Blacksky Technology Inc Stock Price, News & Analysis

BlackSky Technology Inc. (NYSE: BKSY) has announced its intention to offer shares of its Class A common stock in an underwritten public offering. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the offered shares. Oppenheimer & Co. and Lake Street Capital Markets are acting as joint book-running managers for the offering.

The offering is subject to market conditions, and there is no guarantee of its completion or specific terms. A shelf registration statement related to the shares has been filed with the SEC and became effective on December 15, 2022. The offering will be made through a written prospectus and prospectus supplement, which are available on the SEC's website.

BlackSky Technology Inc. (NYSE: BKSY) has been awarded the 2024 Novaspace Leading Earth Observation Business Award at World Space Business Week. The company is recognized for its excellence and innovation in delivering commercial real-time, space-based intelligence using high-cadence satellite imagery and AI-driven analytics.

BlackSky's achievements include:

• Pioneering a software-first adoption model through a $50 million contract with the Indonesian Ministry of Defense
• Advancing to the final phase of IARPA's SMART program
• Selection as a vendor for NGA's $290 million Luno A contract
• Winning a seven-figure space domain awareness contract from HEO for non-Earth imaging services

These accomplishments highlight BlackSky's role in transforming the Earth observation industry from static mapping to dynamic, AI-driven monitoring of critical areas of interest.

BlackSky Technology Inc. (NYSE: BKSY) has been awarded a seven-figure data services contract from HEO to provide automated low-latency capabilities for non-Earth imaging (NEI) services. This pioneering deal expands BlackSky's product offering and brings automation to pattern-of-life insights for orbiting spacecraft and other objects of interest.

The contract, now in its second phase, focuses on automating the entire tasking-to-delivery process. BlackSky will provide proprietary mid-inclination orbit, high-resolution imagery to HEO, increasing the feasibility of capturing NEI data over Earth's middle latitudes. This partnership allows BlackSky to leverage unused satellite capacity, typically associated with ocean passes or eclipse periods.

Customers can request NEI products through HEO's automated platform, HEO Inspect. The system will automatically find imaging opportunities and set tasks on BlackSky's mission scheduling system via API. The resulting imagery and metadata will be used to generate advanced analytics reports, including information on satellite attitude, location, subsystems identification, and pattern-of-life analyses.

BlackSky Technology Inc. (NYSE: BKSY) has been selected by NASA to provide time-diverse, high-revisit satellite imaging data for Earth observation research under the Commercial Smallsat Data Acquisition Program (CSDAP). The contract is a multi-year, indefinite-delivery/indefinite-quantity agreement valued up to $476 million, with a performance period through November 2028.

BlackSky's Spectra platform, which combines imagery and AI-enabled analytics from its high-revisit constellation, will support NASA's Earth science research and application activities. This collaboration aims to enhance understanding of Earth's ecosystems, oceanography, geography, and polar systems through increased temporal frequency observations.

BlackSky Technology Inc. (NYSE: BKSY) has announced a 1-for-8 reverse stock split of its Class A common stock, effective September 6, 2024. The stock will begin trading on a split-adjusted basis on September 9, 2024, under the same symbol 'BKSY'. This move will reduce the number of outstanding shares, with every eight shares being reclassified into one new share. The reverse split will not change the number of authorized shares or the par value. Adjustments will be made to outstanding options, restricted stock units, and warrants. No fractional shares will be issued, and affected stockholders will receive cash payments for fractional interests. The company's publicly traded warrants will continue to trade under 'BKSY.W' with adjusted terms.

BlackSky Technology, Inc. (NYSE: BKSY) has received an updated coverage report from Stonegate Capital Partners. The key takeaways from the report highlight significant progress for the company:

1. Revenue growth of 29% year-over-year, indicating strong market performance.
2. Secured a new contract worth $7.0 million, boosting the company's project pipeline.
3. The company's Gen 3 satellites are on schedule to begin launching in the fourth quarter of 2024, potentially enhancing BlackSky's technological capabilities and market position.

These developments suggest positive momentum for BlackSky Technology in terms of financial performance, business expansion, and technological advancement.

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 Inc. (NYSE: BKSY) has announced its upcoming second quarter 2024 financial results conference call, scheduled for Thursday, August 8, 2024, at 8:30 a.m. EDT. The company will release a press release with its financial results prior to the call. Investors and interested parties can access the live webcast through the company's investor relations website or by dialing in.

To participate in the conference call, attendees should dial 1-800-715-9871 or 1-646-307-1963 using conference ID 5380118 or 'BlackSky'. A replay of the call will be available from approximately 12:30 p.m. EDT on August 8, 2024, through August 22, 2024, by dialing 1-877-660-6853 or 1-201-612-7415 with access code 13748009.

BlackSky Technology (NYSE: BKSY) will participate in the Jefferies Annual Virtual Space Summit on June 25, 2024. The event will feature a fireside chat at 1:40 p.m. ET with Henry Dubois, the company's Chief Financial Officer. This virtual event offers an opportunity for investors to engage directly with BlackSky's leadership and gain insights into the company’s strategies and operations. Interested parties can contact the sponsoring firm's sales representative to schedule one-on-one meetings with BlackSky Technology.