BlackSky Technology Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period. The company generated total revenue of $22.5 million for the three months ended September 30, 2024, a 6.1% increase from $21.3 million in the same period of 2023. For the nine months, revenue rose 21.6% to $71.7 million from $59.0 million year-over-year. The growth was primarily driven by a 13.2% increase in revenue from imagery and software analytical services, which reached $17.3 million, up from $15.3 million in the prior year.
Despite the revenue growth, BlackSky reported a net loss of $12.6 million for the third quarter of 2024, a significant decline from a net income of $0.7 million in the same quarter of 2023. The nine-month net loss improved to $37.8 million from $50.1 million in the previous year. The basic net loss per share for the third quarter was $(0.66), compared to earnings of $0.04 per share in 2023. The operating loss for the third quarter was $(13.2 million), an improvement from $(14.5 million) in the same quarter of 2023.
The company’s cash and cash equivalents increased to $56.2 million as of September 30, 2024, up from $32.8 million at the end of 2023. Total current assets also rose to $106.5 million from $79.3 million. BlackSky's total assets reached $245.5 million, compared to $224.1 million at the end of 2023. The company’s total stockholders’ equity increased to $110.3 million from $93.2 million.
Strategically, BlackSky executed a one-for-eight reverse stock split in September 2024 and raised $46 million through a public offering of 11.5 million shares at $4.00 per share. The company also acquired the remaining 50% of LeoStella, making it a wholly-owned subsidiary, which is expected to enhance control over its supply chain and production operations.
Operating expenses remained stable, with selling, general, and administrative expenses showing little change year-over-year. However, stock-based compensation increased due to the acceleration of expenses related to forfeited options and new stock awards. The company continues to invest in research and development to enhance its product capabilities, particularly in its satellite technology and analytics services.
Overall, while BlackSky experienced revenue growth, it faced challenges in profitability, reflected in its net losses and operating expenses, as it continues to expand its market presence and operational capabilities.
About BlackSky Technology Inc.
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