BlackSky (BKSY) investor relations material

Industry innovation and market positioning

• Satellite imaging market experiencing rapid innovation, with costs dropping and quality improving significantly.

• High-resolution, real-time imagery and analytics offered at a fraction of historical costs, opening new market opportunities.

• Company is positioned as a leader in a niche market with explosive growth potential, having overcome major satellite deployment risks.

• Differentiates as a monitoring company with hourly revisit capability, unlike competitors focused on mapping.

• International demand is rising, with 85% of backlog from non-US governments and strong growth in global contracts.

Technology advancements and product roadmap

• Gen three satellites deliver higher resolution and faster revisit rates, with two launched and more planned for deployment.

• Four to six Gen three satellites will enable daily revisit, with a target of 12 satellites by 2026.

• Spectra AI platform enables rapid, automated object identification and pattern analysis, processing millions of pixels in under a minute.

• Eros constellation planned for mapping missions, targeting a market gap expected by 2027-2028.

• Satellite production is flexible and scalable, with costs per satellite around $15–16 million and ability to expand based on demand.

Financial performance and outlook

• Achieved contracts valued up to $2.4 billion, with a current backlog of $356 million and strong international commitments.

• Revenue has grown at a 44% CAGR over four years, with 2023 guidance of $105–130 million.

• Adjusted EBITDA is positive, with a target to reach free cash flow positive in 18–24 months.

• Recent $185 million convertible note refinancing extended debt maturity and reduced interest costs, adding $65 million in cash.

• Long-term revenue growth of 20–30% expected as Gen three satellites scale, with gross margins above 80% for software and 75% overall.