Blacksky Technology Inc Stock Price, News & Analysis

BlackSky Technology (NYSE: BKSY) reported its Q3 2024 financial results with revenue of $22.5M, representing a 6% year-over-year increase. The company's Imagery and Software Analytics segment grew 13.2% to $17.3M. Consolidated gross margins improved to 70.5% from 68.2% in 3Q23. The company achieved positive adjusted EBITDA of $0.7M, marking the fourth consecutive quarter of positive adjusted EBITDA, though falling short of consensus estimates. Notable developments include the addition of non-Earth imaging services to its offerings.

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.

The Space Development Agency (SDA) has selected LeoStella and BlackSky for the Hybrid Acquisition for Proliferated Low-Earth Orbit (HALO) program, allowing nontraditional defense contractors to develop rapid on-orbit mission feasibility prototypes. LeoStella, with BlackSky as a subcontractor, joins 18 other vendors in the HALO pool. LeoStella has delivered 23 satellites since 2018, with 19 currently operating in LEO maintaining over 99% uptime. This selection enables both companies to compete for upcoming Tranche 3 SDA opportunities and leverage their combined experience in space-based monitoring capabilities.

BlackSky Technology Inc. (NYSE: BKSY) has announced it will host a conference call to discuss its third quarter 2024 financial results and business outlook on Thursday, November 7, 2024, at 8:30 a.m. EST. A press release containing the financial results will be released earlier the same day. Investors 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 (US) or 1-646-307-1963 (international) using conference ID 8425999 or 'BlackSky'. A replay of the call will be available until November 21, 2024, by dialing 1-877-660-6853 (US) or 1-201-612-7415 (international) with access code 13749731.

BlackSky Technology Inc. (NYSE: BKSY) has secured a seven-figure contract to provide non-Earth Imaging (NEI) services for Space Domain Awareness (SDA) capabilities. The company will integrate Gen-2 satellite imagery of on-orbit spacecraft into the customer's SDA assets. This expansion into SDA unlocks additional value from BlackSky's current high-resolution Gen-2 constellation and meets the immediate demand for NEI solutions.

Space Situational Awareness (SSA) is important for identifying, characterizing, and tracking space objects and their operational environment. SSA data helps space operators predict and avoid collisions between objects or debris from various events. It is foundational to space safety and real-time space traffic coordination activities.

By delivering NEI capabilities, BlackSky can leverage underutilized capacity typically associated with satellites passing over the ocean or in eclipse. This enhances the company's service offering and supports mission success in space security.

BlackSky Technology Inc. (NYSE: BKSY) has been awarded a five-year, up to $290 million multi-award indefinite-delivery, indefinite-quantity NGA contract called Luno A. The contract focuses on monitoring global economic and environmental activity and military capability using high-cadence, rapid revisit satellite imagery and AI-driven change-detection analytics.

BlackSky will provide analytical services to detect and identify objects of interest, use its satellite constellation for change-monitoring services over critical infrastructure, and leverage its broad area search capability to automatically detect changes to the Earth. The contract also supports the development of new products, data, and services, including novel AI solutions.

This contract is a follow-on to the NGA's $60 million Economic Indicator Monitoring (EIM) contract awarded in 2021. BlackSky's CEO, Brian O'Toole, stated that the Luno A contract validates the demand for their commercial real-time, AI-driven dynamic monitoring services at scale.

BlackSky Technology Inc. (NYSE: BKSY) has secured a $6 million contract expansion from an international defense sector customer, increasing their total annual commitment to nearly $18 million. This expansion is for subscription-based Assured access to BlackSky's Gen-2 high-cadence, low-latency imagery services.

CEO Brian O'Toole highlighted that BlackSky is setting new standards for space-based intelligence operations, offering real-time monitoring capabilities. The company's Assured access customers globally task and receive thousands of high-resolution images and analytics over priority areas monthly, gaining critical insights into national security and economic infrastructure.

O'Toole also mentioned BlackSky's upcoming advanced Gen-3 capabilities, which are expected to offer very high-resolution 35 cm imagery and sub-hourly revisit and delivery timelines. The company anticipates that many current international Assured customers will be among the first to incorporate these new capabilities into their workflows.

BlackSky Technology Inc. (NYSE: BKSY) has successfully closed its previously announced underwritten public offering of 10,000,000 shares of Class A common stock at $4.00 per share on September 26, 2024. The underwriters fully exercised their option to purchase an additional 1,500,000 shares on September 27, 2024. The company received total gross proceeds of approximately $46 million from this offering, before deducting underwriting discounts, commissions, and estimated offering expenses.

Oppenheimer & Co. and Lake Street Capital Markets acted as joint book-running managers for the offering. The offering was made through a shelf registration statement on Form S-3 (File No. 333-267889) that became effective on December 15, 2022. A prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC.

BlackSky Technology Inc. (NYSE: BKSY) has secured a competitive U.S. Navy research contract to explore applications for advanced optical intersatellite link terminals on their Gen-3 imaging satellites. This initiative supports the Navy's Project Overmatch and the Department of Defense's Joint All Domain Command and Control (JADC2) efforts.

The project aims to provide warfighters with real-time access to imagery during time-sensitive military operations worldwide. BlackSky CEO Brian O'Toole stated that this advancement will allow Navy customers to receive data and insights 10 times faster, with data volumes five times greater than current systems.

As part of the study, BlackSky will modify its systems to accommodate an optical intersatellite link terminal compatible with both the Space Development Agency's Transport Layer and commercial transport layers. The company will also develop new operating concepts to inform the acquisition of commercial transport network nodes and data movement strategies.