BlackSky Technology Reports Strong 2024 Performance

Blacksky Technology Inc. ( (BKSY) ) has released its Q4 earnings. Here is a breakdown of the information Blacksky Technology Inc. presented to its investors.

BlackSky Technology Inc. is a real-time, space-based intelligence company that provides high-frequency imagery and analytics services, leveraging a proprietary low earth orbit satellite constellation to deliver strategic insights. In its latest earnings report, BlackSky announced a successful launch of its Gen-3 satellite, which is already exceeding customer expectations with its very-high resolution imagery. The company also secured over $150 million in recent contract awards and forecasts a 30% revenue growth in 2025.

Key financial highlights for 2024 include a total revenue of $102.1 million, with imagery and software analytical services revenue growing to $70.1 million. Despite a net loss of $57.0 million, BlackSky improved its adjusted EBITDA to $11.6 million from a loss of $1.0 million in the previous year. The company also reported significant contract wins, including a $200 million deal with the National Geospatial-Intelligence Agency and a $100 million contract with an international customer.

The company’s financial performance showed a decrease in fourth-quarter revenue to $30.4 million, primarily due to a one-time benefit in the previous year. However, cost of sales improved significantly, and operating expenses increased slightly due to investments in satellite production capabilities. BlackSky’s backlog increased to approximately $390 million by the end of 2024, reflecting strong demand for its services.

Looking ahead, BlackSky anticipates continued growth with a revenue forecast of $125 million to $142 million for 2025, alongside expected capital expenditures of $60 million to $70 million for further satellite development. The company remains focused on expanding its satellite capabilities and delivering advanced intelligence solutions to its diverse customer base.