BlackSky (BKSY) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $102.1 million, with $70.1 million from high-margin imagery and analytics, and successfully launched the first Gen-3 satellite, exceeding customer expectations for image quality and agility.

• Secured over $150 million in multi-year contracts, including a $100 million+ seven-year international agreement and $20 million in India, boosting backlog to approximately $390 million.

• Achieved first full year of positive adjusted EBITDA at $11.6 million in 2024, a $12.6 million improvement year-over-year.

• Ended 2024 with $53.8 million in cash, with liquidity further supported by a $32 million prepayment in early 2025.

• Acquired full ownership of LeoStella, enabling vertical integration of satellite manufacturing and improved supply chain control.

Financial highlights

• 2024 total revenue reached $102.1 million, up 8% year-over-year, with imagery and software analytical services revenue at $70.1 million and professional/engineering services at $32 million.

• Adjusted EBITDA was $11.6 million in 2024, up from a $1.0 million loss in 2023.

• Cash operating expenses were $64.9 million, up slightly year-over-year, mainly due to LeoStella integration.

• Adjusted imagery and analytics cost of sales remained flat at $13.7 million, supporting margin expansion.

• Ended 2024 with $53.8 million in cash, restricted cash, and short-term investments.

Outlook and guidance

• 2025 revenue guidance is $125–$142 million, representing 30% year-over-year growth at the midpoint.

• Full-year adjusted EBITDA expected between $14–$22 million.

• Capital expenditures for 2025 projected at $60–$70 million to support Gen-3 satellite production and launches.

• Backlog as of early 2025 stands at approximately $390 million, with $100 million expected to be realized in 2025.