- BlackSky Technology Inc BKSY reported fourth quarter revenue growth of 69% year over year to $19.42 million, miss the consensus of $19.62 million.
- Imaging and software analytics services revenue improved 196% year-over-year, and professional and technical services revenue was $3.25 million (-46.1% year-over-year).
- EPS loss was $(0.13), beating the consensus of $(0.16).
- Cost of sales as a percentage of sales was ~40% compared to ~89% in Q4 21.
- Operating loss for the fourth quarter totaled $(18.3) million versus $(31.9) million for the fourth quarter of 21.
- Adjusted EBITDA loss was $(4.6) million compared to $(14.4) million in the prior year.
- As of December 31, 2022, BKSY held $75 million in cash and cash equivalents. Net cash used in operations for the fiscal year totaled $($44.46) million compared to $($53.87) million in the prior year.
- BlackSky has taken out a multi-year subscription Awarded more than $150 million in contracts by a major international Department of Defense. BlackSky will provide this customer with next-generation space-based tactical geospatial information services. The company’s multi-year backlog grew to over $250 million.
- In addition, BlackSky a $29.5 million private placement by a consortium of new and existing institutional investors. The Company intends to use the net proceeds from the transaction for general corporate purposes and investments in its space and software platforms.
- Outlook for FY23: BlackSky expects FY23 revenue of $90-$96 million (consensus $105.89 million), up 42% Y/Y at mid-term.
- It expects FY23 capital expenditures to be between $40 million and $45 million.
- With strong revenue growth, high incremental contribution margins and prudent cost management, the company expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023.
- Price promotion: BKSY shares are trading down 10.10% at $1.74 on the latest check Tuesday.
- Photo via company
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