BlackSky Technology, Inc. (NYSE: BKSY) has announced its third-quarter 2024 financial results, showcasing a period of continued growth and technological progress. The company reported a revenue of $22.5 million, with an adjusted EBITDA of $0.7 million and earnings per share of ($0.66), marking its fourth consecutive quarter of positive adjusted EBITDA. This financial performance underscores BlackSky's strengthening position in the satellite imagery and analytics industry.
The Imagery and Software Analytics segment stood out with a 13.2% year-over-year growth, reaching $17.3 million, and contributed to an improvement in consolidated gross margins to 70.5%. Strategic contract wins, including a $290 million agreement with the National Geospatial-Intelligence Agency (NGA) for the Luno A program and a $476 million contract with NASA, have not only provided significant revenue streams but also affirmed the company's technological prowess and market standing.
In an innovative stride, BlackSky has expanded its service offerings to include non-Earth imaging services, enhancing the utility and revenue potential of its satellite constellation. The development of Gen 3 satellites, expected to launch in the first quarter of 2025, promises to deliver high-frequency monitoring and very high-resolution imaging at 35cm, potentially fueling further growth and margin expansion.
With a solid financial foundation, including $56.2 million in cash and restricted cash, and a successful $45 million capital raise, BlackSky's total liquidity stands at $64.6 million. The company anticipates an additional $26.7 million over the next year as it achieves certain customer milestones. Maintaining its full-year 2024 revenue guidance between $102 million and $118 million, BlackSky projects a year-over-year growth of 16.4% at the midpoint, with adjusted EBITDA expected to range from $8 million to $16 million.
BlackSky's commitment to innovation is further demonstrated by its collaboration with the U.S. Air Force Research Laboratory on AI-enabled moving target detection, tracking, and identification services. This, along with the forthcoming Gen 3 satellite launches, cements BlackSky's role as a leader in the satellite imagery and analytics field. The company's strategic contracts, financial health, and technological advancements position it for sustained growth and underscore its critical role in delivering geospatial intelligence solutions to government and commercial clients.
