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Item 1. Business

2026-03-17 compared with 2025-03-20 · 159 added, 143 removed, 82 unchanged (79% of the section changed)

Founded in 2014, BlackSky Technology Inc.

(herein referred to as “BlackSky,” the “Company,” “we,” “us,” or “our”) is a space-based intelligence company that delivers real-time imagery, analytics and high-frequency monitoring of the world’s most critical and strategic locations, economic assets, and events.

BlackSky® is trusted by many of the most demanding U.S.

and international government agencies and commercial businesses around the world.

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 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.

(“BlackSky,” the “Company,” “we,” “us,” or “our”) is a space-based technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world’s most critical and strategic locations, economic assets, and events.

By taking a software-first technology approach, we are delivering real-time space-based intelligence at disruptive speed, scale and economics.

BlackSky is trusted by many government and commercial organizations around the world, including U.S defense and intelligence agencies and international ministries of defense.

We are continuing to define a new category of space-based intelligence products and services centered upon real-time imagery and automated analytics, delivered through an easy-to-use interface that operates seamlessly with our high-revisit and low latency satellite constellation.

Our first-of-its-kind, purpose-built, secure artificial intelligence (“AI”)-enabled space-to-ground architecture helps customers see, understand and anticipate change for a decisive strategic advantage.

BlackSky can provide dynamic hourly monitoring over many of the most strategic locations on Earth up to 15 times per day from day to night.

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

Our constellation includes our second generation satellites (Gen-2) and third generation satellites (“Gen-3”).

Our Gen-3 satellites include significantly enhanced capabilities, including 35-centimeter electro-optical imaging resolution and 1.2-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or at night.

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

BlackSky’s satellites fly in unconventional, inclined orbits, and with built-in automated systems.

As a result, our constellation can deliver time-diverse, dawn-to-dusk, rapid revisit imagery, and analytics autonomously (without requiring a human in the loop).

Our constellation serves as the primary on-orbit data source and communications architecture that delivers space-based information to our BlackSky Spectra software platform.

BlackSky Spectra is a first-of-its-kind commercial tasking, analytics, and multi-intelligence data-fusion software platform that helps customers monitor activities from space.

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

Customers experience the value of BlackSky’s capabilities through three primary products and services—space-based intelligence and AI services, BlackSky Mission Solutions, and advanced technology programs.

Space-based intelligence and AI services primarily includes our subscription-based On-Demand and Assured product offerings featuring our high-resolution imagery, advanced AI-generated analytics, and third party data.

Our Mission Solutions offering allows customers the ability to acquire, own, and operate their own Gen-3 satellite(s) and space-to-ground system.

These solutions leverage our industry-leading, end-to-end satellite to ground infrastructure hardware and software technology stack to give nations the flexibility of owning space assets in a cost-effective and time-efficient manner, while also having scalable access to additional capacity through BlackSky’s proprietary constellation.

Finally, BlackSky offers advanced technology program services that allow customers (i) to conduct advanced research and development using aspects of BlackSky’s space-to-ground system to further enhance the capabilities that we can offer certain customers or (ii) to further integrate BlackSky’s space-based intelligence and AI services products into customer secure operational workflows.

Our product and service offerings are designed to provide synergy to our customers.

For example, when our Mission Solutions are acquired in conjunction with our subscription data services, customers enjoy the benefits of speed, scale and reliability without having to own and operate a large constellation.

Collectively, our offerings create a unified value proposition that supports national security, supply chain resilience, economic intelligence, and other critical decision-making requirements for customers worldwide.

The Changing Geospatial Market

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

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

The current global geopolitical climate has catalyzed unprecedented investments in space-based intelligence and Earth

observation capabilities, particularly as defense spending surges across Europe, Asia, and the Middle East.

This investment surge reflects a fundamental shift to real-time space-based intelligence has become essential to operational planning, early warning systems, and strategic decision-making in an era of renewed great power competition.

As such, the market is transitioning from static, low-frequency satellite imagery and geospatial mapping solutions toward dynamic monitoring, in which low-latency, 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 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.

To capitalize on this multifaceted paradigm shift, BlackSky has deployed a proprietary satellite constellation that provides high-frequency, very high-resolution imagery and AI-enabled analytics, with a purpose-built, fully operational, scalable 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, applies AI and machine learning (“ML”) techniques to transform these raw data feeds into real-time actionable intelligence.

Due to the strategic positioning of BlackSky’s core assets and our competitive differentiation, we deliver our products and services at disruptive speed and economics with a scalable software platform, capital efficient constellation design, and adaptable pricing models.

BlackSky delivers these advanced capabilities through innovative adoption approaches that include shared capacity and subscription-based data access models that provide flexible, secure, and reliable space-based intelligence capabilities to customers with minimal established national space infrastructure or geospatial knowledge base.

BlackSky is also able to leverage its end-to-end proven technology stack to develop and deploy fully customized sovereign owned-and-operated systems for nations requiring complete operational independence.

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 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:

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Our Satellite Constellation

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

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

This constellation, including Gen-2 and Gen-3 satellites, 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, may require a larger or 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 59 degrees North and 59 degrees South with frequent hourly revisits or on-demand, providing our customers with insights and situational awareness throughout the day and as events unfold.

BlackSky operates a constellation of satellites that is licensed by National Oceanic and Atmospheric Administration (NOAA) and is optimized for latency and capacity and delivers high revisit imaging and analytic services without a dependency on any individual satellite.

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

Our constellation is optimized for latency and capacity and delivers high revisit imaging and analytic services without a dependency on any individual satellite.

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

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

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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 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.

Our ability to quickly deliver space-based data is enhanced by strategically placed 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 capabilities embedded within our BlackSky Spectra software.

Our constellation provides unique value with the ability to collect imagery and analytics from dawn-to-dusk at a higher cadence and better economic value 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.

BlackSky can distinguish landscape features such as roads and buildings, gauge commercial activities and patterns in ship or aircraft movements, monitor progress at construction sites, and changes in production by observing small to large sized cargo vehicle traffic.

These insights are further enhanced by our proprietary AI-enabled detection and classification algorithms, which automatically recognize, categorize and annotate commercial and military aircraft, vehicles and vessels of strategic and tactical interest.

Our proprietary constellation produces 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 includes Gen-3 satellites equipped with advanced data communications capabilities that significantly increase the end-to-end delivery speed of intelligence products.

We believe the combined clarity and spectral diversity of imagery, along with these high-speed intersatellite communications features improve our analytics and increase the value we can deliver to our customers.

BlackSky’s vertically integrated satellite production processes from design through manufacturing enables us to continuously improve our satellites’ capabilities at a r elatively low per unit cost.

These processes also allow us to efficiently service and maintain our constellation while accelerating the construction of our customers’ customized sovereign systems.

In June 2025, we unveiled plans to expand our current high frequency monitoring constellation with multispectral, large-area collection satellites.

These new satellites will be designed to support country scale digital mapping, navigation, maritime and 3D digital twin applications at unmatched speed and scale.

Initially designated as AROS™, the new satellites will seamlessly augment the high-frequency site monitoring capabilities of our Gen-3 satellites.

The AROS and Gen-3 satellites will be designed to work in a complementary fashion, by using one sensor to detect and hand off to other sensors that are monitoring activity and change, which is referred to as “tip-and-cue” in the industry.

The tip-and-cue relationship between the AROS and Gen-3 satellites will create a more seamless multi-source experience for customers and will provide customers with dynamic, purpose-built high-cadence tactical intelligence, surveillance, and reconnaissance (“ISR”) monitoring and tracking and broad area search, change monitoring, and predictable refreshes of large area and 3D mapping datasets from a single, unified constellation.

AROS will be optimized to collect new multispectral, country and region scale datasets and is being designed to power the next wave of AI-driven geospatial and digital twin applications.

The addition of AROS satellites to our constellation will address upcoming gaps in the market as our competitors’ legacy large area collection satellites age out of service over the next few years and are replaced with lower collection capacity satellites.

BlackSky is engaged with partners to design and develop these capabilities in alignment with market needs.

Our AI-Enabled Software Platform

Our BlackSky Spectra software platform processes millions of observations a day from both our proprietary satellite constellation and by using data from multiple external sources including imaging, radar and radio frequency satellites, environmental sensors, asset tracking sensors, IoT connected devices, internet-enabled narrative sources, and a variety of geotemporal data feeds.

The platform uses proprietary mission operations software that optimizes revisit rates and collection capabilities.

BlackSky Spectra employs advanced, proprietary AI and ML techniques to process, analyze, and transform these data feeds into fully automated alerts, information, and insights for our customers.

These critical insights provide customers with actionable intelligence that supports daily decision making.

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, 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.

Understanding the flexibility needed to engage a wide range of customers, BlackSky Spectra gives customers the ability to order imagery from other providers.

Customers can also access BlackSky products through application programming interfaces (APIs), which are typically embedded with customers or certain reseller channels.

BlackSky’s ability to achieve industry-leading speed comes from our foundational commitment to AI-enabled automation across our entire end-to-end architecture.

In order to meet the mission-specific, time-dominant demands of space-based intelligence, BlackSky’s approach has been to develop high-fidelity purpose-built AI models rather than outsource development to generalist AI platform providers.

Our proprietary AI models inform all aspects of our BlackSky Spectra platform, including automated tip-and-cue tasking, mission planning, command and control services, and satellite health and safety monitoring.

Through BlackSky Spectra, customers can access data and analytics through an easy-to-use web interface on their desktops or mobile devices.

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

Customers can set up automated tip-cue tasks with alerts so that upon the occurrence of certain observable conditions or changes in an area of interest, BlackSky Spectra automatically generates and distributes images and analytics to end users from BlackSky satellites, giving customers a decision-first advantage.

The platform also gives customers the ability to order imagery from other providers.

As we collect data, we establish a baseline view of important conditions around the world.

Incremental data enables us to detect and understand changes to or deviations from the baseline.

BlackSky Spectra leverages this data, much of it proprietary, to accelerate its learning using neural networks.

Incremental data enables us to detect and understand changes to or deviations from that baseline.

BlackSky Spectra leverages this data

to accelerate its learning using neural networks.

We believe that BlackSky Spectra will benefit from a “flywheel learning effect” as we continuously expand and enrich our proprietary data repository.

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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 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.

BlackSky Spectra has been operating for over ten 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’ technology platforms.

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

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Our Key Services and Products

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

We offer high-revisit, high-resolution, satellite imaging products including single-frame day, multi-frame, broad area 2x1, burst, and stereo (2&5-frame) imagery.

BlackSky delivers a comprehensive suite of space-based intelligence products and services through three integrated revenue streams—space-based intelligence and AI services, mission solutions, and advanced technology programs.

These offerings enable customers to access real-time, high-resolution space-based insights;

develop, launch, and operate customized sovereign space-based intelligence architectures;

and integrate advanced analytics and operational expertise into their missions.

Space-Based Intelligence and AI Services

BlackSky sells space-based intelligence and AI services via our On-Demand and Assured product offerings that are comprised of predefined, yet customizable, products accessible through our BlackSky Spectra software platform.

We offer high-revisit, high-resolution, satellite imagery products including dawn-to-dusk, 35 cm resolution electro-optical and nighttime imagery.

Customers also have access to multi-frame area 2x1 to capture areas larger than the single frame scene size, like large airports or large ports, burst to analyze motion with five frames collected in a single satellite pass and stereo pairs (two frames) or sets (fives frames) to build and update 3D products on short timelines.

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 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 :

All imagery products are included in the On-Demand and Assured subscription plans.

BlackSky also offers non-Earth imagery services for monitoring orbiting spacecraft and other objects of interest and data from third parties.

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.

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and enhanced analytics through which we can detect key pattern-of-life changes in critical locations.

These critical locations include infrastructure such as ports, airports, and construction sites;

These critical locations include infrastructure such as maritime ports, airfields, and construction sites;

retail activity;

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

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

Our AI-enabled analytics provide the automated detection and classification of more than 30 objects of tactical interest.

Our customer agreements are generally 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.

These options provide customers with the flexibility to utilize our space-based Intelligence and AI 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.

Professional and Engineering Services

We also provide professional service solutions to support customer-specific software feature requests and the integration, testing, and training of our imagery and software analytical services into a customer’s organizational processes and workflows.

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.

Mission Solutions

Developing sovereign space programs is time and capital intensive.

Recognizing these constraints and the evolving market discussed above, BlackSky's Mission Solutions provide government customers with an end-to-end pathway to customized sovereign space-based intelligence capabilities, enabling nations to accelerate the development, launch, and operation of their own space programs in a cost-effective manner and with full autonomy and control.

We achieve these goals by integrating BlackSky’s existing architecture, including Gen-3 satellites, secure ground infrastructure, launch support, operations software, and training,

Mission solutions empower customers to retain ownership and custody of satellites, tasking, and data while operating such satellites within their own borders and security frameworks.

With proven, military-grade technology, globally distributed manufacturing, a high-availability on-orbit performance constellation, and transfer-of-knowledge programs that develop local workforce expertise, BlackSky enables partners to confidently build, operate, and evolve customized sovereign space architectures that strengthen their national security and modern deterrence, support national self-reliance in decision making, and enhance mission continuity.

Mission Solutions may be coupled with our imagery and analytics to address interim or additional capacity or capability needs, or coupled with our advanced technology programs to further optimize a customer’s experience.

Advanced Technology Programs

We provide advanced technology program solutions that enhance customer adoption and operational integration of our technology, including services that allow customers to (i) conduct advanced research and development using components of BlackSky’s space-to-ground system to further enhance the capabilities that we can offer certain customers or (ii) further integrate BlackSky’s intelligence products into customer secure operational workflows.

For example, the research and development component of this solution includes the development and expansion of the sensor capabilities currently offered by BlackSky, with the resulting enhancements capable of use in a customer satellite produced by BlackSky.

Through these services, BlackSky can support customer-specific software feature development, systems testing, training, as well as support the integration of our space-based intelligence and AI services into a customer’s existing processes and workflows.

Through our advanced technology program solutions, we help customers tailor, expand, and optimize their use of BlackSky’s platforms and, ultimately, maximize their mission capabilities.

Our Customers

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.

Many of the most important government and commercial organizations in the world, including U.S.

and international defense and intelligence customers, 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.

To meet these customer demands, next generation geospatial intelligence platforms must have the ability to deliver situational awareness, location intelligence, and insights into events and activities as they unfold.

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

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:

Our current customer base is weighted towards U.S.

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

We believe there are significant opportunities to continue to expand our offerings to a broad set of domestic and international customers.

Management classifies our customer base predominantly into the following categories:

Federal Government and Agencies :

government recognizes the strength and value of BlackSky’s real-time commercial space-based intelligence solutions.

BlackSky is uniquely suited to meet the critical operational needs of U.S.

customers as we continue to develop advanced space concepts in hardware and novel software applications at competitive speed and unit economics.

We sell to multiple U.S.

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.

BlackSky is a key vendor supporting the NRO's Electro-Optical Commercial Layer (“EOCL”) program, delivering operational, high-resolution satellite imagery to a half-million intelligence, defense, and federal civil agency users and the NGA’s Luno A and Luno B programs for the monitoring and analysis of global economic and environmental activity, as well as military capability.

Luno A and B are follow-on programs of record to the previous NGA Economic Indicator Monitoring (EIM) program.

• International Governments and Organizations :

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

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.

We sell to multiple foreign governments, agencies, and organizations worldwide, accelerating national space-based intelligence capabilities through subscription-based services and customized sovereign systems.

We have been winning new contracts for sovereign space-based intelligence solutions over the past several years and for example, have successfully captured major programs with customers in India, Indonesia, and others for Gen-3 related solutions.

• Commercial and Other :

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

Currently, commercial and industrial customers represent a small 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.

Our Competitive Differentiation

We believe that we are well-positioned to compete with legacy satellite imaging providers and other emerging geospatial intelligence providers.

Our strategy to combine a high-revisit satellite constellation with an AI-enabled SaaS platform has been validated by contract awards from the most demanding customers.

Our unique approach removes three important barriers that we believe have hindered the legacy industry from achieving a broader market adoption including:

low costs, ease of use through a modern software interface and platform, and assured access to imaging services where, when, and at the frequency customers need it.

Key elements of our competitive differentiation include the following:

• Low-cost imagery capture .

Our constellation leverages the disruptive economics of small satellites to enable us to capture data in a more cost-effective manner than legacy satellite imagery providers and offer a variety of pricing models.

Lower cost, more adaptable products allow us to expand the market for our services.

• High-revisit rate, dawn-to-dusk imagery collection .

We believe that we are well-positioned to compete with legacy satellite imaging providers and other emerging geospatial intelligence providers because we have strategically developed and deployed a unique mission-oriented AI-enabled architecture that is purpose-built to meet current and future demands for dynamic, real-time monitoring.

With speed as a focal point across our entire enterprise, this critical software-oriented architecture, brought together with our vertically integrated advanced satellite manufacturing capabilities, has informed our ability to rapidly place on-orbit one of the world’s most advanced space-based intelligence systems of its kind.

BlackSky’s unique product and service offerings—from our subscription-based On-Demand and Assured services to customized sovereign capabilities provided through our Mission Solutions offerings—give customers the ability to quickly incorporate the value of these advancements into their space capabilities.

Our end-to-end constellation, ground systems and tasking and analytics software platform produces decision-ready information at unparalleled speed and scale and has been validated by contract awards from the most demanding customers in the military and intelligence community.

From the establishment of our foundational Gen-2 satellite capabilities through the evolution of Gen-3, BlackSky has leveraged the heritage of proven, on-orbit success into an end-to-end hardware and software space technology stack unique in the global earth observation industry.

Our approach removes two important barriers that we believe have hindered the legacy industry from achieving a broader market penetration:

disrupting the traditionally high cost of entry for space-based intelligence and providing reliable access to very low-latency, high-cadence, time diverse imagery and analytics data that are easy-to-use and provided where and when customers need it.

Key elements of our competitive differentiation include:

• A new disruptive adoption model.

BlackSky provides customers with multiple paths to developing national space capability.

Our subscription-based On-Demand and Assured imagery and analytics services give customers the ability to accelerate national space capabilities with very little upfront investment compared to traditional approaches to developing national capabilities.

For customers seeking to develop customized sovereign Gen-3 constellation capabilities through our space-based intelligence and AI services and Mission Solutions offerings, our subscription services enable customers immediate guaranteed access and first-priority tasking capacity over their national and regional areas of interest until a customer’s satellite systems become operational.

This combined software-first approach widens the addressable market for BlackSky with a tailored adoption model as we are able to meet customers at their point of need along the entire spectrum of delivering subscription-based data services to providing fully customized sovereign satellite systems.

• Proven secure, flexible, and scalable software architecture.

BlackSky has demonstrated the ability to securely integrate our commercial architecture directly into the workflow of our customers ’ national systems.

The majority of customers access our constellation through BlackSky ’ s robust, flexible API kit that enables customers to integrate our capabilities into their existing platforms and applications with a low upfront financial and time investment.

Our cloud-based platform includes a variety of proprietary customer applications—such as an ETL layer, advanced AI/ML modules, and our API framework—that enhance BlackSky Spectra ’ s ability to efficiently deliver meaningful insights at scale.

• Vertically integrated small satellite manufacturing.

BlackSky designs and manufactures satellites in the United States at our facility in Tukwila, Washington.

Control of the satellite production process from

design through manufacturing enables us to continuously improve and upgrade our satellites’ capabilities (including satellites we build for customers), as well as build and efficiently maintain available constellation capacity.

BlackSky leverages the disruptive economics of small satellites to enable us to capture data in a more cost-effective manner than legacy satellite imagery providers and pass that value to customers through our Mission Solutions offerings.

• BlackSky’s high-revisit, dawn to dusk satellite constellation.

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-to-dusk, we are capable of revisiting most locations on Earth up to 15 times per day.

• On-demand satellite tasking capabilities .

Using our BlackSky Spectra software platform, which can be accessed through a web-browser or via APIs, customers can easily task our constellation and receive high-resolution imagery and advanced analytics delivered to their email, in-house ERP system, or cloud environment in, on average, under 90 minutes.

This first of its kind capability enables an expansion in the market for geospatial intelligence by eliminating the need for customers to deploy resources to design their own platform or employ geospatial analysts.

• Integration of proprietary and third-party sensor data .

By combining proprietary and third-party data sources, we can increase the value of our database of sensor-based information at low cost and serve as a full-service geospatial data solution provider.

• Continuously growing proprietary intelligence data repository .

As our data repository grows, we expect to benefit from a flywheel effect whereby incremental data enhances our baseline understanding of the world, thereby enabling the delivery of increasingly valuable insights and analytics to our customers.

• Proprietary, cloud-based software stack.

Our cloud-based software platform includes proprietary customer applications—such as an ETL layer, advanced AI/ML modules, and our API framework—that enhance BlackSky Spectra's ability to scale quickly and efficiently deliver meaningful data.

• Vertical integration.

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.

• API kit for developers to build geospatial intelligence into next gen applications .

We support our customers with a robust, flexible API kit that enables them to integrate our capabilities into their existing platforms and applications with a low upfront financial and time investment.

Under ideal conditions and measured from dawn-to-dusk, we can revisit most locations on Earth up to 15 times per day.

• Easy-to-use on-demand constellation tasking .

Our BlackSky Spectra software platform can be accessed through a web-browser or via APIs and gives customers the ability to easily task our constellation and receive very high-resolution imagery and advanced AI-enabled analytics delivered to their email, in-house ERP system, or cloud environment in, on average, under 90 minutes.

This first of its kind capability gives users unprecedented visibility into collection feasibility for advanced planning and the ability to collect data when and where customers need it.

Industry Overview

We operate in a large and growing geospatial market that includes both imaging services and analytic solutions.

We operate in a large and growing commercial geospatial market that includes both imaging services and analytic solutions, as well as mission solutions that offer a path toward customized sovereign satellite capabilities.

The industry has been evolving over time from a focus on static observation and mapping to a focus on dynamic, high-frequency monitoring capabilities that enable on-demand actionable intelligence.

Space-based intelligence is playing an increasingly critical role in decision-making for government agencies, commercial enterprises and organizations around the world.

According to Markets and Markets, an independent industry research firm, the global geospatial analytics market is projected to grow from about $79 billion in 2023 to about $142 billion by 2028, resulting in a compound annual growth rate of 12.6%.

At the same time, a growing number of government defense and intelligence agencies are increasing their reliance on commercial satellite providers to complement their in-house geospatial data sources or looking to commercial space technology companies to develop fully customized sovereign systems through our Mission Solutions offerings.

According to independent industry research firm Markets and Markets the global geospatial analytics market is projected to grow from about $12 billion in 2025 to about $18 billion by 2030, resulting in a compound annual growth rate of 8.9%.

In addition, we have seen countries in Europe, the Asia Pacific, and the Middle East announce their intention to invest billions before 2030 to support the acquisition of sovereign small satellite solutions.

We have been awarded contracts to support the delivery of ground and space solutions by several countries in the Asia Pacific, and have seen rapid increases in requests for proposals in other parts of the world, to acquire sovereign solutions using demonstrated capabilities such as ours.

Organizations like the U.S.

Space Force, U.S.

Army, and Space Development Agency are seeking to leverage commercial small satellite constellations for space-based defense and mission-critical intelligence, a key priority in the U.S.

defense budget.

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.

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

Space Force, Space Development Agency and National Reconnaissance Office are seeking to leverage commercial small satellite imagery constellations for space-based defense and mission-critical intelligence in keeping with the broader U.S.

national space agenda for adopting cost-effective, highly capable private sector capabilities.

Such private sector capabilities are viewed by those in government as vital to our country's national security and defense strategy.

In addition, many international governments have also increased their fiscal budgets for space programs as they look to secure capabilities for national security, economic growth, climate-related monitoring, and national autonomy, especially as geopolitical competition and dependence on space assets grows.

Due to shifting geopolitical realities, international defense spending is accelerating faster than U.S.

spending, with a significant emphasis on development of national space capabilities.

This international acceleration reflects the recognition that space capabilities are no longer discretionary;

they are essential for sovereignty as nations address regional security challenges.

The increase in demand for geospatial imaging and intelligence comes 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.

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Our industry is highly regulated, and our operations are subject to various foreign, federal, state, and local laws and regulations.

We must comply with, and are affected by, laws and regulations relating to the formation, administration, and performance of U.S.

We must comply with, and are affected by, laws and regulations relating to the formation,

administration, and performance of U.S.

government and foreign government contracts.

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As of December 31, 2025, we had 321 employees.

BlackSky employs a highly technical workforce, with the majority of our employees working in engineering or operations functions and the remainder in our sales and general and administrative functions.

BlackSky employs a highly technical workforce, with the majority of our employees working in software development, engineering, and manufacturing.

The remainder of our employees work in our sales, operations and general and administrative functions.

Many of our employees bring significant experience from prior positions working for leading defense contractors, satellite manufacturers, other commercial and military aerospace and defense companies, and government agencies.

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

We are committed to a set of core corporate values.

They include:

• People First .

We operate with respect and transparency.

We provide a rich environment for people to grow, fulfill their ambitions and achieve their full potential.

• Accountability .

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

• Innovation .

We are innovators and thought leaders.

We are passionate and relentless about solving problems that matter.

• Integrity .

We conduct ourselves ethically and honestly.

Trust is paramount.

• Diversity .

We believe that diversity of background and opinion are essential to the strength of our culture.

We are committed to an equitable and inclusive environment.

• Positive Impact .

We are here to contribute to a smarter and safer world.

Our shared goal is to contribute to the good of society through the responsible use of our assets.

• Celebration .

We celebrate our wins and recognize the individual and collective accomplishments of our teams.

Corporate Information

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(“Osprey”), consummated its merger (the “Merger”) with Osprey Technology Merger Sub, Inc., a wholly-owned subsidiary of Osprey, and BlackSky Holdings, Inc.

(“Legacy BlackSky”).

Immediately following the Merger, Osprey changed its name to BlackSky Technology Inc.

BlackSky Holdings, Inc.

Legacy BlackSky survived the Merger and is now a wholly-owned subsidiary of BlackSky Technology Inc.

9 unchanged sentences

The SEC also maintains a website that contains our SEC filings at www.sec.gov.

We use our investor relations website to post important information for investors, including news releases, company presentations and events, and supplemental financial information, and as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

We use our investor relations website to post

important information for investors, including news releases, company presentations and events, and supplemental financial information, and as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Accordingly, investors should monitor our investor relations website, in addition to following press releases, SEC filings and public conference calls and webcasts.

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