BlackSky Technology Shares Gain On Solid Q2, Raised FY22 Guidance

BlackSky Technology Shares Gain On Solid Q2, Raised FY22 Guidance
  • BlackSky Technology Inc BKSY reported second-quarter revenue growth of 105% year-over-year to $15.1 million.
  • Imagery & software analytical services revenue improved 161% Y/Y, driven by accelerated demand from the U.S. and international governments.
  • As of June 30, 2022, BKSY held cash and equivalents of $111.2 million.
  • EPS loss narrowed to $(0.22) from $(0.63) in 2Q21.
  • Cost of sales as a percent of revenue was ~65% compared to ~87% in 2Q21.
  • The operating loss for Q2 totaled $(21.71) million versus an operating loss of $(29.81) million in 2Q21.
  • Adjusted EBITDA loss was $(8.8) million compared to a loss of $(7.6) million in the prior-year period.
  • Net cash used in operating activities year-to-date totaled $(27.79) million, compared to $(21.11) million a year ago.
  • FY22 Outlook: BlackSky raised its revenue expectations to $62 million-$66 million, from prior expectation of $58 million - $62 million, representing 88% growth Y/Y at the mid-point.
  • Price Action: BKSY shares are trading higher by 12.3% at $2.92 during the premarket session on Wednesday.

Posted In: BriefsEarningsNewsPenny StocksGuidanceSmall CapMoversTrading Ideas