BlackSky Technology (BKSY) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $24.2 million, representing a 32% increase from $18.4 million in Q1 2023[5] - Imagery and software analytical services revenue grew 13% year-over-year to $17.8 million[6] - Professional and engineering services revenue surged 143% to $6.4 million, driven by new customer wins and major international contracts[6] - Net loss for Q1 2024 was $15.8 million, an improvement from a net loss of $17.3 million in Q1 2023[8] - Adjusted EBITDA for Q1 2024 was $1.4 million, compared to an Adjusted EBITDA loss of $4.1 million in Q1 2023[9] Cost Management - Cost of sales as a percentage of revenue improved to 29% in Q1 2024 from 35% in Q1 2023[3] - Cash operating expenses for the three months ended March 31, 2024, were $16,124 million, slightly down from $16,428 million in the same period of 2023[28] Cash Flow and Assets - Cash and cash equivalents dropped significantly from $32,815 million to $14,965 million, representing a decrease of about 54.4%[24] - Cash flows from operating activities showed a net cash used of $3,810 million for the three months ended March 31, 2024, compared to $16,602 million for the same period in 2023, indicating improved cash flow management[25] - Total current assets decreased from $79,331 million as of December 31, 2023, to $69,358 million as of March 31, 2024, a decline of approximately 12.4%[24] Liabilities and Debt - Total liabilities decreased from $130,907 million as of December 31, 2023, to $128,400 million as of March 31, 2024, a reduction of about 1.9%[24] - Long-term debt rose from $83,502 million to $84,695 million, an increase of about 1.4%[24] Contracts and Future Outlook - The company secured $30 million in new contracts and renewal agreements during the quarter[1] - The company maintains its full-year 2024 revenue outlook of $102 million to $118 million[12] - BlackSky plans to launch its Gen-3 imaging and analytic capabilities later this year[1] Depreciation and Amortization - The company reported a significant increase in depreciation and amortization expense from $9,655 million in Q1 2023 to $11,184 million in Q1 2024, an increase of approximately 15.8%[25] Contract Assets - Contract assets increased from $15,213 million to $24,134 million, reflecting a growth of approximately 58.8%[24]