Stonegate Updates Coverage on BlackSky Technology, Inc. (BKSY) 3Q24

Rhea-AI Summary

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.

Positive

• Revenue increased 6% year-over-year to $22.5M
• Imagery and Software Analytics segment grew 13.2% to $17.3M
• Gross margins improved to 70.5% from 68.2%
• Fourth consecutive quarter of positive adjusted EBITDA

Negative

• Revenue missed consensus estimates of $27.5M
• Adjusted EBITDA of $0.7M fell short of consensus estimates of $3.1M
• EPS of ($0.66) missed consensus estimates of ($0.49)

News Market Reaction

+5.23%

1 alert

+5.23% News Effect

On the day this news was published, BKSY gained 5.23%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Dallas, Texas--(Newsfile Corp. - November 8, 2024) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). BlackSky reported revenue, adj EBITDA, and EPS of $22.5M, $0.7M, and ($0.66), respectively. This compares to our/consensus estimates of $29.2M/$27.5M, $3.7M/$3.1M, and ($0.08)/($0.49). This marks the fourth quarter in a row of positive adjusted EBITDA, driven by revenue growth and strong operating leverage. The revenue growth was headlined by 13.2% y/y growth in the Imagery and Software Analytics segment which was $17.3M, up from $15.3M in the prior year. Consolidated gross margins grew to 70.5%, an increase from 68.2% in 3Q23. Adj. EBITDA grew $1.2M from the $(0.4)M posted last year.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Revenue of $22.5 million, up 6% from the prior year quarter.
• BKSY has added non-Earth imaging services to its offerings.
• Imagery & software analytical services revenue grew 13% over the prior year quarter.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229281

FAQ

What was BlackSky's (BKSY) revenue in Q3 2024?

BlackSky reported revenue of $22.5 million in Q3 2024, representing a 6% increase from the prior year quarter.

How did BlackSky's (BKSY) Imagery and Software Analytics segment perform in Q3 2024?

The Imagery and Software Analytics segment generated revenue of $17.3M, showing 13.2% growth compared to $15.3M in the prior year.

What was BlackSky's (BKSY) adjusted EBITDA in Q3 2024?

BlackSky reported adjusted EBITDA of $0.7M, marking their fourth consecutive quarter of positive adjusted EBITDA.

What were BlackSky's (BKSY) gross margins in Q3 2024?

BlackSky's consolidated gross margins were 70.5% in Q3 2024, up from 68.2% in Q3 2023.