Rendering of a BlackSky satellite. Photo: BlackSky

BlackSky reported $24.2 million in revenue in the first quarter of 2024, up 32% from the same time last year. The company released its Q1 financials on May 8. 

Imagery and software analytical services revenue is the largest portion of the company’s revenue — $17.8 million in the first quarter of 2024. This was an increase of 13% over the prior year period, driven by incremental customer orders for imagery services. 

BlackSky reported professional and engineering services revenue of $6.4 million in the first quarter of 2024, up 143% over the prior year period. The significant year-over-year increase was due new customer wins and the execution step up of multiple major international contracts. 

Net loss for the first quarter of 2024 was $15.8 million, compared to a net loss of $17.3 million in the first quarter of 2023.

BlackSky made progress on adjusted EBITDA compared to last year, posting adjusted EBITDA of $1.4 million, compared to an adjusted EBITDA loss of $4.1 million in the first quarter of 2023. The company said the $5.5 million year-over-year improvement was driven by higher revenues, improvement in gross margins, and reductions in cash operating expenses.

CEO Brian O’Toole commented to investors: “We continue to demonstrate strong operating leverage in our business as revenue growth from our high margin imagery and analytics services delivers improving operating margins. Combined with our disciplined cost management and streamlined operating efficiencies, we continue on our path of delivering positive adjusted EBITDA results.”

Separately, BlackSky secured a $20 million commercial bank line in April, which O’Toole said strengthens the company’s liquidity position and provides additional financial flexibility.

BlackSky maintained its outlook for full year 2024 revenue of between $102 million and $118 million, and full year Adjusted EBITDA of between $8 million and $16 million.