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Sep 30, 2023
Blacksky Q3 2023 Earnings Report
Blacksky's Q3 2023 earnings showcased a 26% year-over-year revenue increase, alongside significant net income improvement and near break-even adjusted EBITDA.
Key Takeaways
BlackSky reported a strong Q3 2023 with a 26% increase in revenue compared to the prior year, reaching $21.3 million. The company also achieved near break-even adjusted EBITDA and improved net income to $0.7 million, driven by increased customer demand and effective cost management. They are narrowing the range of its 2023 revenue outlook to be between $84 million and $90 million.
Total revenue increased by 26% year-over-year to $21.3 million.
Imagery and software analytical services revenue grew by 11% over the prior year quarter.
Net income improved significantly to $0.7 million, compared to a net loss of $13.1 million in the prior year quarter.
Adjusted EBITDA loss was $0.4 million, a $6.2 million improvement year-over-year, and the company is on track to achieve positive Adjusted EBITDA in Q4 2023.
Blacksky
Blacksky
Blacksky Revenue by Segment
Revenue by Segment
Imagery & Software Analytical Services Revenue
CapyFin.comProfessional & Engineering Services Revenue
CapyFin.com Forward Guidance
BlackSky anticipates achieving positive Adjusted EBITDA in Q4 2023 and narrows its 2023 revenue outlook to between $84 million and $90 million.
Positive Outlook
- Strong operating leverage in Q3 resulting in nearly breakeven Adjusted EBITDA.
- On track to achieve positive Adjusted EBITDA in Q4 of 2023.
- Strong global demand for high-frequency imagery and AI-driven analytics.
- Strong book of business won this year.
- Capital expenditures for the full year 2023 are expected to be between $48 million and $54 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income