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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and BlackSky Technology Inc. (BKSY). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $35.2M, roughly 1.2× BlackSky Technology Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -2.5%, a 126.5% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 15.9%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 20.5%).
BlackSky Technology Inc. is a leading geospatial intelligence provider operating a constellation of high-revisit small Earth observation satellites. It delivers real-time satellite imagery, advanced data analytics, and dynamic monitoring solutions to government, defense, critical infrastructure, and commercial clients globally to support data-driven operational decision-making.
ADAM vs BKSY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $35.2M |
| Net Profit | $53.5M | $-868.0K |
| Gross Margin | — | — |
| Operating Margin | — | -11.8% |
| Net Margin | 124.0% | -2.5% |
| Revenue YoY | 61.6% | 15.9% |
| Net Profit YoY | 270.5% | 95.5% |
| EPS (diluted) | $0.45 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $35.2M | ||
| Q3 25 | $36.6M | $19.6M | ||
| Q2 25 | $36.4M | $22.2M | ||
| Q1 25 | $33.1M | $29.5M | ||
| Q4 24 | $26.7M | $30.4M | ||
| Q3 24 | $20.2M | $22.5M | ||
| Q2 24 | $19.0M | $24.9M | ||
| Q1 24 | $17.9M | $24.2M |
| Q4 25 | $53.5M | $-868.0K | ||
| Q3 25 | $44.8M | $-15.3M | ||
| Q2 25 | $8.5M | $-41.2M | ||
| Q1 25 | $42.2M | $-12.8M | ||
| Q4 24 | $-31.4M | $-19.4M | ||
| Q3 24 | $42.8M | $-12.6M | ||
| Q2 24 | $-15.6M | $-9.4M | ||
| Q1 24 | $-57.9M | $-15.8M |
| Q4 25 | — | -11.8% | ||
| Q3 25 | — | -85.8% | ||
| Q2 25 | 11.7% | -62.8% | ||
| Q1 25 | — | -40.5% | ||
| Q4 24 | -119.0% | -20.0% | ||
| Q3 24 | — | -58.7% | ||
| Q2 24 | -124.7% | -47.0% | ||
| Q1 24 | -448.8% | -54.7% |
| Q4 25 | 124.0% | -2.5% | ||
| Q3 25 | 122.5% | -78.2% | ||
| Q2 25 | 23.4% | -185.8% | ||
| Q1 25 | 127.4% | -43.4% | ||
| Q4 24 | -117.5% | -63.9% | ||
| Q3 24 | 211.7% | -55.8% | ||
| Q2 24 | -81.9% | -37.7% | ||
| Q1 24 | -324.1% | -65.2% |
| Q4 25 | $0.45 | $0.04 | ||
| Q3 25 | $0.36 | $-0.44 | ||
| Q2 25 | $-0.04 | $-1.27 | ||
| Q1 25 | $0.33 | $-0.42 | ||
| Q4 24 | $-0.46 | $-0.61 | ||
| Q3 24 | $0.36 | $-0.66 | ||
| Q2 24 | $-0.29 | $-0.52 | ||
| Q1 24 | $-0.75 | $-0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $124.5M |
| Total DebtLower is stronger | $735.8M | $201.1M |
| Stockholders' EquityBook value | $1.4B | $94.9M |
| Total Assets | $12.6B | $386.2M |
| Debt / EquityLower = less leverage | 0.52× | 2.12× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $124.5M | ||
| Q3 25 | $185.3M | $146.5M | ||
| Q2 25 | $160.4M | $93.8M | ||
| Q1 25 | $177.1M | $75.8M | ||
| Q4 24 | $167.4M | $52.5M | ||
| Q3 24 | $195.1M | $63.2M | ||
| Q2 24 | $235.5M | $41.2M | ||
| Q1 24 | $226.9M | $35.4M |
| Q4 25 | $735.8M | $201.1M | ||
| Q3 25 | $766.6M | $195.1M | ||
| Q2 25 | $653.0M | $122.5M | ||
| Q1 25 | $654.4M | $115.3M | ||
| Q4 24 | $573.2M | $107.7M | ||
| Q3 24 | $699.4M | $98.8M | ||
| Q2 24 | $800.7M | $108.6M | ||
| Q1 24 | $1.0B | $85.0M |
| Q4 25 | $1.4B | $94.9M | ||
| Q3 25 | $1.4B | $91.1M | ||
| Q2 25 | $1.4B | $86.6M | ||
| Q1 25 | $1.4B | $88.8M | ||
| Q4 24 | $1.4B | $94.0M | ||
| Q3 24 | $1.4B | $110.3M | ||
| Q2 24 | $1.4B | $76.5M | ||
| Q1 24 | $1.5B | $81.7M |
| Q4 25 | $12.6B | $386.2M | ||
| Q3 25 | $12.4B | $380.9M | ||
| Q2 25 | $10.6B | $310.8M | ||
| Q1 25 | $10.0B | $284.9M | ||
| Q4 24 | $9.2B | $254.1M | ||
| Q3 24 | $8.9B | $245.5M | ||
| Q2 24 | $8.2B | $224.3M | ||
| Q1 24 | $7.4B | $210.1M |
| Q4 25 | 0.52× | 2.12× | ||
| Q3 25 | 0.55× | 2.14× | ||
| Q2 25 | 0.47× | 1.41× | ||
| Q1 25 | 0.47× | 1.30× | ||
| Q4 24 | 0.41× | 1.15× | ||
| Q3 24 | 0.48× | 0.90× | ||
| Q2 24 | 0.56× | 1.42× | ||
| Q1 24 | 0.67× | 1.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-9.3M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-9.3M | ||
| Q3 25 | $6.9M | $-39.0M | ||
| Q2 25 | $39.2M | $-7.3M | ||
| Q1 25 | $25.8M | $27.2M | ||
| Q4 24 | $14.1M | $-1.8M | ||
| Q3 24 | $-922.0K | $1.0M | ||
| Q2 24 | $-993.0K | $-1.8M | ||
| Q1 24 | $-13.1M | $-3.8M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
BKSY
Segment breakdown not available.
