# BlackSky's capital spending outpaces operating cash in record revenue quarter Third-quarter operating cash fell short of capital spending by about $11.8 million. BlackSky raised its full-year revenue outlook. Published 2026-11-05 by TGOs. Canonical: https://tgos.io/news/2026/11/05/blackskys-capital-spending-outpaces-operating-cash-in-record-revenue/ BlackSky reported record third-quarter revenue of $42.8 million on Nov. 5.[1] Revenue rose 29% from the second quarter.[1] Adjusted EBITDA, a non-GAAP measure, rose to $12.8 million from $4.7 million over the same period.[1][2] Operating cash covered only part of the quarter's capital spending.[1] The six- and nine-month cash flow statements imply third-quarter operating cash inflow of about $3.6 million, against $15.4 million in capital expenditures.[1][2] In the first six months, operating activities used $5.9 million.[2] Cash, cash equivalents, restricted cash and short-term investments totaled $231.1 million at Sept. 30.[1] That was down $13.0 million from June 30.[1][2] BlackSky had raised $150 million through its at-the-market equity program in the second quarter.[2] In its second-quarter filing, BlackSky said it expected cash, short-term investments and operating cash to cover working capital and capital spending needs for the foreseeable future.[4] BlackSky raised the lower end of its 2026 revenue outlook.[1][2] It now expects $140 million to $150 million.[1] It maintained its capital expenditure forecast at $50 million to $60 million.[1] **Also announced** BlackSky reported its selection as exclusive provider of very-high resolution optical satellites for an initial 50-satellite constellation.[1] The constellation falls under a $1 billion investment through a consortium including France and the UAE.[1] ## Why it matters Reported quarterly capital spending totals $46.6 million through September.[1] That leaves $3.4 million to $13.4 million for the fourth quarter within the annual outlook, if the quarterly figures and outlook use the same definition.[1] BlackSky said in its second-quarter filing that it can manage the timing of much of its capital spending, including the design, build and launch of satellites under development.[4] ## Sources 1. BlackSky third-quarter 2026 results release (8-K Exhibit 99, Nov. 5, 2026) 2. BlackSky second-quarter 2026 results release (Aug. 6, 2026) 3. BlackSky first-quarter 2026 results release (May 7, 2026) 4. BlackSky Form 10-Q for the quarter ended June 30, 2026