BKSYBlackSky Technology Inc.

Radio & Tv Broadcasting & Communications Equipment

Revenue: $107M; 4.4% YoY
Operating margin: -44.0%; 1.4% YoY
EBITDA: −$17M; 2102% YoY
Market cap: $726M
Employees: 321; $332K revenue each
Net debt / EBITDA: —; $180M net debt
AI in 10-K: 13.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-403× net income
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
21% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$332K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
13.7 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$726M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$34M	$65M	$94M	$102M	$107M	4.4%
Operating income	−$120M	−$87M	−$56M	−$44M	−$47M	5.9%
Net income	−$246M	−$74M	$54K	$57K	$70K	23%
Operating cash flow	−$54M	−$44M	−$17M	−$6M	−$28M	343%
Stock-based comp	$43M	$20M	$11M	$11M	$14M	27%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 20, 2026	Mithril LP	SCHEDULE 13D/A	0.0%	Passive
Aug 11, 2025	Mithril LP	SCHEDULE 13D/A	15.7%	Passive
Nov 12, 2024	Mithril LP	SC 13D/A	4.2%	Passive
Apr 20, 2023	MITHRIL II LP	SC 13D/A	5.9%	Passive
Sep 20, 2021	MITHRIL II LP	SC 13D	7.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 18
Net: −$6M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$13M	152	—
FY2024	$3M	$3M	88	—
FY2023	$3M	$3M	91	—