- BlackSky Technology Inc (NYSE:BKSY) reported first-quarter revenue growth of 91% year-over-year to $13.9 million, beating the consensus of $11 million.
- Imagery and software analytical services revenue was $9.8 million (+63% Y/Y), driven by increased demand from new and existing government contracts.
- EPS loss narrowed to $(0.17) from $(0.70) in 1Q21.
- Gross margin contracted 330 basis points to 21.2% due to higher engineering and systems integration expenses.
- The operating loss for Q1 totaled $(27.1) million versus an operating loss of $(9.5) million in 1Q21.
- Adjusted EBITDA loss was $(9.5) million compared to a loss of $(6.2) million in the prior-year period.
- Net cash used in operating activities totaled $(12.67) million in Q1, compared to $(10.58) million a year ago.
- As of March 31, 2022, BlackSky's cash and equivalents totaled $138.4 million.
- BKSY anticipates strong demand for its geospatial intelligence and analytic insights throughout the year.
- FY22 Outlook reaffirmed: BlackSky expects revenue of $58 million - $62 million (consensus $61.5 million), which represents 76% growth Y/Y at the mid-point.
- Price Action: BKSY shares are trading lower by 5.27% at $1.13 on the last check Wednesday.
