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Mar 31, 2023
Blacksky Q1 2023 Earnings Report
Blacksky's Q1 2023 performance showed strong revenue growth and improved profitability.
Key Takeaways
Blacksky reported a 32% increase in revenue to $18.4 million, driven by a 114% increase in imagery and software analytical services revenue. The company's adjusted EBITDA loss improved to $4.1 million, and they reaffirmed their full-year revenue outlook of $90 million to $96 million and are on track to achieve positive Adjusted EBITDA in Q4 2023.
Revenue increased by 32% compared to the prior year period.
Imagery & software analytical services revenue grew by 114% over the prior year quarter.
Cost of sales as a percent of revenue decreased to 35% from 79% in the prior year quarter.
The company amended its existing debt facility, extending the maturity to October 2026.
Revenue by Segment
Forward Guidance
The Company anticipates strong global demand for BlackSky’s products and services to continue throughout the year. As a result, the Company maintains its full year 2023 revenue outlook of between $90 million and $96 million, a 42% increase over 2022 revenue at the mid-point of this range. The Company remains on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023. In addition, the Company maintains its expectations for full year 2023 capital expenditures to be between $40 million and $45 million.
Positive Outlook
- Maintaining full year 2023 revenue outlook of between $90 million and $96 million.
- Expecting a 42% increase over 2022 revenue at the mid-point of the range.
- Remaining on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023.
- Maintaining expectations for full year 2023 capital expenditures to be between $40 million and $45 million.
- Anticipating strong global demand for BlackSky’s products and services to continue throughout the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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