h3 BlackSky Technology Inc Reports Q2 2024 Financial Resultsh3p BlackSky Technology Inc BlackSky or
Intellectia.AI1970-01-01
BlackSky Technology Inc. Reports Q2 2024 Financial Results
BlackSky Technology Inc. ("BlackSky" or the "Company") (NYSE:BKSY) announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Q1 2024 | QoQ Change |
|---|---|---|---|---|---|---|
| Revenue | $24.9M | $19.3M | +29% | $25.37M | $23.7M | +5% |
| Earnings Per Share (EPS) | Not Provided | Not Provided | N/A | -$0.09 | Not Provided | N/A |
Interpretation : BlackSky reported a strong 29% year-over-year increase in revenue for Q2 2024, although they fell slightly short of the consensus estimate of $25.37 million. Despite the YoY revenue growth, the exact EPS was not provided, marking uncertainty in comparisons to the consensus estimate (-$0.09).
Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Imagery & Software Analytical Services | $17.5M | $15.4M | +14% | Not Provided |
| Professional & Engineering Services | $7.5M | $4.0M | +87% | Not Provided |
Interpretation : The Imagery & Software Analytical Services segment saw a solid 14% year-over-year growth. However, the most significant gain came from Professional & Engineering Services, which surged by 87%, primarily due to the execution of multiple major international contracts.
Operational Data
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Cost of Sales as % of Revenue | 28% | 44% |
| Imagery & Software Analytical Service Costs as % of Revenue | 20% | 23% |
| Operating Expenses (including non-cash items) | $29.8M | $30.7M |
| Adjusted EBITDA | $2.1M | -$5.8M |
| Net Loss | -$9.4M | -$33.4M |
Interpretation : Operational efficiency has improved with total cost of sales as a percentage of revenue decreasing to 28% (from 44% in Q2 2023) and operating expenses decreasing by $0.9M. The net loss has notably shrunk to $9.4M from $33.4M, and Adjusted EBITDA turned positive.
Comments from Company Officers
CEO Brian E. O'Toole highlighted the company's impressive revenue growth and operating leverage, which has led to improved margins. He emphasized new contract wins amounting to $40 million, which highlighted continued strong demand for BlackSky's services.
Forward Guidance
The company maintains its full-year 2024 revenue outlook between $102 million and $118 million, with expected full-year Adjusted EBITDA between $8 million and $16 million. Capital expenditures for the year are projected to be between $55 million and $65 million, driven mainly by investments in the Gen-3 satellites.
Stock Price Movement
After event %change : 8.39%
Summary : Following the earnings release, BlackSky's stock experienced an approximate 8.39% increase, reflecting positive investor sentiment based on strong operational and financial performance.
BlackSky will host a conference call and webcast at 8:30 a.m. EDT to discuss these results further.
Summary
BlackSky presented a robust second quarter with notable revenue growth and substantial operational improvements. New contract wins and positive feedback from company officers highlight a promising outlook, underpinned by maintained full-year guidance. The positive stock price response underscores investor confidence in the company's trajectory.
Share