EOEquities

BlackSky Reports Q4 Results 

BlackSky satellite imagery and analysis of Gladstone, Australia. Image: BlackSky
BlackSky satellite imagery and analysis of Gladstone, Australia. Image: BlackSky

BlackSky ($BKSY) is paring losses; winning key contracts; and sees a near-term path to (adjusted) profitability. Those were the key takeaways bright and early at 7:30am on Tuesday, when the Herndon, VA satellite operator reported its fourth-quarter and full-year 2022 financial results. 

For the full year, BlackSky pulled in $65.4M in revenue, up 92% over the prior year.

BlackSky’s Q4, by the numbers:

BlackSky Q4 slide
Image: BlackSky
  • Revenue of $19.4M, up 69% YoY
  • Operating loss of $18.3M, a 42% annual decrease 
  • $75M in cash and equivalents ending  2022
  • Adj. EBITDA loss of $4.6M (vs. $14.4M YoY) 

A big year: “We won up to $1.3 billion in multi-year contracts, nearly doubled revenues to $65.4 million, and demonstrated significant margin performance,” BlackSky CEO Brian E. O’Toole noted in the earnings release. “This high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023.” 

The immediate reaction: As of market close Tuesday, $BKSY shares last traded hands at $1.80 a pop, down 6.74% from Monday’s closing price of $1.93.

Breaking it down: Sales of imagery and analytical services dominated BlackSky’s growth and revenue last year, clocking in at $16.2M in Q4 (a 196% annual jump). US and allied international government customers, both old and new, were the primary drivers of this growth.  

The year in review…O’Toole cited “increased customer demand worldwide for BlackSky’s dynamic monitoring and analytic solutions” as the catalyst that helped the company win $1.3B in multi-year contracts last year. 

The year ahead…The company also announced $29.5M in private placement financing and its first new contract of 2022 on Tuesday. BlackSky secured $150M to provide space-based GEOINT-as-a-service to an international ministry of defense.

+ And while we’re here…BlackSky is currently flying 14 satellites, with plans to send #15 and #16 to space this month. The satellite operator will send two high-res, Gen-2 birds to orbit with The Beat Goes On, one of two Rocket Lab launches on the books for March.

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