Filing Flows › BlackSky Technology (BKSY) › Q3 2025
BlackSky Technology (BKSY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
BlackSky Technology (BKSY) reported revenue of $19.6M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -12% from the quarter before. Operating margin was -85.8%, net loss $15.3M (78.2% of revenue).
BlackSky Technology, Q3 2025: revenue $19.6M (-13% year over year), operating margin -85.8%, net loss $15.3M, operating cash flow −$39.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.6M | -12% | -13% |
| Operating profit | −$16.8M | — | — |
| Net earnings | −$15.3M | — | — |
| Operating cash flow | −$39.0M | — | — |
What changed
Revenue was $19.6M in Q3 2025, down 13% year over year and down 12% from the previous quarter. Imagery was the largest line at 69% of revenue. Imagery lost $2.0M year over year (down 13%), 68% of the total change.
Operating costs exceeded revenue by $16.8M, an operating margin of -85.8%. Total costs grew 2% against a revenue fall of 13%. The fastest-growing cost line was SG&A (+21%). The quarter ended with a net loss of $15.3M, narrower than the previous quarter's $41.2M loss.
Operating cash flow was −$39.0M. Non-cash charges added back $7.9M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items used $35.1M. Capital expenditures of $3.9M exceeded it, leaving free cash flow of −$42.8M.
Questions
What was BlackSky Technology's revenue in the third quarter 2025?
BlackSky Technology (BKSY) reported revenue of $19.6M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -12% from the quarter before.
Was BlackSky Technology profitable in the third quarter 2025?
Operating loss was $16.8M (-85.8% of revenue) and net loss $15.3M.