BlackSky Technology

BKSY

Hardware, Equipment & Parts · Technology

Price

$22.19

+0.73 (+3.40%)

Market Cap

$823.4M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+270.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 9.1M (2021) → 33.6M (2025)

BlackSky Technology operates a network of small satellites in low Earth orbit that take frequent photos of locations around the world. It sells access to these images and the analysis built on top of them, primarily to U.S. government agencies, defense contractors, and intelligence customers. The company is part of the growing commercial satellite imagery industry, competing with firms like Planet Labs and Maxar.

BlackSky makes money by charging customers for subscriptions to its data platform, which delivers satellite images and AI-powered monitoring reports on demand. It operates mainly in the United States, with most revenue tied to government contracts. A 69% gross margin suggests the data business is efficient once satellites are in orbit, but the company is still spending heavily to grow, reflected in a deeply negative operating margin. The key risk is customer concentration — if U.S. government spending on commercial imagery slows or shifts to competitors, revenue could drop sharply.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-29.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

↑ Rising (+10% vs prior year)

2.4% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

14.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 months

$39M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

BlackSky Technology has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

20.2%

Thin — 20.2% gross margin

Operating Margin

-89.2%

Losing money on operations — -89.2%

ROCE

-19.0%

Weak — -19.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-8.9%

Shrinking sales (-8.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-87.3%

Burning cash (-87.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.21

Conservative — low debt load (0.21)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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