BlackSky Narrows Losses In Q3; Revenue Grows By 113% Aided By Subscription Imagery Revenue

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  • BlackSky Technology Inc BKSY reported third-quarter revenue growth of 113% year-over-year to $16.94 million, beating the consensus of $16.74 million.
  • Imagery & software analytical services revenue improved 130% Y/Y, driven by accelerated demand from U.S. and international government customers.
  • BKSY held cash and equivalents of $90.7 million.
  • EPS loss of $(0.11) beat the consensus loss of $(0.20).
  • The cost of sales as a percent of revenue was 46% compared to 159% in 3Q21.
  • Operating loss totaled $(19.4) million versus an operating loss of $(48.9) million in 3Q21.
  • Adjusted EBITDA loss was $(6.5) million compared to a loss of $(16.3) million in the prior year.
  • CEO Brian E. O'Toole said, "With our expanding customer base, strong pipeline, and growing contracted backlog, we are looking forward to a strong finish to 2022 and carrying this momentum into 2023. Given our trajectory, we anticipate full year 2022 revenues to come in at the upper end of our guidance range."
  • FY22 Outlook: BlackSky eyes the upper end of the guidance range previously provided of $62 million - $66 million, above the consensus of $65.32 million.
  • Price Action: BKSY shares are trading lower by 8.61% at $1.64 on the last check Tuesday.
  • Photo Via Company
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