BlackSky Technology (US:BKSY)2025-08-07 12:30Financial Performance - BlackSky's first half (1H) revenue for 2025 reached $51.7 million, a 5.2% increase compared to the same period in the prior year[27] - Adjusted imagery and analytics cost of sales for 1H 2025 was $7.2 million, a slight increase of $0.4 million from the prior year period[32] - The company reported an 81% imagery & analytics gross margin in Q2, reflecting healthy economics from recurring imagery and analytics services[32] - Adjusted EBITDA loss for 1H 2025 was $3.4 million, which would have been $2.2 million excluding LeoStella[35] Liquidity and Capital - BlackSky successfully raised $185 million in an upsized convertible note offering, strengthening the balance sheet and increasing liquidity[9, 38] - The company's Q2 2025 cash balance was $94.9 million, a 124% increase year-over-year[41] - Liquidity improved to over $227 million, including net cash raised in July from the convertible debt offering and warrant exercise payments[41] Business Highlights - BlackSky was awarded a facility monitoring delivery order valued at up to $24 million with the NGA Luno A program[9, 10, 11] - The company signed early access agreements for Gen-3 services with multiple international customers[9, 12] - BlackSky launched its second Gen-3 satellite, which began delivering very high resolution (VHR) imagery within 12 hours after launch[9] - The company remains on track to launch 6 Gen-3 satellites this year and have 8 Gen-3 satellites on orbit by early 2026[19] Outlook - BlackSky's full year 2025 guidance includes revenue between $105 million and $130 million, and adjusted EBITDA between $0 million and $10 million[44]