What is the market's earnings forecast for BlackSky Technology next quarter?

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What were the key takeaways from BlackSky Technology’s earnings call?

What is BlackSky Technology's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for BlackSky Technology year over year?

What does BlackSky Technology do and what are its main business segments?

Did BlackSky Technology beat or miss consensus estimates last quarter?

What factors drove the changes in BlackSky Technology's revenue and profit?

- **Gen-3 Dominance**: Secured $60M+ in international contracts, with 90%+ backlog tied to Gen-3, driving 50%+ cash balance growth to $147.6M and $200M+ liquidity.
- **Market Shift**: International revenues now 50% of total (vs. 40% prior), led by sovereign solutions and multi-year contracts for exclusive Gen-3 access.
- **Operational Momentum**: 2 Gen-3 satellites operational, with 12 planned by end-2026. Q4 guidance reflects potential $40M+ step-up from large deal closings.
- **Risk Mitigation**: $4M EOCL reduction offset by strong international demand; congressional support may restore U.S. funding in 2026.

**【CEO Summary Section】**
- **Gen-3 Success and Contract Wins**: Secured over $60 million in new contracts, primarily international, with $30 million for integrating Gen-3 services into a strategic defense customer's environment. Gen-3 imagery services contributed to a 50% increase in cash balance to $147.6 million, with total liquidity exceeding $200 million.
- **Market Momentum**: International revenues now account for ~50% of total, up from 40% previously, driven by sovereign solutions. Over 90% of backlog is tied to Gen-3 capabilities, reflecting strong demand for high-frequency, AI-driven imagery.
- **Satellite Deployment**: Next Gen-3 satellite at launch site, with plans for 12 operational by end-2026. Early access agreements with U.S. government and international customers demonstrate Gen-3's superior performance and scalability.
- **Strategic Initiatives**: Progress on AROS (wide-area mapping satellite) and Golden Dome program, leveraging commercial agility for government missions. Congressional support for EOCL funding may mitigate near-term U.S. budget risks.

**【CFO Financial Commentary】**
- **Revenue Performance**: First 9 months of 2025: $71.4 million total revenue (flat YoY), with professional services up 9% to $20.8 million. Imagery/analytics growth offset by $4 million EOCL reduction.
- **Cost Management**: Cash operating expenses rose to $56.6 million (YoY +18%), driven by $9 million in LeoStella overhead. Excluding this, expenses were stable, with adjusted EBITDA loss of $7.9 million (vs. $4.3 million profit YoY).
- **Liquidity Strength**: $147.6 million cash (double YoY) plus $43.4 million in unbilled contracts, providing $200 million+ liquidity. Guidance maintained for full-year 2025, with Q4 expected to benefit from large contract closings.

**【Q&A Highlights】**
- **Gen-3 Deployment**: 2 Gen-3 satellites operational, with 12 planned by end-2026. Early access agreements transitioning to long-term contracts, with U.S. government and international customers prioritizing Gen-3's AI-driven analytics.
- **Government Impact**: EOCL reductions (~$4 million Q3) due to U.S. budget uncertainty, but congressional support may restore funding. International demand offsets U.S. slowdown, with Q4 guidance range reflecting timing of large deals.
- **Pipeline Growth**: Sovereign solutions pipeline expanding, with multi-year contracts for exclusive Gen-3 access. Non-Earth imaging services renewed, with commercial expansion expected post-2026 constellation deployment.
- **Talent and Technology**: Proprietary AI talent and Gen-3 integration provide competitive advantage, winning multi-million contracts against third-party AI platforms.

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