What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-03-20 compared with 2024-03-20 · 69 added, 73 removed, 156 unchanged (48% of the section changed)

4 unchanged sentences

We are defining a new category of space-based intelligence products and services with real-time imagery and automated analytics, delivered through an easy-to-use interface coupled with our high-revisit and low latency satellite constellation both designed to help customers see, understand and anticipate change for a decisive strategic advantage.

BlackSky can image many of the most strategic locations on Earth up to 15 times per day, many traditional Earth observation companies image twice per day.

BlackSky designs, owns and operates the industry’s most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra tasking and analytics software platform and our proprietary high resolution, low earth orbit ("LEO") small satellite (“smallsat” or “smallsats”) constellation.

BlackSky Spectra is a first-of-its-kind commercial platform that helps customers manage their monitoring activities from space at industry-leading speed, frequency, and economics.

The BlackSky constellation is the primary sensor and communications architecture that delivers space-based data to BlackSky Spectra.

BlackSky’s satellites fly in unconventional, inclined orbits, and with built-in automated systems, the constellation can distinctly deliver time-diverse, dawn-to-dusk, rapid revisit imagery, and analytics with no humans in the loop.

Customers experience the value of BlackSky’s capabilities in the On-Demand and Assured service and product offerings.

BlackSky Spectra augments proprietary data collected from our constellations with input from third-party sensors.

BlackSky can collect imagery and analytics providing dynamic hourly monitoring over many of the most strategic locations on Earth up to 15 times per day from dawn to dusk.

By comparison, many traditional Earth observation companies collect imagery at most twice per day.

BlackSky designs, owns and operates the industry’s most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra® tasking and analytics software platform with our high resolution, low earth orbit ("LEO") small satellite (“smallsat” or “smallsats”) constellation.

Our next generation satellites (“Gen-3”), of which our first satellite launched in February 2025, include significantly enhanced capabilities, including 35-centimeter electro-optical imaging resolution and 1-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or at night.

The Gen-3 constellation will also feature improved data communications capabilities that significantly increase the end-to-end delivery speed of intelligence products.

BlackSky Spectra is a first-of-its-kind commercial software platform that helps customers monitor activities from space at industry-leading speed, frequency, and economics.

The BlackSky constellation is the primary on-orbit sensor and communications architecture that delivers space-based data to BlackSky Spectra.

BlackSky’s satellites fly in unconventional, inclined orbits, and with built-in automated systems, the constellation can deliver time-diverse, dawn-to-dusk, rapid revisit imagery, and analytics - all with no humans in the loop.

Customers experience the value of BlackSky’s capabilities through subscription-based On-Demand and Assured service and product offerings.

BlackSky Spectra gives end users the ability to augment proprietary data collected from our constellations with input from third-party sensors.

The Changing Geospatial Market

The market is shifting away from static, low-frequency satellite imagery and geospatial mapping solutions toward dynamic and on-demand, high-frequency imagery and advanced analytics that together deliver real-time space-based intelligence.

The commercial sensors on orbit expand from a handful of large, expensive commercial satellites to now hundreds and soon to be thousands of space-based sensors that are changing the way we see and understand our world.

To capitalize on this paradigm shift, BlackSky deployed a proprietary satellite constellation providing high-frequency, high-resolution imagery and built a fully operational software platform capable of integrating our proprietary data with the data from this proliferation of sensors and other third-party information, such as synthetic aperture radar (SAR) data and radio frequency data from partners, millions of GPS-enabled terrestrial data sources and Internet of Things (IoT) connected devices.

The market is shifting away from static, low-frequency satellite imagery and geospatial mapping solutions toward dynamic monitoring, in which on-demand, high-frequency imagery and advanced analytics together deliver real-time space-based intelligence.

The number of commercial sensors on orbit has recently expanded from a handful of large, expensive commercial satellites to a much larger set of smaller, less expensive space-based sensors.

To capitalize on this paradigm shift, BlackSky has deployed a proprietary satellite constellation that provides high-frequency, high-resolution imagery and built a fully-operational software platform capable of integrating data from our constellation with data from this proliferation of sensors, including other third-party information.

Our proprietary software platform, BlackSky Spectra, then applies artificial intelligence ("AI") and machine learning ("ML") techniques to transform these raw data feeds into real-time actionable intelligence.

BlackSky helps customers improve their decision-making processes by incorporating on-demand imagery and AI-driven analytics into their daily operations through our modern, easy-to-use, software-as-a-service (SaaS) customer experience.

We can deliver our proprietary, on-demand imagery at a lower cost than legacy providers due to our scalable software platform, our capital efficient constellation design, and adaptable pricing models, among other things.

BlackSky’s commercial SaaS approach also gives customers the ability to quickly activate custom, space-based intelligence capabilities with minimal established infrastructure or geospatial knowledge base.

We deliver our proprietary, on-demand imagery at a lower cost than legacy providers due to our scalable software platform, our capital efficient constellation design, and adaptable pricing models, among other things.

Our Vertically Integrated Strategic Assets

The need for real-time space-based intelligence is now more important than ever.

Recent global events, like the ongoing conflicts in Israel, Sudan and Ukraine and the earthquakes in Turkey and Syria, have reinforced the value of real-time, space-based intelligence.

Recent global events, like the ongoing conflicts in Israel and Sudan, the earthquakes in Turkey and Syria and ongoing tensions in the South China Sea, have reinforced the value of real-time, space-based intelligence.

BlackSky is changing the way space is used to deliver vital, actionable intelligence through our two key strategic assets:

1 unchanged sentence

Our Satellite Constellation

We design, develop and operate a constellation of proprietary high-resolution, high-revisit LEO smallsats.

Our constellation differentiates BlackSky from competitors as it is optimized to provide reliable and dynamic hourly

monitoring of among the most strategic, high-value locations and assets where we believe approximately 90% of the world's gross domestic product occurs.

Whereas our competitors are dedicated primarily to mapping the entirety of the Earth on a routine basis and who, therefore, require a larger and more expensive constellation to support their mission, BlackSky's unique architecture delivers highly valued imagery and intelligence with a smaller, more capital efficient, and adaptable constellation.

We design, develop and operate a constellation of proprietary high-resolution, high-revisit small satellites.

Our constellation differentiates BlackSky from competitors as it is optimized to provide reliable and dynamic hourly monitoring of the most strategic, high-value locations and assets where we believe approximately 90% of the world's Gross Domestic Product ("GDP") occurs.

This constellation also provides automated Non-Earth Imaging services to meet the growing demand for space domain awareness.

Whereas many of our competitors are dedicated primarily to mapping the entirety of the Earth on a routine basis and, therefore, require a larger and more expensive constellation to support their mission, BlackSky's unique architecture delivers highly valued imagery and intelligence with a smaller, more capital efficient, and adaptable constellation.

Our constellation can image most locations between the latitudes of 55 degrees North and 55 degrees South with frequent hourly revisits or on-demand, providing our customers with insights and situational awareness throughout the day and as events unfold.

1 unchanged sentence

This approach enables us to strategically deploy capacity to meet customer needs and tailor the capability over time to meet market demand.

Under optimal conditions and measured from dawn-until-dusk, our constellation achieves a peak revisit rate of up to 15 revisits a day.

Our current satellites (Gen-2) are purpose-built to serve our monitoring mission and are the primary data source for our BlackSky Spectra software platform.

Each satellite is equipped with a modern, commercially-derived optical telescope that can collect imagery at 85-centimeter resolution at nadir.

Launched into LEO, approximately 450 kilometers above the surface of the Earth and placed into a mid-inclination orbit whereby the satellites travel from West to East, our constellation is optimally distributed to provide maximum coverage for our customers.

Under optimal conditions and measured from dawn-to-dusk, our constellation achieves a peak revisit rate of up to 15 times per day.

BlackSky’s constellation is purpose-built to serve our monitoring mission and serves as the primary data source for our BlackSky Spectra software platform.

Launched into LEO, approximately 450 to 470 kilometers above the surface of the Earth and placed in a mid-inclination orbit whereby the satellites travel from West to East, our constellation is optimally distributed to provide maximum coverage for our customers.

Our ability to quickly deliver space-based data is enhanced by strategically-placed BlackSky ground stations worldwide.

Our satellite design is further complemented by our autonomous tasking, mission planning, command and control services, and satellite health and safety monitoring embedded within our BlackSky Spectra software.

BlackSky’s Gen-2 constellation provides unique value with the ability to collect imagery and analytics from dawn-until-dusk at a higher cadence and at lower cost than traditional providers.

and allied militaries rely on our services for high-revisit monitoring of airfields, vehicle depots, troop movements, and other high-value locations to detect changes in pattern-of-life.

BlackSky can distinguish landscape features such as roads and buildings, and gauge commercial activities and patterns such as movements from ships in ports, progress at construction sites, and changes in production by estimating the number of cars in a parking lot.

We have designed our next generation satellites (Gen-3) to include significantly enhanced capabilities, including 35-centimeter electro-optical imaging resolution and 1-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or nighttime.

The Gen-3 constellation will also feature improved data communications capabilities that significantly increase the end-to-end delivery speed of intelligence products.

We anticipate launching our first Gen-3 satellites in 2024.

We believe these Gen-3 advancements will improve our analytics and increase the value we can deliver to our customers.

We are vertically integrated and manufacture our satellites through LeoStella, a 50%-owned satellite manufacturing joint venture with Thales Alenia Space.

LeoStella has capacity to manufacture up to 40 satellites per year.

BlackSky’s constellation provides unique value with the ability to collect imagery and analytics from dawn-to-dusk at a higher cadence and at lower cost than traditional providers.

and allied governments rely on our services for high-revisit monitoring of airfields, vehicle depots, troop movements, and other high-value locations to detect changes in pattern-of-life.

BlackSky can distinguish landscape features such as roads and buildings, and gauge commercial activities and patterns in ship or aircraft movements, progress at construction sites, and changes in production by estimating the number of cars in a parking lot.

Our proprietary constellation can produce high and very-high resolution electro-optical imagery, as well as short-wave infrared imagery for expanded imaging capabilities in low-light or nighttime.

The constellation also has advanced data communications capabilities that significantly increase the end-to-end delivery speed of intelligence products.

We believe these advanced features improve our analytics and increase the value we can deliver to our customers.

In November 2024, we acquired the remaining 50% of the common units of LeoStella LLC (“LeoStella”) and LeoStella became a wholly-owned subsidiary of BlackSky.

The acquisition allows us to improve control over our Gen-3 satellite supply chain and production operations.

We have manufacturing capacity to produce up to 40 satellites per year.

This vertical integration enables BlackSky to control our satellites through the entire design, manufacturing, and operation process and optimize performance per unit cost.

The LeoStella partnership further allows us to learn from and leverage their manufacturing expertise and commercial best practices.

Our AI-Enabled Software Platform

4 unchanged sentences

Customers access BlackSky Spectra’s data and analytics through an easy-to-use web interface on their desktops or mobile devices.

Through BlackSky Spectra, customers can task BlackSky's constellation and receive high-resolution imagery and analytics in, on average, under 90 minutes.

Through BlackSky Spectra, customers can task BlackSky's constellation and receive high-resolution imagery and analytics, on average, in under 90 minutes.

Importantly, customers can set up alerts so that BlackSky Spectra automatically generates and distributes images from BlackSky satellites and analytics upon the occurrence of certain conditions or changes, giving customers a first-to-know advantage.

8 unchanged sentences

BlackSky Spectra offers a full software stack that includes a data and sensor integration layer, an extract, transform, load (ETL) layer, an analytics layer that hosts our AI and ML algorithms, an application layer for our customers, an API framework for developers, and our global intelligence database that captures sensor data.

BlackSky Spectra has been operating for eight years and is continuously updated and refreshed.

BlackSky Spectra has been operating for nine years and is continuously updated and refreshed.

We have designed our software stack with a strong focus on API compatibility to enable developers to easily integrate our software with our customers’ information technology platforms.

Our goal is for customers to be able to access BlackSky Spectra with minimal incremental technology investment.

Software development is an important focus for our future as BlackSky Spectra is the key to turning our geospatial data into actionable intelligence that improves and enhances our customers’ business processes and decisions.

Our Key Services and Products

BlackSky generates revenue by selling On-Demand and Assured product and service offerings that support a broad range of applications including national security, supply chain intelligence, crisis management, critical infrastructure monitoring, economic intelligence, and others.

These offerings are comprised of a predefined, yet customizable, standard set of imagery and software analytics products accessible via our basic subscription plan through our BlackSky Spectra software platform, plus professional and engineering services provided to customers on a project-by-project basis.

BlackSky generates revenue by selling subscription-based On-Demand and Assured product and service offerings that support national security, supply chain intelligence, crisis management, critical infrastructure monitoring, economic intelligence, and others.

These offerings are comprised of a predefined, yet customizable, standard set of imagery and software analytics products accessible via our subscription-based plans through our BlackSky Spectra software platform, plus professional and engineering services provided to customers on a project-by-project basis.

Imagery and Software Analytical Services

1 unchanged sentence

Through our BlackSky Spectra software platform, customers can directly task our constellation to collect and deliver imagery over specific locations, sites, and regions that are critical to their operations.

All imagery products are included in the basic subscription plan for On-Demand tasking.

Another option is the multi-year Assured access bundle program, where customers receive secure priority access and imaging capacity over a region of interest on a take or pay basis.

All imagery products are included in the subscription plan for On-Demand tasking.

Another option is the multi-year subscription Assured access bundle program, where customers receive secure priority access and imaging capacity over a region of interest on a "take-or-pay" basis.

BlackSky also offers Non-Earth Imagery subscription services for monitoring orbiting spacecraft and other objects of interest.

• Data, Software, and Analytics :

Our AI-generated analytics are also offered on a subscription basis and provide customers with automated access to our site monitoring, event monitoring, and global data

Our AI-generated analytics are also offered on a subscription basis and provide customers with automated access to our site monitoring, event monitoring, and global data services.

We provide services related to object change and anomaly detection;

5 unchanged sentences

and other sites that contain critical commodities and supply chain inventory.

While we offer a variety of pricing and utilization options for our imagery and analytical product offerings, most of our agreements are structured as subscription contracts, followed by usage-based pricing and transactional licenses.

These options provide customers with flexibility to utilize our imagery and analytical services in a manner that best suits their business needs.

Our agreements are structured as annual or multi-year subscription contracts.

We offer pricing tiers that enable the customer to manage collection priorities.

These options provide customers with flexibility to utilize our imagery and analytical services in a manner that best suits their business needs.

For example, during critical events, customers may pay a premium to prioritize their monitoring and collection requirements, while at other times, customers can select lower priority collections to allow for more economical use of their overall subscription.

2 unchanged sentences

The Company also provides engineering services, which include, developing and delivering advanced satellite and payload systems for a limited number of customers that leverage the Company’s capabilities in mission systems engineering and operations, ground station operations, and software and systems development.

We develop and deliver advanced satellites and payload systems, with operational support, for strategic customers that desire to leverage our expertise in mission systems engineering and operations, ground station operations, software, analytics and systems development.

In this model, satellite and payload systems are typically sold to government customers or government resellers under a fixed price contract with additional revenue streams for ongoing support and services once the satellite is in orbit.

These contracts allow BlackSky to maintain its production line at scale and also benefiting from technological developments and creates ongoing subscription-like contracts.

(1) Included in imagery and software analytical services in our Consolidated Statements of Operations and Comprehensive Loss

(2) Included in professional and engineering services in our Consolidated Statements of Operations and Comprehensive Loss

Our Customers

Many of the most important and demanding government and commercial organizations in the world, including U.S defense and intelligence agencies and international ministries of defense, rely on the actionable intelligence we provide.

Many of the most important government and commercial organizations in the world, including U.S defense and intelligence agencies and international ministries of defense, rely on the actionable intelligence we provide.

To compete effectively in today’s data-driven military battlefields and commercial market environments, governments and organizations of all sizes and industries face a growing need for timely and affordable geospatial intelligence and analytics to help shape critical decisions.

1 unchanged sentence

Our current customer base and market mix are weighted towards U.S.

defense and intelligence customers, as we have a long history serving these agencies as a trusted mission partner.

defense and intelligence customers, as we have a long history of serving these agencies as a trusted mission partner.

We believe there are significant opportunities to expand our imagery and software analytical services, as well as our professional and engineering service offerings, to a broad set of domestic and international customers.

Management classifies our customer base predominantly into three categories:

Federal Government & agencies :

Federal Government and Agencies :

We sell to multiple U.S.

government agencies that span defense, intelligence, and federal and civilian agencies.

Our intelligence customers include the National Reconnaissance Office (“NRO”) and the National Geospatial-Intelligence Agency ("NGA").

In May 2022, we were awarded our largest imagery contract to date, valued at up to $1 billion over a ten-year period with the NRO.

Through this contract, we have delivered thousands of images to the NRO and continue to support this important agency through additional study contracts focused on expanding new technologies.

We provide analytic services to the NGA under an up to five-year $60 million contract and have continued to win task orders on a regular basis.

We also have won contracts across a range of other governmental customers including Department of Defense customers such as the Air Force.

government agencies that span defense, intelligence, and federal and civilian agencies, including the National Reconnaissance Office (“NRO”), the National Geospatial-Intelligence Agency ("NGA"), and U.S.

In 2024, BlackSky was awarded new multi-year contracts and renewal agreements valued at up to $870 million.

We won a contract as one of the vendors for up to $290 million with NGA for the Luno A program, a follow-on contract to the previous Economic Indicator Monitoring (EIM) program.

Through this new Luno A contract, BlackSky can assist NGA in the monitoring and analysis of global economic and environmental activity, as well as military capability.

We also won a contract with the National Aeronautics and Space Administration ("NASA") valued at up to $476 million to support their Commercial Smallsat Data Acquisition Program.

Under this contract, BlackSky can provide NASA with time-diverse, high-revisit satellite imaging data providing new insights in support of the agency’s important research in Earth and applied science.

In addition, we received a one-year contract extension with the NRO, which will continue the delivery of BlackSky's Gen-2 imagery services into the fourth year of the 10-year Electro-Optical Commercial Layer (EOCL) contract through mid-2026.

• International Governments and Organizations :

We sell to multiple foreign governments, agencies, and organizations worldwide.

For example, we were awarded a $150+ million, multi-year subscription contract with a major international ministry of defense to provide next generation space-based tactical geospatial intelligence services.

We won a multi-year renewal agreement with an international defense sector customer for more than $30 million, expanding and securing priority access to BlackSky’s high-frequency imagery services.

Furthermore, we signed a multi-year contract to support the Indonesian Ministry of Defense with space-based capabilities totaling more than $35 million.

We also have won contracts with various other foreign agencies, many of which are multi-million-dollar contracts and multi-year in length.

In 2024, we were awarded new contracts and renewal agreements totaling nearly $20 million.

An example is a $7 million contract renewal we announced in the second quarter of 2024 with one of our long-term international government customers.

This customer will continue to access BlackSky’s high frequency imaging services, as well as task multiple 3 rd party data sources through the BlackSky Spectra platform for analytic services to meet their daily mission requirements.

We also signed a $6 million contract expansion with another long-time international defense sector customer.

This increased subscription agreement brings the customer’s total annual contract value to nearly $18 million and validates how BlackSky’s space-based intelligence is relied upon to support mission critical operations every day.

And just recently to start 2025, we won a 7-year contract for more than $100 million with a strategic international defense sector customer.

The new agreement secures annual capacity minimums for high-resolution, low-latency imagery from our current Gen-2 and upcoming Gen-3 satellites and AI-enabled analytic services through 2032.

• Commercial and Other :

Currently, commercial and industrial customers represent a small but important emerging portion of our business.

Currently, commercial and industrial customers represent a small but emerging portion of our business.

Our services and products can benefit customers in a variety of commercial and industrial infrastructure markets including, but not limited to, energy and utilities, insurance, commodities, mining, manufacturing, logistics, supply chain management, agriculture, environmental monitoring, disaster and risk management, engineering and construction, retail, and consumer behavior.

10 unchanged sentences

We have optimized our constellation to deliver high-revisit collection capability of critical, strategic, and economic assets and locations where we estimate about 90% of the world's GDP occurs.

Under ideal conditions and measured from dawn-until-dusk, we are capable of revisiting specific locations on Earth up to 15 times per day.

Under ideal conditions and measured from dawn-to-dusk, we are capable of revisiting most locations on Earth up to 15 times per day.

• On-demand satellite tasking capabilities .

8 unchanged sentences

• Vertical integration.

We design our satellites and manufacture them at LeoStella, our satellite manufacturing joint venture.

We design and manufacture our satellites in the United States at our facility in Tukwila, Washington.

Control of the satellite production process from design through manufacturing enables us to upgrade our satellites during production and continuously improve our satellites’ capabilities, as well as build and maintain our optimal constellation size at a relatively low cost.

12 unchanged sentences

investments in space programs are outpacing broader defense spending and are viewed by those in government as vital to our country's national security and defense strategy.

Space Force's $30 billion budget request for fiscal year 2024 is about $3.9 billion over what was enacted for the service in fiscal year 2023.

About $19.2 billion of the Space Force budget is aimed at research, development, testing and evaluation.

In addition, the Space Development Agency, which re-aligned under the Space Force last October, is requesting about $4.7 billion for fiscal 2024, an 80% increase over last year’s request of $2.6 billion.

We believe BlackSky's innovative architecture and operational capabilities are well aligned to support the U.S.

government's space-based defense priorities.

The increase in demand for geospatial imaging and intelligence is coming at a time of limited supply growth.

We believe that legacy satellite imaging providers may not be able to provide the capacity needed to meet the growing demand as their aging constellations are being replaced with lower capacity satellites.

We believe the expansion of our capacity will be met by strong demand and that we are well positioned to capture a significant share of the growth in the space data and analytics market.

We believe the expansion of our capacity will be met with strong demand and that we are well positioned to capture a significant share of the growth in the space data and analytics market.

Compliance with Government Regulations

3 unchanged sentences

Changes to or additional government regulations or policies relating to our business could increase regulatory uncertainty and may have an adverse effect on our business, financial condition and results of operations.

For example, our business requires licenses and permits from the Federal Communications Commission (the “FCC”) and review by and/or coordination with other agencies of the U.S.

Government, including the Department of Defense, NOAA and the National Aeronautics and Space Administration (“NASA”), as well as foreign regulators, such as the New Zealand Space Agency.

For example, our business requires licenses and permits from regulatory authorities such as NOAA and the Federal Communications Commission (the “FCC”) and review by and/or coordination with other agencies of the U.S.

Government, including the Department of Defense and the National Aeronautics and Space Administration (“NASA”), as well as foreign regulators, such as the New Zealand Space Agency.

Additional information about the government regulations affecting our business and the risks relating to government contracts appears in “Risk Factors” in Item 1A of this Annual Report on Form 10-K.

9 unchanged sentences

Our human capital objectives include identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors, and consultants.

In addition to competitive salaries, the principal purposes of our cash and equity incentive plans are to attract, retain, and reward personnel through the granting of cash-based and stock-based incentive awards.

The principal purposes of our cash and equity incentive plans are to attract, retain, and reward personnel through the granting of cash-based and stock-based incentive awards.

We believe such plans increase stockholder value by motivating individuals to perform to the best of their abilities and achieve corporate objectives.

5 unchanged sentences

• Accountability .

We are accountable to meeting and exceeding our commitments to customers and shareholders.

We are accountable to meeting and exceeding our commitments to each other, customers and shareholders.

• Innovation .

20 unchanged sentences

and its consolidated subsidiaries (including Legacy BlackSky), following the closing of the Merger.

Our corporate headquarters is located at 13241 Woodland Park Road, Suite 300, Herndon, VA 20171.

Our corporate headquarters is located at 2411 Dulles Corner Park, Suite 300, Herndon, VA 20171.

Our website is located at www.blacksky.com.

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business