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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and Firefly Aerospace Inc. (FLY). Click either name above to swap in a different company.
BlackSky Technology Inc. is the larger business by last-quarter revenue ($35.2M vs $30.8M, roughly 1.1× Firefly Aerospace Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -433.5%, a 431.0% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs 15.9%).
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.
Firefly Aerospace, Inc. (Firefly) is an American aerospace firm based in Cedar Park, Texas. Firefly develops small- and medium-lift launch vehicles for commercial launches to orbit. Firefly's stated purpose is to increase access to space, similar to other private spaceflight companies.
BKSY vs FLY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $30.8M |
| Net Profit | $-868.0K | $-133.4M |
| Gross Margin | — | 27.6% |
| Operating Margin | -11.8% | -202.1% |
| Net Margin | -2.5% | -433.5% |
| Revenue YoY | 15.9% | 37.6% |
| Net Profit YoY | 95.5% | -227.1% |
| EPS (diluted) | $0.04 | $-1.50 |
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 | $35.2M | — | ||
| Q3 25 | $19.6M | $30.8M | ||
| Q2 25 | $22.2M | $15.5M | ||
| Q1 25 | $29.5M | — | ||
| Q4 24 | $30.4M | — | ||
| Q3 24 | $22.5M | $22.4M | ||
| Q2 24 | $24.9M | $21.1M | ||
| Q1 24 | $24.2M | — |
| Q4 25 | $-868.0K | — | ||
| Q3 25 | $-15.3M | $-133.4M | ||
| Q2 25 | $-41.2M | $-63.8M | ||
| Q1 25 | $-12.8M | — | ||
| Q4 24 | $-19.4M | — | ||
| Q3 24 | $-12.6M | $-40.8M | ||
| Q2 24 | $-9.4M | $-53.5M | ||
| Q1 24 | $-15.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 25.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | — |
| Q4 25 | -11.8% | — | ||
| Q3 25 | -85.8% | -202.1% | ||
| Q2 25 | -62.8% | -349.5% | ||
| Q1 25 | -40.5% | — | ||
| Q4 24 | -20.0% | — | ||
| Q3 24 | -58.7% | -152.9% | ||
| Q2 24 | -47.0% | -232.1% | ||
| Q1 24 | -54.7% | — |
| Q4 25 | -2.5% | — | ||
| Q3 25 | -78.2% | -433.5% | ||
| Q2 25 | -185.8% | -410.2% | ||
| Q1 25 | -43.4% | — | ||
| Q4 24 | -63.9% | — | ||
| Q3 24 | -55.8% | -182.3% | ||
| Q2 24 | -37.7% | -253.7% | ||
| Q1 24 | -65.2% | — |
| Q4 25 | $0.04 | — | ||
| Q3 25 | $-0.44 | $-1.50 | ||
| Q2 25 | $-1.27 | $-5.78 | ||
| Q1 25 | $-0.42 | — | ||
| Q4 24 | $-0.61 | — | ||
| Q3 24 | $-0.66 | $-3.57 | ||
| Q2 24 | $-0.52 | $-4.60 | ||
| Q1 24 | $-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 | $124.5M | $995.2M |
| Total DebtLower is stronger | $201.1M | — |
| Stockholders' EquityBook value | $94.9M | $948.8M |
| Total Assets | $386.2M | $1.3B |
| Debt / EquityLower = less leverage | 2.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | — | ||
| Q3 25 | $146.5M | $995.2M | ||
| Q2 25 | $93.8M | $205.3M | ||
| Q1 25 | $75.8M | — | ||
| Q4 24 | $52.5M | — | ||
| Q3 24 | $63.2M | $26.4M | ||
| Q2 24 | $41.2M | $21.9M | ||
| Q1 24 | $35.4M | — |
| Q4 25 | $201.1M | — | ||
| Q3 25 | $195.1M | — | ||
| Q2 25 | $122.5M | $136.1M | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $107.7M | — | ||
| Q3 24 | $98.8M | — | ||
| Q2 24 | $108.6M | — | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $94.9M | — | ||
| Q3 25 | $91.1M | $948.8M | ||
| Q2 25 | $86.6M | $-918.0M | ||
| Q1 25 | $88.8M | — | ||
| Q4 24 | $94.0M | — | ||
| Q3 24 | $110.3M | $-665.5M | ||
| Q2 24 | $76.5M | $-620.0M | ||
| Q1 24 | $81.7M | — |
| Q4 25 | $386.2M | — | ||
| Q3 25 | $380.9M | $1.3B | ||
| Q2 25 | $310.8M | $466.8M | ||
| Q1 25 | $284.9M | — | ||
| Q4 24 | $254.1M | — | ||
| Q3 24 | $245.5M | — | ||
| Q2 24 | $224.3M | — | ||
| Q1 24 | $210.1M | — |
| Q4 25 | 2.12× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 0.90× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | 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 | $-9.3M | $-53.0M |
| Free Cash FlowOCF − Capex | — | $-62.0M |
| FCF MarginFCF / Revenue | — | -201.3% |
| Capex IntensityCapex / Revenue | — | 29.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | — | ||
| Q3 25 | $-39.0M | $-53.0M | ||
| Q2 25 | $-7.3M | — | ||
| Q1 25 | $27.2M | — | ||
| Q4 24 | $-1.8M | — | ||
| Q3 24 | $1.0M | — | ||
| Q2 24 | $-1.8M | — | ||
| Q1 24 | $-3.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-62.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -201.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BKSY
Segment breakdown not available.
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
