -30.6% | $40.0M | 2 |
| Next quarter (ends 2026-12-31) | $-0.10 | $-0.08 | +20.0% | $47.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.09 | $-1.24 | -11.9% | $141.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.36 | $-0.38 | -4.4% | $193.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±22.4%; last 8 reports averaged ±13.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 94.3% | ±22.4% |
| 2026-12-18 | 56 | 85.6% | ±28.4% |
| 2027-01-15 | 84 | 78.5% | ±31.6% |
| 2027-02-19 | 119 | 91.7% | ±43.4% |
| 2027-05-21 | 210 | 86.1% | ±53.7% |