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BlackSky Technology (BKSY)
NYSE:BKSY
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BlackSky Technology
(NYSE:BKSY)
Rating:58Neutral
Price Target:
$12.00
▲(10.19%Upside)
Positive Factors
Backlog Growth
The backlog has grown significantly to $390M, demonstrating strong traction year-to-date.
Contract Wins
BlackSky has had numerous win announcements, including another extension of the EOCL contract, Luno B contract, a $100M+ contract with an international defense customer, and approximately $20M in contracts to support India’s Earth Observation industry.
Customer Demand
Improved capabilities of the Gen-3 satellites, including higher resolution imaging, are driving new customer demand and should serve as a meaningful revenue catalyst.
Negative Factors
EBITDA Guidance
FY25 EBITDA guidance initially looks ~$10M lower than Street expectations.
Margin Pressure
Despite higher revenue, gross margin was 57.4% compared to the 69.0% estimate and represented a decrease from 1Q24 levels.
BlackSky Technology (BKSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$344.69M
Dividend YieldN/A
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth7.05%
EPS Growth13.73%
CountryUS
Employees340
SectorTechnology
Sector Strength79
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.42
Shares Outstanding31,652,390
10 Day Avg. Volume1,211,122
30 Day Avg. Volume1,028,950
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)10.09
Price to Sales (P/S)0.00
P/FCF Ratio-3.75K
Enterprise Value/Market Cap8.69
Enterprise Value/Revenue7.09
Enterprise Value/Gross Profit40.28
Enterprise Value/Ebitda68.36
Forecast
1Y Price Target
$17.20Price Target Upside57.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
BlackSky Technology Business Overview & Revenue Model
Company DescriptionBlackSky Technology Inc. (BKSY) is a leading provider of real-time geospatial intelligence and global monitoring services. The company operates in the space technology and information sectors, leveraging advanced satellite technology and analytical software to deliver high-resolution imagery and insights. BlackSky's core services include satellite-based Earth observation, data analytics, and intelligence solutions tailored for various industries including government, defense, and commercial sectors.
How the Company Makes MoneyBlackSky Technology Inc. generates revenue through a multi-faceted business model centered around its satellite imagery and data analytics services. Key revenue streams include the sale of high-resolution satellite images and subscription-based access to its geospatial intelligence platform. The company offers tiered service levels, enabling customers to access a range of data and analytical tools based on their specific needs. BlackSky also enters into strategic partnerships and contracts with government agencies and commercial entities, providing tailored solutions and services that further bolster its earnings. Additionally, the company's investment in technology and infrastructure, such as its growing constellation of small satellites, enhances its service offerings and competitive position in the market.
BlackSky Technology Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Analyzes revenue from different business segments, highlighting which areas drive growth and profitability for BlackSky Technology and where there might be opportunities or challenges.
Data provided by:
Main Street Data
Main Street DataBlackSky Technology Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 24.60%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements in satellite performance, contract wins, and revenue growth, contributing to a strong liquidity position and a positive customer response to AI capabilities. However, challenges include an adjusted EBITDA loss due to acquisition-related expenses and potential risks from geopolitical uncertainties.Q1-2025 Updates
Positive Updates
Gen Three Satellite Performance
The new Gen three satellite is exceeding expectations with very high-resolution imagery, achieving near six quality, a commercial first for a satellite of its size and cost.
Contract Wins and Backlog Growth
Awarded over $130 million in new contracts, driving a 50% year-over-year backlog growth to $366 million, indicating strong demand for space-based intelligence solutions.
Revenue Growth
Achieved a 22% year-over-year increase in revenue, primarily driven by new contract awards and professional services.
Financial Liquidity and Outlook
Increased liquidity position by 51% from the prior year, with a total liquidity position of over $136 million, maintaining full-year 2025 revenue guidance between $125 and $142 million.
AI Capabilities and Customer Response
Demonstrated advanced AI capabilities by automatically detecting and classifying over 25,000 individual vehicles and 700 maritime vessels in minutes, with positive customer feedback.
Negative Updates
Adjusted EBITDA Loss
Reported an adjusted EBITDA loss of $600,000 compared to a positive $1.4 million in the prior year quarter, primarily due to higher SG&A expenses from the LEO Stella acquisition.
SG&A Expenses
Incurred $2.6 million higher SG&A expenses due to the absorption of overhead expenses from the recent LEO Stella acquisition.
Geopolitical and Economic Risks
Acknowledged uncertainty due to fluid geopolitical and economic environments, which could impact contract awards and budget allocations.
Company Guidance
During BlackSky Technology Inc.'s first quarter 2025 earnings call, the company provided robust financial guidance and operational updates. The company reported a 22% year-over-year revenue growth, reaching $29.5 million, driven primarily by new contract awards, including a significant deal to develop India's commercial earth observation capabilities. BlackSky's backlog grew by 50% to $366 million, reflecting strong demand for its space-based intelligence solutions. The company expects to maintain its full-year 2025 guidance with projected revenue between $125 and $142 million and adjusted EBITDA between $14 million and $22 million. Capital expenditures are anticipated to range from $60 million to $70 million. BlackSky highlighted the successful performance of its new Gen three satellite, which is delivering high-resolution imagery and advanced AI analytics, driving customer interest and expanding its sales pipeline. The company plans to have eight Gen three satellites on orbit by early 2026, with a regular launch cadence throughout the year, positioning itself for sustained long-term growth in the space-based intelligence market.BlackSky Technology Financial Statement Overview
Summary
BlackSky Technology shows strong revenue growth and improved cash flow operations, indicating potential for future profitability. However, ongoing net losses and negative free cash flow present significant hurdles. The balance sheet remains stable but needs focus on reducing operational losses.Income Statement
The income statement reflects a strong revenue growth trajectory, with a 64% increase from 2022 to TTM 2025. Despite growing revenues, gross profit margin stands at 69.2% for TTM 2025, indicating efficient cost management. However, the company remains unprofitable with a net profit margin of -50.5% in TTM 2025, and consistent EBIT losses suggest operational challenges.45
Neutral
Balance Sheet
The balance sheet is characterized by a solid equity base, with an equity ratio of 31.2% in TTM 2025. The debt-to-equity ratio improved to 0.13, reflecting reduced leverage. However, consistent net losses have eroded stockholders' equity over time, and the return on equity remains negative.53
Neutral
Cash Flow
Cash flow analysis shows improvement, with operating cash flow turning positive in TTM 2025. The operating cash flow to net income ratio is strong at -0.44, but free cash flow remains negative, indicating ongoing capital expenditure and investment needs. The free cash flow to net income ratio remains unfavorable, highlighting a need for better cash management.60
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 107.40M | 102.09M | 94.49M | 65.35M | 34.09M | 21.14M | Gross Profit |
| 74.40M | 0.00 | 60.71M | 29.52M | -663.00K | -3.14M | EBIT |
| -43.01M | -44.29M | -55.98M | -86.55M | -120.14M | -41.40M | EBITDA |
| -284.00K | -542.00K | 434.00K | -32.11M | -224.52M | -32.72M | Net Income Common Stockholders |
| -54.22M | -57.22M | -53.86M | -74.17M | -245.64M | -19.54M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 75.82M | 52.46M | 52.51M | 72.16M | 72.16M | 165.59M | Total Assets |
| 284.87M | 254.15M | 224.07M | 233.92M | 233.92M | 305.76M | Total Debt |
| 11.63M | 9.97M | 87.16M | 79.35M | 79.35M | 71.46M | Net Debt |
| -9.12M | -3.08M | 54.35M | 45.17M | 45.17M | -94.13M | Total Liabilities |
| 196.02M | 160.16M | 130.91M | 112.22M | 112.22M | 126.14M | Stockholders Equity |
| 88.85M | 93.99M | 93.16M | 121.70M | 121.70M | 179.62M |
| Cash Flow | Free Cash Flow | ||||
| -2.51M | -22.06M | -61.14M | -56.13M | -56.13M | -55.15M | Operating Cash Flow |
| 23.97M | -6.38M | -17.42M | -44.46M | -44.46M | -53.87M | Investing Cash Flow |
| -77.36M | -68.33M | -15.21M | -81.58M | -81.58M | -63.61M | Financing Cash Flow |
| 59.91M | 55.66M | 29.05M | -5.05M | -5.05M | 275.02M |
BlackSky Technology Technical Analysis
Neutral
10.89
Price Trends
9.80
Positive
11.31
Negative
9.53
Positive
Market Momentum
0.41
Positive
46.63
Neutral
25.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKSY, the sentiment is Neutral. The current price of 10.89 is below the 20-day moving average (MA) of 11.66, above the 50-day MA of 9.80, and above the 200-day MA of 9.53, indicating a neutral trend. The MACD of 0.41 indicates Positive momentum. The RSI at 46.63 is Neutral, neither overbought nor oversold. The STOCH value of 25.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BKSY.
BlackSky Technology Risk Analysis
BlackSky Technology disclosed 68 risk factors in its most recent earnings report. BlackSky Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackSky Technology Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $11.80B | 10.10 | -7.47% | 2.99% | 7.37% | -8.16% | |
58 Neutral | $344.69M | ― | -63.35% | ― | 7.05% | 13.73% | |
56 Neutral | $282.12M | ― | -40.61% | ― | -18.53% | 46.30% | |
54 Neutral | $253.96M | ― | -112.75% | ― | 28.16% | 74.88% | |
50 Neutral | $269.20M | ― | -135.21% | ― | -41.76% | 5.56% | |
46 Neutral | $355.11M | ― | -67.89% | ― | 16.47% | 27.19% | |
41 Neutral | $335.23M | ― | -118.08% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BKSY
BlackSky Technology
10.89
9.99
1110.00%
KOPN
Kopin
1.56
0.86
122.86%
MVIS
Microvision
1.08
0.11
11.34%
NEON
Neonode
16.81
14.69
692.92%
KULR
KULR Technology Group
1.15
0.79
219.44%
SATL
Satellogic
3.22
2.14
198.15%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.