#1BLACK SKY BLACKSKY Q2 2023 EARNINGS WEBCAST August 9, 2023 © BlackSky 2023. All rights reserved. 1#2BLACK SKY Brian O'Toole Chief Executive Officer © BlackSky 2023. All rights reserved. Today's Presenters Henry Dubois Chief Financial Officer 2#3Legal 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 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. 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 Black Sky. NON-GAAP FINANCIAL MEASURES Adjusted EBITDA is defined as net income or loss attributable to Black Sky 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 on equity method investment, investment loss on short-term investments, and transaction costs associated with debt and equity financings. 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. Adjusted EBITDA and adjusted imagery and software analytical services cost of sales 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. 3#4Wikimedia Commons Military Review Wagner CEO Yevgeny Prigozhin's Planes Detected in Belarus M74ATE BLACK SKY Be The First To Know Harr Machulishchy Airbase, Minsk, Belarus BlackSky Constellation 06/25/2023 at 10:17 UTC | 13:17 Local 2x TDR-3 (or similar) Mobile Smokescreen vehicles generating smoke IVO transport aircraft 5x IL-76 Arrived on 25 June and departed less than 24 hours later. The aircraft are not typically seen at this location and are likely transporting Wagner soldiers after the failed coup attempt. June 24, 2023 // June 26, 2023 // 09:35 UTC June 27, 2023 // 09:37 UTC ADS-B data tracked two Wagner flights associated to Prigozhin (RA02795 and RA02878) arriving at Machulishchy Airbase, Belarus at 04:55 UTC. ESTONIA LATVIA Vilnius © Flightradar24 Pav BELARUS Vitebsk Mahilyow vesky Novgorod Homyel Smolensk 4 Bryansk#5Rapid Construction of China's Second Major Military Naval Station Ream, Cambodia June 18, 2022 | 7:29 local BLACK SKY © BlackSky 2023. All rights reserved. Ream, Cambodia July 13, 2023 | 12:03 local O LO 5#6BlackSky continues to win large contracts and expand its customer base BLACK SKY © BlackSky 2023. All rights reserved. Recent Highlights 51% revenue growth in Q2 from imagery and analytic services over the prior year quarter 97% incremental contribution margin on YTD revenue growth in imagery, software and analytics Won over $35 million in new contracts and renewal agreements primarily supporting U.S. and international government agencies worldwide Achieved over $200 million in total bookings this year demonstrating customers' strong demand for BlackSky's capabilities Chosen to be added to Russell 3000 Index increasing BlackSky's visibility with institutional investors Secured launch agreement for next 5 launches to include initial Gen-3 deployments in 2024 6#7International Customer Demand Accelerates Awarded a $30 million multi-year renewal agreement with a defense sector customer Won a two-year, multi-million-dollar contract to build ground station infrastructure for a Ministry of Defense Won a two-year, multi-million-dollar renewal agreement for advanced subscription-based imagery and Al analytics Awarded a multi-year contract to support an international non-government organization BLACK SKY O BlackSky 2023. All rights reserved. May 27, 2023 June 3, 2023 Ndeavor support ship FSO Safter, Red Sea June 6, 2023 | 9:23 local June 2, 2023 June 6, 2023 Salvage operations have begun on the FSO Safer, a supertanker moored off the coast of Yemen that is being used to store 1.1 million barrels of oil. Maintenance of the vessel was halted in 2015, sparking fears from the UN that the ship's continued deterioration could lead to a catastrophic oil spill. FSO Safer#8Demand from U.S. Government Agencies Continues to Grow Won an annual subscription contract with a Department of Defense customer to provide on-demand imagery and other mission solutions Awarded two new contracts with the NRO to explore short-wave infrared (SWIR) imaging capabilities and enhanced latency. performance Received new work orders from NGA and Department of Defense customers to extend and expand existing services BLACK SKY O BlackSky 2023. All rights reserved. Port Mayaca Lock and Dam Blooms of blue-green algae are being monitored in Lake Okeechobee since the stormwater runoff from Hurricane lan could lead to a more intense bloom than usual this summer. As a precaution, the Army Corps of Engineers has shut the Port Mayaca lock and dam to prevent the algae contaminating the St. Lucie Canal. Port Mayaca, Martin County, Florida May 28, 2023 | 16:48 local To the Atlantic Ocean.#9Expanding Solutions to Commercial Industries Competitively selected by SynMax to monitor coal inventory at power plants Partnered with Spire Global to create an Al-driven maritime custody service to detect and track vessels worldwide BLACK SKY O BlackSky 2023. All rights reserved. ***** vita KA Port of Cartagena, Spain 2.9kT 13.4kT 11.7kT#10Securing Launch Capacity for the Future Signed new agreement to secure a block of five dedicated launches Locks in launch capacity to replace, replenish, and expand on-orbit capacity Agreement includes deployment of our initial Gen-3 satellites in 2024 Provides agility to deploy satellites when and where we want to meet customer's needs BLACK SKY O BlackSky 2023. All rights reserved. Mahia, New Zealand April 2, 2022 |#11BLACK SKY = | Q2 FINANCIAL RESULTS © BlackSky 2023. All rights reserved. 11#12Q2 Revenue ↑ Revenue of $19.3 million, up 28% over the prior year period 51% year-over-year growth in high- margin imagery and analytics revenue Strong customer demand and growing momentum from new and existing U.S. and international government customers BLACK SKY O BlackSky 2023. All rights reserved. Strong Revenue Growth ($ in millions) I $15.1 $10.2 Q2'22 28% YoY Growth 51% YOY Growth $19.3 $15.3 Q2'23 ■ Professional & Engineering Services Revenue Imagery & Software Analytical Services Revenue 12#13H1 Imagery and Analytics. Cost of Sales 97% incremental contribution margin improvement for imagery and analytics (1) Increased revenue of high-margin imagery and analytics drove improved performance Low marginal cost for imagery and analytic services contributed to improvement BLACK SKY O BlackSky 2023. All rights reserved. 97% Incremental Contribution Margin Improvement Over Prior Year (¹) ($ in millions) | I I I I I $17.5 $6.7 +$13.6 97% +$0.3 $31.1 $7.0 H1'22 Imagery & Software Analytical Services Revenue Adjusted Imagery & Software Analytical Services Cost of Sales (¹) H1'23 (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. 13#14Responsible Cost Management ↑ (1) Cash operating expenses of $16.8 million, up 10% over the prior year period Year-over-year increase primarily due to expansion of the sales team and Al capabilities Responsible cost management keeping expenses contained while investing in revenue growth opportunities BLACK SKY O BlackSky 2023. All rights reserved. Revenue Growth Compared to Cash Operating Expense Growth (Q2 Yo Y Growth %) 28% YoY Growth Total Revenue 51% YOY Growth Imagery & Software Analytical Services Revenue 10% YOY Growth Cash Operating Expenses (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. 14#15Q2 Adjusted EBITDA Adjusted EBITDA (¹) improved 35% over the prior year period Included a $2.5 million expense in professional and engineering service costs. Strong operating leverage enabled through low fixed-cost business model and responsible cost. management BLACK SKY O BlackSky 2023. All rights reserved. Strong Improvement in Adjusted EBITDA (¹) ($ in millions) Q2'22 $(8.8) Q2'23 $(5.8) (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. 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 - $96M 38% year-over-year growth, at the midpoint of this range ● Capital Expenditures Maintaining full year 2023 capex spend between $40M - $45M In-line with prior year spend ● BLACK SKY O BlackSky 2023. All rights reserved. Annual Revenue ($ in millions) I I I I I I I I I I I I I I I I I $21 $34 2020 44% 4 Yr. CAGR Growth 2021 $65 I $84 - $96 2022 2023 (1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable measure reported in accordance with GAAP. $90 16#17Path to Sustainable Profitable Growth Grow pipeline of sales opportunities worldwide leading to sizable multi-year contracts Drive imagery and analytic revenue growth with new and existing defense and intelligence customers Deliver strong operating leverage through high-margin imagery and analytics and responsible cost management Invest in expanding Al capabilities and advancing space technologies to meet our customer's needs BLACK SKY © BlackSky 2023. All rights reserved. 2023 Key Objective Achieve positive adjusted EBITDA in Q4 of 2023 17#18© BlackSky 2023. All rights reserved. BLACK SKY Be The First To Know 18#19BLACK SKY | APPENDIX © BlackSky 2023. All rights reserved. 19#20Net loss Interest income Interest expense Income tax expense Depreciation and amortization Stock-based compensation expense Loss (gain) on derivatives Income 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 BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA BLACK SKY (unaudited) (in thousands) $ $ O BlackSky 2023. All rights reserved. Three Months Ended June 30, 2023 (33,431) $ (648) 2,242 9 11,776 2,311 11,098 (56) 833 111 (5,755) $ 2022 (26,282) (178) 1,275 9,177 2,986 4,646 (1,213) 75 705 (8,809) $ $ Six Months Ended June 30, 2023 (50,746) $ (1,083) 4,095 122 21,431 5,323 9,567 (585) 1,738 199 55 (9,884) $ 2022 (46,274) (178) 2,530 16,568 13,226 (3,494) (1,470) 75 705 (18,312) 20#21BLACKSKY 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 BLACK SKY BlackSky 2023. All rights reserved. $ $ Three Months Ended June 30, 2023 3,456 $ (52) 3,404 $ 2022 3,446 (103) 3,343 $ $ Six Months Ended June 30, 2023 7,155 $ (145) 7,010 2022 7,024 (359) 6,665 21#22BLACKSKY 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 BLACK SKY BlackSky 2023. All rights reserved. $ $ Three Months Ended June 30, 2023 30,720 (2,147) (11,776) 16,797 $ $ 2022 27,026 (2,638) (9,177) 15,211 $ $ Six Months Ended June 30, 2023 59,540 (4,884) (21,431) 33,225 $ $ 2022 57,103 (11,956) (16,568) 28,579 22