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Achieved a major inflection point in Q2 with 50% year-over-year revenue growth, driven by the scaling of Gen-3 imagery services and record space-based intelligence revenue.

Reached a $100 million annual run rate for high-margin imagery and AI subscription services, which management identifies as a critical hurdle for accelerating incremental earnings growth.

Leveraged Gen-3's superior 35-centimeter imaging performance and unit economics—at approximately 1/5 the cost of legacy platforms—to capture 90% of the company's current growth.

Expanded international footprint significantly, with international subscription revenues growing 150% year-over-year and now comprising over 80% of the total funded backlog.

Capitalized on a vertically integrated platform to meet the rising global demand for sovereign space capabilities, which management views as a necessity rather than an option for national security.

Maintained flat cash operating expenses despite 50% revenue growth, demonstrating the inherent operating leverage of the business model as high-margin services become a larger portion of the mix.

Reaffirmed full-year 2026 guidance with revenue expected between $130 million and $150 million and adjusted EBITDA between $12 million and $24 million.

On track to have 8 Gen-3 satellites on orbit by the end of 2026, though management noted that hitting 2026 revenue targets does not require additional launches beyond current capacity.

Accelerating the AROS (Advanced Real-time Optical System) program for a targeted 2028 launch to fill an expected market gap as legacy systems reach end-of-life.

Scaling production with a pipeline of over 20 Gen-3 satellites to support future commercial capacity and anticipated expansion of the Mission Solutions business.

Anticipating continued momentum into 2027 as new customers adopt Gen-3 services and existing customers expand contracts to utilize improved latency and revisit performance.

Strengthened liquidity to over $325 million following a successful $150 million capital raise via ATM offerings to provide strategic flexibility.

Secured an 8-figure U.S. government contract to accelerate AROS development, utilizing a customer-funded R&D model to minimize internal capital requirements.

Noted some launch-related delays but confirmed the deployment plan for the commercial constellation remains on schedule for the second half of the year.

Reported that the first sovereign Gen-3 satellite delivery remains on track for 2026, which is expected to contribute to second-half revenue growth.

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Management explained the inventory allows them to deliver Mission Solutions to customers within approximately one year of an order, compared to a 3-to-5-year lead time for competitors.

The assets will be balanced between maintaining an hourly revisit commercial service and fulfilling specific sovereign mission contracts.

Management confirmed this is a solid base for future growth, consisting entirely of subscription revenue unlocked by Gen-3 capacity.

The growth was driven by the conversion of small pilot programs into 7- and 8-figure multi-year subscription deals.

BlackSky emphasized that Gen-3 is their third-generation satellite, benefiting from significant on-orbit heritage that ensures systems work "right out of the box."

Management noted that competitors who have not internally built satellites of this class often struggle with image quality and require tech demos to prove capability.

Current AROS funding is recognized under advanced technology programs but is expected to shift toward Mission Solutions and space-based intelligence as it matures.

The program follows a single design to meet both commercial mapping and government requirements, ensuring capital efficiency.