BlackSky Reports Third Quarter 2024 Results
BlackSky Technology reported Q3 2024 results with revenue of $22.5 million, up 6% year-over-year. The company secured new awards valued up to $780 million, including contracts with the National Geospatial-Intelligence Agency ($290M) and NASA ($476M). Imagery & software analytical services revenue grew 13% with improved cost efficiency. The company successfully raised over $45 million to fund its Gen-3 constellation development, with the first satellite completing final pre-ship testing. BlackSky reaffirmed its full-year 2024 guidance of $102-118 million in revenue and $8-16 million in adjusted EBITDA.
BlackSky Technology ha riportato i risultati del terzo trimestre del 2024, con un fatturato di 22,5 milioni di dollari, in aumento del 6% rispetto all'anno precedente. L'azienda ha ottenuto nuovi contratti per un valore complessivo di 780 milioni di dollari, inclusi contratti con l'Agenzia nazionale per l'intelligence geospaziale (290 milioni di dollari) e la NASA (476 milioni di dollari). I ricavi dei servizi di analisi software e di imaging sono aumentati del 13%, grazie a un miglioramento dell'efficienza dei costi. L'azienda ha raccolto con successo oltre 45 milioni di dollari per finanziare lo sviluppo della sua costellazione Gen-3, con il primo satellite che ha completato i test pre-spedizione finali. BlackSky ha confermato le sue previsioni per l'intero anno 2024, con un fatturato previsto tra i 102 e i 118 milioni di dollari e un EBITDA rettificato tra 8 e 16 milioni di dollari.
BlackSky Technology informó los resultados del tercer trimestre de 2024, con ingresos de 22.5 millones de dólares, un incremento del 6% en comparación con el año anterior. La compañía consiguió nuevos contratos valorados en 780 millones de dólares, incluyendo contratos con la Agencia Nacional de Inteligencia Geoespacial (290 millones de dólares) y la NASA (476 millones de dólares). Los ingresos por servicios de análisis de software e imágenes crecieron un 13% gracias a una mejora en la eficiencia de costos. La empresa recaudó exitosamente más de 45 millones de dólares para financiar el desarrollo de su constelación Gen-3, con el primer satélite completando las pruebas finales antes del envío. BlackSky reafirmó su guía para todo el año 2024, con ingresos esperados entre 102 y 118 millones de dólares y un EBITDA ajustado entre 8 y 16 millones de dólares.
BlackSky Technology는 2024년 3분기 실적을 발표했으며, 수익은 2,250만 달러로 작년 동기 대비 6% 증가했습니다. 회사는 국립지리정보국(2억 9천만 달러) 및 NASA(4억 7천6백만 달러)와의 계약을 포함하여 총 7억 8천만 달러에 달하는 새로운 계약을 확보했습니다. 이미지 및 소프트웨어 분석 서비스 수익은 비용 효율성 개선으로 13% 증가했습니다. 회사는 Gen-3 별자리 개발을 위해 4,500만 달러 이상을 성공적으로 모금했으며, 첫 번째 위성이 최종 발송 전 테스트를 완료했습니다. BlackSky는 2024년 전체 연도 매출 가이드를 1억 2천만 달러에서 1억 1천8백만 달러 사이, 조정 EBITDA는 800만 달러에서 1600만 달러 사이로 재확인했습니다.
BlackSky Technology a annoncé les résultats du troisième trimestre 2024, avec un chiffre d'affaires de 22,5 millions de dollars, en hausse de 6 % par rapport à l'année précédente. L'entreprise a sécurisé de nouveaux contrats d'une valeur totale de 780 millions de dollars, y compris des contrats avec l'Agence nationale de renseignement géospatial (290 millions de dollars) et la NASA (476 millions de dollars). Les revenus des services analytiques d'images et de logiciels ont augmenté de 13 % grâce à une meilleure efficacité des coûts. L'entreprise a réussi à lever plus de 45 millions de dollars pour financer le développement de sa constellation Gen-3, le premier satellite ayant terminé les tests pré-acheminement finaux. BlackSky a réaffirmé ses prévisions pour l'année complète 2024, avec des revenus prévus entre 102 et 118 millions de dollars et un EBITDA ajusté entre 8 et 16 millions de dollars.
BlackSky Technology hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, mit einem Umsatz von 22,5 Millionen Dollar, was einem Anstieg von 6 % im Vergleich zum Vorjahr entspricht. Das Unternehmen sicherte sich neue Aufträge im Wert von bis zu 780 Millionen Dollar, darunter Verträge mit der Nationalen Geospatial-Intelligence-Agentur (290 Millionen Dollar) und NASA (476 Millionen Dollar). Der Umsatz mit Bildgebungs- und Softwareanalysediensten wuchs um 13 % bei verbesserter Kosteneffizienz. Das Unternehmen hat erfolgreich über 45 Millionen Dollar beschafft, um die Entwicklung seiner Gen-3-Konstellation zu finanzieren, wobei der erste Satellit die endgültigen Vorabtests abgeschlossen hat. BlackSky bestätigte seine Umsatzprognose für das gesamte Jahr 2024 zwischen 102 und 118 Millionen Dollar sowie ein adjustiertes EBITDA zwischen 8 und 16 Millionen Dollar.
- Revenue increased 6% YoY to $22.5 million
- Secured new contracts worth up to $780 million
- Imagery & software services revenue grew 13% YoY
- Cost of sales improved to 29% from 32% YoY
- Successfully raised $45 million for Gen-3 constellation
- Adjusted EBITDA improved to $0.7M from -$0.4M YoY
- Net loss of $12.6M compared to net income of $0.7M in Q3 2023
- Professional services revenue declined from $6.0M to $5.3M
Insights
BlackSky's Q3 results show mixed performance with some positive developments. Revenue grew
The balance sheet improved with
Management maintained full-year guidance of
The imminent deployment of BlackSky's first Gen-3 satellite marks a significant technological advancement. Currently in final pre-ship testing, this new constellation will enable enhanced space-based intelligence capabilities. The expansion into non-Earth imaging services and space domain awareness demonstrates strategic diversification of the technology portfolio.
The development of advanced optical intersatellite link terminals for real-time military imagery access shows promising technical innovation. The planned regular deployment of Gen-3 satellites starting in 2025 should provide substantial improvements in imaging capabilities and service delivery, potentially creating new revenue streams and competitive advantages in the satellite intelligence market.
Company Receives New Awards Valued up to
YTD Revenue Growth of
First Gen-3 Satellite Completing Final Pre-Ship Testing
Third Quarter Financial Highlights:
-
Revenue of
$22.5 million 6% from the prior year quarter -
Imagery & software analytical services revenue grew
13% over the prior year quarter -
Imagery & software analytical services cost of sales(1), as a percent of revenue, improved to
21% from23% in the prior year quarter
“We delivered a strong quarter of multi-year contract bookings valued up to
Recent Highlights
-
Won a multi-year contract valued up to
$290 million -
Awarded a multi-year contract with NASA valued up to
$476 million -
Signed a
six-million-dollar contract expansion with an existing international defense sector customer to extend access to BlackSky’s Gen-2 satellite imagery services - Expanded product offering to provide non-Earth imaging services and captured multiple seven-figure contracts in support of growing space domain awareness missions worldwide
-
Awarded a
U.S. Navy research contract to explore applications for advanced optical intersatellite link terminals to provide real-time access to imagery during time-sensitive military operations worldwide -
Successfully raised over
$45 million - First Gen-3 satellite in final testing phase and expected to ship to launch site in the next few weeks with a launch window anticipated to open three to four weeks after shipment
-
BlackSky wins 2024 Novaspace, formerly Euroconsult, Leading Earth Observation Business Award at World Space Business Week in
Paris , an event that recognizes companies shaping the future of the global space sector
(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 third 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 third quarter of 2024 were
(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/Income
Net loss for the third quarter of 2024 was
Adjusted EBITDA(2)
Adjusted EBITDA for the third quarter of 2024 was
Balance Sheet & Capital Expenditures
As of September 30, 2024, cash and cash equivalents, restricted cash, and short-term investments totaled
2024 Outlook
BlackSky is starting to ramp up revenues from recent contract awards and continues to work on a number of sizable new and expansion contracts which have some degree of uncertainty surrounding the timing of close and start of revenue recognition. As such, 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. EST. Senior management will review the third 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 8425999 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 13749731. The audio replay will be available from approximately 12:30 p.m. EST on November 7, 2024, through November 21, 2024.
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; 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. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME |
|||||||||||||||
(unaudited) |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Imagery & software analytical services |
$ |
17,276 |
|
|
$ |
15,264 |
|
|
$ |
52,578 |
|
|
$ |
46,352 |
|
Professional & engineering services |
|
5,273 |
|
|
|
5,996 |
|
|
|
19,145 |
|
|
|
12,632 |
|
Total revenue |
|
22,549 |
|
|
|
21,260 |
|
|
|
71,723 |
|
|
|
58,984 |
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Imagery & software analytical service costs, excluding depreciation and amortization |
|
3,682 |
|
|
|
3,479 |
|
|
|
10,559 |
|
|
|
10,634 |
|
Professional & engineering service costs, excluding depreciation and amortization |
|
2,968 |
|
|
|
3,288 |
|
|
|
10,006 |
|
|
|
11,137 |
|
Selling, general and administrative |
|
17,961 |
|
|
|
17,572 |
|
|
|
54,991 |
|
|
|
55,289 |
|
Research and development |
|
43 |
|
|
|
133 |
|
|
|
785 |
|
|
|
525 |
|
Depreciation and amortization |
|
11,125 |
|
|
|
11,304 |
|
|
|
33,586 |
|
|
|
32,735 |
|
Total costs and expenses |
|
35,779 |
|
|
|
35,776 |
|
|
|
109,927 |
|
|
|
110,320 |
|
Operating loss |
|
(13,230 |
) |
|
|
(14,516 |
) |
|
|
(38,204 |
) |
|
|
(51,336 |
) |
Gain on derivatives |
|
3,574 |
|
|
|
17,012 |
|
|
|
8,593 |
|
|
|
7,445 |
|
Income on equity method investment |
|
— |
|
|
|
328 |
|
|
|
— |
|
|
|
913 |
|
Interest income |
|
257 |
|
|
|
519 |
|
|
|
987 |
|
|
|
1,602 |
|
Interest expense |
|
(3,142 |
) |
|
|
(2,532 |
) |
|
|
(8,805 |
) |
|
|
(6,627 |
) |
Other (expense) income, net |
|
(22 |
) |
|
|
2 |
|
|
|
(19 |
) |
|
|
(1,808 |
) |
(Loss) income before income taxes |
|
(12,563 |
) |
|
|
813 |
|
|
|
(37,448 |
) |
|
|
(49,811 |
) |
Income tax expense |
|
(28 |
) |
|
|
(138 |
) |
|
|
(350 |
) |
|
|
(260 |
) |
Net (loss) income |
|
(12,591 |
) |
|
|
675 |
|
|
|
(37,798 |
) |
|
|
(50,071 |
) |
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total comprehensive (loss) income |
$ |
(12,591 |
) |
|
$ |
675 |
|
|
$ |
(37,798 |
) |
|
$ |
(50,071 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted (loss) income per share of common stock: |
|
|
|
|
|
|
|
||||||||
Net (loss) income per share of common stock |
$ |
(0.66 |
) |
|
$ |
0.04 |
|
|
$ |
(2.05 |
) |
|
$ |
(3.00 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic |
|
19,120 |
|
|
|
17,360 |
|
|
|
18,394 |
|
|
|
133,465 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - diluted |
|
19,120 |
|
|
|
17,883 |
|
|
|
18,394 |
|
|
|
133,465 |
|
BLACKSKY TECHNOLOGY INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited) |
|||||||
(in thousands, except par value) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
56,159 |
|
|
$ |
32,815 |
|
Restricted cash |
|
1,147 |
|
|
|
619 |
|
Short-term investments |
|
7,090 |
|
|
|
19,697 |
|
Accounts receivable, net of allowance of |
|
10,284 |
|
|
|
7,071 |
|
Prepaid expenses and other current assets |
|
5,086 |
|
|
|
3,916 |
|
Contract assets |
|
26,736 |
|
|
|
15,213 |
|
Total current assets |
|
106,502 |
|
|
|
79,331 |
|
Property and equipment - net |
|
46,945 |
|
|
|
67,116 |
|
Operating lease right of use assets - net |
|
2,559 |
|
|
|
1,630 |
|
Goodwill |
|
9,393 |
|
|
|
9,393 |
|
Intangible assets - net |
|
936 |
|
|
|
1,357 |
|
Satellite procurement work in process |
|
76,504 |
|
|
|
55,976 |
|
Other assets |
|
2,616 |
|
|
|
9,263 |
|
Total assets |
$ |
245,455 |
|
|
$ |
224,066 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
12,683 |
|
|
$ |
11,573 |
|
Amounts payable to equity method investees |
|
— |
|
|
|
10,843 |
|
Contract liabilities - current |
|
4,224 |
|
|
|
3,670 |
|
Debt - current portion |
|
324 |
|
|
|
— |
|
Other current liabilities |
|
1,523 |
|
|
|
1,405 |
|
Total current liabilities |
|
18,754 |
|
|
|
27,491 |
|
Operating lease liabilities |
|
7,043 |
|
|
|
3,041 |
|
Derivative liabilities |
|
6,556 |
|
|
|
15,149 |
|
Long-term debt - net of current portion |
|
98,427 |
|
|
|
83,502 |
|
Other liabilities |
|
4,408 |
|
|
|
1,724 |
|
Total liabilities |
|
135,188 |
|
|
|
130,907 |
|
Stockholders’ equity: |
|
|
|
||||
Class A common stock, |
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
747,032 |
|
|
|
692,127 |
|
Accumulated deficit |
|
(636,768 |
) |
|
|
(598,970 |
) |
Total stockholders’ equity |
|
110,267 |
|
|
|
93,159 |
|
Total liabilities and stockholders’ equity |
$ |
245,455 |
|
|
$ |
224,066 |
|
BLACKSKY TECHNOLOGY INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(unaudited) |
|||||||
(in thousands) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(37,798 |
) |
|
$ |
(50,071 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
33,586 |
|
|
|
32,735 |
|
Operating lease right of use assets amortization |
|
529 |
|
|
|
753 |
|
Bad debt expense |
|
100 |
|
|
|
39 |
|
Stock-based compensation expense |
|
8,244 |
|
|
|
7,725 |
|
Amortization of debt issuance costs and non-cash interest expense |
|
6,727 |
|
|
|
249 |
|
Gain on derivatives |
|
(8,593 |
) |
|
|
(7,445 |
) |
Non-cash interest income |
|
(630 |
) |
|
|
(551 |
) |
Loss on impairment of assets |
|
71 |
|
|
|
— |
|
Loss on disposal of assets |
|
44 |
|
|
|
127 |
|
Income on equity method investment |
|
— |
|
|
|
(913 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(3,313 |
) |
|
|
359 |
|
Contract assets - current and long-term |
|
(5,133 |
) |
|
|
(5,271 |
) |
Prepaid expenses and other current assets |
|
(1,148 |
) |
|
|
(13 |
) |
Other assets |
|
2,525 |
|
|
|
1,144 |
|
Accounts payable and accrued liabilities |
|
(967 |
) |
|
|
834 |
|
Other current liabilities |
|
194 |
|
|
|
(640 |
) |
Contract liabilities - current and long-term |
|
1,005 |
|
|
|
(175 |
) |
Other liabilities |
|
(10 |
) |
|
|
5,316 |
|
Net cash used in operating activities |
|
(4,567 |
) |
|
|
(15,798 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(12,289 |
) |
|
|
(12,296 |
) |
Satellite procurement work in process |
|
(28,410 |
) |
|
|
(23,603 |
) |
Purchases of short-term investments |
|
(13,488 |
) |
|
|
(29,167 |
) |
Proceeds from maturities of short-term investments |
|
26,725 |
|
|
|
50,110 |
|
Proceeds from sale of property and equipment |
|
— |
|
|
|
22 |
|
Net cash used in investing activities |
|
(27,462 |
) |
|
|
(14,934 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from equity issuances, net of equity issuance costs |
|
47,343 |
|
|
|
30,868 |
|
Proceeds from issuance of debt |
|
20,000 |
|
|
|
— |
|
Proceeds from options exercised and ESPP shares purchased |
|
157 |
|
|
|
9 |
|
Debt payments |
|
(10,000 |
) |
|
|
— |
|
Payments for debt issuance costs |
|
(632 |
) |
|
|
— |
|
Withholding tax payments on vesting of restricted stock units |
|
(967 |
) |
|
|
(972 |
) |
Payments of transaction costs for debt modification |
|
— |
|
|
|
(1,311 |
) |
Payments of transaction costs related to derivative liabilities |
|
— |
|
|
|
(905 |
) |
Net cash provided by financing activities |
|
55,901 |
|
|
|
27,689 |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
23,872 |
|
|
|
(3,043 |
) |
Cash, cash equivalents, and restricted cash – beginning of year |
|
33,434 |
|
|
|
37,016 |
|
Cash, cash equivalents, and restricted cash – end of period |
$ |
57,306 |
|
|
$ |
33,973 |
|
BLACKSKY TECHNOLOGY INC. |
|||||||||||||||
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA |
|||||||||||||||
(unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income |
$ |
(12,591 |
) |
|
$ |
675 |
|
|
$ |
(37,798 |
) |
|
$ |
(50,071 |
) |
Interest income |
|
(257 |
) |
|
|
(519 |
) |
|
|
(987 |
) |
|
|
(1,602 |
) |
Interest expense |
|
3,142 |
|
|
|
2,532 |
|
|
|
8,805 |
|
|
|
6,627 |
|
Income tax expense |
|
28 |
|
|
|
138 |
|
|
|
350 |
|
|
|
260 |
|
Depreciation and amortization |
|
11,125 |
|
|
|
11,304 |
|
|
|
33,586 |
|
|
|
32,735 |
|
Stock-based compensation expense |
|
2,519 |
|
|
|
2,402 |
|
|
|
8,244 |
|
|
|
7,725 |
|
Gain on derivatives |
|
(3,574 |
) |
|
|
(17,012 |
) |
|
|
(8,593 |
) |
|
|
(7,445 |
) |
Non-recurring transaction costs |
|
228 |
|
|
|
— |
|
|
|
228 |
|
|
|
— |
|
Severance |
|
78 |
|
|
|
363 |
|
|
|
219 |
|
|
|
562 |
|
Litigation, settlements, and related costs |
|
(28 |
) |
|
|
— |
|
|
|
137 |
|
|
|
— |
|
Impairment losses |
|
71 |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
Income on equity method investment |
|
— |
|
|
|
(328 |
) |
|
|
— |
|
|
|
(913 |
) |
Transaction costs associated with debt and equity financings |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,738 |
|
Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55 |
|
Adjusted EBITDA |
$ |
741 |
|
|
$ |
(445 |
) |
|
$ |
4,262 |
|
|
$ |
(10,329 |
) |
BLACKSKY TECHNOLOGY INC. |
|||||||||||||||
RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES |
|||||||||||||||
(unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating expenses |
$ |
29,129 |
|
|
$ |
29,009 |
|
|
$ |
89,362 |
|
|
$ |
88,549 |
|
Stock-based compensation for selling, general and
|
|
(2,377 |
) |
|
|
(2,265 |
) |
|
|
(7,747 |
) |
|
|
(7,149 |
) |
Depreciation and amortization |
|
(11,125 |
) |
|
|
(11,304 |
) |
|
|
(33,586 |
) |
|
|
(32,735 |
) |
Cash operating expenses |
$ |
15,627 |
|
|
$ |
15,440 |
|
|
$ |
48,029 |
|
|
$ |
48,665 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107467319/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
What was BlackSky's (BKSY) revenue growth in Q3 2024?
What major contracts did BlackSky (BKSY) win in Q3 2024?
What is BlackSky's (BKSY) full-year 2024 revenue guidance?
How much capital did BlackSky (BKSY) raise in Q3 2024?
