BlackSky Reports Fourth Quarter and Full Year 2022 Results

Investment Community Conference Call

BlackSky will host a conference call and webcast for the investment community this morning at 8:30 AM ET. Senior management will review the results, discuss BlackSky’s business, and answer questions. To access the live webcast or the archived webcast following completion of the call, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events” for the link to the webcast. A presentation accompanying the webcast can also be found on the investor relations website. To access the conference call, participants should dial 1-877-589-7299 (domestic) or 1-201-689-8778 (international) at least ten minutes prior the start of the call. To listen to a replay of the conference call, please dial 1-877-660-6853 or 1-201-612-7415 using access code 13736553. The audio replay will be available from approximately 12:30 PM ET on March 7, 2023, through March 21, 2023.

About BlackSky Technology Inc.

BlackSky is a leading provider of real-time geospatial intelligence. BlackSky delivers on-demand, high frequency imagery, monitoring and analytics of the most critical and strategic locations, economic assets and events in the world.

BlackSky designs, owns and operates one of the industry’s leading low earth orbit small satellite constellations, optimized to capture imagery cost-efficiently where and when our customers need it. BlackSky’s Spectra AI software platform processes data from BlackSky’s constellation and from other third-party sensors to develop the critical insights and analytics that our customers require.

BlackSky is relied upon by U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on Twitter.

Non-GAAP Financial Measures

Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, realized loss on conversion of bridge notes, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivatives, satellite impairment loss, proceeds from an earnout payment, gain on debt extinguishment, (gain) loss from discontinued operations, net of income taxes, severance, income on equity method investment, transaction-related legal settlements, and transaction costs associated with equity instruments accounted for as derivative liabilities.

Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our SEC filings for a reconciliation of Adjusted EBITDA to Net Loss, the most comparable measure reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of Adjusted EBITDA.

Forward-Looking Statements

Certain statements and other information included in this release constitute forward-looking statements under applicable securities laws. Words such as "may", "will", "could", "should", "would", "plan", "potential", "intend", "anticipate", "believe", "estimate", "future", "opportunity", "will likely result", or "expect" and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties, as well as other statements referring to or including forward-looking information included in this release.

Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this release. As a result, although BlackSky's management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about BlackSky and its business included in BlackSky's disclosure materials filed from time to time with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov or on BlackSky's Investor Relations website at ir.blacksky.com.

The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements in this release as a result of new information or future events, except as may be required under applicable securities law.

BLACKSKY TECHNOLOGY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE (LOSS) INCOME

(unaudited)

(in thousands, except per share amounts)

 

Three Months Ended December 31,

 

Years Ended December 31,

 

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

Imagery & software analytical services

$

16,166

 

 

$

5,454

 

 

$

47,415

 

 

$

15,365

 

Professional & engineering services

 

3,251

 

 

 

6,035

 

 

 

17,935

 

 

 

18,720

 

Total revenue

 

19,417

 

 

 

11,489

 

 

 

65,350

 

 

 

34,085

 

Costs and expenses

 

 

 

 

 

 

 

Imagery & software analytical service costs, excluding depreciation and amortization

 

3,925

 

 

 

3,830

 

 

 

14,462

 

 

 

13,013

 

Professional & engineering service costs, excluding depreciation and amortization

 

3,783

 

 

 

6,348

 

 

 

21,365

 

 

 

21,735

 

Selling, general and administrative

 

20,222

 

 

 

28,676

 

 

 

79,672

 

 

 

86,655

 

Research and development

 

290

 

 

 

27

 

 

 

739

 

 

 

112

 

Depreciation and amortization

 

9,495

 

 

 

4,502

 

 

 

35,661

 

 

 

14,306

 

Satellite impairment loss

 

 

 

 

 

 

 

 

 

 

18,407

 

Operating loss

 

(18,298

)

 

 

(31,894

)

 

 

(86,549

)

 

 

(120,143

)

Gain on debt extinguishment

 

 

 

 

4,134

 

 

 

 

 

 

4,059

 

Gain on derivatives

 

1,183

 

 

 

35,047

 

 

 

11,812

 

 

 

23,885

 

Income on equity method investment

 

1,222

 

 

 

234

 

 

 

1,916

 

 

 

1,027

 

Interest income

 

452

 

 

 

 

 

 

1,116

 

 

 

 

Interest expense

 

(1,669

)

 

 

(1,502

)

 

 

(5,425

)

 

 

(5,165

)

Other income (expense), net

 

2,135

 

 

 

4

 

 

 

2,081

 

 

 

(147,656

)

(Loss) gain before income taxes

 

(14,975

)

 

 

6,023

 

 

 

(75,049

)

 

 

(243,993

)

Income tax (expense) benefit

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

(14,975

)

 

 

6,023

 

 

 

(75,049

)

 

 

(243,993

)

Discontinued operations:

 

 

 

 

 

 

 

(Loss) gain from discontinued operations

 

 

 

 

(628

)

 

 

707

 

 

 

(1,650

)

Income tax (expense) benefit

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain from discontinued operations, net of income taxes

 

 

 

 

(628

)

 

 

707

 

 

 

(1,650

)

Net (loss) income

 

(14,975

)

 

 

5,395

 

 

 

(74,342

)

 

 

(245,643

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive (loss) income

$

(14,975

)

 

$

5,395

 

 

$

(74,342

)

 

$

(245,643

)

 

 

 

 

 

 

 

 

Basic and diluted (loss) income per share of common stock:

 

 

 

 

 

 

 

(Loss) income from continuing operations

$

(0.13

)

 

$

0.05

 

 

$

(0.64

)

 

$

(3.37

)

(Loss) gain from discontinued operations, net of income taxes

 

 

 

 

(0.01

)

 

 

0.01

 

 

 

(0.02

)

Net (loss) income per share of common stock

$

(0.13

)

 

$

0.04

 

 

$

(0.63

)

 

$

(3.39

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic and diluted

 

119,064

 

 

 

113,645

 

 

 

117,821

 

 

 

72,462

 


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