BlackSky Technology Inc (NYSE:BKSY) reported second-quarter (Q2) 2023 revenue growth of 28% year-over-year to $19.33 million, missing the consensus of $20.55 million.
Imagery & software analytical services revenue grew 51% Y/Y to $15.3 million, and Professional & engineering services revenue was $4 million (-18.4% Y/Y).
EPS loss of 24 cents missed the consensus loss of 12 cents.
Operating losses hovered at around $19.9 million versus $21.7 million a year ago.
Adjusted EBITDA loss was $5.8 million compared to $8.8 million in the prior year. The improvement reflects strong operating leverage achieved through increased high-margin imagery and analytics revenue.
BKSY held cash and equivalents of $59.5 million.
BlackSky CEO Brian E. O’Toole touted that the company “won” over $35 million in new contracts and renewal agreements since Q2 began. Clients include U.S. and international government agencies.
BlackSky’s total bookings year to date are over $200 million.
FY23 Outlook reaffirmed: BlackSky expects 2023 revenue of $84 million – $96 million (prior $90 million — $96 million) vs consensus $91.62 million.
It reiterated capital expenditures for FY23 of $40 million — $45 million.
The company remains on track to achieve positive Adjusted EBITDA in Q4 of 2023.
Price Action: BKSY shares are trading lower by 2.72% at $1.79 premarket on the last check Wednesday.
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