BlackSky Technology (BKSY) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $19.6 million, reflecting a decrease from $22.5 million in Q3 2024[6] - Net loss for Q3 2025 was $15.3 million, compared to a net loss of $12.6 million in Q3 2024[9] - Adjusted EBITDA for Q3 2025 was a loss of $4.5 million, down from an adjusted EBITDA of $0.7 million in Q3 2024[10] - Net loss for the nine months ended September 30, 2025, was $69,392 thousand, compared to a net loss of $37,798 thousand for the same period in 2024, indicating an increase of 83.6%[28] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(7,918) thousand, a decline from $4,262 thousand in the same period of 2024[30] Operating Expenses - Operating expenses for Q3 2025 were $29.6 million, slightly up from $29.1 million in Q3 2024[8] - Operating expenses for the nine months ended September 30, 2025, were $88,444 thousand, slightly down from $89,362 thousand in the same period of 2024[31] Cash Flow and Assets - Cash balance increased to $147.6 million as of September 30, 2025, including $65.9 million from a convertible note offering[11] - Cash and cash equivalents rose to $28,815 thousand as of September 30, 2025, compared to $13,056 thousand on December 31, 2024, reflecting a growth of 120.5%[27] - Total current assets reached $201,042 thousand as of September 30, 2025, significantly higher than $106,736 thousand at the end of 2024, marking an increase of 88.5%[27] - Cash flows from operating activities resulted in a net cash used of $18,992 thousand for the nine months ended September 30, 2025, compared to $4,567 thousand for the same period in 2024[28] - Cash flows from financing activities generated a net cash inflow of $144,942 thousand for the nine months ended September 30, 2025, compared to $55,901 thousand in 2024[28] Liabilities and Contractual Obligations - Total liabilities increased to $289,801 thousand as of September 30, 2025, from $160,157 thousand on December 31, 2024, representing an increase of 80.8%[27] - The company reported a significant increase in contract liabilities, with current contract liabilities rising to $21,662 thousand as of September 30, 2025, compared to $2,183 thousand at the end of 2024[27] Contracts and Future Outlook - The company has a backlog of $322.7 million, with approximately 91% from international contracts[5] - The company won over $60 million in new contract awards, driven by strong international demand for space-based intelligence solutions[3] - The next Gen-3 satellite is at the launch site, with an anticipated launch in the coming weeks[5] - The company is maintaining its full-year 2025 guidance for revenue, adjusted EBITDA, and capital expenditures[13] - Approximately $43.4 million in unbilled contract assets is expected to be billed and received over the next 12 months[11] Asset Growth - Total assets increased to $380,857 thousand as of September 30, 2025, up from $254,146 thousand on December 31, 2024, representing a growth of 49.7%[27]