Loading...
01/11 04:04
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong financial performance with significant new contracts, improved EBITDA, and maintained cash balance. The Q&A reveals positive sentiment towards Gen-3's performance and future growth potential, despite some delays in imagery revenue. The guidance remains stable, and the backlog is robust. The company's strategic moves, like the LeoStella integration, are expected to drive efficiencies. Overall, the positive developments and future outlook suggest a stock price increase, especially with the recent contract wins and strong financial metrics.
Reported EPS $-0.39 EPS, down from $-0.28 EPS year-over-year.
Total Revenue $102.1 million, up from previous year, reflecting strong demand from U.S. and international government customers.
Imagery & Software Analytical Services Revenue $70.1 million, increased due to continued demand from government customers.
Professional and Engineering Services Revenue $32 million, increased due to support provided to strategic imagery and analytics customer programs.
Adjusted Imagery and Analytics Cost of Sales $13.7 million, remained flat year-over-year, allowing for revenue growth with minimal cost increase.
Cash Operating Expenses $64.9 million, up from $63.1 million in 2023, due primarily to the integration of LeoStella.
Adjusted EBITDA $11.6 million, improved from a loss of $1 million in 2023, driven by revenue growth, improved margins, and cost management.
Cash Balance $53.8 million, consistent with the previous year, with an additional $32 million cash pre-payment received.
Capital Expenditures $50.2 million, slightly below guidance due to timing of payments related to Gen-3 satellites.
Multi-Year Backlog Approximately $261 million, expected to grow to $390 million with recent contract wins.
Gen-3 Satellite Launch: The first Gen-3 satellite was successfully launched on February 18, 2025, entering initial imaging operations within five days, providing very-high resolution imaging at 35 cm resolution.
AI Derived Insights: The Gen-3 satellite enables the delivery of new AI derived insights at the speed of conflict, enhancing space-based intelligence capabilities.
New Contracts: Secured a seven-year contract valued at over $100 million with a strategic international customer, ensuring priority access to high-resolution imagery.
Entry into Indian Market: Won contracts totaling approximately $20 million to support India's earth observation capabilities, marking entry into a growing market.
Operational Efficiency: Reduced operational timelines from months to days for satellite deployment and commissioning, demonstrating improved technical expertise.
Cost Efficiency: Gen-3 satellites are produced at 10-15% of the cost of traditional satellites, redefining the economics of space-based intelligence.
Expansion of Gen-3 Constellation: Plans to launch five additional Gen-3 satellites in 2025, aiming for a fleet of at least eight by mid-2026.
Acquisition of LeoStella: Acquired full ownership of LeoStella to enhance satellite manufacturing capabilities and streamline operations.
Earnings Expectations: BlackSky Technology Inc. reported an EPS of $-0.39, missing expectations of $-0.28, indicating potential financial instability.
Regulatory Issues: The company mentioned risks related to regulatory compliance, particularly in relation to government contracts and the evolving landscape of space-based intelligence.
Supply Chain Challenges: The acquisition of LeoStella was aimed at gaining better control over the supply chain, indicating previous challenges in production and deployment schedules.
Competitive Pressures: BlackSky faces competitive pressures from legacy satellite providers, necessitating continuous innovation and cost-effective solutions to maintain market share.
Economic Factors: The company highlighted the importance of economic conditions affecting customer budgets and spending on space-based intelligence services.
Contractual Risks: While securing long-term contracts provides revenue visibility, there are inherent risks in contract fulfillment and customer dependency.
Operational Risks: The rapid deployment of Gen-3 satellites poses operational risks, including potential delays or performance issues that could impact customer satisfaction.
Gen-3 Satellite Launches: BlackSky is set to commence a regular cadence of Gen-3 satellite launches to build out the constellation, aiming to have at least eight Gen-3 satellites operational by mid-2025.
Contract Wins: Secured a seven-year contract valued at over $100 million with a strategic international customer, ensuring long-term revenue visibility.
Expansion into India: Won contracts totaling approximately $20 million to support India's earth observation capabilities, marking entry into a growing market.
R&D Programs: Continued partnerships with U.S. government agencies to deliver advanced space-based intelligence solutions.
2025 Revenue Forecast: Forecasting full year revenues between $125 million and $142 million, representing a 30% year-over-year growth.
Adjusted EBITDA for 2025: Anticipating adjusted EBITDA between $14 million and $22 million for 2025.
Capital Expenditures for 2025: Expecting capital expenditures to be between $60 million to $70 million as production ramps up.
Backlog Growth: Multi-year backlog expected to grow from approximately $261 million to $390 million due to recent contract wins.
Contract Pre-Payment: The company received a $32 million cash pre-payment related to a recent contract win.
Contract Value: A seven-year contract valued at over $100 million was secured with an existing strategic international customer.
Total Contract Wins: Recent contract wins totaled over $150 million.
Backlog Growth: The multi-year backlog grew to approximately $390 million.
The earnings call reflects a positive sentiment with strong Gen-3 demand, transitioning agreements to larger contracts, and a growing international market. Despite potential U.S. government contract volatility, the company shows resilience with a 50-50 revenue mix shift towards international clients. The Q&A reveals positive analyst sentiment, with optimism about Gen-3's performance and AI capabilities. The company's strategic market expansion and solid backlog position it well for growth, aligning with optimistic guidance. However, some management responses lacked clarity, slightly tempering enthusiasm.
Despite some uncertainties in government budget and satellite details, the earnings call highlights strong backlog growth, successful Gen-3 satellite deployment, and expanding international business. The positive sentiment is reinforced by a $24.4 million task order and the potential for additional awards. The company's strategic investments in AI and new systems, alongside a maintained revenue guidance, suggest optimism. The Q&A section indicates a trend toward longer-term contracts, further supporting a positive outlook. Overall, the sentiment leans towards a positive stock price movement in the coming weeks.
The earnings call presents a mixed picture. Strong revenue growth and backlog expansion are positive, but higher SG&A expenses and adjusted EBITDA loss due to acquisition costs are concerning. The lack of a shareholder return plan and geopolitical risks further complicate the outlook. Q&A insights reveal strong demand and growth potential, but management's unclear responses on backlog recognition timelines and customer mix add uncertainty. Overall, the positives and negatives balance each other out, suggesting a neutral stock price movement in the short term.
The earnings call highlights strong financial performance with significant new contracts, improved EBITDA, and maintained cash balance. The Q&A reveals positive sentiment towards Gen-3's performance and future growth potential, despite some delays in imagery revenue. The guidance remains stable, and the backlog is robust. The company's strategic moves, like the LeoStella integration, are expected to drive efficiencies. Overall, the positive developments and future outlook suggest a stock price increase, especially with the recent contract wins and strong financial metrics.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
