BlackSky Technology Inc. reported a total revenue of $102.1 million for the fiscal year ending December 31, 2024, marking an 8% increase from $94.5 million in 2023. The growth was primarily driven by a 7.1% rise in imagery and software analytical services revenue, which reached $70.1 million, and a 10.1% increase in professional and engineering services revenue, totaling $32.0 million. Despite this revenue growth, the company recorded a net loss of $57.2 million, slightly higher than the $53.9 million loss reported in the previous year. The operating loss improved by 20.9% to $44.3 million, attributed to a decrease in costs associated with professional and engineering services.
In terms of operational developments, BlackSky completed the acquisition of LeoStella LLC in November 2024, gaining full control over its satellite supply chain and production operations. This acquisition is expected to enhance BlackSky's manufacturing capacity, allowing for the production of up to 40 satellites annually. The integration of LeoStella is anticipated to improve operational efficiencies and reduce costs, contributing to the company's long-term growth strategy. As of December 31, 2024, BlackSky employed 340 individuals, reflecting a commitment to expanding its workforce to support its operational needs.
The company has also made significant strides in expanding its customer base, particularly within the U.S. defense and intelligence sectors. In 2024, BlackSky secured new contracts and renewals valued at approximately $870 million, including a $476 million contract with NASA for satellite imaging data. The company’s customer mix is increasingly diversified, with a growing emphasis on commercial markets, including sectors such as energy, agriculture, and logistics. BlackSky's innovative BlackSky Spectra software platform continues to gain traction, providing customers with real-time analytics and imagery, which enhances decision-making capabilities.
Looking ahead, BlackSky anticipates continued revenue growth driven by increased demand for its high-frequency imagery and analytics services. The company is focused on expanding its satellite constellation and enhancing its software capabilities to meet evolving market needs. However, BlackSky acknowledges the challenges posed by competitive pressures and the need for ongoing investment in research and development. The company remains committed to maintaining its operational flexibility and optimizing its capital expenditures to support future growth initiatives.
About BlackSky Technology Inc.
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