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Summary of BlackSky (BKSY) FY Conference Call - August 11, 2025 Company Overview - **Company**: BlackSky (BKSY) - **Industry**: Satellite Imaging and Analytics - **Technology**: Real-time space-based intelligence with a constellation of approximately a dozen satellites Key Points and Arguments 1. **Market Dynamics**: The satellite industry is experiencing significant innovation, with costs decreasing and quality improving, leading to a new market for satellite imaging that BlackSky is currently dominating [2][3][12] 2. **Product Offering**: BlackSky's Gen 3 satellites provide high-resolution images with rapid delivery, allowing for near real-time analytics [5][6][11] 3. **Revenue Growth**: The company has secured contracts valued at approximately $2.4 billion over the past few years, contributing to revenue growth, with a forecasted revenue of $105 million to $130 million for the current year [7][8][12] 4. **Government Contracts**: The U.S. government represents about 60% of BlackSky's business, although this has decreased to 50% in the first half of the year. International revenues are growing significantly [8][9][20] 5. **Financial Position**: BlackSky is adjusted EBITDA positive and expects to achieve free cash flow positivity within the next 18 to 24 months. The company raised $185 million in a convertible note to improve its financial position [9][12][25] 6. **Market Potential**: The total addressable market for BlackSky is estimated at $100 billion, with a compound annual growth rate (CAGR) of 13%. The company believes it has only begun to tap into this market [12][13] 7. **Competitive Advantage**: BlackSky differentiates itself by offering real-time monitoring capabilities, allowing for hourly revisits of any location on Earth, unlike competitors who focus on mapping [13][14][15] 8. **Future Growth**: The company plans to expand its satellite constellation to 12 by 2026, with the potential to increase further based on demand [16][68] 9. **AI Capabilities**: BlackSky has developed its AI platform, Spectra, in-house, allowing for rapid processing of satellite imagery and identification of objects, providing a competitive edge [65][66] 10. **Backlog and Contracts**: BlackSky's backlog stands at $356 million, with 85% from international customers. The company has a strong pipeline of potential contracts valued at $2.4 billion [20][58] Additional Important Information - **Gen 3 Satellites**: The Gen 3 satellites are expected to be game-changing, with a significant increase in resolution and analytics capabilities compared to Gen 2 [8][10][44] - **International Growth**: The international customer base has grown from 15% to 50% of total revenue, indicating strong demand for BlackSky's services [45] - **Analytics Revenue**: Currently, analytics account for approximately 15-20% of total revenue, with expectations for growth as more data becomes available from Gen 3 satellites [48][51] - **Government Budget Uncertainty**: There is near-term uncertainty regarding U.S. government budgets, but long-term growth opportunities are anticipated [30][31][33] This summary encapsulates the key insights from the BlackSky conference call, highlighting the company's strategic positioning, growth potential, and market dynamics within the satellite imaging industry.

Core Viewpoint - MDA Space Ltd. reported strong financial results for Q2 2025, showcasing significant growth in revenue and profitability, driven by increased work volumes and successful contract conversions, including a notable $1.8 billion contract with EchoStar for a LEO satellite constellation [2][3][8]. Financial Performance - The backlog at the end of Q2 2025 stood at $4.6 billion, providing revenue visibility for the year [8][9]. - Revenues for Q2 2025 reached $373.3 million, reflecting a 54% year-over-year increase [8][17]. - Adjusted EBITDA for Q2 2025 was $76.3 million, up 57% year-over-year, with an adjusted EBITDA margin of 20.4% [8][23]. - Adjusted net income for Q2 2025 was $48.1 million, a 106% increase compared to Q2 2024, resulting in adjusted diluted earnings per share of $0.38 [8][25]. - Operating cash flow for Q2 2025 was $52.8 million, with a net cash position of $416.8 million at quarter-end [8][9]. Business Segments - Revenue from the Satellite Systems segment in Q2 2025 was $232.6 million, a 113.8% increase year-over-year, driven by the Telesat Lightspeed program and Globalstar's next-generation LEO constellation [18][20]. - Robotics & Space Operations generated $88.0 million in revenue for Q2 2025, up 12.4% year-over-year, primarily due to the Canadarm3 program [18][20]. - Geointelligence revenues decreased by 4.0% year-over-year to $52.7 million, attributed to program timing [18][20]. Strategic Developments - MDA Space completed the acquisition of SatixFy Communications, enhancing its satellite systems offerings [4]. - The company finalized an agreement with the Canadian Space Agency to manage the David Florida Laboratory, a key facility for satellite integration and testing [5]. - MDA Space is focused on leveraging its capabilities to execute targeted growth strategies across its business areas, including investments in next-generation space technology and strategic M&A [10][11]. Updated Financial Outlook - For fiscal 2025, MDA Space updated its revenue guidance to $1.57 – $1.63 billion, representing approximately 48% year-over-year growth at the midpoint [12]. - The adjusted EBITDA range for 2025 is now projected to be $305 – $320 million, indicating a year-over-year growth of approximately 45% [12]. - The company expects Q3 2025 revenues to be between $385 – $415 million as it continues to execute on its backlog [13].

Core Insights - AST SpaceMobile, Inc. (ASTS) has retired $225 million of its 2032 convertible notes, reducing its outstanding debt by nearly half, which strengthens its balance sheet and allows for increased cash flow for research and development [1][6] - The company is facing challenges due to unfavorable macroeconomic conditions, including rising inflation and higher interest rates, which have increased capital costs and pressured financial performance [2][3] - AST SpaceMobile plans significant expenditures for infrastructure and satellite development to expand its services to U.S. subscribers, relying on carrier investments and institutional financing [3] Financial Performance - AST SpaceMobile's stock has increased by 336.4% over the past year, significantly outperforming the industry growth of 38.6% [6] - The company currently has a forward price-to-sales ratio of 78.38, which is considerably higher than the industry average [7] - The Zacks Consensus Estimate for AST SpaceMobile's earnings for 2025 has declined over the past 60 days, indicating potential concerns about future performance [8] Industry Context - Other tech firms, such as Viasat, Inc. and CommScope Holding Company, Inc., are also facing high debt burdens and challenges due to macroeconomic pressures, which may impact their financial results and market positions [4][5]

Financial Highlights - Planet achieved a record revenue of $66.3 million in Q1'26[15] - The company's Non-GAAP Gross Margin was 59% in Q1'26[15] - Adjusted EBITDA reached $1.2 million in Q1'26[15] - Free Cash Flow was $8.0 million at the End of Period (EoP) 1Q'26[15] - Cash, Cash Equivalents, and Short-Term Investments totaled $226.1 million at EoP 1Q'26[15] Growth Metrics - Backlog experienced a 140% year-over-year (YoY) growth, reaching $527 million in 1Q'26 compared to $221 million in 1Q'25[46] - Revenue grew by 10% YoY, from $60 million in 1Q'25 to $66 million in 1Q'26[48] Customer and Contract Wins - Planet was awarded an eight-figure ACV contract by a European defense & intelligence customer[16] - The company expanded a seven-figure contract with the German government (BKG)[16]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $29.5 million, an increase of $5.3 million or 22% year-over-year, driven by higher professional and engineering services revenue [21][22] - Adjusted EBITDA for Q1 was a loss of $600,000 compared to a positive adjusted EBITDA of $1.4 million in the prior year quarter, primarily due to higher SG&A expenses [24] - Cash, restricted cash, and short-term investments at the end of Q1 2025 totaled $77 million, reflecting a 51% increase from the prior year quarter [26] Business Line Data and Key Metrics Changes - The company secured over $130 million in new contracts and renewals in the quarter, contributing to a 50% year-over-year growth in backlog to $366 million [9][12] - The backlog primarily consists of high-margin imagery and analytics services from the current Gen2 and future Gen3 satellite constellations [14] Market Data and Key Metrics Changes - The company is experiencing strong demand for space-based intelligence solutions, with significant interest from defense and intelligence agencies worldwide [9][33] - The company is expanding its customer base and entering new markets, particularly in India and other emerging markets for commercial space [9][10] Company Strategy and Development Direction - The company is focused on deploying additional Gen3 satellites, with plans to have eight Gen3 satellites operational by early 2026 [18][56] - The software-first strategy leverages over ten years of investment in the Spectra platform, providing a competitive advantage in the market [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the full-year outlook for 2025, maintaining revenue guidance between $125 million and $142 million despite geopolitical uncertainties [27][21] - The company is well-positioned to capitalize on the growing demand for space-based insights, particularly as governments accelerate their investments in sovereign capabilities [20][48] Other Important Information - The Gen3 satellite has completed testing and is delivering exceptional imagery, achieving up to NIRS-six quality, which is a commercial first for a satellite of this size [15][19] - The company is set to commence a regular cadence of additional Gen3 launches, with the second satellite on track for launch in Q2 [18] Q&A Session Summary Question: Impact of geopolitics on international customer discussions - Management noted continued strong demand worldwide, with a growing pipeline despite geopolitical dynamics [33] Question: AI's role in customer engagement - Customers are increasingly recognizing the need for AI to manage the volume of information and speed up insights [36] Question: Timeline for recognizing backlog - Management indicated that a reasonable amount of revenue from imagery and analytics will be recognized in the near term, with significant backlog extending beyond 2026 [41][42] Question: Proportion of new vs. existing customers in backlog - A large portion of the $130 million increase in backlog came from existing customers, with about 20 new customers included [46] Question: Sovereign capabilities and government interest - There is growing interest from governments in accelerating their space capabilities, with opportunities emerging worldwide [48] Question: Onboard computing and interlinks - Onboard computing is seen as an additional tool, with ongoing investments in optical crosslinks to improve latency [49] Question: Future satellite launches and operational capabilities - The company is on track to maintain a regular cadence of satellite launches, with plans for 12 satellites in operation by the end of 2026 [56] Question: Early access program for Gen3 imagery - Customers will receive early access to Gen3 imagery primarily for evaluation purposes, with full commercial operations expected in Q4 [84] Question: Geographic distribution of new customers - New customers are being acquired globally, with notable growth in Europe, the Middle East, and Asia [86]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $29.5 million, an increase of $5.3 million or 22% year-over-year, driven by higher professional and engineering services revenue [21][22] - Adjusted EBITDA for Q1 was a loss of $600,000 compared to a positive adjusted EBITDA of $1.4 million in the prior year quarter, primarily due to higher SG&A expenses [24] - The company ended Q1 2025 with $77 million in cash, restricted cash, and short-term investments, reflecting a 51% increase from the prior year quarter [26] Business Line Data and Key Metrics Changes - The company was awarded over $130 million in new contracts and renewal agreements in the quarter, primarily from multiyear contracts [7][10] - Backlog grew 50% year-over-year to $366 million, indicating strong demand for space-based intelligence solutions [9][11] Market Data and Key Metrics Changes - The company is expanding its customer base and entering new markets, with strong demand for space-based intelligence solutions [7][20] - There is growing interest from governments worldwide in accelerating their own sovereign capabilities, particularly in regions like India and Indonesia [49][50] Company Strategy and Development Direction - The company is focused on deploying additional Gen 3 satellites, with plans to have eight Gen 3 satellites operational by early 2026 [18][58] - The strategy includes leveraging advanced software and AI capabilities to enhance space-based intelligence solutions, providing a competitive advantage in the market [20][21] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about maintaining the full-year outlook for 2025, despite geopolitical and economic uncertainties [20][27] - The company is well-positioned to meet the growing demand for space-based insights, particularly as governments seek to expand their capabilities [20][21] Other Important Information - The Gen 3 satellite has completed testing and is delivering exceptional imagery, exceeding initial expectations [14][18] - The company is implementing an early access program for Gen 3 imagery, allowing select customers to evaluate the capabilities before full commercial availability [86] Q&A Session Summary Question: Impact of geopolitical uncertainty on international customer discussions - Management noted continued strong demand worldwide, with governments accelerating investments in sovereign capabilities despite geopolitical dynamics [32][34] Question: Role of AI in customer engagement - AI is becoming critical for customers to manage the volume of information and speed up insights, indicating a market shift in the last year [36][38] Question: Timeline for recognizing backlog - Management expects to see revenue from backlog in the near term, particularly from imagery and analytics lines [43][44] Question: Proportion of backlog from new versus existing customers - A significant portion of the $130 million backlog increase came from existing customers, with about 20 new customers contributing as well [48] Question: Importance of edge computing and interlinks - Onboard computing is a tool for enhancing performance, with ongoing investments in optical crosslinks to improve latency [51] Question: Image quality expectations for Gen 3 - The Gen 3 system is performing beyond expectations, achieving near six quality levels [56] Question: Future satellite launches - The company is on track to maintain a regular cadence of satellite launches, aiming for 12 satellites in operation by the end of 2026 [58] Question: Early access program for Gen 3 imagery - Customers will receive imagery at lower volumes for evaluation, with full commercial operations expected in Q4 [86][87] Question: Geographic distribution of new customers - New customers are being added globally, with significant interest from Europe, the Middle East, and Asia [88]