BlackSky Reports Second Quarter 2024 Results
BlackSky Technology (NYSE: BKSY) reported a strong performance for Q2 2024 with a 29% increase in revenue to $24.9 million compared to the same period last year.
Imagery and software analytical services grew by 14%, while professional and engineering services saw an 87% increase. The total cost of sales improved to 28% from 44%.
The company's net loss narrowed significantly to $9.4 million from $33.4 million in Q2 2023. Adjusted EBITDA improved to $2.1 million from a loss of $5.8 million. BlackSky secured $40 million in new contracts and renewals and maintained its FY 2024 revenue outlook of $102 million to $118 million with an adjusted EBITDA of $8 million to $16 million.
The first 35cm Very High Resolution Gen-3 satellite is planned for launch in Q4. As of June 30, 2024, BlackSky held $42.3 million in cash and investments and expects $28.2 million in additional payments over the next 12 months.
BlackSky Technology (NYSE: BKSY) ha riportato una solida performance per il secondo trimestre del 2024, con un aumento del 29% nei ricavi a 24,9 milioni di dollari rispetto allo stesso periodo dell'anno scorso.
I servizi di imaging e analisi software sono cresciuti del 14%, mentre i servizi professionali e ingegneristici hanno registrato un incremento dell'87%. Il costo totale delle vendite è migliorato dal 44% al 28%.
La perdita netta dell'azienda si è ridotta significativamente a 9,4 milioni di dollari, rispetto ai 33,4 milioni di dollari nel secondo trimestre del 2023. L'EBITDA rettificato è migliorato a 2,1 milioni di dollari, da una perdita di 5,8 milioni. BlackSky ha ottenuto 40 milioni di dollari in nuovi contratti e rinnovi e mantiene le previsioni di fatturato per l'anno fiscale 2024 tra i 102 milioni e i 118 milioni di dollari, con un EBITDA rettificato compreso tra 8 milioni e 16 milioni di dollari.
Il primo satellite Gen-3 a risoluzione molto alta da 35 cm è previsto per il lancio nel quarto trimestre. Al 30 giugno 2024, BlackSky deteneva 42,3 milioni di dollari in contante e investimenti e prevede 28,2 milioni di dollari in pagamenti aggiuntivi nei prossimi 12 mesi.
BlackSky Technology (NYSE: BKSY) reportó un sólido rendimiento para el segundo trimestre de 2024, con un aumento del 29% en los ingresos a 24,9 millones de dólares en comparación con el mismo período del año pasado.
Los servicios de imágenes y análisis de software crecieron un 14%, mientras que los servicios profesionales y de ingeniería experimentaron un incremento del 87%. El costo total de ventas mejoró del 44% al 28%.
La pérdida neta de la compañía se redujo significativamente a 9,4 millones de dólares, desde 33,4 millones en el segundo trimestre de 2023. El EBITDA ajustado mejoró a 2,1 millones de dólares desde una pérdida de 5,8 millones. BlackSky aseguró 40 millones de dólares en nuevos contratos y renovaciones, y mantuvo su perspectiva de ingresos para el año fiscal 2024 entre 102 millones y 118 millones de dólares, con un EBITDA ajustado de 8 millones a 16 millones de dólares.
El primer satélite Gen-3 de muy alta resolución de 35 cm está programado para ser lanzado en el cuarto trimestre. A 30 de junio de 2024, BlackSky tenía 42,3 millones de dólares en efectivo e inversiones y espera recibir 28,2 millones de dólares en pagos adicionales durante los próximos 12 meses.
블랙스카이 테크놀로지 (NYSE: BKSY)는 2024년 2분기에 29%의 매출 증가를 기록하며 2,490만 달러의 강력한 실적을 보고했습니다. 이는 지난해 같은 기간과 비교한 수치입니다.
이미지 및 소프트웨어 분석 서비스는 14% 성장했으며, 전문 및 엔지니어링 서비스는 87% 증가했습니다. 총 매출 원가는 44%에서 28%로 개선되었습니다.
회사의 순손실은 3,340만 달러에서 940만 달러로 크게 줄어들었고, 조정된 EBITDA는 580만 달러의 손실에서 210만 달러로 개선되었습니다. 블랙스카이는 4천만 달러의 신규 계약과 갱신을 확보했으며, 2024 회계연도 매출 전망을 1억 2백만 달러에서 1억 1천8백만 달러로 유지하고, 조정 EBITDA는 800만 달러에서 1천6백만 달러로 설정했습니다.
첫 번째 35cm 고해상도 Gen-3 위성은 4분기에 발사를 계획하고 있습니다. 2024년 6월 30일 기준으로 블랙스카이는 4천230만 달러의 현금 및 투자를 보유하고 있으며, 향후 12개월 동안 추가 지급액으로 2천820만 달러를 예상하고 있습니다.
BlackSky Technology (NYSE: BKSY) a rapporté une solide performance pour le deuxième trimestre 2024, avec une hausse de 29 % de son chiffre d'affaires à 24,9 millions de dollars par rapport à la même période de l'année précédente.
Les services d'imagerie et d'analyse logicielle ont augmenté de 14%, tandis que les services professionnels et d'ingénierie ont enregistré une hausse de 87%. Le coût total des ventes s'est amélioré de 44 % à 28 %.
La perte nette de l'entreprise a considérablement diminué à 9,4 millions de dollars, contre 33,4 millions de dollars au 2ème trimestre 2023. L'EBITDA ajusté a progressé à 2,1 millions de dollars, contre une perte de 5,8 millions de dollars. BlackSky a sécurisé 40 millions de dollars en nouveaux contrats et renouvellements, tout en maintenant ses prévisions de chiffre d'affaires pour l'exercice fiscal 2024 entre 102 millions et 118 millions de dollars, avec un EBITDA ajusté de 8 millions à 16 millions de dollars.
Le premier satellite Gen-3 à très haute résolution de 35 cm est prévu pour lancement au quatrième trimestre. Au 30 juin 2024, BlackSky détenait 42,3 millions de dollars en liquidités et investissements et s'attend à recevoir 28,2 millions de dollars de paiements supplémentaires au cours des 12 prochains mois.
BlackSky Technology (NYSE: BKSY) berichtete über eine starke Leistung im 2. Quartal 2024 mit einem Umsatzanstieg von 29% auf 24,9 Millionen Dollar im Vergleich zum gleichen Zeitraum des Vorjahres.
Die Bild- und Softwareanalyset Dienste wuchsen um 14%, während die professionellen und ingenieurtechnischen Dienste um 87% zulegten. Die Gesamtkosten der Verkäufe verbesserten sich von 44% auf 28%.
Der Nettoverlust des Unternehmens verringerte sich erheblich auf 9,4 Millionen Dollar, verglichen mit 33,4 Millionen Dollar im 2. Quartal 2023. Das bereinigte EBITDA verbesserte sich auf 2,1 Millionen Dollar von einem Verlust von 5,8 Millionen Dollar. BlackSky sicherte sich 40 Millionen Dollar an neuen Verträgen und Erneuerungen und hält an der Umsatzprognose für das Geschäftsjahr 2024 von 102 Millionen bis 118 Millionen Dollar fest, mit einem bereinigten EBITDA von 8 Millionen bis 16 Millionen Dollar.
Der erste 35 cm hohe Auflösungs Gen-3 Satellit ist für den Start im 4. Quartal geplant. Am 30. Juni 2024 hielt BlackSky 42,3 Millionen Dollar in Bargeld und Investitionen und erwartet 28,2 Millionen Dollar an zusätzlichen Zahlungen in den nächsten 12 Monaten.
- Q2 2024 revenue increased by 29% to $24.9 million.
- Professional and engineering services revenue up by 87%.
- $40 million in new contracts and renewals secured.
- Net loss reduced to $9.4 million from $33.4 million.
- Adjusted EBITDA improved to $2.1 million from a loss of $5.8 million.
- Cost of sales improved to 28% from 44%.
- Maintained FY 2024 revenue outlook of $102 million to $118 million.
- Expected $28.2 million in additional payments over the next 12 months.
- Operating expenses for Q2 2024 were $29.8 million, including $11.3 million in depreciation and amortization.
Insights
BlackSky's Q2 2024 results show strong growth and improved profitability. Revenue increased by
The
With
The upcoming launch of BlackSky's first Gen-3 satellite in Q4 is a pivotal moment for the company's technological advancement. The 35cm Very High Resolution capability represents a significant improvement over their current offerings, potentially opening new market opportunities and enhancing their competitive position.
The company's statement about being in the final phases of assembly, integration and testing for the Gen-3 satellites is positive, indicating the project is progressing as planned. However, investors should note that space technology launches often face delays, so the Q4 timeline should be viewed cautiously.
The
BlackSky's Q2 results and contract wins indicate growing market acceptance of their geospatial intelligence services. The
The company's involvement with the U.S. Air Force Research Laboratory for AI-enabled space-based moving target detection is particularly noteworthy. This positions BlackSky at the forefront of advanced geospatial analytics, a rapidly growing market segment.
However, the geospatial intelligence market is becoming increasingly competitive. While BlackSky's Gen-3 satellites promise enhanced capabilities, other players are also advancing their technologies. The company's ability to differentiate its offerings and maintain its technological edge will be important for long-term success.
Investors should closely monitor the reception of the Gen-3 capabilities among existing and potential customers, as this will be a key indicator of BlackSky's future market position and growth potential.
Q2 Total Revenue Increases
Company Wins
First 35cm Very High Resolution Gen-3 Satellite Planned for Launch in Q4
Second Quarter Financial Highlights:
-
Revenue of
$24.9 million 29% from the prior year quarter -
Imagery & software analytical services revenue grew
14% over the prior year quarter -
Imagery & software analytical services cost of sales(1), as a percent of revenue, improved to
20% from23% in the prior year quarter
“BlackSky delivered another strong quarter driven by a
Recent Highlights
- The National Reconnaissance Office extended its subscription to our Gen-2 high-frequency imagery services under the Electro-Optical Commercial Layer (EOCL) contract
-
Won a
$7 million -
Continued to win task orders under the multi-year contract with the
U.S. Air Force Research Laboratory to develop and demonstrate AI-enabled space-based moving target detection, tracking and identification - Awarded multiple six-figure subscription contracts in support of various international government agencies
- In the final phases of assembly, integration, and testing on our Gen-3 satellites and have begun mission planning preparation for launch and commissioning operations
- Finalizing launch window for first Gen-3 satellite with Rocket Lab
(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense. |
Financial Results
Revenues
Total revenue for the second quarter of 2024 was
Cost of Sales(1)
Total cost of sales as a percentage of revenue improved to
Operating Expenses
Operating expenses for the second quarter of 2024 were
by reductions in general corporate costs, which more than offset investments in our go-to-market initiatives.
(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) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release. |
Net Loss
Net loss for the second quarter of 2024 was
Adjusted EBITDA(2)
Adjusted EBITDA for the second quarter of 2024 was
Balance Sheet & Capital Expenditures
As of June 30, 2024, cash and cash equivalents, restricted cash, and short-term investments totaled
2024 Outlook
The Company maintains its outlook for full year 2024 revenue of between
Investment Community Conference Call
BlackSky will host a conference call and webcast for the investment community this morning at 8:30 a.m. EDT. Senior management will review the second quarter 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 1-800-715-9871 or 1-646-307-1963 using conference ID 5380118 or “BlackSky” 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 13748009. The audio replay will be available from approximately 12:30 p.m. EDT on August 8, 2024, through August 22, 2024.
(2) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release. |
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 systems 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, litigation, settlements, and related costs, severance, income on equity method investment, investment loss on short-term investments, and transaction costs associated with debt and equity financings. 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 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. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Revenue |
|
|
|
|
|
|
|
|||||||||
Imagery & software analytical services |
$ |
17,469 |
|
|
$ |
15,328 |
|
|
$ |
35,302 |
|
|
$ |
31,088 |
|
|
Professional & engineering services |
|
7,469 |
|
|
|
3,999 |
|
|
|
13,872 |
|
|
|
6,636 |
|
|
Total revenue |
|
24,938 |
|
|
|
19,327 |
|
|
|
49,174 |
|
|
|
37,724 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|||||||||
Imagery & software analytical service costs, excluding depreciation and amortization |
|
3,432 |
|
|
|
3,456 |
|
|
|
6,877 |
|
|
|
7,155 |
|
|
Professional & engineering service costs, excluding depreciation and amortization |
|
3,450 |
|
|
|
5,070 |
|
|
|
7,038 |
|
|
|
7,849 |
|
|
Selling, general and administrative |
|
18,214 |
|
|
|
18,768 |
|
|
|
37,030 |
|
|
|
37,717 |
|
|
Research and development |
|
286 |
|
|
|
176 |
|
|
|
742 |
|
|
|
392 |
|
|
Depreciation and amortization |
|
11,277 |
|
|
|
11,776 |
|
|
|
22,461 |
|
|
|
21,431 |
|
|
Total costs and expenses |
|
36,659 |
|
|
|
39,246 |
|
|
|
74,148 |
|
|
|
74,544 |
|
|
Operating loss |
|
(11,721 |
) |
|
|
(19,919 |
) |
|
|
(24,974 |
) |
|
|
(36,820 |
) |
|
Gain (loss) on derivatives |
|
5,273 |
|
|
|
(11,098 |
) |
|
|
5,019 |
|
|
|
(9,567 |
) |
|
Income on equity method investment |
|
— |
|
|
|
56 |
|
|
|
— |
|
|
|
585 |
|
|
Interest income |
|
330 |
|
|
|
648 |
|
|
|
730 |
|
|
|
1,083 |
|
|
Interest expense |
|
(3,029 |
) |
|
|
(2,242 |
) |
|
|
(5,663 |
) |
|
|
(4,095 |
) |
|
Other income (expense), net |
|
2 |
|
|
|
(867 |
) |
|
|
3 |
|
|
|
(1,810 |
) |
|
Loss before income taxes |
|
(9,145 |
) |
|
|
(33,422 |
) |
|
|
(24,885 |
) |
|
|
(50,624 |
) |
|
Income tax expense |
|
(252 |
) |
|
|
(9 |
) |
|
|
(322 |
) |
|
|
(122 |
) |
|
Net loss |
|
(9,397 |
) |
|
|
(33,431 |
) |
|
|
(25,207 |
) |
|
|
(50,746 |
) |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total comprehensive loss |
$ |
(9,397 |
) |
|
$ |
(33,431 |
) |
|
$ |
(25,207 |
) |
|
$ |
(50,746 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted loss per share of common stock: |
|
|
|
|
|
|
|
|||||||||
Net loss per share of common stock |
$ |
(0.06 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding - basic and diluted |
|
145,186 |
|
|
|
137,208 |
|
|
|
144,214 |
|
|
|
130,712 |
|
|
BLACKSKY TECHNOLOGY INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(unaudited) |
||||||||
(in thousands, except par value) |
||||||||
|
June 30, 2024 |
|
December 31,
|
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
25,552 |
|
|
$ |
32,815 |
|
|
Restricted cash |
|
1,097 |
|
|
|
619 |
|
|
Short-term investments |
|
15,680 |
|
|
|
19,697 |
|
|
Accounts receivable, net of allowance of |
|
8,218 |
|
|
|
7,071 |
|
|
Prepaid expenses and other current assets |
|
3,736 |
|
|
|
3,916 |
|
|
Contract assets |
|
28,166 |
|
|
|
15,213 |
|
|
Total current assets |
|
82,449 |
|
|
|
79,331 |
|
|
Property and equipment - net |
|
52,479 |
|
|
|
67,116 |
|
|
Operating lease right of use assets - net |
|
4,220 |
|
|
|
1,630 |
|
|
Goodwill |
|
9,393 |
|
|
|
9,393 |
|
|
Intangible assets - net |
|
1,076 |
|
|
|
1,357 |
|
|
Satellite procurement work in process |
|
71,716 |
|
|
|
55,976 |
|
|
Other assets |
|
2,963 |
|
|
|
9,263 |
|
|
Total assets |
$ |
224,296 |
|
|
$ |
224,066 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable and accrued liabilities |
$ |
11,480 |
|
|
$ |
11,573 |
|
|
Amounts payable to equity method investees |
|
2,378 |
|
|
|
10,843 |
|
|
Contract liabilities - current |
|
4,580 |
|
|
|
3,670 |
|
|
Debt - current portion |
|
309 |
|
|
|
— |
|
|
Other current liabilities |
|
933 |
|
|
|
1,405 |
|
|
Total current liabilities |
|
19,680 |
|
|
|
27,491 |
|
|
Operating lease liabilities |
|
6,868 |
|
|
|
3,041 |
|
|
Derivative liabilities |
|
10,130 |
|
|
|
15,149 |
|
|
Long-term debt - net of current portion |
|
108,273 |
|
|
|
83,502 |
|
|
Other liabilities |
|
2,814 |
|
|
|
1,724 |
|
|
Total liabilities |
|
147,765 |
|
|
|
130,907 |
|
|
Stockholders’ equity: |
|
|
|
|||||
Class A common stock, |
|
15 |
|
|
|
14 |
|
|
Additional paid-in capital |
|
700,693 |
|
|
|
692,115 |
|
|
Accumulated deficit |
|
(624,177 |
) |
|
|
(598,970 |
) |
|
Total stockholders’ equity |
|
76,531 |
|
|
|
93,159 |
|
|
Total liabilities and stockholders’ equity |
$ |
224,296 |
|
|
$ |
224,066 |
|
|
BLACKSKY TECHNOLOGY INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(unaudited) |
||||||||
(in thousands) |
||||||||
|
Six Months Ended June 30, |
|||||||
|
2024 |
|
2023 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(25,207 |
) |
|
$ |
(50,746 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization expense |
|
22,461 |
|
|
|
21,431 |
|
|
Operating lease right of use assets amortization |
|
374 |
|
|
|
613 |
|
|
Bad debt expense |
|
108 |
|
|
|
15 |
|
|
Stock-based compensation expense |
|
5,725 |
|
|
|
5,323 |
|
|
Amortization of debt issuance costs and non-cash interest expense |
|
4,382 |
|
|
|
189 |
|
|
(Gain) loss on derivatives |
|
(5,019 |
) |
|
|
9,567 |
|
|
Non-cash interest income |
|
(495 |
) |
|
|
(337 |
) |
|
Income on equity method investment |
|
— |
|
|
|
(585 |
) |
|
Loss (gain) on disposal of assets |
|
46 |
|
|
|
(22 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(1,256 |
) |
|
|
(4,278 |
) |
|
Contract assets - current and long-term |
|
(6,693 |
) |
|
|
(4,101 |
) |
|
Prepaid expenses and other current assets |
|
(94 |
) |
|
|
1,142 |
|
|
Other assets |
|
403 |
|
|
|
1,117 |
|
|
Accounts payable and accrued liabilities |
|
(1,961 |
) |
|
|
1,015 |
|
|
Other current liabilities |
|
(309 |
) |
|
|
(1,097 |
) |
|
Contract liabilities - current and long-term |
|
1,958 |
|
|
|
(3,491 |
) |
|
Other liabilities |
|
(25 |
) |
|
|
8,620 |
|
|
Net cash used in operating activities |
|
(5,602 |
) |
|
|
(15,625 |
) |
|
Cash flows from investing activities: |
|
|
|
|||||
Purchase of property and equipment |
|
(6,576 |
) |
|
|
(8,446 |
) |
|
Satellite procurement work in process |
|
(20,984 |
) |
|
|
(19,925 |
) |
|
Purchases of short-term investments |
|
(13,488 |
) |
|
|
(19,416 |
) |
|
Proceeds from maturities of short-term investments |
|
18,000 |
|
|
|
41,110 |
|
|
Proceeds from sale of property and equipment |
|
— |
|
|
|
22 |
|
|
Net cash used in investing activities |
|
(23,048 |
) |
|
|
(6,655 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from issuance of debt |
|
20,000 |
|
|
|
— |
|
|
Proceeds from equity issuances, net of equity issuance costs |
|
2,947 |
|
|
|
30,074 |
|
|
Proceeds from options exercised and ESPP shares purchased |
|
157 |
|
|
|
5 |
|
|
Payments for debt issuance costs |
|
(632 |
) |
|
|
— |
|
|
Withholding tax payments on vesting of restricted stock units |
|
(524 |
) |
|
|
(414 |
) |
|
Payments for deferred offering costs |
|
(83 |
) |
|
|
— |
|
|
Payments of transaction costs for debt modification |
|
— |
|
|
|
(561 |
) |
|
Payments of transaction costs related to derivative liabilities |
|
— |
|
|
|
(905 |
) |
|
Net cash provided by financing activities |
|
21,865 |
|
|
|
28,199 |
|
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
(6,785 |
) |
|
|
5,919 |
|
|
Cash, cash equivalents, and restricted cash – beginning of year |
|
33,434 |
|
|
|
37,016 |
|
|
Cash, cash equivalents, and restricted cash – end of period |
$ |
26,649 |
|
|
$ |
42,935 |
|
|
BLACKSKY TECHNOLOGY INC. |
||||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA |
||||||||||||||||
(unaudited) |
||||||||||||||||
(in thousands) |
||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net loss |
$ |
(9,397 |
) |
|
$ |
(33,431 |
) |
|
$ |
(25,207 |
) |
|
$ |
(50,746 |
) |
|
Interest income |
|
(330 |
) |
|
|
(648 |
) |
|
|
(730 |
) |
|
|
(1,083 |
) |
|
Interest expense |
|
3,029 |
|
|
|
2,242 |
|
|
|
5,663 |
|
|
|
4,095 |
|
|
Income tax expense |
|
252 |
|
|
|
9 |
|
|
|
322 |
|
|
|
122 |
|
|
Depreciation and amortization |
|
11,277 |
|
|
|
11,776 |
|
|
|
22,461 |
|
|
|
21,431 |
|
|
Stock-based compensation expense |
|
2,362 |
|
|
|
2,311 |
|
|
|
5,725 |
|
|
|
5,323 |
|
|
(Gain) loss on derivatives |
|
(5,273 |
) |
|
|
11,098 |
|
|
|
(5,019 |
) |
|
|
9,567 |
|
|
Litigation, settlements, and related costs |
|
165 |
|
|
|
— |
|
|
|
165 |
|
|
|
— |
|
|
Severance |
|
60 |
|
|
|
111 |
|
|
|
141 |
|
|
|
199 |
|
|
Income on equity method investment |
|
— |
|
|
|
(56 |
) |
|
|
— |
|
|
|
(585 |
) |
|
Transaction costs associated with debt and equity financings |
|
— |
|
|
|
833 |
|
|
|
— |
|
|
|
1,738 |
|
|
Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55 |
|
|
Adjusted EBITDA |
$ |
2,145 |
|
|
$ |
(5,755 |
) |
|
$ |
3,521 |
|
|
$ |
(9,884 |
) |
|
BLACKSKY TECHNOLOGY INC. |
||||||||||||||||
RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES |
||||||||||||||||
(unaudited) |
||||||||||||||||
(in thousands) |
||||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Operating expenses |
$ |
29,777 |
|
|
$ |
30,720 |
|
|
$ |
60,233 |
|
|
$ |
59,540 |
|
|
Stock-based compensation for selling, general and administrative costs |
|
(2,222 |
) |
|
|
(2,147 |
) |
|
|
(5,370 |
) |
|
|
(4,884 |
) |
|
Depreciation and amortization |
|
(11,277 |
) |
|
|
(11,776 |
) |
|
|
(22,461 |
) |
|
|
(21,431 |
) |
|
Cash operating expenses |
$ |
16,278 |
|
|
$ |
16,797 |
|
|
$ |
32,402 |
|
|
$ |
33,225 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808801313/en/
Investor Contact
Aly Bonilla
VP, Investor Relations
abonilla@blacksky.com
571-591-2864
Media Contact
Pauly Cabellon
Director, External Communications
pcabellon@blacksky.com
571-591-2865
Source: BlackSky Technology Inc.
FAQ
What were BlackSky's Q2 2024 revenue results?
How much did BlackSky's imagery and software analytical services grow in Q2 2024?
What is the net loss reported by BlackSky for Q2 2024?
What is BlackSky's FY 2024 revenue outlook?
How much did BlackSky secure in new contracts and renewals in Q2 2024?
When is BlackSky planning to launch its first Gen-3 satellite?
