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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and STEM, INC. (STEM). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $35.2M, roughly 1.3× BlackSky Technology Inc.). BlackSky Technology Inc. runs the higher net margin — -2.5% vs -33.9%, a 31.4% gap on every dollar of revenue. On growth, BlackSky Technology Inc. posted the faster year-over-year revenue change (15.9% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
BKSY vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $47.1M |
| Net Profit | $-868.0K | $-16.0M |
| Gross Margin | — | 48.9% |
| Operating Margin | -11.8% | -17.7% |
| Net Margin | -2.5% | -33.9% |
| Revenue YoY | 15.9% | -15.6% |
| Net Profit YoY | 95.5% | 68.8% |
| EPS (diluted) | $0.04 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $19.6M | $38.2M | ||
| Q2 25 | $22.2M | $38.4M | ||
| Q1 25 | $29.5M | $32.5M | ||
| Q4 24 | $30.4M | $55.8M | ||
| Q3 24 | $22.5M | $29.3M | ||
| Q2 24 | $24.9M | $34.0M | ||
| Q1 24 | $24.2M | $25.5M |
| Q4 25 | $-868.0K | $-16.0M | ||
| Q3 25 | $-15.3M | $-23.8M | ||
| Q2 25 | $-41.2M | $202.5M | ||
| Q1 25 | $-12.8M | $-25.0M | ||
| Q4 24 | $-19.4M | $-51.1M | ||
| Q3 24 | $-12.6M | $-148.3M | ||
| Q2 24 | $-9.4M | $-582.3M | ||
| Q1 24 | $-15.8M | $-72.3M |
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | -11.8% | -17.7% | ||
| Q3 25 | -85.8% | -33.6% | ||
| Q2 25 | -62.8% | -34.8% | ||
| Q1 25 | -40.5% | -65.0% | ||
| Q4 24 | -20.0% | -84.4% | ||
| Q3 24 | -58.7% | -493.2% | ||
| Q2 24 | -47.0% | -1705.5% | ||
| Q1 24 | -54.7% | -267.0% |
| Q4 25 | -2.5% | -33.9% | ||
| Q3 25 | -78.2% | -62.2% | ||
| Q2 25 | -185.8% | 527.8% | ||
| Q1 25 | -43.4% | -76.9% | ||
| Q4 24 | -63.9% | -91.6% | ||
| Q3 24 | -55.8% | -506.3% | ||
| Q2 24 | -37.7% | -1712.6% | ||
| Q1 24 | -65.2% | -283.9% |
| Q4 25 | $0.04 | $-4.40 | ||
| Q3 25 | $-0.44 | $-2.84 | ||
| Q2 25 | $-1.27 | $-1.79 | ||
| Q1 25 | $-0.42 | $-0.15 | ||
| Q4 24 | $-0.61 | $-15.29 | ||
| Q3 24 | $-0.66 | $-18.24 | ||
| Q2 24 | $-0.52 | $-71.81 | ||
| Q1 24 | $-0.88 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | $201.1M | — |
| Stockholders' EquityBook value | $94.9M | $-249.4M |
| Total Assets | $386.2M | $308.9M |
| Debt / EquityLower = less leverage | 2.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $48.9M | ||
| Q3 25 | $146.5M | $43.1M | ||
| Q2 25 | $93.8M | $40.8M | ||
| Q1 25 | $75.8M | $58.6M | ||
| Q4 24 | $52.5M | $56.3M | ||
| Q3 24 | $63.2M | $75.4M | ||
| Q2 24 | $41.2M | $89.6M | ||
| Q1 24 | $35.4M | $112.8M |
| 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 | $-249.4M | ||
| Q3 25 | $91.1M | $-235.7M | ||
| Q2 25 | $86.6M | $-214.1M | ||
| Q1 25 | $88.8M | $-417.5M | ||
| Q4 24 | $94.0M | $-398.4M | ||
| Q3 24 | $110.3M | $-344.1M | ||
| Q2 24 | $76.5M | $-203.2M | ||
| Q1 24 | $81.7M | $371.6M |
| Q4 25 | $386.2M | $308.9M | ||
| Q3 25 | $380.9M | $362.6M | ||
| Q2 25 | $310.8M | $379.2M | ||
| Q1 25 | $284.9M | $405.1M | ||
| Q4 24 | $254.1M | $437.4M | ||
| Q3 24 | $245.5M | $537.8M | ||
| Q2 24 | $224.3M | $691.5M | ||
| Q1 24 | $210.1M | $1.3B |
| 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 | $8.2M |
| 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 | $8.2M | ||
| Q3 25 | $-39.0M | $11.4M | ||
| Q2 25 | $-7.3M | $-21.3M | ||
| Q1 25 | $27.2M | $8.5M | ||
| Q4 24 | $-1.8M | $-14.7M | ||
| Q3 24 | $1.0M | $-9.4M | ||
| Q2 24 | $-1.8M | $-11.9M | ||
| Q1 24 | $-3.8M | $-621.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
