#1BLACK SKY BLACKSKY Q2 2022 EARNINGS WEBCAST August 10, 2022 © BlackSky 2022. All rights reserved. Confidential & Proprietary.#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 their 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 Black Sky owns or has rights to various trademarks, service marks and trade names that they use 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 Black Sky, 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 expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as 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, (gain)/loss on debt extinguishment, (gain)/loss from discontinued operations, severance, loss/(gain) on equity method investment, transaction related legal settlements, and transaction costs associated with 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 the schedule herein and our SEC filings for a reconciliation of Adjusted EBITDA to net loss, the most comparable measure reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of Adjusted EBITDA. BLACK SKY BlackSky 2022. All rights reserved. Confidential & Proprietary. 2#3BLACK SKY Brian O'Toole Chief Executive Officer Today's Presenters © BlackSky 2022. All rights reserved. Confidential & Proprietary. Henry Dubois Chief Financial Officer 3#4First of its kind platform to achieve reliable and dynamic hourly monitoring from space BLACK SKY ⒸBlackSky 2022. 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#5Ukraine 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 STREEY JURNAL WSJ The New York Times BlackSky 2022. All rights reserved. Confidential & Prop 68 km to Kyiv, Ukraine Smoke drifts westward from damaged building rimary avad Russian military convoy Fire at Aviakom Gas Station 1111 Damaged manufacturing plant#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's Constellation of 14 satellites dynamically monitors the most important strategic and economic assets in the world 500 BLACK SKY © Black Sky 2022. All rights reserved. Confidential & Proprietary. ong 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 Alert Breakdown by Level Al Enabled SW Platform High Madium To TU Am 21 An 24 M BUD Low BLACK SKY BlackSky 2022. All rights reserved. Confidential & Proprietary. Aircraft Count at Shagol Air Base Military aircraft deliveries to the Russian armed forces in 2018 A 22 Aug3 Aug Aug 13 Aug 18 Aug 23 Aug Sep Alert Breakdown by Type Ministry of Defense of Russia received 36 combat aircraft of new construction in 2018. T BASHBOARD Actionable Intelligence PLAN A3 / Haneda Airport Haneda Airport Analytics PRODUCTS SITES ORDERS LAST 6 MONTHS прим marthair 7 2025-05-17 1 3441#8Q2 2022 Revenue Summary Strongest Quarter in BlackSky's History More than doubled revenues in Q2'22 and 1H'22 over the prior year periods Significant growth in high-margin imagery and software analytical services revenue to 88% of total revenue Strong customer demand from new and existing U.S. and international government organizations. BLACK SKY BlackSky 2022. All rights reserved. Confidential & Proprietary. ($ in millions) E $7.4 Q2'21 105% YOY Growth $15.1 Q2'22#9BlackSky 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 2022. 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 9#10Additional Key Wins and Global Customer Expansion BLACK SKY UNITED DEPARTMENT OF STATES SE AMERICA Joint Artificial Intelligence Center (JAIC) 2 IARPA Intelligence Advanced Research Projects Activity (IARPA) UNITED STATES BlackSky 2022. All rights reserved. Confidential & Proprietary. mm AIR FORCE Multiple international Ministries of Defense and other organizations United States Air Force (USAF) 10#11Space programs are well-funded and outpacing broader defense spending $24.5B 个 25% U.S. Space Force and SDA budget was nearly $5B above FY22 funding NITED STATES SACE FORCE ARTMENT OF The U.S. Government's next-generation defense priorities align with BlackSky TITE AIR FOR BLACK SKY SDA SPACE DEVELOPMENT AGENCY 1 UNITED BlackSky has contracts with key agencies DEPARTME OF STATES DEFENSE © BlackSky 2022. All rights reserved. Confidential & Proprietary. **** CELEBRATING 5 > DEFENSE AGENC DEPARTMENT OF DEFENSE 13 IARPA BlackSky's operational capabilities align with space-based defense priorities * Tactical ISR from Space Space Domain Awareness (SDA) Resilient Small Satellite Constellations Real-Time Data & Analytics (1) https://spacenews.com/bidens-2023-defense-budget-adds-billions-for-u-s-space-force 11#12BLACK SKY (+) BLACK SKY esri 350K Organizations | 100 Countries © BlackSky 2022. All rights reserved. Confidential & Proprietary. First Real Time Satellite Tasking For ArcGIS Online Customers Integration of BlackSky's Spectra Platform with Esri provides Esri users with in-app dynamic satellite tasking Esri is the industry leader in geospatial intelligence software High-frequency revisit constellation provides up to hourly images of important locations Combines Black Sky images and Esri data seamlessly for critical geospatial intelligence 12#13Q2 FINANCIAL RESULTS BLACK SKY © BlackSky 2022. All rights reserved. Confidential & Proprietary. 13#14Q2 2022 Revenue Record revenue in Q2, up 105% over the prior year period 10th consecutive quarter of year-over-year revenue growth 161% year-over-year growth in high-margin imagery and software analytical services revenue Imagery and software analytical services revenue grew to 88% of total revenues BLACK SKY Strong Quarterly Revenue Growth ($ in millions) $4.1 $5.3 $5.3 $6.4 $7.3 $7.4 $7.9 $11.4 $13.9 BlackSky 2022. All rights reserved. Confidential & Proprietary. $15.1 T Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22#15Q2 2022 Cost of Sales Significant reductions in cost of sales as a % of revenue from prior year period Increased imagery and software analytical services revenue drove cost of sales improvements Low fixed cost structure for imagery & software analytical services provides leverage opportunity with increased revenue volumes BLACK SKY BlackSky 2022. All rights reserved. Confidential & Proprietary. Significant Reductions in Cost of Sales as a % of Revenue (% of total revenue) 87% a 81% 65% Q2'22 40% Q2'21 Total Cost of Sales Imagery and Software Analytical Services Cost of Sales 15#16Q2 2022 Adjusted EBITDA Sequential improvement in adjusted EBITDA margin since Q2 of 2021 High margin imagery and software analytical services revenue growth driving margin expansion. Strong customer demand to drive significant revenue growth and operating leverage BLACK SKY BlackSky 2022. All rights reserved. Confidential & Proprietary. Adjusted EBITDA Margin Improvement (% of total revenue) Q2¹21 -103% Q2'22 -58% 16#17Revised 2022 Guidance Annual Revenue ($ in millions) $21 2020 BLACK SKY 61% YOY Growth $34 2021 88% YOY Growth $62- $66 $64 2022 BlackSky 2022. All rights reserved. Confidential & Proprietary. Revenue Raised 2022 revenue guidance to $62M - $66M 88% year-over-year growth, taking the mid-point Prior range was $58M - $62M Capital Expenditures $52M - $56M Achieving a High Margin Business Model Growing revenue diversification into high margin data and analytics Reducing cost of sales as we monetize capacity Improving capital efficiencies#18BlackSky's business is accelerating BLACK SKY © BlackSky 2022. All rights reserved. Confidential & Proprietary. PRZEZ Q2 2022 Highlights Record Q2 revenues, more than doubling over prior year period Established our baseline constellation, first of its kind platform to achieve reliable and dynamic hourly monitoring from space Won several large multi-year contracts, including 10-yr. $1B EOCL program validating BlackSky's technology and long-term strategy Established new strategic partnerships with Esri, expanding our access to a new commercial customer base Raised revenue guidance to $62M - $66M 18.#19BLACK SKY Be The First To Know © BlackSky 2022. All rights reserved. Confidential & Proprietary.