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BlackSky Technology Inc. Class A (BKSY-4.52%) has submitted its annual report filing for the fiscal year ended December 31, 2024.
The filing details BlackSky's operations as a space-based intelligence company, highlighting its real-time imagery and analytics services. The company operates a low earth orbit satellite constellation and the BlackSky Spectra software platform.
For the year ended December 31, 2024, BlackSky reported total revenue of $102.1 million, an increase from $94.5 million in the previous year. This growth was driven by higher sales in imagery and software analytical services and professional and engineering services.
Imagery and software analytical services revenue rose to $70.1 million, a 7.1% increase from 2023. Professional and engineering services revenue also increased by 10.1% to $32.0 million.
Operating expenses for the year included $13.9 million in imagery and software analytical service costs and $13.5 million in professional and engineering service costs. Selling, general, and administrative expenses amounted to $74.1 million.
The company recorded an operating loss of $44.3 million, an improvement from the $56.0 million loss reported in 2023. Net loss for the year was $57.2 million, compared to $53.9 million in the prior year.
BlackSky's balance sheet as of December 31, 2024, showed total assets of $254.1 million, with cash and cash equivalents totaling $13.1 million. The company also reported $39.4 million in short-term investments.
The company highlighted its acquisition of the remaining 50% of LeoStella LLC, which became a wholly-owned subsidiary in November 2024. This acquisition is expected to enhance control over satellite supply chain and production operations.
BlackSky's backlog as of December 31, 2024, was reported at $261.7 million, indicating future revenue from firm orders. The company expects to recognize $75.9 million of this backlog in 2025.
The filing also discusses BlackSky's compliance with various government regulations and its focus on expanding its customer base in both domestic and international markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BlackSky Technology Inc. Class A annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.