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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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