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Sep 30, 2021
Blacksky Q3 2021 Earnings Report
Blacksky's Q3 2021 revenue increased 49% year-over-year, driven by growth in imagery, software, and engineering services. The company revised its 2021 revenue forecast due to contract timing and supply chain impacts.
Key Takeaways
BlackSky Technology Inc. reported a 49% increase in revenue for the third quarter of 2021, reaching $7.9 million. The company's net loss was $46.9 million, and adjusted EBITDA loss was $16.2 million. BlackSky revised its 2021 revenue forecast to $30 to $34 million due to timing of new contract start dates and supply chain impacts.
Revenue of $7.9 million, up 49% from 3Q 2020
Net loss of $46.9 million or a loss of $0.67 per diluted share
Adjusted EBITDA loss of $16.2 million
Cash balance at the end of 3Q 2021 was $198 million
Revenue by Segment
Forward Guidance
BlackSky is revising its 2021 revenue forecast from $40 million to a range of $30 to $34 million, primarily driven by the timing of new contract start dates and supply chain impacts due to the COVID-19 pandemic.
Positive Outlook
- Robust pipeline growth that reflects strong demand from both government and commercial customers.
- Recent awards from the NRO, NGA, and NASA demonstrate that BlackSky is emerging as a partner of choice.
- Customers recognize the value of our high revisit imagery and our advanced AI enabled analytics.
- Winning and extending multi-year contracts, which strengthens our visibility into out-year revenues.
Challenges Ahead
- Timing of new contract start dates
- Supply chain impacts due to the COVID-19 pandemic.
- Supply chain delays specifically impacted the execution schedule of engineering & integration projects
- Recognition of revenue for these programs is delayed
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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