BlackSky at Recent York Stock Exchange, September 13, 2021.
Source: NYSE
Satellite imagery specialist BlackSky announced fourth-quarter results on Tuesday that show the corporate further trimming losses and securing a further military contract.
“2022 was a foundational 12 months for BlackSky,” CEO Brian O’Toole said in a statement, adding that “this high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023.”
The corporate has 14 operational satellites in orbit, with plans to launch two more on a Rocket Lab mission this month.
BlackSky posted an adjusted EBITDA lack of $4.6 million for the fourth quarter, down 68% from the identical period a 12 months earlier and lower than the $6.5 million loss it reported for the third quarter. Revenue rose 69% 12 months over 12 months to $19.4 million.
The corporate had $75 million in money available at the tip of the fourth quarter and announced plans to boost more funds through a sale of 16.4 million shares of common stock to “a syndicate of latest and existing institutional investors.” BlackSky expects the private placement to shut on Wednesday, generating about $29.5 million in gross proceeds.
Shares of BlackSky fell about 4% in early trading Tuesday from its previous close of $1.93. The stock is up nearly 20% this 12 months, but stays well below its public debut in September 2021 of nearly $11 a share.
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BlackSky expects to approach $100 million in annual revenue in 2023, forecasting a spread between $90 million and $96 million for the 12 months ahead.
It announced a multiyear defense contract price over $150 million for an unnamed international government customer. Last 12 months, BlackSky was one in every of three satellite imagery corporations to win a bit of a serious National Reconnaissance Office contract – with its award price as much as $1.02 billion over 10 years.
