Filing Flows › BlackSky Technology (BKSY) › Q2 2025
BlackSky Technology (BKSY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
BlackSky Technology (BKSY) reported revenue of $22.2M for the second quarter 2025 (Q2 2025), -11% from a year earlier and -25% from the quarter before. Operating margin was -62.8%, net loss $41.2M (185.8% of revenue).
BlackSky Technology, Q2 2025: revenue $22.2M (-11% year over year), operating margin -62.8%, net loss $41.2M, operating cash flow −$7.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.2M | -25% | -11% |
| Operating profit | −$13.9M | — | — |
| Net earnings | −$41.2M | — | — |
| Operating cash flow | −$7.3M | -127% | — |
What changed
Revenue was $22.2M in Q2 2025, down 11% year over year and down 25% from the previous quarter. Imagery was the largest line at 70% of revenue. Professional Services lost $2.4M year over year (down 43%), 88% of the total change.
Operating costs exceeded revenue by $13.9M, an operating margin of -62.8%. Total costs fell 1% while revenue fell 11%. The fastest-growing cost line was SG&A (+24%). The quarter ended with a net loss of $41.2M, wider than the previous quarter's $12.8M loss. Net interest and other expense of $27.3M was the main reason.
Operating cash flow was −$7.3M. Non-cash charges added back $7.2M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $23.3M. Capital expenditures of $3.6M exceeded it, leaving free cash flow of −$10.9M.
Questions
What was BlackSky Technology's revenue in the second quarter 2025?
BlackSky Technology (BKSY) reported revenue of $22.2M for the second quarter 2025 (Q2 2025), -11% from a year earlier and -25% from the quarter before.
Was BlackSky Technology profitable in the second quarter 2025?
Operating loss was $13.9M (-62.8% of revenue) and net loss $41.2M.