#1BLACK SKY BLACKSKY Q3 2023 EARNINGS WEBCAST November 8, 2023 © BlackSky 2023. All rights reserved. BlackSky Proprietary#2BLACK SKY Brian O'Toole Chief Executive Officer O BlackSky 2023. All rights reserved. BlackSky Proprietary Today's Presenters BlackSky Proprietary Henry Dubois Chief Financial Officer 2#3BlackSky Proprietary 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 presentation, including those described in the section captioned "Risk Factors" in our most recent Annual Report on Form 10-K. 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 presentation. 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. Legal Disclaimers 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, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivative liabilities, severance, (income) loss on equity method investment, investment loss on short-term investments, transaction costs associated with debt and equity financings, forgiveness of non-trade receivables, and gain from discontinued operations, net of income taxes. Adjusted imagery and software analytical services cost of sales is defined as imagery and software analytical services costs, excluding depreciation, amortization and stock-based compensation expense. Cash operating expenses is defined as operating expenses, excluding stock-based compensation expense for selling, general and administrative costs and depreciation and amortization expense. BLACK SKY Adjusted EBITDA, adjusted imagery and software analytical services cost of sales and cash operating 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 EC filings for a reconciliation of our -GAAP metrics to their most comparable measures reported accordance with GAAP and for a discussion of the presentation, comparability, and use of such metrics. © BlackSky 2023. All rights reserved. BlackSky Proprietary 3#4HI Global Events Accelerate Need Damascus, Syria 10.24.2023 for Space-Based Intelligence South Pacific Ocean Canada MB United States Mexico Hudson Bay Gulf of Mexico Guatemala Cuba Caribbean Sea Nicaragua 25 Puerto Rico Ecuador Colombia Peru Venezuela AM Chile Guyana RR Bolivja Argentina Suriname Paraguay Derna, Libya 9.13.2023 Brazil BLACK SKYBlackSky 2023. All rights reserved. PA MA Uruguay North Atlantic Ocean BlackSky Proprietary Ireland Morocco Western Sahara Mauritania Spain gal Guinea South Atlantic Ocean United Denmark Kingdom Darien Gap, Panama 10.30.2023 Norway France Mali Burkina Faso Ghana Germany Algeria Austria italy Tubisia Niger Gulf of Gdine Nigeria Poland Gabon Belarus Greece Chad. Romania Namibia DRC Ukraine Egy Angola Zambia Suda Botswana BlackSky Proprietary Türkiye South Africa Zimbabwe Saudi Arabia Kenya Tanzánia Ethiopia Somalia Mozambic Xemen Self of Aden. Ciran Madaga Türkmenistan Kazakhstan Oman Kyrgyzstán Afghanistan Pakistan Arabian Sea Avdiivka, Ukraine 10.12.2023 Nepal India Coccodive Sea Russia Bay of Bengal Indian Ocean Mongolia Myanmar (Burma) China, Thailand Rafah Border Crossing 10.19.2023 Gulf of Thailand Bouth. China Sea Vietnam Malaysia Indonesia Sea of Japan Japan South Korea, t China Seb Philippines Philippine Sea Banda Sea Arafura Sea Australia Great Australian Bight Papua New Guinea OLD Sea of Okhotsk Illustrative area coverage NSW TAS Coral Sea Tasman Sea 4 New Zealand Be#5Continue to see strong momentum and global demand for BlackSky's space-based intelligence BLACK SKY © BlackSky 2023. All rights reserved. roprietary Recent Highlights Proprietary Q3 record revenue of $21.3 million, a 26% revenue growth over the prior year quarter Signed new contracts and renewal agreements valued up to $20 million supporting multiple U.S. and international government agencies 98% incremental contribution margin on Q3 YTD revenue growth in imagery, software and analytics Attained nearly breakeven Adjusted EBITDA in Q3 through strong operating leverage and responsible cost management Named to the 2023 Deloitte Technology Fast 500 as one of the fastest-growing public companies 5#6International Customer Demand Continues to Grow Signed a multi-year master service agreement for up to $8 million to support a new International Ministry of Defense Expanded a contract with an existing International defense customer to increase assured access over their regions of interest Continued to expand our growing customer base supporting major defense and intelligence organizations Building a strong pipeline of sales opportunities with various government agencies worldwide BLACK SKY © BlackSky 2023. All rights reserved. BlackSky P BlackSky P A GEX CUISSO wwww.#7Strong Demand from U.S. Government Agencies Awarded over $9 million in contract expansions with existing U.S. government customers Won a contract with the U.S. Air Force Research Laboratory to provide an automated target recognition service Won a multi-year IDIQ contract with a major Department of Defense customer for advanced commercial imagery services BLACK SKY © BlackSky 2023. All rights reserved. Kaiaulu o Kupuohi Housing complex Residential areas in ruins Lahaina Historic District Completely destroyed 1425 DA www Residential area in ruins Lahaina, Maui, Hawaii BlackSky Analysis and Imaging August 9, 2023, 3:50 p.m. local#8BlackSky Achieves Critical Integration Milestone with NRO Successful integration of BlackSky's high- frequency imagery services with the NRO'S new data architecture Completed the Initial Operating Capability (IOC) milestone required under the EOCL contract Enables BlackSky to scale the delivery of imagery services through advanced APIs and enterprise interfaces BLACK SKY © BlackSky 2023. All rights reserved. ver 21 TATL UKRAINE Fire at grain elevator and silos "BlackSky is the first commercial imagery provider to successfully integrate and validate performance of this architecture."#9BlackSky Proprietary Innovating Advanced Space and Al Technologies for a Range of New Mission Applications Moving Target Indicators Western ahara negal Morocco Mauritania Spain Guinea South tlantic Ocean Algeria Burkina Fase BLACK SKY © BlackSky 2023. All rights reserved. Libya Cameroon Gabon Angola Greece Namibia Democratic Republic of the Congo Egypt South Africa Sudan Turkey South Sudan Zambia 34 35 Syria Eritrea Malawi Kenya Tanzania ambique Broad Area Search Azerbaijan Djibouti Copia Iraq Kuwait Saudi Arabia Yemen Somalia Madagascar Non-Earth Imaging BlackSky Proprietary Analytics: Custom Site Monitoring Type: Vessel Type confidence: 0.51 Category: Military Sub type: Destroyer Sub type confidence: 0.7480049018565086 Area: 3797.5m2 Family: Detect Product type: Feature Al Enabled Site Monitoring CX#10Gen-3 Remains on Track for Launch in 2024 Gen-3 satellite program remains on track for initial launch in 2024 Receiving critical and long-lead components and moving into assembly and integration of first satellites. Scaling satellite manufacturing production line BLACK SKY © BlackSky 2023. All rights reserved.#11BLACK SKY Q3 FINANCIAL RESULTS © BlackSky 2023. All rights reserved. BlackSky Proprietary 11#12Q3 Revenue ↑ Record revenue of $21.3 million, up 26% over the prior year period 11% year-over-year growth in high-margin imagery and analytics revenue Strong customer demand and growing momentum from new and existing U.S. and international government customers BLACK SKY © BlackSky 2023. All rights reserved. BlackSky P BlackSky P Strong Revenue Growth ($ in millions) $16.9 $13.7 26% YoY Growth $21.3 $15.3 Q3'22 Q3'23 ■ Professional & Engineering Services Revenue Imagery & Software Analytical Services Revenue 12#13Q3 YTD Imagery and Analytics Cost of Sales 98% incremental contribution margin improvement for imagery and analytics (1) Increased revenue of high-margin imagery and analytics drove improved performance Low marginal cost for imagery and analytic services contributed to improvement BlackSky P (1) Adjusted imagery and software analytical services cost of sales is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. BLACK SKY BlackSky 2023. All rights reserved. BlackSky P 98% Incremental Contribution Margin Improvement Over Prior Year (¹) ($ in millions) $31.2 $10.1 Q3'22 YTD +$15.2 98% + $0.3 $46.4 $10.4 Q3'23 YTD Imagery & Software Analytical Services Revenue (1) Adjusted Imagery & Software Analytical Services Cost of Sales 13#14Q3 Cash Operating Expenses (1) Cash operating expenses¹ of $15.4 million, a 4% decrease over the prior year period. Year-over-year decrease primarily due to reductions in general corporate costs that more than offset investments in the business. BlackSky P Responsible cost management keeping expenses contained while investing in revenue growth opportunities (1) Cash operating expenses is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. BLACK SKY O BlackSky 2023. All rights reserved. BlackSky P Responsible Cost Management ($ in millions) $16.1 Q3'22 -4% Yo Y Growth $15.4 Q3'23 14#15Q3 Adjusted EBITDA Adjusted EBITDA (¹) improved 93% over the prior year period BlackSky P Achieved nearly breakeven performance and on track for positive Adjusted EBITDA in Q4 Strong operating leverage and responsible cost management driving continued. improvements (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. BLACK SKY BlackSky 2023. All rights reserved. BlackSky P Strong Improvement in Adjusted EBITDA (¹) ($ in millions) Q3'22 $(6.6) Q3'23 $(0.4) 15#162023 Outlook Adjusted EBITDA (1) Anticipate achieving positive Adjusted EBITDA in Q4 of 2023 Increased revenues, high incremental contribution margins and responsible cost management driving EBITDA improvements ● ● Revenue Expect full year 2023 revenue to be between $84M - $90M 33% year-over-year growth, at the midpoint of this range BlackSky P Capital Expenditures Expect full year 2023 capex spend between $48M - $54M Increase driven by timing of payments on Gen-3 constellation. ● (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. BLACK SKY BlackSky 2023. All rights reserved. BlackSky P Annual Revenue ($ in millions) I I I I I I I I I I I I I I I I I $21 2020 $34 2021 60% 3 Yr. CAGR Growth $65 2022 I I $84 - $90 $87 2023 16#17BlackSky Proprietary Path to Sustainable Profitable Growth Focus on global defense and intelligence market paying dividends with an expanding customer base Grow sales pipeline worldwide converting many opportunities into new sizable multi-year contracts Deliver strong operating leverage through incremental revenue growth and responsible cost management Continue to invest in expanding Al capabilities and advancing space technologies to provide additional value to customers BLACK SKY © BlackSky 2023. All rights reserved. BlackSky Proprietary 2023 Key Objective Achieve positive adjusted EBITDA in Q4 of 2023 17#18© BlackSky 2023. All rights reserved. BlackSky Proprietary BLACK SKY BlackSky Proprietary 18#19BLACK SKY APPENDIX © BlackSky 2023. All rights reserved. BlackSky Proprietary 19#20Net income (loss) Interest income Interest expense Income tax expense Depreciation and amortization Stock-based compensation expense Gain on derivatives BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (unaudited) (in thousands) Gain from discontinued operations, net of income taxes (Income) loss on equity method investment Forgiveness of non-trade receivables Transaction costs associated with debt and equity financings Severance Investment loss on short-term investments Adjusted EBITDA BLACK SKY BlackSky Proprietary $ $ O BlackSky 2023. All rights reserved. Three Months Ended September 30, 2023 675 $ (519) 2,532 138 11,304 2,402 (17,012) (328) 363 (445) $ BlackSky Proprietary 2022 (13,093) (486) 1,226 9,598 3,163 (7,135) (707) 776 31 56 (6,571) $ $ Nine Months Ended September 30, 2023 (50,071) $ (1,602) 6,627 260 32,735 7,725 (7,445) (913) 1,738 562 55 (10,329) $ 2022 (59,367) (664) 3,756 26,166 16,389 (10,629) (707) (694) 106 761 (24,883) 20#21BlackSky Proprietary BLACK SKY BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COSTS TO ADJUSTED IMAGERY AND SOFTWARE ANALYTICAL SERVICE COSTS (unaudited) (in thousands) Imagery and software analytical service costs, excluding depreciation and amortization Stock-based compensation for imagery and software analytical service costs Adjusted imagery and software analytical service costs, excluding depreciation and amortization O BlackSky 2023. All rights reserved. $ $ BlackSky Proprietary Three Months Ended September 30, 2022 2023 3,479 $ (40) 3,439 $ 3,513 (88) 3,425 $ $ Nine Months Ended September 30, 2022 2023 10,634 $ (185) 10,449 $ 10,537 (447) 10,090 21#22BlackSky Proprietary BLACK SKY BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Operating expenses Stock-based compensation for selling, general and administrative costs Depreciation and amortization Cash operating expenses O BlackSky 2023. All rights reserved. $ $ Three Months Ended September 30, 2023 29,009 $ (2,265) (11,304) 15,440 BlackSky Proprietary $ 2022 28,553 (2,867) (9,598) 16,088 $ $ Nine Months Ended September 30, 2023 88,549 $ (7,149) (32,735) 48,665 $ 2022 85,656 (14,823) (26,166) 44,667 22