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BlackSky Shares Slide Post Q1 Results

  • BlackSky Technology Inc BKSY reported first-quarter revenue growth of 91% year-over-year to $13.9 million, beating the consensus of $11 million.
  • Imagery and software analytical services revenue was $9.8 million (+63% Y/Y), driven by increased demand from new and existing government contracts.
  • EPS loss narrowed to $(0.17) from $(0.70) in 1Q21.
  • Gross margin contracted 330 basis points to 21.2% due to higher engineering and systems integration expenses.
  • The operating loss for Q1 totaled $(27.1) million versus an operating loss of $(9.5) million in 1Q21.
  • Adjusted EBITDA loss was $(9.5) million compared to a loss of $(6.2) million in the prior-year period.
  • Net cash used in operating activities totaled $(12.67) million in Q1, compared to $(10.58) million a year ago.
  • As of March 31, 2022, BlackSky’s cash and equivalents totaled $138.4 million.
  • BKSY anticipates strong demand for its geospatial intelligence and analytic insights throughout the year.
  • FY22 Outlook reaffirmed: BlackSky expects revenue of $58 million – $62 million (consensus $61.5 million), which represents 76% growth Y/Y at the mid-point.
  • Price Action: BKSY shares are trading lower by 5.27% at $1.13 on the last check Wednesday.

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