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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
BlackSky Technology Inc. is the larger business by last-quarter revenue ($35.2M vs $25.8M, roughly 1.4× KKR Real Estate Finance Trust Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -101.7%, a 99.3% gap on every dollar of revenue. On growth, BlackSky Technology Inc. posted the faster year-over-year revenue change (15.9% vs -26.6%). Over the past eight quarters, BlackSky Technology Inc.'s revenue compounded faster (20.5% CAGR vs -18.8%).
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.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
BKSY vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $25.8M |
| Net Profit | $-868.0K | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -105.1% |
| Net Margin | -2.5% | -101.7% |
| Revenue YoY | 15.9% | -26.6% |
| Net Profit YoY | 95.5% | -229.6% |
| EPS (diluted) | $0.04 | $-0.49 |
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 | $25.8M | ||
| Q3 25 | $19.6M | $25.3M | ||
| Q2 25 | $22.2M | $30.2M | ||
| Q1 25 | $29.5M | $31.3M | ||
| Q4 24 | $30.4M | $35.1M | ||
| Q3 24 | $22.5M | $37.0M | ||
| Q2 24 | $24.9M | $40.4M | ||
| Q1 24 | $24.2M | $39.1M |
| Q4 25 | $-868.0K | $-26.2M | ||
| Q3 25 | $-15.3M | $13.8M | ||
| Q2 25 | $-41.2M | $-29.7M | ||
| Q1 25 | $-12.8M | $-4.9M | ||
| Q4 24 | $-19.4M | $20.3M | ||
| Q3 24 | $-12.6M | $-7.4M | ||
| Q2 24 | $-9.4M | $25.8M | ||
| Q1 24 | $-15.8M | $-3.1M |
| Q4 25 | -11.8% | -105.1% | ||
| Q3 25 | -85.8% | 50.4% | ||
| Q2 25 | -62.8% | -101.3% | ||
| Q1 25 | -40.5% | -18.3% | ||
| Q4 24 | -20.0% | 55.8% | ||
| Q3 24 | -58.7% | -19.6% | ||
| Q2 24 | -47.0% | 63.3% | ||
| Q1 24 | -54.7% | -8.7% |
| Q4 25 | -2.5% | -101.7% | ||
| Q3 25 | -78.2% | 54.4% | ||
| Q2 25 | -185.8% | -98.5% | ||
| Q1 25 | -43.4% | -15.5% | ||
| Q4 24 | -63.9% | 57.7% | ||
| Q3 24 | -55.8% | -20.0% | ||
| Q2 24 | -37.7% | 63.9% | ||
| Q1 24 | -65.2% | -7.9% |
| Q4 25 | $0.04 | $-0.49 | ||
| Q3 25 | $-0.44 | $0.12 | ||
| Q2 25 | $-1.27 | $-0.53 | ||
| Q1 25 | $-0.42 | $-0.15 | ||
| Q4 24 | $-0.61 | $0.22 | ||
| Q3 24 | $-0.66 | $-0.19 | ||
| Q2 24 | $-0.52 | $0.29 | ||
| Q1 24 | $-0.88 | $-0.13 |
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 | $84.6M |
| Total DebtLower is stronger | $201.1M | — |
| Stockholders' EquityBook value | $94.9M | $1.2B |
| Total Assets | $386.2M | $6.5B |
| Debt / EquityLower = less leverage | 2.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $84.6M | ||
| Q3 25 | $146.5M | $204.1M | ||
| Q2 25 | $93.8M | $107.7M | ||
| Q1 25 | $75.8M | $106.4M | ||
| Q4 24 | $52.5M | $104.9M | ||
| Q3 24 | $63.2M | $108.8M | ||
| Q2 24 | $41.2M | $107.2M | ||
| Q1 24 | $35.4M | $106.5M |
| Q4 25 | $201.1M | — | ||
| Q3 25 | $195.1M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $107.7M | — | ||
| Q3 24 | $98.8M | — | ||
| Q2 24 | $108.6M | — | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $94.9M | $1.2B | ||
| Q3 25 | $91.1M | $1.2B | ||
| Q2 25 | $86.6M | $1.2B | ||
| Q1 25 | $88.8M | $1.3B | ||
| Q4 24 | $94.0M | $1.3B | ||
| Q3 24 | $110.3M | $1.4B | ||
| Q2 24 | $76.5M | $1.4B | ||
| Q1 24 | $81.7M | $1.4B |
| Q4 25 | $386.2M | $6.5B | ||
| Q3 25 | $380.9M | $6.5B | ||
| Q2 25 | $310.8M | $6.8B | ||
| Q1 25 | $284.9M | $6.6B | ||
| Q4 24 | $254.1M | $6.4B | ||
| Q3 24 | $245.5M | $6.8B | ||
| Q2 24 | $224.3M | $7.1B | ||
| Q1 24 | $210.1M | $7.3B |
| 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 | $72.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | $72.3M | ||
| Q3 25 | $-39.0M | $18.5M | ||
| Q2 25 | $-7.3M | $21.1M | ||
| Q1 25 | $27.2M | $15.9M | ||
| Q4 24 | $-1.8M | $132.6M | ||
| Q3 24 | $1.0M | $49.1M | ||
| Q2 24 | $-1.8M | $30.6M | ||
| Q1 24 | $-3.8M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
