BlackSky runs a fleet of satellites that take high-resolution photos of Earth on demand, selling the images and analytics to governments and businesses—like a space-based surveillance camera service for defense, construction, and disaster monitoring. It also b
Revenue is tiny at USD 0.11B annually, with gross margins around 67% but deep net losses (net margin -66%), meaning the core imagery business doesn't yet cover operating costs. Money comes from recurring government and commercial contracts for imagery and anal
BlackSky's own satellite constellation and proprietary analytics create switching costs for government clients, but the moat is eroding as Planet Labs and Maxar Technologies offer similar high-resolution imagery, and new entrants like Capella Space and ICEYE p

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