A BlackSky satellite image collected over Ivankiv, Ukraine on Feb. 28. A Russian military convoy passes through scorched countryside northwest of Kyiv. Photo: BlackSky

BlackSky Technology grew revenue by 29% year-over-year in the second quarter of 2024 as the satellite imagery company executed on multiple international contracts. The company reported its Q2 financial results on Aug. 8, reporting $24.9 million of revenue during the quarter. 

The company continues to narrow its net loss, reporting a $9.4 million net loss for the quarter, compared to a net loss of $33.4 million in the second quarter of 2023.

Adjusted EBITDA for the second quarter of 2024 was $2.1 million, compared to an adjusted EBITDA loss of $5.8 million in the second quarter of 2023. BlackSky cited higher revenues, improved gross margins, and reductions in cash operating expenses for the improvement. This was the company’s third consecutive quarter of positive adjusted EBITDA.

Imagery & software analytical services make up most of the company’s revenue, at $17.5 million during the quarter, compared to $7.5 million in engineering services. 

“Our performance in Q2 was primarily driven by the ongoing demand we’re seeing for our differentiated space-based intelligence solutions from new and existing government customers around the world,” CEO Brian O’Toole told investors on Thursday. “We were awarded $40 million in new awards and extensions in the quarter supporting U.S. and international government agencies, demonstrating strong customer demand for BlackSky’s capabilities.”

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

O’Toole also gave an update on the company’s upcoming Gen-3 satellite constellation, reporting the satellites are in the final stages of assembly, integration and test. The first 35-centimeter resolution satellite remains on track for a planned launch in late Q4.

“When combined with our Spectra AI platform, our Gen-3 constellation will provide our customers with transformative space-based intelligence that will deliver a next level of speed, performance and AI-enabled insights for a first-to-act advantage,” O’Toole told investors. “Our Gen-3 constellation remains on track to unlock our next phase of growth. The improved resolution combined with high-frequency imaging and automated AI analytics will enable new timely insights that are not achievable using traditional mapping constellations.”