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BlackSky Technology cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$67K in Q3 2026 · −$26.7M over twelve months

Operating cash flow$3.6M
Capital spending−$3.5M
Free cash flow+$67K
Cash / net income0.2×

Analysis

In Q3 2026, BlackSky Technology generated $3.6M of operating cash flow and spent $3.5M on capital projects, leaving free cash flow of $67K. That is $42.9M more than in Q3 2025 (−$42.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$11.6M; the largest uses were other investing ($108M), capital spending ($15.0M), operating cash flow ($11.6M); besides operations, cash came from other financing ($160M), shares issued ($2.6M); the cash balance rose by $15.8M.

Operating cash flow was $3.6M against net income of $18.5M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$7.5M, deferred revenue −$5.0M, stock-based pay +$4.7M.

Free cash flow

BlackSky Technology: free cash flow by quarterBlackSky Technology: free cash flow by quarter−$5.2MQ4 2024$22.8MQ1 2025−$10.9MQ2 2025−$42.8MQ3 2025−$13.6MQ4 2025−$6.2MQ1 2026−$6.9MQ2 2026$67KQ3 2026
Operating cash flow less capital spending.
BlackSky Technology: operating cash flow against capital spendingBlackSky Technology: operating cash flow against capital spendingOperating cash flowCapital spending−$1.8M$3.4MQ4 2024$27.2M$4.5MQ1 2025−$7.3M$3.6MQ2 2025−$39.0M$3.9MQ3 2025−$9.3M$4.3MQ4 2025−$2.4M$3.9MQ1 2026−$3.5M$3.4MQ2 2026$3.6M$3.5MQ3 2026
Latest (Q3 2026): Operating cash flow $3.6M, Capital spending $3.5M.

Capital allocation, year by year

BlackSky Technology: where the cash came from (up) and went (down), by fiscal yearBlackSky Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$53.9MFY2021: Net borrowing $36.4MFY2021: Shares issued $130KFY2021: Capital spending −$1.3M$36.5MFY2021FY2022: Operating cash flow −$44.5MFY2022: Shares issued $47KFY2022: Capital spending −$11.7M$47KFY2022FY2023: Operating cash flow −$17.4MFY2023: Shares issued $10KFY2023: Asset sales $22KFY2023: Capital spending −$15.3M$32KFY2023FY2024: Operating cash flow −$6.4MFY2024: Net borrowing $10.0MFY2024: Shares issued $308KFY2024: Capital spending −$15.7M$10.3MFY2024FY2025: Operating cash flow −$28.3MFY2025: Net borrowing $100MFY2025: Shares issued $2.0MFY2025: Capital spending −$16.2M$103MFY2025
Over these 5 years operating cash flow totalled −$150M; the largest uses were operating cash flow ($150M) and capital spending ($60.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$213M
Debt$220M
Net debt$7.1M
Due within a year$8.0M
Cash runway8.0 years

BlackSky Technology is burning cash: its operations consume cash, a free cash flow of −$26.7M a year at the current rate against $213M of cash and investments: a runway of about 8.0 years; $8.0M of debt also comes due within a year, which the cash covers before any new financing.

BlackSky Technology: debt maturities by year (FY2025)BlackSky Technology: debt maturities by year (FY2025)$8.0MYear 1$8.6MYear 2$5.8MYear 3$596KYear 4$185MAfter year 5
Principal due in each year as disclosed in the annual report, against $213M of cash and investments now.

Where the cash came from and went

BlackSky Technology: sources (+) and uses (−) of cash, Q3 2026BlackSky Technology: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.6MCapital spending−$3.5MNet borrowing (+) / repaid (−)−$2.2MOther investing$1.2MCash drawn (+) / kept (−)$1.1MOther financing−$152KShares issued$1K
BlackSky Technology: sources (+) and uses (−) of cash, TTM to Q3 2026BlackSky Technology: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$160MOther investing−$108MCash drawn (+) / kept (−)−$15.8MCapital spending−$15.0MOperating cash flow−$11.6MNet borrowing (+) / repaid (−)−$7.3MTaxes on employees’ shares−$4.6MShares issued$2.6M

From profit to cash

BlackSky Technology: net income to operating cash flow, Q3 2026BlackSky Technology: net income to operating cash flow, Q3 2026Net income$18.5MDepreciation & amortization$7.5MStock-based pay$4.7MReceivables$2.8MPayables$2.4MDeferred revenue−$5.0MContract assets−$874KPrepaid and other assets$237KOther liabilities−$4.1MOperating cash flow$3.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.6M−$3.5M−$2.2M$1K$1.1M$67K
Q2 2026−$3.5M−$3.4M−$2.2M$798K−$5.5M−$6.9M
Q1 2026−$2.4M−$3.9M−$1.7M$7K$2.1M−$6.2M
Q4 2025−$9.3M−$4.3M−$1.1M$1.8M−$13.6M−$13.6M
Q3 2025−$39.0M−$3.9M$102M—−$6.2M−$42.8M
Q2 2025−$7.3M−$3.6M−$563K$180K−$1.8M−$10.9M
Q1 2025$27.2M−$4.5M——−$7.5M$22.8M
Q4 2024−$1.8M−$3.4M—$151K$42.9M−$5.2M

BlackSky Technology: income statement and cash flow

BlackSky Technology, Q3 2026: revenue $42.8M (+118% year over year), operating margin 0.9%. The chart follows the revenue to costs, profit and cash.

BlackSky Technology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.