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- BlackSky Technology Inc BKSY reported first-quarter FY23 revenue growth of 32.4% year-over-year to $18.40 million, missing the consensus of $20.36 million.
- Imagery & software analytical services revenue grew 114% Y/Y to $15.8 million, and Professional & engineering services revenue was $2.6 million (-60% Y/Y).
- EPS loss improved to $(0.14) from $(0.17) in 1Q22, in line with the consensus.
- Cost of sales as a percent of revenue was 35%, compared to 79% in 1Q22.
- Operating loss reduced to $(16.9) million versus $(27.14) million a year ago.
- Adjusted EBITDA loss was $(4.13) million compared to $(9.5) million in the prior year. The improvement reflects strong operating leverage achieved through increased revenue of high-margin imagery and analytics.
- As of March 31, 2023, BKSY held cash and equivalents of $71.6 million.
- Net cash used in operating activities for the quarter totaled $(16.6) million, compared to $(12.68) million a year ago.
- FY23 Outlook reaffirmed: BlackSky expects FY23 revenue to be $90 million-$96 million (consensus $94.21 million), representing 42% growth Y/Y at the mid-point.
- It expects capital expenditures for FY23 of $40 million - $45 million.
- The Company remains on track to achieve positive Adjusted EBITDA in 4Q23.
- Price Action: BKSY shares are trading higher by 8.12% at $1.27 on the last check Wednesday.
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