BlackSky (BKSY) 27th Annual Needham Growth Conference summary

Business highlights and operational overview

• Operates a constellation of 12 satellites, providing hourly global imagery and analytics for real-time intelligence needs.

• Delivers high-resolution images capable of identifying vehicles, ships, and road networks, with data typically available within 30-45 minutes of capture.

• Achieved four consecutive quarters of adjusted EBITDA profitability, with trailing 12-month revenue reaching $107 million, up from $21 million in 2020.

• Revenue split: 54%-55% from U.S. government, 43% from foreign governments, and a small portion from commercial clients.

• Founded in 2014, the company is focused on growth, leveraging global conflict and economic uncertainty to drive demand.

Technology and competitive differentiation

• Satellites operate in inclined orbits, enabling hourly revisits and making it harder for subjects to evade detection.

• Provides real-time, responsive tactical ISR and automated analytics, including vessel identification and activity-based intelligence.

• AI infrastructure processes millions of observations from multiple sources, delivering actionable insights within hours.

• New market entry into Space Domain Awareness, with contracts exceeding seven digits.

• Gen 3 satellites, launching soon, will improve resolution from 70 cm to 35 cm, quadrupling information detail.

Contracts, customers, and revenue model

• Holds a $1 billion, 10-year EOCL contract with the NRO, and a $150 million contract with an international Ministry of Defense.

• Recently added to NGA's Luno A and Luno B contracts, and holds a five-year, $476 million IDIQ contract with NASA.

• Contracts are typically structured as volume and usage-based subscriptions, with the EOCL contract generating $35-$40 million annually.

• As of September 30, had $250 million in funded backlog and 18 months of revenue visibility from the EOCL contract.

• Expects 20%-30% annual revenue growth and long-term EBITDA margins above 40%.