Satellite imagery company BlackSky sees quarterly losses slow as it adds another military contract

Satellite imagery specializer BlackSky announced fourth-quarter results connected Tuesday that amusement the institution further trimming losses and securing an further subject contract.

"2022 was a foundational twelvemonth for BlackSky," CEO Brian O'Toole said successful a statement, adding that "this precocious level of execution has enactment america connected a way to achieving affirmative adjusted EBITDA successful Q4 of 2023."

The institution has 14 operational satellites successful orbit, with plans to motorboat 2 much connected a Rocket Lab ngo this month.

BlackSky posted an adjusted EBITDA nonaccomplishment of $4.6 cardinal for the 4th quarter, down 68% from the aforesaid play a twelvemonth earlier and little than the $6.5 cardinal nonaccomplishment it reported for the 3rd quarter. Revenue roseate 69% twelvemonth implicit twelvemonth to $19.4 million.

The institution had $75 cardinal successful currency connected manus astatine the extremity of the 4th fourth and announced plans to rise much funds done a merchantability of 16.4 cardinal shares of communal banal to "a syndicate of caller and existing organization investors." BlackSky expects the backstage placement to adjacent connected Wednesday, generating astir $29.5 cardinal successful gross proceeds.

Shares of BlackSky roseate astir 3% successful premarket trading Tuesday from its erstwhile adjacent of $1.93. The banal is up astir 25% this year, but remains good beneath its nationalist debut successful September 2021 of astir $11 a share.

BlackSky expects to attack $100 cardinal successful yearly gross successful 2023, forecasting a scope betwixt $90 cardinal and $96 cardinal for the twelvemonth ahead.

It announced a multiyear defence declaration worthy implicit $150 cardinal for an unnamed planetary authorities customer. Last year, BlackSky was one of 3 outer imagery companies to triumph a portion of a large National Reconnaissance Office contract – with its grant worthy up to $1.02 cardinal implicit 10 years.