BlackSky Technology Inc. (BKSY): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el mundo en rápido evolución de la tecnología satelital, Blacksky Technology Inc. (BKSY) emerge como una potencia de inteligencia geoespacial de vanguardia, transformando cómo los gobiernos y las empresas acceden a imágenes y conocimientos globales en tiempo real. Al aprovechar una sofisticada constelación satelital y tecnologías avanzadas de aprendizaje automático, Blacksky ofrece capacidades de observación de la Tierra sin precedentes que abarcan sectores críticos desde la seguridad nacional hasta el monitoreo ambiental. Su innovador modelo de negocio une la brecha entre la sofisticada tecnología satelital y la inteligencia procesable, ofreciendo a los clientes un enfoque revolucionario para comprender nuestro panorama global dinámico.

Blacksky Technology Inc. (BKSY) - Modelo de negocios: asociaciones clave

Maxar Technologies Colaboración

Blacksky Technology Inc. ha establecido una asociación estratégica con Maxar Technologies para imágenes satelitales y colaboración tecnológica. A partir de 2024, la asociación implica:

• Capacidades de infraestructura satelital compartida
• Acuerdos de intercambio de tecnología
• Protocolos de recopilación y procesamiento de datos conjuntos

Métrico de asociación	Detalles específicos
Duración de colaboración	En curso desde 2019
Compartir imágenes satelitales	Intercambio de datos geoespaciales de alta resolución
Valor colaborativo anual	Estimado $ 12.5 millones

Asociaciones del gobierno de EE. UU.

Blacksky mantiene asociaciones críticas con múltiples agencias gubernamentales de EE. UU.:

• Contratos del Departamento de Defensa valorados en $ 43.2 millones en 2023
• Acuerdos de servicio de datos de la comunidad de inteligencia
• Proyectos de reconocimiento satelital centrado en la seguridad nacional

Proveedores de servicios satelitales comerciales

Blacksky colabora con múltiples proveedores de servicios satelitales comerciales:

Proveedor	Alcance de la asociación	Contribución anual de ingresos
Planet Labs	Intercambio de datos e infraestructura	$ 8.7 millones
Spire Global	Integración de red satelital	$ 6.3 millones

Socios de integración de tecnología

Las asociaciones de integración de tecnología estratégica incluyen:

• Servicios web de Amazon para infraestructura en la nube
• Microsoft Azure para el procesamiento de datos
• Plataforma en la nube de Google para análisis avanzados

Alianzas aeroespaciales y de defensa

Blacksky ha establecido alianzas estratégicas con líderes de la industria aeroespacial y de defensa:

Socio de la alianza	Enfoque de asociación	Valor de contrato
Lockheed Martin	Desarrollo de tecnología satelital avanzada	$ 22.5 millones
Northrop Grumman	Reconocimiento satelital del sector de defensa	$ 18.9 millones

Blacksky Technology Inc. (BKSY) - Modelo de negocio: actividades clave

Desarrollo y operación de la constelación satelital

Blacksky opera una constelación de 12 satélites de observación de la Tierra de alta resolución a partir de 2024. La constelación de satélite captura imágenes a una resolución terrestre de 50 cm con una capacidad de revisión de 1-2 veces al día sobre ubicaciones globales específicas.

Especificación por satélite	Detalle técnico
Satélites totales	12 satélites operativos
Resolución terrestre	50 cm
Tasa de revisión diaria	1-2 veces por ubicación

Inteligencia geoespacial y recopilación de datos de observación de la Tierra

Blacksky recopila aproximadamente 3 petabytes de datos geoespaciales anualmente, atendiendo a clientes comerciales y gubernamentales en múltiples sectores.

• Cobertura global de 75 millones de kilómetros cuadrados por día
• Capacidades de recopilación de datos en tiempo real
• Tecnologías de imágenes multiespectrales

Desarrollo avanzado de software de imágenes y análisis satelitales

Blacksky invierte $ 12.4 millones anuales en investigación y desarrollo para plataformas de análisis geoespaciales avanzados.

Inversión de I + D	Cantidad
Gastos anuales de I + D	$ 12.4 millones
Equipo de desarrollo de software	48 ingenieros

Servicios de monitoreo global y procesamiento de datos en tiempo real

Las capacidades de procesamiento incluyen el manejo de 500 terabytes de datos de imágenes por mes con plataformas de análisis habilitadas para el aprendizaje automático.

• Marco de tiempo de entrega de imágenes por debajo de 60 minutos
• Algoritmos de detección de objetos con IA
• Infraestructura de procesamiento de datos basada en la nube

Diseño de solución de mercado comercial y gubernamental

Blacksky genera ingresos en múltiples segmentos de mercado con soluciones de inteligencia geoespaciales personalizadas.

Segmento de mercado	Contribución anual de ingresos
Contratos gubernamentales	$ 37.6 millones
Inteligencia comercial	$ 22.3 millones
Sector de defensa	$ 18.9 millones

Blacksky Technology Inc. (BKSY) - Modelo de negocios: recursos clave

Constelación satelital de alta resolución

A partir de 2024, Blacksky opera una constelación de 13 satélites de imagen de alta resolución. La flota satelital tiene las siguientes especificaciones:

Especificación	Detalles
Satélites totales	13 satélites operativos
Resolución espacial	Distancia de muestreo de tierra de 0.5 metros
Capacidad de imagen anual	Más de 100 millones de kilómetros cuadrados por año

Plataformas avanzadas de aprendizaje automático y análisis de IA

Las capacidades de IA de Blacksky incluyen:

• Procesamiento de algoritmos de aprendizaje automático sobre 500 terabytes de datos geoespaciales mensualmente
• Sistemas de monitoreo de objetos y cambio de objetos en tiempo real
• Plataformas de análisis predictivos con 95% de precisión en inteligencia geoespacial

Tecnologías de procesamiento de software y datos patentados

La cartera de tecnología incluye:

• Algoritmos de fusión de datos patentados
• Plataforma de inteligencia geoespacial basada en la nube
• Modelos de aprendizaje automático personalizado para diversas aplicaciones de la industria

Talento técnico e de ingeniería experimentado

Métrica de la fuerza laboral	Valor
Total de empleados	237 a partir del cuarto trimestre 2023
Personal de ingeniería	62% de la fuerza laboral total
Títulos avanzados	48% del personal técnico

Cartera estratégica de propiedad intelectual

Los activos de propiedad intelectual incluyen:

• 17 patentes registradas en imágenes satelitales y tecnologías de IA
• 5 solicitudes de patentes pendientes
• Acuerdos de licencia de software patentado

Blacksky Technology Inc. (BKSY) - Modelo de negocio: propuestas de valor

Imágenes e inteligencia globales rápidas y de alta resolución

Blacksky opera una constelación de 12 satélites a partir de 2024, capaz de capturar imágenes con resolución terrestre de 0.5 metros. La compañía puede obtener una imagen del 95% de las áreas pobladas de la Tierra hasta 10 veces al día.

Métrica satelital	Especificación
Satélites totales	12
Resolución terrestre	0.5 metros
Frecuencia de imagen diaria	Hasta 10 veces
Cobertura global	95% de las áreas pobladas

Capacidades de observación de la Tierra cercana a la tierra en tiempo real

Blacksky proporciona imágenes con un tiempo de revisión promedio de 55 minutos, lo que permite el monitoreo casi en tiempo real de eventos y actividades globales.

Soluciones de análisis y análisis satelitales rentables

El precio de las imágenes satelitales de Blacksky varía de $ 50 a $ 500 por imagen, dependiendo de la resolución y la especificidad. La compañía reportó $ 35.2 millones en ingresos para 2023.

Categoría de servicio	Gama de precios
Imágenes básicas	$50 - $150
Imágenes avanzadas	$200 - $500
Ingresos anuales 2023	$ 35.2 millones

Servicios de inteligencia geoespacial personalizables

Blacksky ofrece soluciones a medida en múltiples sectores:

• Defensa e inteligencia
• Gobierno
• Infraestructura comercial
• Gestión de recursos naturales
• Respuesta a desastres

Ideas avanzadas de aprendizaje automático con alimentación

Blacksky utiliza algoritmos de IA que pueden procesar más de 1 petabyte de datos geoespaciales mensualmente, lo que permite la detección de cambios automatizado y el análisis predictivo.

Capacidad de IA	Especificación
Procesamiento de datos mensual	1+ petabyte
Tipos de análisis de IA	Detección de cambios, análisis predictivo

Blacksky Technology Inc. (BKSY) - Modelo de negocios: relaciones con los clientes

Modelos de servicio basados ​​en suscripción

Blacksky ofrece imágenes satelitales escalonadas y paquetes de suscripción de inteligencia geoespacial con la siguiente estructura de precios:

Nivel de suscripción	Costo mensual	Resolución de imágenes	Actualización
Basic	$1,500	0.5m	A diario
Profesional	$3,750	0.3m	Varias veces al día
Empresa	$7,500	0.1m	Bajo demanda

Gestión de cuentas dedicada para clientes gubernamentales

Blacksky ofrece gestión especializada de relaciones con el cliente para los sectores gubernamentales:

• Oficiales de enlace técnico dedicados para agencias de defensa e inteligencia
• Protocolos de autorización de seguridad personalizadas
• Canales de comunicación directa 24/7

Plataformas digitales de autoservicio y acceso a datos

Características de la plataforma digital de Blacksky:

• Acceso a imágenes satelitales en tiempo real
• Capacidades de integración de API
• Panel de análisis geoespacial configurable por el usuario

Soporte técnico y servicios de consultoría

Métricas de soporte técnico:

Nivel de soporte	Tiempo de respuesta	Horas de cobertura
Estándar	4 horas	8x5 de lunes a viernes
De primera calidad	1 hora	24x7

Desarrollo de soluciones colaborativas

El modelo de compromiso colaborativo de Blacksky incluye:

• Programas conjuntas de investigación y desarrollo
• Soluciones de imágenes satelitales personalizadas
• Co-creación tecnológica con socios estratégicos

Blacksky Technology Inc. (BKSY) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los mercados gubernamentales y comerciales

Blacksky Technology mantiene un equipo especializado de ventas directas centrado en los mercados de imágenes satelitales gubernamentales y comerciales. A partir del cuarto trimestre de 2023, el equipo de ventas estaba formado por 27 profesionales dedicados dirigidos a los clientes de defensa, inteligencia y sector comercial.

Segmento de mercado	Número de clientes activos	Valor anual del contrato
Gobierno de los Estados Unidos	12	$ 18.4 millones
Empresas comerciales	18	$ 9.7 millones

Plataforma digital en línea y mercado de datos

Blacksky opera una plataforma de inteligencia geoespacial basada en la web con capacidades de análisis y imágenes satelitales en tiempo real.

• Usuarios activos mensuales de plataforma: 342
• Volumen promedio de consulta de datos: 4,872 por mes
• Ingresos de la plataforma: $ 3.2 millones en 2023

Redes de socios y relaciones de revendedor

Blacksky mantiene asociaciones estratégicas con socios de la industria de la tecnología y la defensa.

Categoría de socio	Número de socios	Ingresos colaborativos
Contratistas de defensa	7	$ 12.6 millones
Integradores tecnológicos	5	$ 6.3 millones

Conferencias de la industria y ferias comerciales

Blacksky participa en eventos clave de la industria para mostrar capacidades tecnológicas e involucrar a clientes potenciales.

• Conferencias asistidas en 2023: 6
• Compromiso de eventos totales: 87 interacciones potenciales del cliente
• Valor de generación de leads estimado: $ 2.1 millones

Marketing digital y divulgación específica

Las estrategias de marketing digital admiten los esfuerzos de adquisición de clientes y conciencia de marca de Blacksky.

Canal de marketing	Métricas de compromiso	Tasa de conversión
LinkedIn	42,000 seguidores	3.2%
Campañas de correo electrónico dirigidas	12,500 destinatarios	2.7%
Serie de seminarios web	1.200 registrantes	4.1%

Blacksky Technology Inc. (BKSY) - Modelo de negocios: segmentos de clientes

Agencias de defensa e inteligencia del gobierno de los Estados Unidos

Blacksky Technology atiende a múltiples agencias de defensa e inteligencia del gobierno de EE. UU. Con contratos de imágenes satelitales. En 2023, la compañía obtuvo $ 60.5 millones en contratos de defensa gubernamental.

Tipo de agencia	Valor anual del contrato	Número de contratos activos
Ministerio de defensa	$ 32.7 millones	4
Comunidad de inteligencia	$ 27.8 millones	3

Consumidores de imágenes satelitales comerciales

El mercado comercial representa el 35% del flujo de ingresos de Blacksky en 2023.

• CLIENTES DE IMÁGENES DEL SECTOR ENERGÍA: 12% de los ingresos comerciales
• Exploración de minería y recursos: 9% de los ingresos comerciales
• Evaluación de seguros y riesgos: 8% de los ingresos comerciales

Organizaciones de Seguridad Nacional y Seguridad Nacional

Blacksky proporciona soluciones críticas de inteligencia geoespacial con $ 22.3 millones en contratos anuales para solicitudes de seguridad nacional.

Sectores de infraestructura y planificación urbana

Sector	Contratos de imágenes anuales	Tamaño de contrato promedio
Planificación municipal	$ 8.6 millones	$750,000
Infraestructura de transporte	$ 6.4 millones	$550,000

Monitoreo ambiental y organizaciones de investigación climática

Blacksky apoya la investigación ambiental con contratos especializados de imágenes satelitales por un total de $ 15.2 millones en 2023.

• Instituciones de investigación climática: $ 7.5 millones
• ONG ambientales: $ 4.3 millones
• Programas de investigación académica: $ 3.4 millones

Blacksky Technology Inc. (BKSY) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la constelación satelital

A partir de 2024, los costos de desarrollo de la constelación satelital de Blacksky Technology incluyen:

Categoría de costos	Gasto anual
Fabricación satélite	$ 12.7 millones
Gastos de lanzamiento	$ 8.3 millones
Mantenimiento satelital	$ 5.6 millones

Inversiones de investigación y desarrollo

Los gastos de I + D de Blacksky para 2024:

• Presupuesto total de I + D: $ 22.1 millones
• Desarrollo de tecnología de imágenes: $ 9.4 millones
• AI y aprendizaje automático: $ 6.7 millones
• Mejora de la plataforma de software: $ 5.8 millones

Infraestructura tecnológica y computación en la nube

Componente de infraestructura	Costo anual
Servicios de computación en la nube	$ 4.2 millones
Almacenamiento de datos	$ 2.9 millones
Infraestructura de red	$ 3.5 millones

Compensación de empleados y adquisición de talento

Gastos relacionados con la fuerza laboral para 2024:

• Compensación total de empleados: $ 37.6 millones
• Salario promedio de empleados: $ 124,000
• Reclutamiento y adquisición de talento: $ 2.3 millones
• Beneficios de los empleados: $ 5.4 millones

Gastos de marketing y desarrollo empresarial

Categoría de marketing	Gasto anual
Marketing digital	$ 1.7 millones
Ferias y conferencias	$ 0.9 millones
Desarrollo comercial	$ 3.2 millones

Blacksky Technology Inc. (BKSY) - Modelo de negocios: flujos de ingresos

Acuerdos de contrato gubernamental y de servicio

En 2023, Blacksky reportó ingresos por contratos gubernamentales de $ 62.4 millones, con contratos primarios de las agencias de defensa e inteligencia de los Estados Unidos.

Tipo de contrato	Ingresos 2023	Cliente principal
Contratos de inteligencia de defensa	$ 38.2 millones	Departamento de Defensa de los Estados Unidos
Acuerdos de seguridad nacional	$ 24.2 millones	Comunidad de inteligencia

Servicios de datos y análisis basados ​​en suscripción

Blacksky genera ingresos recurrentes a través de suscripciones de inteligencia geoespacial.

• El precio de suscripción anual varía de $ 50,000 a $ 500,000
• 2023 Ingresos de suscripción: $ 17.6 millones
• Duración promedio del contrato de suscripción: 18-24 meses

Informes de inteligencia personalizados y por imagen

Tipo de servicio	Gama de precios	2023 ingresos
Imágenes satelitales de alta resolución	$ 500 - $ 5,000 por imagen	$ 8.3 millones
Informes de inteligencia personalizados	$ 10,000 - $ 250,000 por informe	$ 12.7 millones

Licencias de tecnología e ingresos por asociación

Blacksky informó ingresos por licencias de tecnología de $ 5.2 millones en 2023.

• Licencias de tecnología satelital a socios comerciales
• Licencias de algoritmo de procesamiento de datos
• Licencias de plataforma de análisis geoespacial

Venta de productos de datos geoespaciales

Categoría de productos	2023 ingresos	Segmento de mercado
Productos de datos del sector comercial	$ 6.8 millones	Energía, agricultura, infraestructura
Investigación y conjuntos de datos académicos	$ 2.4 millones	Universidades, instituciones de investigación

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose BlackSky Technology Inc. over others in the geospatial intelligence space. It boils down to speed, resolution, and global reach, all backed by concrete, recent performance metrics.

The value proposition centers on delivering actionable intelligence at the speed required for critical, time-sensitive decision-making. This is achieved through a purpose-built constellation and integrated software.

Here's a look at the quantifiable elements supporting these claims as of late 2025, primarily based on third-quarter 2025 results and recent operational milestones.

Value Proposition Element	Metric/Capability Detail	Latest Real-Life Number/Data Point
Very-High Resolution Imagery	Electro-Optical Imaging Resolution (Gen-3)	35-centimeter
Multi-Spectral Capability	Shortwave Infrared (IR) Imaging Resolution (Gen-3)	1-meter
Low-Latency Delivery	Time to first imagery from second Gen-3 satellite launch	Less than 12 hours
High-Frequency Monitoring	Gen-2 Satellite Monitoring Service	Dawn-to-dusk services
AI-Driven Analytics	NGA Luno A Contract for AI-enabled Detection	Up to $24 million
Sovereign/International Focus	Percentage of Total Contract Backlog from International Customers (Q3 2025)	Approximately 91%
International Contract Wins (Q3 2025)	Value of a single multi-year contract with an international defense customer	Over $30 million
Financial Backlog Strength	Total Contract Backlog as of September 30, 2025	$322.7 million

The integration of the Gen-3 and Gen-2 systems allows for a powerful tip-and-cue utility, where one system can cue the other for optimal collection. For instance, existing On-Demand customers are rapidly adopting Gen-3 access to gain a critical real-time decision advantage for military and intelligence operations.

The focus on international and sovereign solutions is a clear de-risking strategy against U.S. government budget volatility. Consider the Q3 2025 figures:

• New contract awards in Q3 2025: Over $60 million.
• Q3 2025 Total Revenue: $19.6 million.
• Cash balance as of September 30, 2025: $147.6 million.

This international strength is also reflected in the Q1 2025 win of a seven-year subscription contract worth more than $100 million with an international customer. The company is actively expanding its Gen-3 constellation, aiming to have six Gen-3 satellites in orbit by the end of 2025.

The AI component, powered by the Spectra platform, is directly tied to contract value. An award from the NGA Luno A program was for AI-enabled change detection. Also, the company secured a facility monitoring order from the NGA Luno A program valued up to $24 million, which involves AI-enabled detection.

The company's 2025 full-year revenue guidance is set between $105 million and $130 million. That's a big range, but the backlog provides a solid floor.

Finance: draft 13-week cash view by Friday.

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Customer Relationships

You're looking at how BlackSky Technology Inc. keeps its customers engaged and growing those relationships, which is key when you're selling high-value, recurring intelligence services. The approach is clearly tiered, moving from deep, customized partnerships to more transactional, self-serve access.

Dedicated account management for large, multi-year subscription contracts

For the biggest clients, especially in defense, BlackSky Technology Inc. locks in long-term commitments that require dedicated attention. These aren't just one-off sales; they are foundational partnerships. For instance, in Q1 2025, they secured a massive seven-year subscription contract worth more than $100 million, covering both Gen-2 and the new Gen-3 imagery services. This level of commitment demands a high-touch relationship to ensure service delivery aligns with long-term strategic needs.

The focus is heavily international, which often means navigating complex security and integration requirements. As of Q3 2025, approximately 91% of the company's $322.7 million backlog was from international contracts. This reliance on international, large-scale deals underscores the importance of dedicated account management to manage expectations and drive expansion.

Here's a look at some of the significant contract activity driving these relationships in 2025:

Contract Type/Focus	Value/Term	Date/Period Reference	Customer Segment
Seven-year Subscription Contract (Gen-2/Gen-3)	More than $100 million	Q1 2025	International Customer
Gen-3 Tactical ISR Services Integration	More than $30 million (Multi-year)	November 2025	International Defense Customer
India Commercial Earth Observation Support	Approximately $20 million (Multi-year)	Q1 2025	International Customer (India)
Gen-3/Gen-2 Subscription + Ground Modernization	Multimillion dollar	July 2025	New International Customer

Early access programs for Gen-3 services with international defense customers

BlackSky Technology Inc. uses early access programs as a critical relationship-building tool for its most advanced capabilities, specifically the Gen-3 constellation. These programs let key international defense customers integrate the very high-resolution, 35-centimeter imagery into their daily operations before general availability. This consultative approach builds trust and demonstrates the product's value in real-world, time-dominant missions.

The success of this strategy is evident in the rapid contract expansion seen throughout the year. For example, one new international customer, after starting with a Gen-2 On-Demand contract in January 2025, secured a two-year Gen-3 early access agreement by August 2025. The company reported that its second Gen-3 satellite was delivering very high resolution imagery within 12 hours of launch in Q2 2025, which directly supports the promise made to these early adopters.

The early access strategy involves several key steps:

• Integrate 35-centimeter imagery into daily operations.
• Provide access via the BlackSky Spectra tasking and analytics platform.
• Contracts are designed to scale in size and volume over time.
• Leverage tip-and-cue utility between Gen-3 and Gen-2 systems.

High-touch, consultative sales for complex professional and engineering services

When a customer needs more than just raw data, BlackSky Technology Inc. steps in with professional and engineering services, which are sold through a high-touch, consultative process. This often involves integrating BlackSky's capabilities directly into a customer's secure environment or modernizing their ground infrastructure. A multimillion dollar contract in July 2025, for instance, combined Gen-3/Gen-2 subscriptions with follow-on ground segment modernization services, including upgrading existing ground stations with direct-downlink capabilities.

The financial contribution from these services shows their importance in complex deals. For the first half of 2025, revenue from professional and engineering services reached $16.9 million. In Q2 2025 alone, this segment brought in $4.2 million. This type of work is defintely consultative, as it requires deep technical partnership to ensure the customer's sovereign architecture is forward-compatible with high processing volumes.

Self-service options via the online Global Data Marketplace

Not every customer requires a multi-year, bespoke integration. For broader access and lower commitment entry points, BlackSky Technology Inc. maintains its online Global Data Marketplace. This provides a self-service channel for customers to order imagery support over various priority areas of interest.

The marketplace acts as a crucial initial touchpoint, often leading to deeper relationships. For example, a new international customer signed a six-figure contract in February 2025 for subscription-based Gen-2 services that included comprehensive analyst training on the AI-powered BlackSky Spectra platform and automated broad area search tools. This training component helps lower the barrier to entry, allowing analysts to quickly build expertise and use the platform's automated discovery tools, which is the essence of a good self-service offering.

The company continues to see orders flow through this channel, which helps maintain a broad customer base while the dedicated teams focus on the largest, most complex contracts.

Finance: review Q4 2025 contract pipeline conversion rates by Friday.

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Channels

You're looking at how BlackSky Technology Inc. gets its intelligence products and services into the hands of its customers as of late 2025. The numbers clearly show a heavy tilt toward large, strategic government deals, especially internationally, which is driving the bulk of their secured revenue.

The company's total contracted revenue, or backlog, as of September 30, 2025, stood at $322.7 million. That's a big number, and the distribution tells you where the focus is. Honestly, the U.S. government budget uncertainty seems to be pushing the sales focus elsewhere, which is a key strategic pivot.

Here's a look at the contract strength that flows through these channels:

Metric	Value as of September 30, 2025	Context
Total Backlog	$322.7 million	Total contracted revenue visibility.
International Backlog Percentage	Approximately 91%	Dominant source of secured future revenue.
Q3 2025 Total Revenue	$19.6 million	Top-line result for the quarter ending September 30, 2025.
New Contract Awards in Q3 2025	Over $60 million	Demonstrates strong international demand outpacing near-term U.S. government business.

Direct sales efforts are clearly centered on securing these large government and sovereign nation deals. For example, a single multi-year international defense contract secured in Q3 2025 was valued at over $30 million.

The BlackSky Spectra® platform is the software engine for tasking and delivery, and its integration is evident in the nature of the contract wins. You see this in the specific types of orders BlackSky Technology Inc. has been winning:

• Awarded a seven-figure delivery order from the NGA Luno A program for AI-enabled change detection.
• Signed a seven-figure space domain awareness expansion contract with HEO for fully-automated non-Earth imaging missions.
• Won a six-figure contract in February 2025 for subscription-based imagery and analytics services, including comprehensive analyst training on the Spectra platform.

The company also noted it continued to sign early access agreements for Gen-3 imagery and analytic services with new customers, which is the initial step in converting pipeline interest into the larger subscription or contract revenue streams that build the backlog. While specific revenue figures for the Global Data Marketplace are not itemized separately from the Imagery and Software Analytical Services line, the subscription-based nature of many international wins suggests this is a key component of the recurring revenue strategy. Integration partners are implicitly involved as the company works to embed its data and analytics into customer systems, evidenced by the focus on training analysts to integrate BlackSky data with other intelligence sources.

The full-year 2025 revenue guidance, as revised following Q2 and maintained after Q3, is between $105 million and $130 million.

Finance: draft 13-week cash view by Friday.

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Customer Segments

You're looking at the core of BlackSky Technology Inc.'s revenue engine, and honestly, the numbers from late 2025 show a clear focus. The customer base isn't just a mix; it's heavily weighted toward defense and intelligence partners globally, which is driving their backlog growth.

The U.S. Government remains a key anchor, even if international business is outpacing it in growth right now. You see this commitment through specific program awards. For instance, BlackSky Technology Inc. secured a facility monitoring order valued at up to $24 million from the National Geospatial-Intelligence Agency (NGA) Luno A program in the second quarter of 2025. Furthermore, year-to-date orders under the NGA Luno initiative reached about $30 million as of the third quarter of 2025 presentation. Still, the company is actively working to expand its Gen-3 services with the U.S. government, including the National Reconnaissance Office (NRO) and the Department of Defense (DOD), as noted by their status as a trusted mission partner.

The International defense and intelligence organizations segment is the powerhouse. As of the third quarter of 2025, BlackSky Technology Inc. reported a total backlog of $322.7 million, and a notable 91% of that was tied to international contracts, specifically for their Gen-3 capabilities. This is a shift from the approximately 85% reported in the second quarter of 2025. To give you a concrete example of the deal size, they secured a multi-year contract worth over $30 million with an international defense customer in the third quarter of 2025 alone. Back in the first quarter, they won a more than $100 million seven-year subscription contract with one international customer. International customers are driving the narrative; revenues from these sources represented about 50% of total revenues for the first nine months of 2025, which totaled $71.4 million.

The segment focused on Foreign governments seeking to build sovereign space-based intelligence capabilities directly overlaps with the international defense segment but represents a specific strategic push. The company explicitly notes that countries around the world are accelerating investments in space-based intelligence solutions to support national security and economic development imperatives, which is driving demand for their Gen-3 powered sovereign solutions. This focus is why they won multi-year contracts totaling approximately $20 million in the first quarter of 2025 to support India's commercial Earth observation capabilities.

For Commercial businesses requiring dynamic monitoring, this group includes logistics, finance, and other sectors needing real-time data, though the financial disclosures tend to group these under the broader international or U.S. segments unless they are part of a specific, named contract. The company is expanding its addressable market with initiatives like the AROS (Advanced Reconnaissance and Observation System) to offer multi-spectral broad area monitoring and mapping capabilities, which would appeal to commercial users needing wider area coverage than tactical monitoring.

Here's a quick look at the financial context supporting these customer segments as of late 2025:

Metric	Value (As of Q3 2025 unless noted)
Total Backlog	$322.7 million
Backlog from International Contracts	91%
Total Revenue (First 9 Months 2025)	$71.4 million
Revenue from International Customers (9M 2025)	Approx. 50%
New Contract Awards (Q3 2025)	Over $60 million
NGA Luno YTD Orders (Q3 2025)	Approx. $30 million
Ending Cash Balance	$147.6 million

What this estimate hides is the split between subscription revenue versus professional/engineering services revenue within those segments, which is less granularly broken down by customer type in the public filings. Still, the trend is clear: international defense is the primary driver of the $322.7 million backlog.

You should review the Q4 2025 guidance BlackSky Technology Inc. provided to see if the anticipated strong finish to 2025 materialized and how it impacted the mix heading into 2026. Finance: draft the Q4 2025 segment revenue reconciliation by February 15th.

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Cost Structure

The cost structure for BlackSky Technology Inc. is heavily weighted toward capital-intensive asset development and ongoing operational support for its space and software capabilities. You should expect high capital expenditures for satellite production and launch, with the full-year 2025 guidance maintained in the range of $60 million to $70 million.

A significant portion of the ongoing costs is dedicated to significant R&D and operating expenses for AI/software development, which underpins the analytical services component of the value proposition. Also, costs related to satellite operations and ground infrastructure maintenance costs are material, reflected in the Cost of Sales metric.

For the first nine months of 2025, the cash operating expenses for the first 9 months of 2025 were $56.6 million. This figure represents an increase from the $48.0 million reported for the same period in 2024. The year-over-year increase in cash operating expenses was driven by about $9 million of overhead expenses in 2025 from the integration of LeoStella.

Here's a quick look at some of the key expense components and related metrics available for 2025:

Expense Metric	Time Period	Amount
Capital Expenditures Guidance	Full Year 2025	$60 million to $70 million
Cash Operating Expenses	Nine Months Ended September 30, 2025	$56.6 million
Cash Operating Expenses	Nine Months Ended September 30, 2024	$48.0 million
Operating Expenses	Third Quarter 2025	$29.6 million
Cash Operating Expenses	Third Quarter 2025	$18.2 million

You can see the cost intensity in the service delivery as well:

• Cost of sales as a percentage of revenue for the third quarter of 2025 was 35%.
• This compares to 29% for the third quarter of 2024.
• The increase in cash operating expenses for Q3 2025 year-over-year was $2.6 million, primarily due to LeoStella overhead.
• Cash operating expenses for the first quarter of 2025 were $18.9 million.

Finance: draft 13-week cash view by Friday.

BlackSky Technology Inc. (BKSY) - Canvas Business Model: Revenue Streams

You're looking at how BlackSky Technology Inc. brings in cash, and it really boils down to two main buckets as of late 2025, plus some big long-term commitments that shape the future.

The core of the business is definitely the recurring revenue from Imagery and software analytical services subscriptions. This is where the high-margin, sticky business lives. Honestly, the economics here are strong; for the second quarter of 2025, the gross margin on this segment hit 81%.

The other major component is the Professional and engineering services, which you need to watch closely because they are milestone-based contracts, meaning revenue recognition can be lumpy quarter-to-quarter. For Q2 2025, this revenue was $4.2 million, down from $7.5 million in Q2 2024, which the company attributed to timing differences in those milestone payments.

Here's a quick look at how those two revenue streams stacked up in Q2 2025 compared to the prior year:

Revenue Stream	Q2 2025 Amount	Q2 2024 Amount
Imagery and Software Analytical Services	$18.0 million	$17.5 million or $17.5 million
Professional and Engineering Services	$4.2 million	$7.5 million

The total backlog remains a key indicator of future revenue visibility. As of June 30, 2025, the total backlog stood at $356 million.

That backlog is heavily weighted internationally, which is a strategic plus for diversification. You should note that approximately 85% of that backlog comes from international contracts.

Speaking of big deals, BlackSky Technology secured a significant long-term commitment that locks in future subscription revenue:

• A contract valued at more than $100 million.
• This is a seven-year deal.
• It secures capacity for Gen-2 and the upcoming Gen-3 imagery and AI-enabled analytics services through 2032.

For the near term, management has set the full-year 2025 revenue guidance following a revision due to budget uncertainties and contract timing. The current expectation is between $105 million to $130 million.

BlackSky Technology Inc. is still targeting long-term gross margins in excess of 75%.

Finance: draft 13-week cash view by Friday.