EOEquities

BlackSky Reports Q1 Results

Image: BlackSky

BlackSky ($BKSY) is predicting a boom in 2023, partially driven by growing government demand for its Earth observation imagery and geospatial intelligence. 

By the numbers:

  • Overall revenue: $18.4M, up 32% YoY 
  • Imagery and software analytical services revenue: $15.8M, a 114% increase YoY
  • Adjusted EBITDA: -$4.1M, up from -$9.5M in Q1 2022
  • Net Income: -$17.3M, up from -$20.0M in Q1 2022
  • Cash and cash equivalents: $71.6M

2023 outlook: BlackSky remains bullish on its projections for the rest of the year, including annual revenue between $90M-$96M, which would be a 42% increase from 2022. The company’s top priority for the year is a positive adjusted EBITDA in Q4, which it remains on track to achieve. 

The company is also working to expand its sales pipeline and customer base, win new multi-year subscription contracts, and will continue to invest in space and AI capabilities.

“With the traction we’re experiencing, we believe the company is well-positioned to capitalize on the growing demand for geospatial intelligence and are re-affirming our guidance for the year,” said CEO Brian O’Toole.

The highlights

The majority of BlackSky’s business for the quarter came from over a dozen new contracts and renewals, primarily with government agencies including the US Air Force, US Space Force, and National Reconnaissance Office. 

But the company also deployed two new Gen-2 satellites during the quarter, demonstrating the growing commercial potential of BlackSky’s technology. While commercial contracts still make up only a small portion of BlackSky’s revenue, O’Toole said the company is starting to see some traction with major industrial opportunities, particularly in supply chain monitoring.

Related Stories
EOInternational

UK, Portugal, and Spain Partner on New EO Constellation

The UK intends to join Spain, and Portugal to build a new small-sat constellation to improve climate change research and disaster monitoring.

EO

Satellogic Wins NOAA License

Satellogic ($SATL) notched a big win in its quest to capture more American business opportunities with a new remote sensing license granted by NOAA.

Equities

Aerospace and Defense Primes Q3 Earnings Roundup

The aerospace and defense primes had a busy Q3 marked by massive SDA contracts, growing space divisions, and a few hiccups along the way.

CivilEO

Canada Announces $739M for EO

On the heels of a historically bad wildfire season, Canada is investing in better eyes in space.