Debt and Other Financing

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt and Other Financing

15. Debt and Other Financing

The carrying value of the Company’s outstanding debt consisted of the following amounts:

	December 31,		December 31,
	2025		2024
	(in thousands)
Current portion of long-term debt	$	7,971	$	2,000
Non-current portion of long-term debt	199,917		107,034
Total long-term debt	207,888		109,034
Unamortized debt issuance costs	(6,771)		(1,371)
Outstanding balance	$	201,117	$	107,663

	Effective Interest Rate	December 31,		December 31,
Name of Loan		2025		2024
		(in thousands)
Convertible Senior Notes	8.73%	$	185,000	$	—
Satellite launch vendor financing	7.30% - 11.62%	22,888		6,000
Loans from related parties	12.23% - 12.57%	—		93,034
Commercial bank line	10.98%	—		10,000
Total		$	207,888	$	109,034

Convertible Senior Notes

In July 2025, the Company issued $185.0 million aggregate principal amount of Convertible Senior Notes in a private offering. The Convertible Senior Notes mature on August 1, 2033 unless earlier converted, redeemed or repurchased. The Convertible Senior Notes bear interest at a rate of 8.25% per year, payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026. The following table summarizes the interest expense for the Convertible Senior Notes for the year ended December 31, 2025:

	Year Ended December 31,
	2025
	(in thousands)
Coupon interest	$	6,741
Amortization of debt issuance costs	392
Total interest expense	$	7,133

Holders may convert their Convertible Senior Notes at their option at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay shares of the Company's Class A common stock, or deliver cash, or a combination of cash and shares of the Company's Class A common stock, at the Company's election. The conversion rate of the notes will initially be 27.1909 shares of BlackSky’s Class A common stock per $1,000 principal amount of Convertible Senior Notes (equivalent to an initial conversion price of approximately $36.78 per share of Class A common stock). The conversion rate is subject to adjustment upon the occurrence of certain events set forth in the indenture governing the terms of the Convertible Senior Notes. The Company may not redeem the Convertible Senior Notes prior to August 4, 2028. The Company may redeem for cash all or any portion of the Convertible Senior Notes, at the Company's option, on or after August 4, 2028 and prior to the 26th scheduled trading day immediately preceding the maturity date, if (1) the last reported sale price of the Company's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) certain liquidity conditions are satisfied, at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a make-whole fundamental change or our issuance of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert such Convertible Senior Notes in connection with such make-whole fundamental change or notice of redemption.

Satellite Launch Vendor Financing

In November 2023, the Company entered into a vendor financing agreement to fund the costs of multiple satellite launches providing for $27.0 million, for which payments accrue interest at 12.6% per annum and in November 2025, the Company entered into an additional agreement for multiple satellite launches providing for

$30.6 million, for which payments accrue interest at 9.50% per annum. A portion of the vendor financing agreements can be drawn down equally per satellite launch and will be repaid quarterly on a pro-rata basis across a three-year period after each successful launch milestone. Interest begins to accrue on each launch date.

The Company may prepay either agreement at any time until the maturity date without premium or penalty. The outstanding debt related to the vendor financing agreements is guaranteed by the Company’s subsidiaries and secured by substantially all of the assets of the Company and its subsidiaries. During the year ended December 31, 2025, the Company incurred $19.7 million of additional debt and repaid $3.6 million of principal and interest related to the satellite launch vendor financing agreements.

Loans from Related Parties

In May 2023, BlackSky and its subsidiaries entered into an Amendment to its Amended and Restated Loan and Security Agreement with Intelsat Jackson Holdings, SA (“Intelsat”) and Seahawk SPV Investment LLC (“Seahawk”), dated October 31, 2019 and previously amended on September 9, 2021. In July 2025, the Company repaid the loans owed to both entities under the loan agreement in their entirety plus accrued interest in the amount of $100.2 million.

Commercial Bank Line

In April 2024, the Company, and certain subsidiaries of the Company, as co-borrowers, entered into a commercial bank line with Stifel Bank that provided for a $20.0 million revolving credit facility. In July 2025, the Company repaid the amount owed under the revolving credit facility in its entirety plus accrued interest in the amount of $10.0 million. The Company subsequently closed the commercial bank line.

Debt Maturities

Under the Company’s loan agreements, minimum required maturities are as follows:

For the years ending December 31,	(in thousands)
2026	$	7,971
2027	8,567
2028	5,754
2029	596
2030	—
Thereafter	185,000
Total outstanding	$	207,888

Fair Value of Debt

The following table presents the fair value hierarchy of the Company’s outstanding long-term debt as of December 31, 2025:

December 31, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	204,135	$	—	$	—
Satellite launch vendor financing	—		—		21,822
	$	204,135	$	—	$	21,822

The fair value of the satellite launch vendor financing was estimated using Level 3 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements and credit rating. The estimated fair value of the Company’s outstanding long-term debt as of December 31, 2024 was $120.3 million, which represents a Level 3 measurement based off of the fair value hierarchy.

Compliance with Debt Covenants

As of December 31, 2025, all debt instruments contain customary covenants and events of default. There are no covenants tied to financial metrics and the Company was in compliance with all non-financial covenants as of December 31, 2025.