BlackSky Technology, Inc. reported a robust fourth quarter in 2024, highlighting strategic contract wins and technological advancements in satellite imagery and analytics. The company secured multiple nine-figure multi-year contracts, expanding its backlog from $261 million to approximately $390 million.
Financial performance showed continued improvement, with consolidated gross margins increasing to 77.4% and adjusted EBITDA rising significantly to $11.6 million, marking the fifth consecutive quarter of positive adjusted EBITDA. Despite revenue slightly below initial estimates at $30.4 million, the company demonstrated resilience across its Imagery and Software Analytics and Professional and Engineering segments.
A key milestone was the successful launch of the first Gen-3 satellite, which delivered imagery exceeding customer expectations. The company plans seven additional Gen-3 satellite launches within the next 12 months, positioning itself to offer high-frequency monitoring with 35cm very high-resolution imaging capabilities.
The company's balance sheet remains strong, with $53.8 million in liquidity and expected additional cash inflows of $27.9 million over the next year. BlackSky has set ambitious fiscal year 2025 guidance, projecting revenue between $125.0 million and $142.0 million and adjusted EBITDA ranging from $14.0 million to $22.0 million.
Stonegate Capital Partners' valuation analysis suggests a potential share price range between $12.13 and $17.03, reflecting confidence in the company's strategic direction and market potential. The multi-year contracts and technological advancements indicate BlackSky is well-positioned to expand its market presence in satellite imagery and analytics.
