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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $35.2M, roughly 1.5× BlackSky Technology Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -26.0%, a 23.5% gap on every dollar of revenue. On growth, BlackSky Technology Inc. posted the faster year-over-year revenue change (15.9% vs -31.3%). Over the past eight quarters, BlackSky Technology Inc.'s revenue compounded faster (20.5% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
BKSY vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.9M |
| Net Profit | $-868.0K | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | -11.8% | -33.6% |
| Net Margin | -2.5% | -26.0% |
| Revenue YoY | 15.9% | -31.3% |
| Net Profit YoY | 95.5% | 4.8% |
| EPS (diluted) | $0.04 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $19.6M | $61.6M | ||
| Q2 25 | $22.2M | $78.1M | ||
| Q1 25 | $29.5M | $74.5M | ||
| Q4 24 | $30.4M | $75.6M | ||
| Q3 24 | $22.5M | $88.8M | ||
| Q2 24 | $24.9M | $94.6M | ||
| Q1 24 | $24.2M | $84.9M |
| Q4 25 | $-868.0K | $-13.5M | ||
| Q3 25 | $-15.3M | $-18.5M | ||
| Q2 25 | $-41.2M | $-17.5M | ||
| Q1 25 | $-12.8M | $-15.9M | ||
| Q4 24 | $-19.4M | $-14.2M | ||
| Q3 24 | $-12.6M | $-23.6M | ||
| Q2 24 | $-9.4M | $-26.4M | ||
| Q1 24 | $-15.8M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | -11.8% | -33.6% | ||
| Q3 25 | -85.8% | -25.3% | ||
| Q2 25 | -62.8% | -20.4% | ||
| Q1 25 | -40.5% | -17.6% | ||
| Q4 24 | -20.0% | -15.7% | ||
| Q3 24 | -58.7% | -24.6% | ||
| Q2 24 | -47.0% | -30.8% | ||
| Q1 24 | -54.7% | -30.4% |
| Q4 25 | -2.5% | -26.0% | ||
| Q3 25 | -78.2% | -30.1% | ||
| Q2 25 | -185.8% | -22.4% | ||
| Q1 25 | -43.4% | -21.3% | ||
| Q4 24 | -63.9% | -18.7% | ||
| Q3 24 | -55.8% | -26.6% | ||
| Q2 24 | -37.7% | -27.9% | ||
| Q1 24 | -65.2% | -12.4% |
| Q4 25 | $0.04 | $-3.58 | ||
| Q3 25 | $-0.44 | $-2.30 | ||
| Q2 25 | $-1.27 | $-2.23 | ||
| Q1 25 | $-0.42 | $-0.21 | ||
| Q4 24 | $-0.61 | $-3.41 | ||
| Q3 24 | $-0.66 | $-3.37 | ||
| Q2 24 | $-0.52 | $-3.80 | ||
| Q1 24 | $-0.88 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | $201.1M | $305.1M |
| Stockholders' EquityBook value | $94.9M | $30.5M |
| Total Assets | $386.2M | $405.0M |
| Debt / EquityLower = less leverage | 2.12× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $86.9M | ||
| Q3 25 | $146.5M | $54.6M | ||
| Q2 25 | $93.8M | $63.6M | ||
| Q1 25 | $75.8M | $43.9M | ||
| Q4 24 | $52.5M | $63.6M | ||
| Q3 24 | $63.2M | $69.1M | ||
| Q2 24 | $41.2M | $75.7M | ||
| Q1 24 | $35.4M | $69.9M |
| Q4 25 | $201.1M | $305.1M | ||
| Q3 25 | $195.1M | $259.2M | ||
| Q2 25 | $122.5M | $263.3M | ||
| Q1 25 | $115.3M | $267.4M | ||
| Q4 24 | $107.7M | $255.1M | ||
| Q3 24 | $98.8M | $259.2M | ||
| Q2 24 | $108.6M | $263.3M | ||
| Q1 24 | $85.0M | $268.6M |
| Q4 25 | $94.9M | $30.5M | ||
| Q3 25 | $91.1M | $42.7M | ||
| Q2 25 | $86.6M | $58.2M | ||
| Q1 25 | $88.8M | $67.2M | ||
| Q4 24 | $94.0M | $80.3M | ||
| Q3 24 | $110.3M | $90.3M | ||
| Q2 24 | $76.5M | $109.4M | ||
| Q1 24 | $81.7M | $131.7M |
| Q4 25 | $386.2M | $405.0M | ||
| Q3 25 | $380.9M | $385.2M | ||
| Q2 25 | $310.8M | $429.2M | ||
| Q1 25 | $284.9M | $419.2M | ||
| Q4 24 | $254.1M | $459.1M | ||
| Q3 24 | $245.5M | $479.3M | ||
| Q2 24 | $224.3M | $511.3M | ||
| Q1 24 | $210.1M | $521.1M |
| Q4 25 | 2.12× | 10.01× | ||
| Q3 25 | 2.14× | 6.07× | ||
| Q2 25 | 1.41× | 4.53× | ||
| Q1 25 | 1.30× | 3.98× | ||
| Q4 24 | 1.15× | 3.18× | ||
| Q3 24 | 0.90× | 2.87× | ||
| Q2 24 | 1.42× | 2.41× | ||
| Q1 24 | 1.04× | 2.04× |
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 | $-10.6M |
| 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 | $-10.6M | ||
| Q3 25 | $-39.0M | $-2.1M | ||
| Q2 25 | $-7.3M | $24.5M | ||
| Q1 25 | $27.2M | $-15.9M | ||
| Q4 24 | $-1.8M | $772.0K | ||
| Q3 24 | $1.0M | $-5.0K | ||
| Q2 24 | $-1.8M | $10.0M | ||
| Q1 24 | $-3.8M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
