Filing Flows › BlackSky Technology (BKSY) › Q1 2025
BlackSky Technology (BKSY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
BlackSky Technology (BKSY) reported revenue of $29.5M for the first quarter 2025 (Q1 2025), +22% from a year earlier and -3% from the quarter before. Operating margin was -40.5%, net loss $12.8M (43.4% of revenue).
BlackSky Technology, Q1 2025: revenue $29.5M (+22% year over year), operating margin -40.5%, net loss $12.8M, operating cash flow $27.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.5M | -3% | +22% |
| Operating profit | −$12.0M | — | — |
| Net earnings | −$12.8M | — | — |
| Operating cash flow | $27.2M | — | — |
| Free cash flow | $22.8M | — | — |
What changed
Revenue was $29.5M in Q1 2025, up 22% year over year and down 3% from the previous quarter. Imagery was the largest line at 52% of revenue. Engineering Services added $7.5M year over year (up 325%), 142% of the total change. Professional Services declined 30%.
Operating costs exceeded revenue by $12.0M, an operating margin of -40.5%. Total costs grew 11% against revenue growth of 22%. The fastest-growing cost line was SG&A (+14%). The quarter ended with a net loss of $12.8M, narrower than the previous quarter's $19.4M loss.
Operating cash flow was $27.2M. Non-cash charges added back $7.2M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $29.9M. Capital expenditures of $4.5M left free cash flow of $22.8M.
Questions
What was BlackSky Technology's revenue in the first quarter 2025?
BlackSky Technology (BKSY) reported revenue of $29.5M for the first quarter 2025 (Q1 2025), +22% from a year earlier and -3% from the quarter before.
Was BlackSky Technology profitable in the first quarter 2025?
Operating loss was $12.0M (-40.5% of revenue) and net loss $12.8M.