BlackSky Technology Inc. (NYSE: BKSY) Reports Third Quarter 2024 Financial Results with Strong Achievements and Ambitious Plans Ahead
BlackSky Technology Inc. (NYSE: BKSY) has released its third-quarter 2024 financial results, showcasing significant achievements and ambitious plans for the future. Let’s take a look at the details! 📊
📈 Solid Revenue Growth In Q3, BlackSky achieved revenues of $22.5 million, representing a 6% increase compared to the same period last year. Particularly impressive is the 13% growth in the imaging and software analytics services segment, generating $17.3 million.
🤝 New Contracts Worth Up to $780 Million The company secured multi-year contracts totaling up to $780 million, including: • $290 million with the National Geospatial-Intelligence Agency (NGA) for monitoring global economic activity and military capabilities. • $476 million with NASA for providing rapid satellite imagery to support Earth science research.
🚀 Progress on Gen-3 Satellite Constellation The first Gen-3 satellite is undergoing final tests and will soon be sent to the launch site. Regular launches of these satellites are planned for 2025, marking a new chapter in delivering advanced intelligence solutions.
💡 Innovations and Service Expansion BlackSky is expanding its offerings with off-Earth imaging services, securing multimillion-dollar contracts supporting global space situational awareness missions. Additionally, the company is working with the U.S. Navy on advanced satellite communication terminals, enabling real-time access to imagery during military operations.
💰 Strengthening Financial Position By securing over $45 million, BlackSky has strengthened its balance sheet and is poised to execute its plans related to the Gen-3 constellation. As of September 30, 2024, the company had $64.4 million in cash and equivalents.
🔍 What’s Next? BlackSky is maintaining its 2024 guidance, expecting revenues between $102-118 million and an adjusted EBITDA margin of $8-16 million. Investments in the Gen-3 satellites are expected to range from $55-65 million.
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