BlackSky Technology Inc. Q3 2026 Earnings Recap

BlackSky’s shares rose 14.0% after earnings, as record quarterly revenue, expanding margins and raised full-year guidance pointed to accelerating growth. The main caveat is that management’s outlook depends on continued Gen-3 adoption and program execution to sustain momentum into Q4 and 2027.

Key Takeaways

• Q3 revenue was $43 million, up nearly 120% year over year; space-based intelligence and AI services revenue reached a record $33 million, up 107% year over year and 34% sequentially.
• Adjusted EBITDA margin was 30%, more than twice the Q2 margin, according to management.
• The company said space-based intelligence and AI services had surpassed a $100 million annual run rate and that year-to-date sales secured the backlog needed to meet full-year revenue objectives.
• BlackSky raised its full-year revenue and adjusted EBITDA guidance for the second time this year; it expects space-based intelligence and AI services to grow 50% over 2025.
• Gen-3 adoption and customer conversions are key growth drivers, but the outlook rests on continued execution: management cited subscription expansion and pilots, and expects momentum to continue into Q4 and 2027.