BlackSky is a leading provider of real-time geospatial intelligence, operating its own constellation of Earth observation satellites in low Earth orbit. The company delivers on-demand, high-frequency imagery, monitoring, and analytics of critical locations and events using its AI-powered Spectra platform. BlackSky serves government organizations and commercial enterprises, providing them with timely insights and data for strategic decision-making.
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BlackSky secured a multi-year subscription contract award valued at more than $150,000,000 that was disclosed in March 2023.
BlackSky’s capital expenditures for the first quarter of 2023 were $15,800,000 driven by final payments for the launch of two Gen-2 satellites deployed on 2023-03-24 and expected payments for Gen-3 satellite production.
BlackSky’s operating expenses excluding stock-based compensation increased to $26,100,000 in the first quarter of 2023 from $20,800,000 in the prior year quarter.
BlackSky was awarded a multi-year contract by the National Reconnaissance Office to explore commercial hyperspectral imagery capabilities.
BlackSky won over a dozen new contracts and renewal agreements in early 2023 primarily supporting U.S. and international government agencies.
BlackSky’s professional and engineering services revenue was $2,600,000 in the first quarter of 2023 compared to $6,500,000 in the first quarter of 2022.
BlackSky maintains full year 2023 revenue guidance of between $90,000,000 and $96,000,000.
BlackSky amended its existing debt facility to extend the maturity term to October 2026 and to reduce the level of cash interest payments for the next two years.
BlackSky’s operating expenses for the first quarter of 2022 were $30.1 million, including $9,300,000 of non-cash stock-based compensation expense.
As of 2023-03-31, BlackSky had cash and cash equivalents, restricted cash, and short-term investments totaling $71.6 million, which includes approximately $29,500,000 from a previously announced private placement financing.
BlackSky reported an adjusted EBITDA loss of $4,100,000 for the first quarter of 2023, compared to an adjusted EBITDA loss of $9,500,000 in the prior year quarter.
BlackSky’s imagery and software analytical services revenue was $15,800,000 in the first quarter of 2023, a 114% increase over the prior year quarter.
BlackSky’s operating expenses for the first quarter of 2023 were $28.8 million, including $2,700,000 of non-cash stock-based compensation expense.
BlackSky deployed two additional Gen-2 satellites into orbit on 2023-03-24, and those satellites began revenue-generating operations within 18 hours of launch.
BlackSky recorded a net loss of $17,300,000 for the first quarter of 2023, compared to a net loss of $20,000,000 in the first quarter of 2022.
BlackSky maintains full year 2023 capital expenditures expectations in the range of $40,000,000 to $45,000,000.
Rocket Lab launched three successful Electron missions in the first quarter of fiscal 2023 for commercial constellation operators HawkEye 360, Capella Space, and BlackSky.
BlackSky set 385 km as the minimum altitude of operations for Global 7 and Global 8 based on expectations about atmospheric drag and other forces reaching the limit of operational stability.
BlackSky provided engineering analysis concluding it can operate Global 7 and Global 8 below 385 km while maintaining necessary stability until the requested minimum altitude of 340 km.
BlackSky’s first quarter financial results are scheduled for release on 2023-05-10 before the markets open.