BlackSky Technology, Inc. reported its fourth-quarter 2024 financial results, highlighting significant contract awards and technological progress. Despite revenue falling short of initial estimates, the company demonstrated strong operational performance and strategic positioning in the satellite imagery and analytics market.
The company secured multiple nine-figure multi-year contracts, expanding its backlog from $261 million to approximately $390 million. A notable achievement was the successful launch of its first Gen-3 satellite, which delivered imagery exceeding customer expectations. With seven additional Gen-3 satellite launches planned in the next 12 months, BlackSky is poised to enhance its monitoring capabilities and high-resolution imaging services.
Financially, BlackSky maintained positive adjusted EBITDA for the fifth consecutive quarter, with consolidated gross margins improving to 77.4%. The company ended the quarter with $53.8 million in liquidity, including cash and short-term investments, and expects an additional $27.9 million in liquidity over the next year.
For fiscal year 2025, BlackSky has set revenue guidance between $125 million and $142 million, with an adjusted EBITDA range of $14 million to $22 million. These projections are supported by sizeable multi-year sales opportunities and a strong contract backlog.
The company's strategic investments in its Gen-3 satellite constellation, which offers high-frequency monitoring and 35cm very high-resolution imaging, represent a significant potential for revenue and margin expansion. This technological advancement, combined with robust contract acquisitions, signals BlackSky's commitment to establishing a competitive edge in the satellite imagery and analytics market.
