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Dec 31, 2024
Blacksky Q4 2024 Earnings Report
BlackSky reported a decline in revenue and an increased net loss for Q4 2024, but highlighted strong contract wins and growth potential with its new Gen-3 satellites.
Key Takeaways
BlackSky reported Q4 2024 revenue of $30.37 million, a 14% decrease from the prior year, primarily due to a one-time benefit in Q4 2023. The company posted a net loss of $19.23 million, widening from $3.79 million in Q4 2023. Operating expenses increased slightly due to investments in satellite production. Despite these challenges, BlackSky secured multiple significant contracts, expanding its backlog to $390 million, and remains optimistic about future revenue growth.
Q4 2024 revenue was $30.37 million, a 14% YoY decrease.
Net loss widened to $19.23 million from $3.79 million in Q4 2023.
Operating expenses increased to $29.59 million, reflecting investments in satellite production.
BlackSky secured over $150 million in recent contract awards, increasing its backlog to $390 million.
Blacksky
Blacksky
Blacksky Revenue by Segment
Revenue by Segment
Imagery & Software Analytical Services Revenue
CapyFin.comProfessional & Engineering Services Revenue
CapyFin.com Forward Guidance
BlackSky expects strong revenue growth in 2025 driven by new contract wins and the deployment of Gen-3 satellites. However, the company anticipates continued investments in satellite production and potential volatility in contract-based revenue recognition.
Positive Outlook
- Full-year 2025 revenue expected to grow 30% over 2024.
- Backlog increased to $390 million with new contract wins.
- Gen-3 satellite deployment progressing on schedule.
- Significant new contracts with U.S. and international agencies.
- Improved cost efficiency in imagery and software services.
Challenges Ahead
- Continued net losses expected in 2025.
- High capital expenditures planned for Gen-3 satellite production.
- Quarterly revenue fluctuations due to milestone-based contracts.
- Increasing competition in the satellite imagery sector.
- Macroeconomic uncertainties impacting government spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income