BlackSky Reports First Quarter 2023 Results

Note: Effective January 1, 2022, the Company reorganized its classification on the consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, the prior period amounts presented to reflect the impact of the reorganization have been recast.

BLACKSKY TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except par value)

 

 

March 31,
2023

 

December 31,
2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

56,964

 

 

$

34,181

 

Restricted cash

 

2,835

 

 

 

2,835

 

Short-term investments

 

11,792

 

 

 

37,982

 

Accounts receivable, net of allowance of $0 and $0, respectively

 

9,059

 

 

 

3,112

 

Prepaid expenses and other current assets

 

4,295

 

 

 

4,713

 

Contract assets

 

6,442

 

 

 

5,706

 

Total current assets

 

91,387

 

 

 

88,529

 

Property and equipment - net

 

87,377

 

 

 

71,584

 

Operating lease right of use assets - net

 

3,343

 

 

 

3,586

 

Goodwill

 

9,393

 

 

 

9,393

 

Investment in equity method investees

 

5,814

 

 

 

5,285

 

Intangible assets - net

 

1,778

 

 

 

1,918

 

Satellite procurement work in process

 

39,581

 

 

 

50,954

 

Other assets

 

2,576

 

 

 

2,841

 

Total assets

$

241,249

 

 

$

234,090

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

10,571

 

 

$

14,368

 

Amounts payable to equity method investees

 

2,377

 

 

 

3,728

 

Contract liabilities - current

 

3,873

 

 

 

6,783

 

Other current liabilities

 

4,033

 

 

 

2,048

 

Total current liabilities

 

20,854

 

 

 

26,927

 

Liability for estimated contract losses

 

641

 

 

 

714

 

Long-term contract liabilities

 

68

 

 

 

109

 

Operating lease liabilities

 

3,082

 

 

 

3,132

 

Derivative liabilities

 

21,298

 

 

 

5,113

 

Long-term debt - net of current portion

 

76,332

 

 

 

76,219

 

Other liabilities

 

69

 

 

 

2

 

Total liabilities

 

122,344

 

 

 

112,216

 

Stockholders’ equity:

 

 

 

Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 139,257 and 121,938 shares; outstanding, 136,839 shares and 119,508 shares as of March 31, 2023 and December 31, 2022, respectively.

 

14

 

 

 

12

 

Additional paid-in capital

 

681,317

 

 

 

666,973

 

Accumulated deficit

 

(562,426

)

 

 

(545,111

)

Total stockholders’ equity

 

118,905

 

 

 

121,874

 

Total liabilities and stockholders’ equity

$

241,249

 

 

$

234,090

 

BLACKSKY TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(17,315

)

 

$

(19,992

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization expense

 

9,655

 

 

 

7,391

 

Operating lease right of use assets amortization

 

446

 

 

 

389

 

Bad debt expense

 

 

 

 

6

 

Stock-based compensation expense

 

3,012

 

 

 

10,240

 

Amortization of debt discount and issuance costs

 

113

 

 

 

502

 

Gain on equity method investment

 

(529

)

 

 

(257

)

Gain on disposal of property and equipment

 

(22

)

 

 

 

Gain on derivatives

 

(1,531

)

 

 

(8,140

)

Interest income

 

(156

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(5,947

)

 

 

(2,868

)

Contract assets - current and long-term

 

(591

)

 

 

(1,187

)

Prepaid expenses and other current assets

 

462

 

 

 

1,220

 

Other assets

 

(8

)

 

 

(5

)

Accounts payable and accrued liabilities

 

(2,966

)

 

 

1,533

 

Other current liabilities

 

1,732

 

 

 

(585

)

Contract liabilities - current and long-term

 

(2,951

)

 

 

694

 

Liability for estimated contract losses

 

(73

)

 

 

(2,428

)

Other liabilities

 

67

 

 

 

811

 

Net cash used in operating activities

 

(16,602

)

 

 

(12,676

)

Cash flows from investing activities:

 

 

 

Purchase of property and equipment

 

(2,874

)

 

 

(1,926

)

Satellite procurement work in process

 

(12,926

)

 

 

(11,499

)

Purchase of short-term investments

 

(11,792

)

 

 

 

Proceeds from maturities of short-term investments

 

38,110

 

 

 

 

Net cash provided by (used in) investing activities

 

10,518

 

 

 

(13,425

)

Cash flows from financing activities:

 

 

 

Proceeds from private placement, net of equity issuance costs

 

29,432

 

 

 

 

Proceeds from options exercised

 

3

 

 

 

17

 

Payments for deferred offering costs

 

(552

)

 

 

 

Payments of transaction costs related to derivative liabilities

 

(16

)

 

 

 

Withholding tax payments on vesting of restricted stock units

 

 

 

 

(3,616

)

Net cash provided by (used in) financing activities

 

28,867

 

 

 

(3,599

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

22,783

 

 

 

(29,700

)

Cash, cash equivalents, and restricted cash – beginning of year

 

37,016

 

 

 

168,104

 

Cash, cash equivalents, and restricted cash – end of period

$

59,799

 

 

$

138,404

 

BLACKSKY TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

(unaudited)

(in thousands)

 

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

Net loss

$

(17,315

)

 

$

(19,992

)

Interest income

 

(435

)

 

 

 

Interest expense

 

1,853

 

 

 

1,255

 

Income tax expense

 

113

 

 

 

 

Depreciation and amortization

 

9,655

 

 

 

7,391

 

Stock-based compensation expense

 

3,012

 

 

 

10,240

 

Gain on derivatives

 

(1,531

)

 

 

(8,140

)

Income on equity method investment

 

(529

)

 

 

(257

)

Transaction costs associated with derivative liabilities

 

905

 

 

 

 

Severance

 

88

 

 

 

 

Investment loss on short-term investments

 

55

 

 

 

 

Adjusted EBITDA

$

(4,129

)

 

$

(9,503

)


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