Quarterly report [Sections 13 or 15(d)]

Related Party Transactions

v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
13. Related Party Transactions
A summary of the Company’s related party transactions during the six months ended June 30, 2025 and 2024 is presented below:
Amount Due to Related Party as of
Total Payments in the Six Months Ended June 30, June 30, December 31,
Nature of Relationship 2025 2024 2025 2024
Name Description of the Transactions (in thousands)
LeoStella
Former Joint Venture with Thales Alenia Space
The Company owned 50% of LeoStella, its joint venture with Thales. The Company contracted with LeoStella for the design, development and manufacture of satellites to operate its business. In November 2024, the Company acquired the remaining 50% of common units of LeoStella and LeoStella became a wholly-owned subsidiary of BlackSky.
N/A
 $ 16,816 
N/A
N/A
Ursa Space Systems Strategic Partner The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. $ 250  292  —  42 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 554  2,696  273  — 
Seahawk Debt Issuer and subsidiary of Thales Alenia Space
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. In July 2025, the Company repaid all debt outstanding and accrued interest to Seahawk.
 303  277  26,282  25,072 
Intelsat Debt Issuer
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. In July 2025, the Company repaid all debt outstanding and accrued interest to Intelsat.
 1,040  1,050  71,242  67,962 
The Company recorded revenue from related parties of $1.1 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $10.8 million and $3.5 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the Company had $22.0 million and $11.2 million, respectively, of contract assets from related parties, which the Company anticipates receiving as payments over the next 12 months. As of June 30, 2025 and December 31, 2024, the amounts invoiced by the Company and due from related parties were not significant.
Prior to repaying the term loan facility in July 2025, interest was accrued and due semi-annually. The Company made interest payments of $1.1 million during the three and six months ended June 30, 2025 and $1.0 million during the three and six months ended June 30, 2024. As of June 30, 2025, the Company had interest due to related parties of $2.0 million, of which $1.3 million was to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $0.7 million was to be paid in kind as principal due on the maturity date and was included in other liabilities. As of December 31, 2024, the Company had interest due to related parties of $1.9 million, of which $0.4 million was included in other current liabilities and $1.5 million was included in other liabilities. In July 2025, the Company repaid the term loan facility from related parties in its entirety plus accrued interest in the amount $100.2 million.