BlackSky Results Presentation Deck

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March 2023

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#1BLACK SKY BLACKSKY Q4 2022 EARNINGS WEBCAST March 7, 2023 © BlackSky 2023. All rights reserved. Confidential & Proprietary. 1#2Legal Disclaimers 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. Black Sky 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. Imagery and software analytical services cost of sales is defined as imagery and software analytical services costs, excluding depreciation and amortization. Adjusted imagery and software analytical services cost of sales and adjusted selling, general and administrative expenses exclude stock-based compensation expense. Adjusted EBITDA, adjusted imagery and software analytical services cost of sales, and adjusted selling, general and administrative expenses are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the appendix herein and 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#3BLACK SKY Brian O'Toole Chief Executive Officer Today's Presenters © BlackSky 2023. All rights reserved. Confidential & Proprietary. Henry Dubois Chief Financial Officer 3#42022 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#5Full Year Revenue Summary Strong revenue growth reflects growing demand for BlackSky's products and services Record revenues of $65.4 million, up 92% over the prior year Over 200% growth in high-margin imagery and analytics revenue Strong customer demand and growing momentum from new and existing U.S. and international government organizations BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. ($ in millions) I I I I I I I $34.1 2021 92% Yo Y Growth $65.4 2022 Professional & Engineering Services Revenue Imagery & Software Analytical Services Revenue 5#6Winning 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 6#7Software First Strategy Spectra Al platform delivers unique on-demand insights about our changing. world Highly scalable SaaS platform delivering a real-time intelligence Software APIs enabling easy integration with 3rd party platforms like Palantir and ESRI In-app tasking for on-demand imagery & analytics BLACK SKY O BlackSky 2023. All rights reserved. DASHBOARD PLAN Als/Haneda Airport STATUS Haneda Airport Analytics AIRCRAFT PRODUCTS SITES LAST 6 MONTHS крит murthous REPORT 2025-05-17 2154U#8Significant Advancements in Satellite Constellation ↑ Achieved a baseline constellation providing reliable and dynamic hourly monitoring; up to 15 times a day from dawn to dusk Scheduled to deploy two new Gen-2 satellites within the next month Gen-3 satellite production on track with new advanced capabilities BLACK SKY O BlackSky 2023. All rights reserved.#9A 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 GEOSPA ENCE UNTITO MERICA STATES 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 © 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 9#10Well Positioned to Capitalize on Growing Market Opportunities →>> U.S. Space Force 2023 budget increased to over $26 billion, up 35% over 2022 funding levels Increased spending on defense programs as a function of GDP from many governments around the world Defense and intelligence segment less exposed during times of economic downturn ISR market growing as billions of dollars are shifting to space-based technology leveraging small satellite constellations BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. Rapid Growth in U.S. Space Force Funding (¹) ($ in billions) $14.6 F2020 (1) Source: Department of Defense $15.5 F2021 $19.5 F2022 $26.3 F2023 10#11Our World Needs Real-Time Geospatial Intelligence, Now More Than Ever High-frequency imagery collection and analytics in response to ongoing conflicts Real-time alerts on geopolitical events taking place in remote locations Monitoring supply chain activity at shipping ports worldwide. BLACK SKY O BlackSky 2023. All rights reserved. Houthis attack Aramco oil facility in Saudi Arabia's Jeddah: Arab Coalition O Wiggins Island Coal Terminal O mubasher.aljazeera.net 2 of 29 Ⓡ conse ***** 10 camto eggae TER'S Nelle 61 Wohn PANTUN 3062 PEOPLE VE 真理等 RG Tanna Coal Terminal Residential building on fire A ************etroleum Storage KAGUYA Before BRILLIANT JUPITER After CAPE HARVEST mighty M Yemen: Coalition air strikes on Sana'a and Hodeidah in response to attacks targeting Saudi Arabia and claimed by Houthis www.alsahwa-yemen.net 10 of 11 UACC FORTUNE SHAMIYA WING KELLE#12BLACK SKY Q4 FINANCIAL RESULTS © BlackSky 2023. All rights reserved. Confidential & Proprietary. 12#13Q4 Revenue Record revenue of $19.4 million, up 69% over the prior year period 9 consecutive quarters of sequential revenue growth 196% year-over-year growth in high-margin imagery and analytics. revenue BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. Strong Quarterly Revenue Growth ($ in millions) $5.3 $6.4 $7.3 $7.4 $7.9 $11.4 $13.9 $15.1 $16.9 $19.4 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 13#14Q4 Adjusted EBITDA ↑ Sequential quarterly improvement in adjusted EBITDA over the last several quarters Growth in high-margin imagery and analytics revenue drove significant improvement Strong operating leverage enabled through fixed cost structure and prudent cost management Adjusted SG&A expenses (¹) were up only 2% year-over-year on revenue growth of 69% over the same period. BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. Strong Sequential Improvement in Adjusted EBITDA (¹) ($ in millions) Q1'22 Q2'22 || $(8.8) $(9.5) Q3'22 $(6.6) Q4'22 $(4.6) (1) Adjusted EBITDA and adjusted selling, general and administrative expenses are non-GAAP financial measures. See Appendix for a reconciliation to the most comparable measures reported in accordance with GAAP. 14#15BLACK SKY FULL YEAR FINANCIAL RESULTS © BlackSky 2023. All rights reserved. Confidential & Proprietary. 15#16Full Year Revenue ↑ Record revenue of $65.4 million, up 92% over the prior year New customer wins and expanding share of wallet with existing customers drove incremental revenue growth Over 200% year-over-year growth in high-margin imagery and analytics revenue BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. Strong Annual Revenue Growth ($ in millions) $21.1 2020 $34.1 2021 $65.4 2022 16#17Full Year Imagery and Analytics Cost of Sales 92% full year incremental contribution margin improvement for imagery and analytics (1) Increased revenue of high-margin imagery and analytics Low fixed-cost structure for imagery and analytics delivers improved operating leverage BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. 92% Full Year Incremental Contribution Margin Improvement (¹) ($ 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. 17#18Private Placement Secured a private placement financing for approximately $29.5 million from a syndicate of new and existing institutional investors. Issuance of about 16.4 million shares of common stock and warrants to purchase up to an additional 16.4 million shares Funds to be used for general corporate purposes and investments in our space and software platforms Balance sheet and liquidity position strengthened with additional cash proceeds BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. BLACK SKY BKSY LISTED NYSE 18#192023 Outlook Revenue Expect full year 2023 revenue to be between $90M - $96M 42% year-over-year growth, at the mid-point of the range Over 65% of forecasted revenues in contracted 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 - $45M In-line with prior year spend ● BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. Annual Revenue ($ in millions) I I I I I I I I I I I I I I I I I $21 2020 $34 2021 45% 4 Yr. CAGR Growth $65 2022 $90 - $96 $93 2023 19#20Path to Sustainable Profitable Growth Continue to deliver strong revenue growth driven by our high-margin imagery and analytics services Improve margin performance by leveraging space and software platforms Focus on prudent cost management with marginal increase in overhead expenses Aggressive cash management by aligning capex. investments with market driven demand BLACK SKY © BlackSky 2023. All rights reserved. Confidential & Proprietary. 2023 Key Objective Achieve positive adjusted EBITDA in Q4 of 2023 20#21BLACK SKY Be The First To Know © BlackSky 2023. All rights reserved. Confidential & Proprietary. 21#22BLACK SKY | APPENDIX © BlackSky 2023. All rights reserved. Confidential & Proprietary. 22#23BLACK SKY AS REPORTED Revenue Imagery and software analytical services Engineering and systems integration Total revenue Cost of revenue Imagery and software analytical service costs, excluding depreciation and amortization Engineering and systems integration costs, excluding depreciation and amortization Total cost of revenue Selling, general and administrative RECASTED Revenue Imagery and software analytical services Professional and engineering services Total revenue Cost of revenue Imagery and software analytical service costs, excluding depreciation and amortization Professional and engineering service costs, excluding depreciation and amortization Total cost of revenue Selling, general and administrative 1st Quarter 2021 $ $ $ $ $ $ $ $ 1st Quarter 2021 $ $ 5,998 1,296 7,294 $ $ 2nd Quarter 2021 4,379 $ 1,130 5,509 $ 8,478 $ 3,446 $ 3,848 7,294 $ 2,762 $ 2,747 5,509 $ BLACKSKY TECHNOLOGY INC. PROFESSIONAL FEES RECAST 8,478 $ (unaudited) (in thousands) 2nd Quarter 2021 © BlackSky 2023. All rights reserved. Confidential & Proprietary. 3rd Quarter 2021 5,118 $ 2,247 7,365 $ $ 8,827 $ 4,171 2,237 7,266 $ 5,387 6,408 $ 12,653 $ 2,461 $ 4,904 7,365 $ 3rd Quarter 2021 2,426 $ 3,982 6,408 $ 4th Quarter 2021 6,529 1,408 7,937 $ 8,827 $ $ 40,674 $ 4,004 $ 3,933 7,937 $ 3,995 $ 8,658 12,653 $ 7,401 4,088 11,489 40,674 $ 4th Quarter 2021 10,178 $ 5,691 $ 4,487 $ $ 28,676 $ 5,454 $ 6,035 11,489 $ 3,830 $ 6,348 10,178 $ 28,676 $ Full Year 2021 25,046 9,039 34,085 21,507 13,241 34,748 86,655 Full Year 2021 15,365 18,720 34,085 13,013 21,735 34,748 86,655 1st Quarter 2022 $ $ $ $ $ $ 9,772 4,124 13,896 $ 1st Quarter 2022 $ 10,955 22,536 2nd Quarter 2022 5,907 $ 5,048 $ 13,350 1,752 $ 15,102 $ $ 7,370 $ 6,526 $ 13,896 $ $ 2nd Quarter 2022 3,578 $ 7,198 10,776 $ $ 22,719 $ 17,739 5,350 $ 4,436 9,786 3rd Quarter 2022 $ 3,446 6,215 9,661 17,868 $ $ 10,172 $ 4,930 15,102 $ $ $ 14,991 1,944 16,935 3rd Quarter 2022 $ 5,251 2,536 7,787 18,713 13,707 3,228 16,935 3,513 4,169 7,682 18,863 23#24Net loss Interest income Interest expense BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Depreciation and amortization Stock-based compensation expense (Gain) loss on derivatives Proceeds from earn-out payment Gain from discontinued operations, net of income taxes Severance (Income) loss on equity method investment Forgiveness of non-trade receivables Adjusted EBITDA $ $ BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. March 31, 2022 (19,992) 1,255 7,391 10,240 (8,140) (257) $ (9,503) $ Three Months Ended June 30, 2022 September 30, 2022 (13,093) (486) 1,226 9,598 3,163 (7,135) (26,282) $ (178) 1,275 9,177 2,986 4,646 705 (1,213) 75 (8,809) $ December 31, 2022 (15,030) $ (707) 56 776 31 (6,571) $ (452) 1,669 9,495 3,636 (1,183) (2,000) 435 (1,167) (4,597) 24#25BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICES COST OF SALES TO ADJUSTED IMAGERY AND SOFTWARE ANALYTICAL SERVICES COST OF SALES Imagery and software analytical services cost of sales, excluding depreciation and amortization (unaudited) (in thousands) Stock-based compensation for imagery and software analytical services cost of sales Adjusted imagery and software analytical services cost of sales, excluding depreciation and amortization BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. $ Years Ended December 31, 2022 2021 14,462 (553) 13,909 $ $ 13,013 (1,824) 11,189 25#26BLACKSKY TECHNOLOGY INC. RECONCILIATION OF SELLING, GENERAL AND ADMINSTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINSTRATIVE EXPENSES (unaudited) (in thousands) Selling, general and adminstrative expenses Stock-based compensation for selling, general and administrative costs Adjusted selling, general and adminstrative expenses BLACK SKY O BlackSky 2023. All rights reserved. Confidential & Proprietary. $ $ Three Months Ended December 31, 2022 20,220 $ (3,308) 16,912 $ 2021 28,680 (12,134) 16,546 26

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