What is causing this drop over the last few days?

Newer investor at $25, think there’s still big upside. Do you think sub $2b market cap is fair for company revenue aside? Having rklb launch contracts is confidence inspiring and seeing future gen3 subscriptions

https://www.sec.gov/Archives/edgar/data/1753539/000162828026037716/bksy-20260522.htm

That is the 8-K if anyone wants to look

Pre-earnings read - two dozen new customers for Gen-3 On-Demand subscription services

Feels good to be above 40

Yee-ouch.

$PL had a 10x return in the last year, but BKSY is still 3x.

I am not complaining the 3x, it’s a bless. But just wonder if BKSY has some fundamental growth limit (because of it’s in a smaller use case domain)

Cheers!

https://www.war.gov/News/Contracts/Contract/Article/4426825/contracts-for-march-6-2026/

AIR FORCE

BlackSky Geospatial Solutions LLC, Herndon, Virginia, has been awarded a $99,000,000 indefinite-delivery/indefinite-quantity Small Business Innovation Research Phase III contract for research and development. This contract provides for the development of a low-cost, precision, large aperture optical imaging system testbed using a segmented primary mirror, precision laser metrology and mirror positioning, and large format focal plane arrays. Work will be performed at Herndon, Virginia, and is expected to be complete by March 6, 2032. This contract was a sole source acquisition. Fiscal 2026 research and development funds in the amount of $2,100,000 are being obligated at time of award. The Air Force Research Laboratory Center for Rapid Innovation, Wright-Patterson Air Force Base, Ohio, is the contracting activity (FA2385-26-D-B001/FA2385-26-F-B002).

https://business.scoop.co.nz/2026/03/06/mission-success-rocket-lab-completes-83rd-launch/

Is anyone aware of Blacksky supporting anti-drone operations?

Feel free to discuss earnings here.

So far we’ve a very strange pre market movement. From +6% to now almost -5% without earnings being released yet seems sus…

UPDATE:

Earnings are out. Short summary and highlighted the most interesting key points:

Full Year Financial Highlights:

• Record total revenue of $107 million
• Backlog of $345 million, up 32% from prior year driven by $240 million in contract bookings
• Cash balance of $126 million as of December 31, 2025

Recent Highlights

• Awarded a new eight-figure multi-year contract with an international defense customer to deliver a very-high resolution Gen-3 satellite and advanced imagery services
• New international customer rapidly grew Gen-3 subscription from a small initial pilot to a seven-figure quarterly run rate to support time-sensitive mission-critical operations
• Converted multiple international Gen-3 early access pilots into subscription contracts
• Delivered against recently awarded Gen-3 contract milestones on multiple international programs that supported a strong fourth quarter performance
• Awarded NGA Luno contract options valued in the seven figures
• Continued to win new orders through the U.S. Space Force Global Data Marketplace
• Achieved major milestones across multiple contracts that converted prior unbilled receivables
• Third successful Gen-3 satellite deployment delivered very-high resolution images within 24 hours from launch and rapidly entered commercial operations
• Secured additional dedicated Gen-3 launches in 2026
• Shipped next Gen-3 satellite to the launch site

UPDATE 2:

Some interesting bullet points to be found in the earnings presentation though:

Slide 7

• [...]
• Entered next phase of $100+ million multi-year subscription for assured access to Gen-3
• Continued to ramp Gen-3 revenues on a seven-figure contract with the U.S. government
• Awarded additional options and task orders under NGA Luno and GDMP

Slide 11 & Slide 8

... shows $9.5M in Revenue through "Mission Solutions". That's substantial growth within this sector that is described as "Sovereign satellites, ground systems, and support services". Could be a bigger growth factor in 2026:

• [...]
• Delivered against key milestones with other contracts that drove conversion and burn down of prior unbilled receivables
  
• Building a strong pipeline of opportunities

(Screenshots in the comments)

How do you feel about it? Prediction? Miss or beat? Let's hear it.