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Jun 30, 2023
Blacksky Q2 2023 Earnings Report
Blacksky reported strong revenue growth and operating leverage, remaining on track for profitability.
Key Takeaways
BlackSky reported a 28% increase in revenue compared to the prior year period, driven by a 51% growth in imagery and software analytical services revenue. The company won over $35 million in new contracts and renewal agreements since the start of Q2, bringing year-to-date bookings to over $200 million. BlackSky is widening its 2023 revenue outlook to between $84 million and $96 million and remains on track to achieve positive adjusted EBITDA in Q4 of this year.
Revenue increased by 28% compared to the prior year period.
Imagery and software analytical services revenue grew by 51% over the prior year quarter.
Won over $35 million in new contracts and renewal agreements since the start of Q2.
Remains on track to achieve positive adjusted EBITDA in Q4 of this year.
Blacksky
Blacksky
Blacksky Revenue by Segment
Revenue by Segment
Imagery & Software Analytical Services Revenue
CapyFin.comProfessional & Engineering Services Revenue
CapyFin.com Forward Guidance
BlackSky remains on track to achieve positive Adjusted EBITDA in Q4 of this year. The Company continues to close a significant number of new contracts, further building a strong book of business. BlackSky is actively working with several major customers on a number of sizable contracts and given the variability on timing, the Company is widening the range of its 2023 revenue outlook to between $84 million and $96 million. Expectations for full year 2023 capital expenditures remain between $40 million and $45 million.
Positive Outlook
- Remains on track to achieve positive Adjusted EBITDA in Q4 of this year.
- Continued revenue growth
- High incremental margins from imagery and analytic services
- Continued responsible cost management.
- Closing a significant number of new contracts
Challenges Ahead
- Variability on timing
- Widening the range of its 2023 revenue outlook to between $84 million and $96 million.
- Net loss for the second quarter of 2023 was $33.4 million
- Operating expenses for the second quarter of 2023 were $30.7 million
- As of June 30, 2023, cash and cash equivalents, restricted cash, and short-term investments totaled $59.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income