BlackSky Reports Fourth Quarter and Full Year 2024 Results
BlackSky Technology (NYSE: BKSY) reported its Q4 and full year 2024 results, highlighting the successful launch of its first Gen-3 very-high resolution satellite. The company achieved full-year revenue of $102.1 million, with imagery and software analytical services revenue growing to $70.1 million.
Key financial metrics include a net loss of $57.0 million and improved Adjusted EBITDA of $11.6 million. The company secured over $150 million in recent contract awards, including a $100 million seven-year subscription contract for Gen-2 and Gen-3 satellite imagery with an international customer.
BlackSky's backlog increased from $261 million to approximately $390 million. For 2025, the company forecasts 30% revenue growth with expected revenue between $125-142 million and adjusted EBITDA between $14-22 million.
BlackSky Technology (NYSE: BKSY) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando il lancio riuscito del suo primo satellite di alta risoluzione di terza generazione. L'azienda ha raggiunto un fatturato annuo di 102,1 milioni di dollari, con i ricavi da immagini e servizi analitici software che sono cresciuti a 70,1 milioni di dollari.
I principali indicatori finanziari includono una perdita netta di 57,0 milioni di dollari e un EBITDA rettificato migliorato di 11,6 milioni di dollari. L'azienda ha ottenuto oltre 150 milioni di dollari in recenti contratti assegnati, incluso un contratto di abbonamento di sette anni del valore di 100 milioni di dollari per immagini satellitari di Gen-2 e Gen-3 con un cliente internazionale.
Il portafoglio ordini di BlackSky è aumentato da 261 milioni a circa 390 milioni di dollari. Per il 2025, l'azienda prevede una crescita del fatturato del 30% con ricavi attesi tra 125 e 142 milioni di dollari e un EBITDA rettificato tra 14 e 22 milioni di dollari.
BlackSky Technology (NYSE: BKSY) informó sus resultados del cuarto trimestre y del año completo 2024, destacando el exitoso lanzamiento de su primer satélite de muy alta resolución de tercera generación. La empresa logró un ingreso anual de 102,1 millones de dólares, con ingresos por imágenes y servicios analíticos de software que crecieron a 70,1 millones de dólares.
Los principales indicadores financieros incluyen una pérdida neta de 57,0 millones de dólares y un EBITDA ajustado mejorado de 11,6 millones de dólares. La empresa aseguró más de 150 millones de dólares en contratos recientes, incluido un contrato de suscripción de siete años de 100 millones de dólares para imágenes satelitales de Gen-2 y Gen-3 con un cliente internacional.
El backlog de BlackSky aumentó de 261 millones a aproximadamente 390 millones de dólares. Para 2025, la empresa pronostica un crecimiento de ingresos del 30% con ingresos esperados entre 125 y 142 millones de dólares y un EBITDA ajustado entre 14 y 22 millones de dólares.
블랙스카이 테크놀로지 (NYSE: BKSY)는 2024년 4분기 및 전체 연도 결과를 보고하며, 첫 번째 3세대 고해상도 위성의 성공적인 발사를 강조했습니다. 이 회사는 연간 수익 1억 2천1백만 달러를 달성했으며, 이미지 및 소프트웨어 분석 서비스 수익이 7천1백만 달러로 증가했습니다.
주요 재무 지표로는 5천7백만 달러의 순손실과 1천1백6십만 달러의 조정 EBITDA 개선이 포함됩니다. 이 회사는 최근 계약 수주에서 1억5천만 달러 이상을 확보했으며, 국제 고객과의 3세대 및 2세대 위성 이미지에 대한 1억 달러의 7년 구독 계약을 포함하고 있습니다.
블랙스카이의 백로그는 2억6천1백만 달러에서 약 3억9천만 달러로 증가했습니다. 2025년을 위해, 이 회사는 30%의 수익 성장을 예측하며, 예상 수익은 1억2천5백만에서 1억4천2백만 달러, 조정 EBITDA는 1천4백만에서 2천2백만 달러 사이로 예상하고 있습니다.
BlackSky Technology (NYSE: BKSY) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, mettant en avant le lancement réussi de son premier satellite très haute résolution de troisième génération. L'entreprise a atteint un chiffre d'affaires annuel de 102,1 millions de dollars, avec des revenus provenant des images et des services analytiques logiciels atteignant 70,1 millions de dollars.
Les principaux indicateurs financiers incluent une perte nette de 57,0 millions de dollars et un EBITDA ajusté amélioré de 11,6 millions de dollars. L'entreprise a sécurisé plus de 150 millions de dollars en contrats récents, y compris un contrat d'abonnement de sept ans de 100 millions de dollars pour des images satellites de Gen-2 et Gen-3 avec un client international.
Le carnet de commandes de BlackSky a augmenté de 261 millions à environ 390 millions de dollars. Pour 2025, l'entreprise prévoit une croissance de 30 % du chiffre d'affaires avec des revenus attendus entre 125 et 142 millions de dollars et un EBITDA ajusté entre 14 et 22 millions de dollars.
BlackSky Technology (NYSE: BKSY) hat die Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und den erfolgreichen Start seines ersten hochauflösenden Satelliten der dritten Generation hervorgehoben. Das Unternehmen erzielte einen Jahresumsatz von 102,1 Millionen Dollar, wobei die Einnahmen aus Bild- und Softwareanalysediensten auf 70,1 Millionen Dollar anstiegen.
Wichtige Finanzkennzahlen umfassen einen Nettoverlust von 57,0 Millionen Dollar und ein verbessertes bereinigtes EBITDA von 11,6 Millionen Dollar. Das Unternehmen sicherte sich über 150 Millionen Dollar an kürzlich vergebenen Verträgen, darunter einen siebenjährigen Abonnementvertrag über 100 Millionen Dollar für Bilder von Gen-2- und Gen-3-Satelliten mit einem internationalen Kunden.
Der Auftragsbestand von BlackSky stieg von 261 Millionen auf etwa 390 Millionen Dollar. Für 2025 prognostiziert das Unternehmen ein Umsatzwachstum von 30% mit einem erwarteten Umsatz zwischen 125 und 142 Millionen Dollar und einem bereinigten EBITDA zwischen 14 und 22 Millionen Dollar.
- Secured $100M seven-year subscription contract for satellite imagery
- Backlog increased to $390M from $261M
- Adjusted EBITDA improved to $11.6M from -$1.0M in 2023
- Cost of sales improved to 27% from 36% year-over-year
- Received $32M cash prepayment in Q1 2025
- NRO extended Gen-2 imagery services subscription into 2026
- Q4 revenue decreased 14% year-over-year to $30.4M
- Net loss increased to $57.0M in 2024
- Operating expenses increased to $119.0M from $116.7M
- Capital expenditures increased to $50.2M for 2024
Insights
BlackSky's Q4 and 2024 results reveal strong business momentum despite an apparent revenue decline. The $102.1 million in 2024 revenue represents
The $11.6 million Adjusted EBITDA marks a dramatic turnaround from 2023's
The contract momentum is exceptional, with recent awards increasing backlog from
The successful Gen-3 satellite deployment is transformative, enabling BlackSky to deliver very-high resolution imagery within just 5 days of launch. This technological advancement underpins their recent contract wins, including a
BlackSky's successful deployment of their first Gen-3 satellite represents a significant technological leap for the company's earth observation capabilities. Delivering very-high resolution imagery within just 5 days of launch demonstrates exceptional operational efficiency in space technology deployment. This rapid integration into their constellation architecture gives BlackSky a competitive edge in the high-resolution satellite imagery market.
The Gen-3 platform appears to be exceeding initial performance expectations, which is remarkable considering the complexity of modern satellite systems. The company's stated plan for "regular cadence of Gen-3 satellite launches" indicates confidence in their manufacturing and deployment pipeline, essential for scaling their constellation capabilities.
BlackSky's integrated approach combining advanced satellites with AI-driven analytics creates a compelling technology stack for delivering real-time intelligence. The contract with the Defense Innovation Unit to demonstrate space-based tactical ISR capabilities confirms DoD interest in their technological approach for mission-critical applications.
The
First Very-High Resolution Gen-3 Satellite Delivering Imagery Five Days from Launch
Company Secures Over
2025 Total Revenue Forecasted to Grow
“I’m happy to report that within 5 days of launch our new Gen-3 satellite is already exceeding customer expectations for initial very-high resolution image quality,” said Brian E. O’Toole, BlackSky CEO. “The addition of very-high resolution imagery to our high-frequency monitoring constellation enables us to deliver AI-derived insights at the speed of conflict, providing our customers with advanced space-based intelligence solutions. Building on this significant milestone, we are now set to begin a regular cadence of Gen-3 satellite launches to expand our capabilities. With early Gen-3 success and a number of significant recent contract wins, we’re off to a strong start to 2025.”
Full Year Financial Highlights:
-
Revenue of
$102.1 million -
Imagery & software analytical services revenue grew to
$70.1 million -
Imagery & software analytical service cost of sales(1), as a percentage of revenue, improved to
20% -
Net loss(2) of
$57.0 million -
Adjusted EBITDA(3) improved to
$11.6 million $1.0 million
(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense. |
(2) This represents our current estimate of net loss for the period ended December 31, 2024, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K. |
(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release. |
Recent Highlights
- Successfully launched first Gen-3 satellite and began delivering imagery that is exceeding customer expectations for initial image quality five days after launch
- The National Reconnaissance Office extended its subscription for Gen-2 imagery services under the Electro-Optical Commercial Layer program into 2026
-
Awarded a more than
$100 million -
Won multi-year contracts totaling approximately
$20 million -
Awarded a multi-year contract valued up to
$200 million - Won a multi-million-dollar expansion contract with the Defense Innovation Unit to demonstrate space-based tactical ISR capabilities and provide on orbit operations under the TACGEO program
- Awarded a six-figure contract with a new strategic international customer to provide on-demand Gen-2 imagery, analytic services, and training on BlackSky’s Spectra tasking and analytics platform
- Won a multi-year subscription contract with EMDYN, a geospatial intelligence fusion company, to deliver space-based imagery services to international customers
-
Recent 2025 contract awards increases the December 31, 2024 backlog of
$261 million $390 million
Financial Results
Revenues
Total revenue for the fourth quarter of 2024 was
For the full year 2024, total revenue was
Cost of Sales(1)
Total cost of sales as a percentage of revenue improved to
For the full year 2024, cost of sales as a percentage of revenue improved to
Operating Expenses
Operating expenses for the fourth quarter of 2024 were
For the full year 2024, operating expenses were
Net Loss(2)
Net loss for the fourth quarter of 2024 was
For the full year 2024, net loss was
Adjusted EBITDA(3)
Adjusted EBITDA for the fourth quarter of 2024 was
For the full year 2024, Adjusted EBITDA was
Balance Sheet & Capital Expenditures
As of December 31, 2024, cash and cash equivalents, restricted cash, and short-term investments totaled
2025 Outlook
BlackSky expects full year 2025 revenue to be between
Investment Community Conference Call
BlackSky will host a conference call and webcast for the investment community this morning at 8:30 a.m. EST. Senior management will review the fourth quarter and full year results, discuss BlackSky’s business, and answer questions. To access the live webcast or the archived webcast following completion of the call, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events” for the link to the webcast. A presentation accompanying the webcast can also be found on the investor relations website. To access the conference call, participants should dial 1-877-589-7299 or 1-201-689-8778 at least ten minutes prior to the start of the call. To listen to a replay of the conference call, please dial 1-877-660-6853 or 1-201-612-7415 using access code 13751159. The audio replay will be available from approximately 12:30 p.m. EST on March 6, 2025, through March 20, 2025.
About BlackSky
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry’s most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra® tasking and analytics software platform and our proprietary low earth orbit satellite constellation.
With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding
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; non-recurring transaction costs; severance; litigation, settlements, and related costs; impairment losses, income on equity method investment; transaction costs associated with debt and equity financings; and investment loss on short-term investments. Cash operating expenses is defined as operating expenses less stock-based compensation expense for selling, general, and administrative costs, and depreciation and amortization expense. The Company believes evaluating cash operating expenses is useful to manage expenses as it excludes non-cash items that may obscure the underlying business performance.
Adjusted EBITDA and cash operating expenses are non-GAAP financial performance measures. These measures should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our filings with the
Forward-Looking Statements
Certain statements and other information included in this press release constitute forward-looking statements under applicable securities laws. Words such as "may", "will", "could", "should", "would", "plan", "potential", "intend", "anticipate", "believe", "estimate", "future", "opportunity", "will likely result", or "expect" and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical fact, contained in this press release, including statements as to future performance, our guidance outlook for the year and expected capital expenditures, our ability to sustain revenue growth, expectations regarding the receipt of cash from customers over the next 12 months, expectations regarding global demand for our products and services, our anticipated liquidity and cash flows, our anticipated Gen-3 satellite launch timing, and our expectations related to future profitability on an adjusted basis, are forward-looking statements.
Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. As a result, although BlackSky's management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, factors such as long and unpredictable sales cycles, customer demand, and our ability to estimate resources for fixed-price contracts, expenses, and other operational and liquidity needs, as well as the risk factors discussed in our most recent Annual Report on Form 10-K and other disclosures about BlackSky and its business included in BlackSky's disclosure materials filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov or on BlackSky's Investor Relations website at ir.blacksky.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this press release and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, except as may be required under applicable securities law.
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts) |
|||||||||||||||
|
|||||||||||||||
Three Months Ended December 31, |
Years Ended December 31, |
||||||||||||||
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
Revenue |
|
|
|||||||||||||
Imagery & software analytical services |
$ |
17,484 |
|
|
$ |
19,039 |
|
|
$ |
70,062 |
|
$ |
65,391 |
|
|
Professional & engineering services |
|
12,886 |
|
|
|
16,469 |
|
|
|
32,031 |
|
|
29,101 |
|
|
Total revenue |
|
30,370 |
|
|
|
35,508 |
|
|
|
102,093 |
|
|
94,492 |
|
|
Costs and expenses |
|
|
|
|
|
||||||||||
Imagery & software analytical service costs, excluding depreciation and amortization |
|
3,348 |
|
|
|
3,159 |
|
|
|
13,907 |
|
|
|
13,793 |
|
Professional & engineering service costs, excluding depreciation and amortization |
|
3,519 |
|
|
|
8,851 |
|
|
|
13,525 |
|
|
|
19,988 |
|
Selling, general and administrative |
|
19,078 |
|
|
|
17,328 |
|
|
|
74,069 |
|
|
|
72,617 |
|
Research and development |
|
559 |
|
|
|
118 |
|
|
|
1,344 |
|
|
|
643 |
|
Depreciation and amortization |
|
9,956 |
|
|
|
10,696 |
|
|
|
43,542 |
|
|
|
43,431 |
|
Total costs and expenses |
|
36,460 |
|
|
|
40,152 |
|
|
|
146,387 |
|
|
|
150,472 |
|
Operating loss |
|
(6,090 |
) |
|
|
(4,644 |
) |
|
|
(44,294 |
) |
|
|
(55,980 |
) |
(Loss) gain on derivatives |
|
(11,408 |
) |
|
|
234 |
|
|
|
(2,815 |
) |
|
|
7,679 |
|
Income on equity method investment |
|
1,401 |
|
|
|
3,252 |
|
|
|
1,401 |
|
|
|
4,165 |
|
Interest income |
|
573 |
|
|
|
461 |
|
|
|
1,560 |
|
|
|
2,063 |
|
Interest expense |
|
(3,382 |
) |
|
|
(2,679 |
) |
|
|
(12,187 |
) |
|
|
(9,306 |
) |
Other income (expense), net |
|
75 |
|
|
|
1 |
|
|
|
56 |
|
|
|
(1,807 |
) |
Loss before income taxes |
|
(18,831 |
) |
|
|
(3,375 |
) |
|
|
(56,279 |
) |
|
|
(53,186 |
) |
Income tax expense |
|
(394 |
) |
|
|
(413 |
) |
|
|
(744 |
) |
|
|
(673 |
) |
Net loss |
|
(19,225 |
) |
|
|
(3,788 |
) |
|
|
(57,023 |
) |
|
|
(53,859 |
) |
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total comprehensive loss |
$ |
(19,225 |
) |
|
$ |
(3,788 |
) |
|
$ |
(57,023 |
) |
|
$ |
(53,859 |
) |
|
|
|
|
|
|
||||||||||
Basic and diluted loss per share of common stock: |
|
|
|
|
|
|
|
||||||||
Net loss per share of common stock |
$ |
(1.01 |
) |
|
$ |
(0.21 |
) |
|
$ |
(2.66 |
) |
|
$ |
(3.18 |
) |
|
|||||||||||||||
Weighted average common shares outstanding - basic and diluted |
|
19,120 |
|
|
|
17,668 |
|
|
|
21,443 |
|
|
|
16,931 |
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value) |
|||||||
|
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
13,056 |
|
|
$ |
32,815 |
|
Restricted cash |
|
1,322 |
|
|
|
619 |
|
Short-term investments |
|
39,406 |
|
|
|
19,697 |
|
Accounts receivable, net of allowance of |
|
14,701 |
|
|
|
7,071 |
|
Contract assets |
|
27,852 |
|
|
|
15,213 |
|
Inventories |
|
6,043 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
4,356 |
|
|
|
3,916 |
|
Total current assets |
|
106,736 |
|
|
|
79,331 |
|
Property and equipment - net |
|
45,614 |
|
|
|
67,116 |
|
Operating lease right of use assets - net |
|
4,029 |
|
|
|
1,630 |
|
Goodwill |
|
9,393 |
|
|
|
9,393 |
|
Intangible assets - net |
|
6,508 |
|
|
|
1,357 |
|
Satellite procurement work in process |
|
80,601 |
|
|
|
55,976 |
|
Other assets |
|
1,461 |
|
|
|
9,263 |
|
Total assets |
$ |
254,342 |
|
|
$ |
224,066 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
20,420 |
|
|
$ |
11,573 |
|
Amounts payable to equity method investees |
|
— |
|
|
|
10,843 |
|
Contract liabilities - current |
|
2,183 |
|
|
|
3,670 |
|
Debt - current portion |
|
1,927 |
|
|
|
— |
|
Other current liabilities |
|
1,493 |
|
|
|
1,405 |
|
Total current liabilities |
|
26,023 |
|
|
|
27,491 |
|
Operating lease liabilities |
|
8,048 |
|
|
|
3,041 |
|
Derivative liabilities |
|
17,964 |
|
|
|
15,149 |
|
Long-term debt - net of current portion |
|
105,736 |
|
|
|
83,502 |
|
Other liabilities |
|
2,387 |
|
|
|
1,724 |
|
Total liabilities |
|
160,158 |
|
|
|
130,907 |
|
Stockholders’ equity: |
|
|
|
||||
Class A common stock, |
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
750,174 |
|
|
|
692,127 |
|
Accumulated deficit |
|
(655,993 |
) |
|
|
(598,970 |
) |
Total stockholders’ equity |
|
94,184 |
|
|
|
93,159 |
|
Total liabilities and stockholders’ equity |
$ |
254,342 |
|
|
$ |
224,066 |
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) |
|||||||
|
|||||||
|
Years Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(57,023 |
) |
|
$ |
(53,859 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
43,542 |
|
|
|
43,431 |
|
Transfer of satellite procurement work in process to engineering service costs |
|
334 |
|
|
|
4,854 |
|
Operating lease right of use assets amortization |
|
583 |
|
|
|
883 |
|
Bad debt expense |
|
145 |
|
|
|
179 |
|
Stock-based compensation expense |
|
11,169 |
|
|
|
10,862 |
|
Amortization of debt issuance costs and non-cash interest expense |
|
9,207 |
|
|
|
7,967 |
|
Loss (gain) on derivatives |
|
2,815 |
|
|
|
(7,679 |
) |
Non-cash interest income |
|
(1,074 |
) |
|
|
(796 |
) |
Loss on impairment of assets |
|
131 |
|
|
|
81 |
|
Loss on disposal of assets |
|
44 |
|
|
|
127 |
|
Income on equity method investment |
|
(1,401 |
) |
|
|
(4,165 |
) |
Other, net |
|
321 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(7,775 |
) |
|
|
(4,137 |
) |
Contract assets - current and long-term |
|
(4,989 |
) |
|
|
(16,299 |
) |
Prepaid expenses and other current assets |
|
556 |
|
|
|
1,118 |
|
Other assets |
|
2,428 |
|
|
|
1,328 |
|
Accounts payable and accrued liabilities |
|
(4,080 |
) |
|
|
3,316 |
|
Other current liabilities |
|
(356 |
) |
|
|
(1,041 |
) |
Contract liabilities - current and long-term |
|
(978 |
) |
|
|
(3,053 |
) |
Other liabilities |
|
17 |
|
|
|
(538 |
) |
Net cash used in operating activities |
|
(6,384 |
) |
|
|
(17,421 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(15,678 |
) |
|
|
(15,274 |
) |
Satellite procurement work in process |
|
(34,558 |
) |
|
|
(28,441 |
) |
Purchases of short-term investments |
|
(52,860 |
) |
|
|
(40,078 |
) |
Proceeds from maturities of short-term investments |
|
34,225 |
|
|
|
59,110 |
|
Cash received from business acquisition |
|
541 |
|
|
|
— |
|
Proceeds from sale of equity method investment |
|
— |
|
|
|
9,450 |
|
Proceeds from sale of property and equipment |
|
— |
|
|
|
22 |
|
Net cash used in investing activities |
|
(68,330 |
) |
|
|
(15,211 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from equity issuances, net of equity issuance costs |
|
47,009 |
|
|
|
32,733 |
|
Proceeds from issuance of debt |
|
20,000 |
|
|
|
— |
|
Proceeds from options exercised and ESPP shares purchased |
|
308 |
|
|
|
10 |
|
Debt payments |
|
(10,000 |
) |
|
|
— |
|
Payments for debt issuance costs |
|
(632 |
) |
|
|
— |
|
Withholding tax payments on vesting of restricted stock units |
|
(967 |
) |
|
|
(1,410 |
) |
Payments for deferred financing costs |
|
— |
|
|
|
(67 |
) |
Payments for deferred offering costs |
|
(60 |
) |
|
|
— |
|
Payments of transaction costs for debt modification |
|
— |
|
|
|
(1,311 |
) |
Payments of transaction costs related to derivative liabilities |
|
— |
|
|
|
(905 |
) |
Net cash provided by financing activities |
|
55,658 |
|
|
|
29,050 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(19,056 |
) |
|
|
(3,582 |
) |
Cash, cash equivalents, and restricted cash – beginning of year |
|
33,434 |
|
|
|
37,016 |
|
Cash, cash equivalents, and restricted cash – end of year |
$ |
14,378 |
|
|
$ |
33,434 |
|
|
|||||||||||||||
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(19,225 |
) |
|
$ |
(3,788 |
) |
|
$ |
(57,023 |
) |
|
$ |
(53,859 |
) |
Interest income |
|
(573 |
) |
|
|
(461 |
) |
|
|
(1,560 |
) |
|
|
(2,063 |
) |
Interest expense |
|
3,382 |
|
|
|
2,679 |
|
|
|
12,187 |
|
|
|
9,306 |
|
Income tax expense |
|
394 |
|
|
|
413 |
|
|
|
744 |
|
|
|
673 |
|
Depreciation and amortization |
|
9,956 |
|
|
|
10,696 |
|
|
|
43,542 |
|
|
|
43,431 |
|
Stock-based compensation expense |
|
2,925 |
|
|
|
3,137 |
|
|
|
11,169 |
|
|
|
10,862 |
|
Loss (gain) on derivatives |
|
11,408 |
|
|
|
(234 |
) |
|
|
2,815 |
|
|
|
(7,679 |
) |
Non-recurring transaction costs |
|
231 |
|
|
|
— |
|
|
|
459 |
|
|
|
— |
|
Litigation, settlements, and related costs |
|
218 |
|
|
|
— |
|
|
|
355 |
|
|
|
— |
|
Severance |
|
— |
|
|
|
28 |
|
|
|
219 |
|
|
|
590 |
|
Impairment losses |
|
60 |
|
|
|
81 |
|
|
|
131 |
|
|
|
81 |
|
Income on equity method investment |
|
(1,401 |
) |
|
|
(3,252 |
) |
|
|
(1,401 |
) |
|
|
(4,165 |
) |
Transaction costs associated with debt and equity financings |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,738 |
|
Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55 |
|
Adjusted EBITDA |
$ |
7,375 |
|
|
$ |
9,299 |
|
|
$ |
11,637 |
|
|
$ |
(1,030 |
) |
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating expenses |
$ |
29,593 |
|
|
$ |
28,142 |
|
|
$ |
118,955 |
|
|
$ |
116,691 |
|
Stock-based compensation for selling, general and administrative costs |
|
(2,779 |
) |
|
|
(2,969 |
) |
|
|
(10,526 |
) |
|
|
(10,118 |
) |
Depreciation and amortization |
|
(9,956 |
) |
|
|
(10,696 |
) |
|
|
(43,542 |
) |
|
|
(43,431 |
) |
Cash operating expenses |
$ |
16,858 |
|
|
$ |
14,477 |
|
|
$ |
64,887 |
|
|
$ |
63,142 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306798854/en/
Investor Contact
Aly Bonilla
VP, Investor Relations
abonilla@blacksky.com
571-591-2864
Media Contact
Pauly Cabellon
Senior Director, External Communications
pcabellon@blacksky.com
571-591-2865
Source: BlackSky Technology Inc.
FAQ
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