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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
BlackSky Technology Inc. is the larger business by last-quarter revenue ($35.2M vs $28.1M, roughly 1.3× ARS Pharmaceuticals, Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -147.1%, a 144.7% gap on every dollar of revenue. On growth, BlackSky Technology Inc. posted the faster year-over-year revenue change (15.9% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
BKSY vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $28.1M |
| Net Profit | $-868.0K | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -147.6% |
| Net Margin | -2.5% | -147.1% |
| Revenue YoY | 15.9% | -67.6% |
| Net Profit YoY | 95.5% | -182.8% |
| EPS (diluted) | $0.04 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $19.6M | $32.5M | ||
| Q2 25 | $22.2M | $15.7M | ||
| Q1 25 | $29.5M | $8.0M | ||
| Q4 24 | $30.4M | $86.6M | ||
| Q3 24 | $22.5M | $2.1M | ||
| Q2 24 | $24.9M | $500.0K | ||
| Q1 24 | $24.2M | $0 |
| Q4 25 | $-868.0K | $-41.3M | ||
| Q3 25 | $-15.3M | $-51.2M | ||
| Q2 25 | $-41.2M | $-44.9M | ||
| Q1 25 | $-12.8M | $-33.9M | ||
| Q4 24 | $-19.4M | $49.9M | ||
| Q3 24 | $-12.6M | $-19.1M | ||
| Q2 24 | $-9.4M | $-12.5M | ||
| Q1 24 | $-15.8M | $-10.3M |
| Q4 25 | -11.8% | -147.6% | ||
| Q3 25 | -85.8% | -163.7% | ||
| Q2 25 | -62.8% | -302.9% | ||
| Q1 25 | -40.5% | -466.3% | ||
| Q4 24 | -20.0% | 54.5% | ||
| Q3 24 | -58.7% | -1051.6% | ||
| Q2 24 | -47.0% | -3068.0% | ||
| Q1 24 | -54.7% | — |
| Q4 25 | -2.5% | -147.1% | ||
| Q3 25 | -78.2% | -157.4% | ||
| Q2 25 | -185.8% | -285.6% | ||
| Q1 25 | -43.4% | -425.7% | ||
| Q4 24 | -63.9% | 57.7% | ||
| Q3 24 | -55.8% | -925.0% | ||
| Q2 24 | -37.7% | -2503.2% | ||
| Q1 24 | -65.2% | — |
| Q4 25 | $0.04 | $-0.41 | ||
| Q3 25 | $-0.44 | $-0.52 | ||
| Q2 25 | $-1.27 | $-0.46 | ||
| Q1 25 | $-0.42 | $-0.35 | ||
| Q4 24 | $-0.61 | $0.52 | ||
| Q3 24 | $-0.66 | $-0.20 | ||
| Q2 24 | $-0.52 | $-0.13 | ||
| Q1 24 | $-0.88 | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | $201.1M | $96.4M |
| Stockholders' EquityBook value | $94.9M | $114.3M |
| Total Assets | $386.2M | $327.7M |
| Debt / EquityLower = less leverage | 2.12× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $245.0M | ||
| Q3 25 | $146.5M | $288.2M | ||
| Q2 25 | $93.8M | $240.1M | ||
| Q1 25 | $75.8M | $275.7M | ||
| Q4 24 | $52.5M | $314.0M | ||
| Q3 24 | $63.2M | $204.6M | ||
| Q2 24 | $41.2M | $218.7M | ||
| Q1 24 | $35.4M | $223.6M |
| Q4 25 | $201.1M | $96.4M | ||
| Q3 25 | $195.1M | $96.2M | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $107.7M | $0 | ||
| Q3 24 | $98.8M | — | ||
| Q2 24 | $108.6M | — | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $94.9M | $114.3M | ||
| Q3 25 | $91.1M | $147.7M | ||
| Q2 25 | $86.6M | $192.3M | ||
| Q1 25 | $88.8M | $229.0M | ||
| Q4 24 | $94.0M | $256.8M | ||
| Q3 24 | $110.3M | $201.0M | ||
| Q2 24 | $76.5M | $215.2M | ||
| Q1 24 | $81.7M | $223.9M |
| Q4 25 | $386.2M | $327.7M | ||
| Q3 25 | $380.9M | $372.8M | ||
| Q2 25 | $310.8M | $313.5M | ||
| Q1 25 | $284.9M | $327.3M | ||
| Q4 24 | $254.1M | $351.2M | ||
| Q3 24 | $245.5M | $217.6M | ||
| Q2 24 | $224.3M | $222.0M | ||
| Q1 24 | $210.1M | $227.6M |
| Q4 25 | 2.12× | 0.84× | ||
| Q3 25 | 2.14× | 0.65× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.15× | 0.00× | ||
| 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 | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | $-43.5M | ||
| Q3 25 | $-39.0M | $-47.0M | ||
| Q2 25 | $-7.3M | $-39.6M | ||
| Q1 25 | $27.2M | $-40.7M | ||
| Q4 24 | $-1.8M | $42.0M | ||
| Q3 24 | $1.0M | $-14.5M | ||
| Q2 24 | $-1.8M | $-7.3M | ||
| Q1 24 | $-3.8M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| 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.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
