BlackSky reported record 3Q26 revenue of $42.8M, up 118% y/y, while adjusted EBITDA reached a record $12.8M, representing a 29.9% margin. Space-Based Intelligence & AI Services revenue increased 107% y/y and 34% sequentially to $32.7M as greater Gen-3 utilization and subscription growth drove significant operating leverage, while Mission Solutions and Advanced Technology Programs also contributed to growth. Backlog totaled approximately $355M, with continued pilot conversions, international subscription expansion, additional Gen-3 launches, and sovereign satellite deliveries supporting the outlook. Management raised FY26 revenue guidance to $140M–$150M and adjusted EBITDA guidance to $18M–$24M while maintaining $50M–$60M of CapEx, reflecting improving profitability as BlackSky scales its Gen-3 capabilities and recurring intelligence business.