#1BLACK SKY BLACKSKY INVESTOR PRESENTATION March 2023 © BlackSky 2023. All rights reserved. Confidential & Proprietary.#2Legal Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. Words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect our expectations, plans, or forecasts of future events and views as of the date of this communication. We anticipate that subsequent events and developments will cause our assessments to change. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additional risks and uncertainties are identified and discussed in BlackSky's disclosure materials filed from time to time with the SEC which are available at the SEC's website at http://www.sec.gov or on BlackSky's Investor Relations website at https://ir.blacksky.com. USE OF PROJECTIONS AND DATA The data contained herein is derived from various internal and external sources. All of the market data in the presentation involves a number of assumptions and limitations. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication of future performance. BlackSky assumes no obligation to update the information in this presentation. TRADEMARKS BlackSky owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with BlackSky, or an endorsement or sponsorship by or of BlackSky. NON-GAAP FINANCIAL MEASURES Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company's core operating performance. These items include, but are not limited to, realized loss on conversion of bridge notes, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivatives, satellite impairment loss, proceeds from an earnout payment, gain on debt extinguishment, (gain) loss from discontinued operations, net of income taxes, severance, income on equity method investment, transaction-related legal settlements, and transaction costs associated with equity instruments accounted for as derivative liabilities. Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to our SEC filings for a reconciliation of our non-GAAP metrics to their most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of such metrics. BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. 2#3First of its kind platform to achieve reliable and dynamic hourly monitoring from space BLACK SKY LAVE O BlackSky 2023. All rights reserved. Confidential & Proprietary. BlackSky is changing how we use space to deliver actionable intelligence High-frequency monitoring of the most important strategic locations, economic assets and events in the world Actionable intelligence-from capture to delivery in under 90 minutes Automated ability to detect, reveal, and alert on trends and changes that matter most 3#4Our world has changed - Black Sky is the new way to see our world O Satellite Imagery Geospatial SW Desk Top Mapping 2000 esri BLACK SKY STATIC @ Mobile / GPS Web Mapping Location-based Intelligence Google Maps 2010 waze O BlackSky 2023. All rights reserved. Confidential & Proprietary. Q Palantir DYNAMIC ono Dynamic Monitoring from Space Actionable Intelligence on Demand I I 2022 Real-time Global Monitoring Real-time Intelligence BLACK SKY I 2025+ 4#5A need to know now requires a disruptive solution Conflict Global trends highlight demand for hour-by-hour actionable intelligence Growing and new national and homeland security threats Governments are shifting $Billions to space-based Intelligence, Surveillance, and Reconnaissance (ISR) Global Supply Chain ● Unprecedented economic impact of supply chain turmoil Growing demand for early warning on disruptive events BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. ● ● En Natural Disasters Climate change driving 4x increase in $Billion catastrophic weather events 1 Early warning can save lives and minimize economic impacts Dynamic monitoring improves response and recovery efforts Ⓒ loT Technology Growing demand for location intelligence solutions for business intelligence • Increasing need for asset. management across industries COVID-19 pandemic created increased adoption of location intelligence services (1) National Oceanic and Atmospheric Administration: https://www.climate.gov/news- features/blogs/beyond-data/2021-us-billion-dollar-weather-and-climate-disasters-historical 5#6A smarter approach to space Disruptive speed, economics, and high value data deliver superior returns on invested capital. 90% of GDP occurs on <15% of landmass 1 DYNAMIC MONITORING BlackSky Constellation of 14 satellites dynamically monitors the most important strategic and economic assets in the world BLACK SKY 8 © BlackSky 2023. All rights reserved. Confidential & Proprietary. STATIC MAPPING Traditional large polar orbiting constellations collect over the entire world Global Landmass 150M sq.km. ² 2 (1) World Economic Outlook Database, April 2021 (2) World Bank: https://statistics times.com/geography/countries-by-area.php 6#7BlackSky's Proprietary Platform Dynamic monitoring and analytics of the most important strategic and economic assets in the world. High Frequency Imaging Constellation. Al Enabled SW Platform Alert Breakdown by Level To TU Aircraft Count at Shagol Air Base Military aircraft deliveries to the Russian armed forces in 2018 BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. Alert Breakdown by Type Aug 8 Aug 13 Aug 18 Aug 23 Aug 29 Sep g Ministry of Defense of Russia received 36 combat aircraft of new construction in 2018 DASHBOARD Actionable Intelligence. PLAN STATU Al Haneda Airport Haneda Airport Analytics ANCHAFT PRODUCTS SITES ORDERS LAST 6 MONTHS Hawn Zoon прим muntown REPORT Q Searchma inapery Stack 7 2025-05-17 215#8Images and Analytics. in under 90 minutes Powered by BlackSky's Spectra Platform 11:56 expo.blacksky.com ddaczewitzbsky Organization, acksky BLACK SKY APPROVALS STATUS O NEW TASK LOGOUT Dynamic monitoring of the most important strategic and economic assets in the world H O On demand access from any device or platform BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. 60 min Taskable LEO Constellation Provides Hourly Monitoring ~ Real-Time Tasking 聞 Scalable Al-enabled Cloud Platform ♡ ♡ Real-Time Al Processing Spectra Al Real-Time Delivery =a80 3rd Party Data and IOT Feeds 8#9VAKT BlackSky delivers ever-increasing value to customers Monitor the World in Real-time BLACK SKY ALL Understand and Predict Change loppet loi THE WAY Detect and Analyze Global Activity ANDA TO FEE BlackSky 2023. All rights reserved. Confidential & Proprietary. Lakde Ust 貝 Data Lake BlackSky's natural fly wheel creates a long-term competitive advantage Ô Proprietary Space Hardware constantly improves and provides high value data Software Platform enables continuous expansion of data and analytics Data Lake is a proprietary data asset that gets more valuable every day with more data and insights 9#10Space programs are well-funded and outpacing broader defense spending $26.3B ↑ 35% U.S. Space Force and SDA budget was nearly $7B above FY22 funding 1 UNITED ST SPACE ACE FOR The U.S. Government's next-generation defense priorities align with BlackSky MAXIS PARTMENT OF THE AIR FORCE BLACK SKY SDA SPACE DEVELOPMENT AGENCY BlackSky has contracts. with key agencies UNITED ST OF DEPARTMENT CELEBRAT **** DEFENSE OF AM > © BlackSky 2023. All rights reserved. Confidential & Proprietary. AV AMERICA DEFENSE TIN DEPARTMENT E AGENCY OF DEFENSE 13 IARPA BlackSky's operational capabilities align with space-based defense priorities *** Tactical ISR from Space Space Domain Awareness (SDA) Resilient Small Satellite Constellations Real-Time Data & Analytics (1) https://spacenews.com/congress adds-1-7-billion-for-u-s-space-force-in-2023-spending-bill/ 10#11A Strong Trend of Multi-Year Contract Wins Valued up to $1.3B Trusted Mission Partner of Choice for the World's Most Demanding Customers ANCE OFFICE UNITED STATES OF AMERICA GEOSPATIAL INTELL UNITED ST LIGENCE D STATES OF AMERICA Electro Optical Commercial Layer (EOCL) Commercial satellite imagery International Ministry of Defense High-frequency imagery and analytics Economic Indicator Monitoring (EIM) Detection and analysis of objects of economic interest BLACK SKY $1B+ (1) 10 Years $150M+ Multi-Year $60M (2) 5 Years O BlackSky 2023. All rights reserved. Confidential & Proprietary. NASA 13 Commercial Smallsat Data Acquisition Evaluation of imaging data services Space-based Machine Automated Recognition Technique (SMART) Dynamic detection of broad-area search (BAS) Support for other International Ministries of Defense and Governments High-frequency imagery and analytics (1) Contract valued up to $1.021 billion (2) Represents total ceiling value of IDIQ. $50M (2) 5 Years $10M+ 4 Years $15M+ 1 Year 11#12BlackSky is a trusted mission partner to the most demanding customers in the world UNITED OF DEFENSE FAMFR MARINE STATES SE CORPS NASA SOUTHERN COMMAND + BLACK SKY DEPARTMENT od Stat NAVY UNITED STATES S States TATES ACE FORC HEADQUART OF THE AIR FOR UNITE FORCE O TERS European NAM CO STATES NORTHERN COMMAND UNITE STATES ARMY GEOSPATIAL-INTELLIGENC UNITED STATES OFF UNITED SIT US INDO-PACIFIC COMMAND SELI E AGENCY AMERICA FRICA COMMAND ** AIR FORCE NITED STATES UNITED SPECIAL OPE UNITED AMERICA TESANOO SNO STATES SPACE COMMAND O BlackSky 2023. All rights reserved. Confidential & Proprietary. Growing Diverse Customer Base U.S. Government International Commercial 2022 * Estimated Growth 2025+ 12#13BlackSky Platform. Validated. Selected as a long-term trusted mission partner of the NRO to support our country's most critical military intelligence needs BlackSky addresses new and expanded requirements for high frequency monitoring BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. $1B Electro Optical Commercial Layer (EOCL) Contract Delivery of advanced high frequency imagery from current and future satellite constellations Valued up to $1.021B over 10 Years 5-year base period Five 1-year option periods Starting value of $85.8M $71.7M allocated to first 2 years Comprehensive Imagery Services Intelligence point / area collection Theatre downlink to gov. data terminals Advanced imaging services 13#14Winning Long-Term Commitments with Differentiated Real-Time Capabilities Selected from a competitive bidding process to deliver space-based tactical GEOINT as a service to support the customer's most critical intelligence needs Further validates the growing demand worldwide for BlackSky's high frequency monitoring and Al analytics BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. International Ministry of Defense Contract Win Multi-year subscription contract valued at over $150 million Initial development phase followed by a Subscription service period Advanced tactical GEOINT as a service High-frequency, low-latency imagery Real-time Al-derived mission intelligence Long-term subscription-based service Opportunity for expansion Contract contains options for additional contract extensions and/or expansions 14#15BLACK SKY + esri 350K Organizations | 100 Countries. BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. First Real Time Satellite Tasking For ArcGIS Online Customers Integration of BlackSky's Spectra Platform with Esri provides Esri users with in-app dynamic satellite tasking Esri is the industry leader in geospatial intelligence software High-frequency revisit constellation provides up to hourly images of important locations Combines Black Sky images and Esri data seamlessly for critical geospatial intelligence 15#16Ukraine fundamentally changed what customers can expect > BlackSky is delivering actionable intelligence for a new age of transparency and insights Monitoring Key Events for Government Agencies Over 1,000 images in 30 days delivered to U.S. and International government organizations Dynamic Monitoring of Critical Economic Assets Delivered critical insights on border crossings, nuclear facilities, and infrastructure Supporting Humanitarian Aid Efforts Delivered critical intelligence to support humanitarian aid initiatives CAN REUTERSⓇ BLACK SKY THE WALL STREET URNAL WSJ The New York Times BlackSky 2023. All rights reserved. Confidential & Prop 68 km to Kyiv, Ukraine ciclo de Smoke drifts westward from damaged building A Russian military convoy B Fire at Aviakom Gas Station Damaged manufacturing plant#17Border Crossing Vehicle Back Up 129 9AM 145 11 AM BLACK SKY Be The First To Know 163 3PM Korczowa-Krakovets Border Crossing, Ukraine BlackSky Analysis and Imaging Base image 03/17/2022 at 09:16 Local 212 6PM Poland Ukraine BlackSky dynamic monitoring delivers just-in-time intelligence for a rapidly changing crisis BlackSky 2022. All rights reserved. Confi 09:16 local 11:20 local 15:16 local 18:29 local 17#1847 8:48am acks 10 aircraft departed between 12:04pm and 3:54pm BLACK SKY Be The First To Know Amazon Airhub, Kentucky, USA BlackSky Analysis and Imaging 06/03/2022 at 9:19am Local 17 444444 12:04pm 7 ☆ 3:54pm 444 公公公公公公公 44 4 © BlackSky 2022. All rights reserved. Confidential & Proprietary. MERBELY 14 $4 2:34pm 8 4:38pm 20224 44 4 FITEBEERS 12 2:41pm MARSEELI 10 7:10pm 4 444444 444 rationen and Alba 4 be 17 14 12 IM 4 1 11 16 16 7 8 Amazon Air Hub Flight Activity 11 goto own 10 BlackSky's dynamic monitoring delivers actionable supply chain intelligence ANE 18#19Investing in Key Growth Vectors to Meet Demand Investments extend competitive moat and strengthen position to capture large market opportunity CE *** 具 Expanding Sales & Distribution Channels Advanced Satellite Constellation Al Enabled Software and Analytics Proprietary Data Lake Expansion BLACK SKY ● ● • Improving resolution to sub 50cm supports analytics Advanced onboard processing and space comms Advancements to support Tactical ISR missions ● ● ● ● ● ● Sales force expansion Developers API to accelerate go to market channels Sell through platform enablement (Esri, Palantir, etc.) New analytics to expand market and upsell customers Enables new vertical market solutions Expansion of 3rd party data sources Increase value of information on important locations and economic assets for new applications © BlackSky 2023. All rights reserved. Confidential & Proprietary. $1B EOCL & $150M Int'l MOD Contracts Unlock Expanded Opportunities Location Analytics Market Growing to $29B by 2026 1 Space Based Defense for Tactical ISR Growing to >$26B 2 (1) Markets and markets research report, December 2021. (2) https://spacenews.com/congress-adds-1-7-billion-for-u-s-space-force-in-2023-spending-bill/ 19#20181 % المة High Visibility Revenue High Margin Proprietary Imagery and Analytics Strong Operating Leverage Attractive Investment Economics Capital & Operationally Efficient Constellation BLACK SKY • Recurring subscription revenue; Multi-year take or pay contracts Land and expand strategy drives incremental growth from growing customer base ● • Unit economics of satellites yield high margin low-cost data ● • Upsell analytics delivered at high incremental margins Fixed operating costs provide significant leverage and scale High margin revenue expected to drive strong adjusted EBITDA margins • Low incremental costs to expand high margin data and analytic services ● ● Low-cost satellites benefit from longer life and reducing on orbit costs • Right sized constellation with just in time capacity strategy = efficient CAPEX Collect once sell many strategy yields compelling ROIC ● ● O BlackSky 2023. All rights reserved. Confidential & Proprietary. 20#212022 was a foundational year for BlackSky BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. 2022 and Recent Highlights Achieved a baseline constellation now delivering reliable hourly monitoring High-frequency imagery and analytic services validated by major U.S. and international agencies. Booked multi-year contracts valued up to $1.3B, with total backlog of more than $250M, including new $150M+ Ministry of Defense contract win Record full year revenue of $65 million, up 92% over 2021 driven by growth in imagery and analytics High-margin imagery, software and analytics drove 92% incremental contribution margin Expanded sales force to capitalize on growing global demand Secured additional capital with private placement 21#22Q4 2022 Revenue Record revenue of $19.4 million, up 69% over the prior year period 9 consecutive quarters of sequential revenue growth 196% year-over-year growth in high-margin imagery and analytics revenue BLACK SKY Strong Quarterly Revenue Growth ($ in millions) $5.3 Q3'20 $6.4 Q4'20 $7.3 Q1'21 $7.9 $7.4 IT Q2'21 Q3'21 $11.4 $13.9 $15.1 Q4'21 Q1'22 Q2'22 BlackSky 2023. All rights reserved. Confidential & Proprietary. $16.9 $19.4 Q3'22 Q4'22 22#23Full Year Imagery and Analytics Cost of Sales 92% full year incremental contribution margin improvement for imagery and analytics (1) Increased revenue of high-margin imagery and analytics Low fixed-cost structure for imagery and analytics delivers improved operating leverage BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. 92% Full Year Incremental Contribution Margin Improvement (¹) ($ in millions) $15.4 $11.2 2021 +$32.0 92% +$2.7 $47.4 $13.9 2022 Imagery & Software Analytical Services Revenue Adjusted Imagery & Software Analytical Services Cost of Sales (¹) (1) Adjusted imagery and software analytical services cost of sales is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. 23#242023 Outlook Annual Revenue ($ in millions) $21 2020 BLACK SKY $34 2021 45% 4 Yr. CAGR Growth $65 2022 I I $90-$96 $93 2023 O BlackSky 2023. All rights reserved. Confidential & Proprietary. Revenue Expect full year 2023 revenue to be between $90M - $96M 42% year-over-year growth, at mid-point of range Over 65% of forecasted revenue in contract backlog Adjusted EBITDA Anticipate achieving positive Adjusted EBITDA in Q4 of 2023 High incremental contribution margins and prudent cost management driving EBITDA improvements Capital Expenditures Expect full year 2023 capex spend to be between $40M - $45M In-line with prior year spend 24#25Ⓒ BlackSky 2023. All rights reserved. Confidential & Proprietary. BLACK SKY Be The First To Know