Dallas, Texas--(Newsfile Corp. - August 9, 2024) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners updates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). To view the full announcement, including downloadable images, bios, and more, click here. Key Takeaways: Revenue increased 29% year over year Awarded a $7.0M new contract Gen 3 satellites on track to begin launching in 4Q24 Click image above to view full announcement. About Stonegate Stonegate Capital Partners is a leading cap ...

Satellite Operations and Technology - BlackSky operates a high-performance low earth orbit small satellite constellation capable of imaging critical locations approximately every 90 minutes, providing situational awareness throughout the day [83]. - The company expects to launch its next generation satellites (Gen-3) in Q4 2024, which will enhance imaging resolution and include short wave infrared technology for improved performance in low-light conditions [83]. - The company employs proprietary AI and machine learning techniques to analyze data from its satellite constellation and third-party sources, enhancing the value of its analytics offerings [83]. - The company emphasizes the importance of its satellite constellation and BlackSky Spectra platform as mutually reinforcing assets that enhance customer value [83]. Revenue Generation and Growth - Revenue is generated from imagery and software analytics services, with a focus on subscription contracts and usage-based pricing, allowing flexibility for customers [85]. - BlackSky anticipates continued revenue growth year over year due to increased sales orders from both new and existing customers [88]. - Professional and engineering services revenue is expected to contribute meaningfully, primarily from contracts with U.S. and international defense and intelligence customers [88]. - BlackSky's services target various commercial markets, including energy, insurance, logistics, and agriculture, indicating potential for market expansion [85]. - Total revenue for the three months ended June 30, 2024, was $24,938 thousand, a 29.0% increase from $19,327 thousand in the same period of 2023 [93]. - Imagery & software analytical services revenue increased by 14.0% to $17,469 thousand for the three months ended June 30, 2024, compared to $15,328 thousand in 2023 [93]. - Professional & engineering services revenue surged by 86.8% to $7,469 thousand for the three months ended June 30, 2024, up from $3,999 thousand in 2023 [93]. Financial Performance - Operating loss improved to $(11,721) thousand for the three months ended June 30, 2024, a 41.2% reduction from $(19,919) thousand in the same period of 2023 [93]. - Net loss decreased to $(9,397) thousand for the three months ended June 30, 2024, compared to $(33,431) thousand in 2023, reflecting a 71.9% improvement [93]. - Adjusted EBITDA for the three months ended June 30, 2024, was $2.1 million, compared to an adjusted EBITDA loss of $5.8 million in the same period last year [114]. - For the three months ended June 30, 2024, the net loss was $9.4 million, a significant improvement from a net loss of $33.4 million for the same period in 2023 [114]. Operating Expenses and Investments - Operating expenses include selling, general, and administrative costs, as well as research and development expenses related to the BlackSky Spectra software platform [90]. - The company plans to continue investing in research and development to maintain its competitive position [91]. - Research and development expenses increased by 62.5% to $286 thousand for the three months ended June 30, 2024, compared to $176 thousand in 2023 [93]. - Selling, general, and administrative expenses decreased by $554,000 (3.0%) for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to lower corporate insurance premiums and reduced headcount [100]. - Salaries and benefits costs decreased by $352,000 (3.3%) for the three months ended June 30, 2024, compared to the same period in 2023 [100]. - Stock-based compensation expense increased by $75,000 (3.5%) for the three months ended June 30, 2024, compared to the same period in 2023 [100]. Cash Flow and Financial Position - As of June 30, 2024, cash and cash equivalents totaled $25.6 million, down from $32.8 million as of December 31, 2023 [115]. - The company had an accumulated deficit of $624.2 million as of June 30, 2024 [115]. - Current assets as of June 30, 2024, were $82.4 million, while current liabilities were $19.7 million, indicating sufficient working capital [119]. - Net cash used in operating activities for the six months ended June 30, 2024, was $5.6 million, a decrease from $15.6 million in the same period in 2023 [122]. - The company raised $2.9 million from equity issuances in the six months ended June 30, 2024, compared to $29.4 million in the same period in 2023 [126]. Contract and Revenue Recognition - Revenue is classified into imagery and software analytical services, and professional and engineering services based on performance obligations [130]. - Imagery and analytics revenue is recognized ratably over the subscription period, while professional services revenue is recognized based on time and materials or fixed-price contracts [131]. - Changes in estimates for contract profitability can lead to recognition of revenue in the current period for prior performance obligations [131]. - The estimation of total costs at completion for contracts requires significant judgment and can affect revenue recognition [131]. Financial Instruments and Valuation - Equity-based compensation includes stock options, restricted stock awards, and restricted stock units, with fair values estimated using the Black-Scholes model [133]. - Private Placement Warrants and Sponsor Shares are classified as long-term liabilities and recorded at fair value, requiring inputs such as stock price and risk-free interest rate [136]. - The fair value of financial instruments is re-measured at each reporting date, impacting gain or loss on derivatives [136].

BlackSky Technology Inc. (NYSE:BKSY) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Aly Bonilla - Vice President of Investor Relations Brian O'Toole - Chief Executive Officer Henry Dubois - Chief Financial Officer Conference Call Participants Greg Burns - Sidoti & Co. Edison Yu - Deutsche Bank Max Michaelis - Lake Street Scott Buck - H.C. Wainwright Dave Storms - Stonegate Josh Sullivan - The Benchmark Company Daniel Hibshman - Craig-Hallum Capital Group Chris Quilty - Quilt ...

BLACK(SKY August 8, 2024 BLACKSKY Q2 2024 EARNINGS WEBCAST © BlackSky 2024. All rights reserved. Public information. 1 Legal Disclaimers FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. Words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "wil ...

BlackSky Technology Inc. (BKSY) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.11, delivering a surprise of -37.50%. Over the last four quarters, the company ...

BLACKSKY REPORTS SECOND QUARTER 2024 RESULTS Q2 Total Revenue Increases 29% Over Prior Year Period Company Wins $40 Million in New Contracts and Renewal Agreements First 35cm Very High Resolution Gen-3 Satellite Planned for Launch in Q4 HERNDON, VA – August 8, 2024 – BlackSky Technology Inc. ("BlackSky" or the "Company") (NYSE: BKSY) announced results for the second quarter ended June 30, 2024. Second Quarter Financial Highlights: • Revenue of $24.9 million, up 29% from the prior year quarter • Imagery & so ...

Let me give you a silly example but one that makes sense. Your typical economy car may hit 60 miles per hour from standstill around the seven-second mark. A high-powered German luxury coupe may do it in under four seconds. Both vehicles can eventually get to 60 miles per hour. It's just that one gets you there a lot quicker. Source: Shutterstock It's also worth noting for speculators that shares trade hands at 0.41X trailing-year sales. Between the first quarter of 2023 to Q1 2024, the average metric stood ...

Dallas, Texas--(Newsfile Corp. - May 23, 2024) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners initiates their coverage on BlackSky Technology, Inc. (NYSE: BKSY). To view the full announcement, including downloadable images, bios, and more, click here. 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/210310 Revenue increased 31.7% year over year Awar ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2024 show increased revenue, a narrowed net loss, and changes in balance sheet accounts Condensed Consolidated Balance Sheet (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14,965 | $32,815 | | Contract assets | $24,134 | $15,213 | | Total current assets | $69,358 | $79,331 | | Total assets | $210,113 | $224,066 | | **Liabilities & Equity** | | | | Total current liabilities | $17,263 | $27,491 | | Total liabilities | $128,400 | $130,907 | | Total stockholders' equity | $81,713 | $93,159 | Condensed Consolidated Statement of Operations (in thousands) | Account | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Total revenue | $24,236 | $18,397 | | Operating loss | $(13,253) | $(16,901) | | Net loss | $(15,810) | $(17,315) | | Net loss per share | $(0.11) | $(0.14) | Condensed Consolidated Statement of Cash Flows (in thousands) | Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,810) | $(16,602) | | Net cash (used in) provided by investing activities | $(15,108) | $10,518 | | Net cash provided by financing activities | $862 | $28,867 | | Net decrease in cash | $(18,056) | $22,783 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 revenue increased by 31.7%, operating loss narrowed, and Adjusted EBITDA turned positive, with liquidity bolstered by a new $20 million credit facility [Company Overview](index=27&type=section&id=Company%20Overview) BlackSky leverages its LEO satellite constellation and AI-enabled BlackSky Spectra platform for real-time imagery and analytics, with future growth driven by Gen-3 satellite launches - The company's core assets are its satellite constellation and the BlackSky Spectra software platform, which processes millions of daily observations from proprietary and third-party sensors using AI and ML[161](index=161&type=chunk) - Next-generation Gen-3 satellites, expected to launch in 2024, will feature improved resolution and short-wave infrared imaging for nighttime and low-light conditions, expanding analytical capabilities[161](index=161&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2024 total revenue grew 31.7% to $24.2 million, driven by Professional & Engineering services, leading to narrowed operating and net losses Comparison of Results of Operations (in thousands) | Line Item | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$24,236** | **$18,397** | **$5,839** | **31.7%** | | Imagery & software analytical services | $17,833 | $15,760 | $2,073 | 13.2% | | Professional & engineering services | $6,403 | $2,637 | $3,766 | 142.8% | | **Operating Loss** | **$(13,253)** | **$(16,901)** | **$3,648** | **21.6%** | | **Net Loss** | **$(15,810)** | **$(17,315)** | **$1,505** | **8.7%** | - Professional and engineering services revenue saw a **significant increase** due to two new major engineering contracts that started after the comparable prior period[10](index=10&type=chunk) - Selling, general, and administrative expenses decreased slightly by **0.7%** to **$18.8 million**, mainly due to lower corporate insurance premiums and reduced office space costs[296](index=296&type=chunk)[201](index=201&type=chunk) - Depreciation and amortization expense increased by **15.8%** to **$11.2 million**, driven by new satellites placed into service in March 2023 and capitalization of software and new office space[11](index=11&type=chunk)[231](index=231&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP measure, turned positive at $1.4 million in Q1 2024, marking the second consecutive quarter of profitability Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | $(15,810) | $(17,315) | | Depreciation and amortization | $11,184 | $9,655 | | Stock-based compensation expense | $3,363 | $3,012 | | Loss (gain) on derivatives | $254 | $(1,531) | | Other adjustments | $485 | $1,057 | | **Adjusted EBITDA** | **$1,376** | **$(4,129)** | - The company has achieved **two consecutive quarters of positive Adjusted EBITDA** but cautions that revenues may not continue to exceed expenses in the near term due to ongoing investments in sales, marketing, and products[213](index=213&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Short-term liquidity was $35.8 million as of March 31, 2024, supplemented by a new $20.0 million revolving credit facility, ensuring sufficient capital for future needs - As of March 31, 2024, short-term liquidity was **$35.8 million**, consisting of **$15.0 million** in cash and cash equivalents, **$0.4 million** in restricted cash, and **$20.4 million** in short-term investments[236](index=236&type=chunk)[210](index=210&type=chunk) - In April 2024, the company entered into a new **$20.0 million** commercial bank line with Stifel Bank, maturing in June 2026, and immediately borrowed **$10.0 million**[237](index=237&type=chunk)[117](index=117&type=chunk) - Long-term liquidity needs will primarily relate to funding operations, satellite development and launch capital expenditures, and investments in the BlackSky Spectra software platform[240](index=240&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The Certifying Officers concluded that as of March 31, 2024, the company's disclosure controls and procedures were **effective**[253](index=253&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[292](index=292&type=chunk) [Part II. Other Information](index=42&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) Two class action lawsuits were filed in May 2024 concerning the 2021 merger, with BlackSky evaluating potential indemnification obligations - Two class action lawsuits, Drulias v. Osprey Sponsor II, LLC and Cheriyala v. Osprey Sponsor II, LLC, were filed in May 2024 concerning the **2021 merger**[155](index=155&type=chunk) - The complaints assert claims such as breach of fiduciary duty and unjust enrichment against former directors, officers, and the sponsor of Osprey; BlackSky expects to have certain indemnification requirements[155](index=155&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company refers investors to its Annual Report on Form 10-K for a comprehensive discussion of factors that could adversely affect its business and financial results - For information on risk factors, the report refers to the company's Annual Report on Form 10-K for the year ended December 31, 2023[303](index=303&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company sold 953,153 common shares via an ATM offering, generating $1.3 million in net proceeds for working capital - Under its ATM offering, the company sold **953,153 shares** during Q1 2024 at an average price of **$1.43 per share**[276](index=276&type=chunk) - The sales resulted in gross proceeds of **$1.4 million** and net proceeds of **$1.3 million**, intended for working capital and general corporate purposes[276](index=276&type=chunk)

© BlackSky 2024. All rights reserved. Public information. 1 The data contained herein is derived from various internal and external sources. All of the market data in the presentation involves a number of assumptions and limitations. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication of future p ...