BlackSky Technology Inc. Class A Common Stock (BKSY)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach BlackSky as a Graham-style bargain hunter, and the first question is whether the business earns durable profits. It does not. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $33.3M and net loss was $20.8M. In fiscal Q2 2025, the quarter ended 2025-06-30, revenue was $22.2M and net loss was $41.2M, so the loss narrowed, but the company remains deeply unprofitable. For fiscal year 2025, revenue was $106.6M and net loss was $70.3M; fiscal year 2024 had $102.1M revenue and a $57.2M loss; fiscal year 2023 had $94.5M revenue and a $53.9M loss. That is revenue growth, but no earnings. Free cash flow is negative $69.6M on a trailing basis, and FairStock's FCF yield is -8.6%. The balance sheet gives me pause: debt-to-equity is 1.05, FairStock's Altman Z-Score is 0.09, and FairStock's ROE is -44.76%, ROCE -7.53%. At the 2026-10-13 close of $19.72, FairStock shows P/B 3.79 and negative P/E -11.40. A negative P/E and high P/B for a loss-making company offer no margin of safety. FairStock's Piotroski F-Score of 6/9 and FairStock Score of 38/100 are not compelling. The Lynch category is none because it lost money in each of the last four years. I see no durable moat from the numbers; the company may have interesting technology, but technology alone is not an economic moat. Beta of 2.61 signals volatility. Until BlackSky produces positive net income and free cash flow, a conservative investor cannot calculate intrinsic value with confidence.

In plain English: BlackSky is a small space company that sells satellite-based intelligence and artificial intelligence services to governments and businesses. It is growing revenue, but it still loses money, burns cash, and carries debt. At the recent price, the stock looks expensive against its current profits and net assets, and the business looks financially weak rather than strong.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer