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BlackSky Technology (BKSY) - 2024 Q4 - Annual Results
BKSYBlackSky Technology (BKSY)2025-03-06 12:03

Revenue Performance - Total revenue for the full year 2024 was 102.1million,anincreaseof102.1 million, an increase of 7.6 million or 8% from 2023[8] - Imagery and software analytical services revenue for the full year 2024 was 70.1million,up70.1 million, up 4.7 million or 7% over the prior year[8] - Total revenue for Q4 2024 was 30,370,adecreaseof14.030,370, a decrease of 14.0% compared to 35,508 in Q4 2023[31] - Imagery & software analytical services revenue decreased to 17,484,down8.217,484, down 8.2% from 19,039 in the same quarter last year[31] - Professional & engineering services revenue decreased to 12,886,down21.012,886, down 21.0% from 16,469 in Q4 2023[31] - BlackSky expects total revenue for 2025 to grow by 30% over 2024, forecasting between 125millionand125 million and 142 million[20] Profitability and Loss - Net loss for the full year 2024 was 57.0million,comparedtoanetlossof57.0 million, compared to a net loss of 53.9 million in 2023[15] - Net loss for the year 2024 was 57,023,comparedtoanetlossof57,023, compared to a net loss of 53,859 in 2023, representing a 5.9% increase in losses[31] - The company reported a basic and diluted loss per share of 2.66for2024,comparedto2.66 for 2024, compared to 3.18 in 2023, showing a reduction in loss per share[31] - Adjusted EBITDA for the full year 2024 was 11.6million,a11.6 million, a 12.7 million improvement from an Adjusted EBITDA loss of 1.0millionin2023[17]−AdjustedEBITDAfortheyear2024was1.0 million in 2023[17] - Adjusted EBITDA for the year 2024 was 11,637, compared to (1,030)in2023,indicatingasignificantimprovement[37]ExpensesandCosts−Thecostofsalesasapercentageofrevenueimprovedto27(1,030) in 2023, indicating a significant improvement[37] Expenses and Costs - The cost of sales as a percentage of revenue improved to 27% for the full year 2024, compared to 36% in 2023[10] - Operating expenses for the fourth quarter of 2024 were 29.6 million, compared to 28.1millioninthefourthquarterof2023[13]−Cashoperatingexpensesfortheyear2024were28.1 million in the fourth quarter of 2023[13] - Cash operating expenses for the year 2024 were 64,887, an increase of 2.8% from 63,142in2023[38]CashFlowandAssets−Cashandcashequivalentsdecreasedto63,142 in 2023[38] Cash Flow and Assets - Cash and cash equivalents decreased to 13,056 from 32,815year−over−year,adeclineof60.232,815 year-over-year, a decline of 60.2%[33] - Total assets increased to 254,342, up 13.5% from 224,066in2023[33]−Totalliabilitiesincreasedto224,066 in 2023[33] - Total liabilities increased to 160,158, up 22.3% from 130,907in2023[33]CapitalExpendituresandContracts−Capitalexpendituresforthefullyear2024totaled130,907 in 2023[33] Capital Expenditures and Contracts - Capital expenditures for the full year 2024 totaled 50.2 million, with expectations for 2025 capital expenditures between 60millionand60 million and 70 million[19] - The company secured over 150millioninrecentcontractawards,increasingthebacklogfrom150 million in recent contract awards, increasing the backlog from 261 million to approximately $390 million[12] Product Development - The first Gen-3 satellite was successfully launched and began delivering imagery five days post-launch, exceeding customer expectations[2]