BlackSky Narrows Losses In Q3; Revenue Grows By 113% Aided By Subscription Imagery Revenue

BlackSky Technology Inc BKSY reported third-quarter revenue growth of 113% year-over-year to $16.94 million, beating the consensus of $16.74 million.
Imagery & software analytical services revenue improved 130% Y/Y, driven by accelerated demand from U.S. and international government customers.
BKSY held cash and equivalents of $90.7 million.
EPS loss of $(0.11) beat the consensus loss of $(0.20).
The cost of sales as a percent of revenue was 46% compared to 159% in 3Q21.
Operating loss totaled $(19.4) million versus an operating loss of $(48.9) million in 3Q21.
Adjusted EBITDA loss was $(6.5) million compared to a loss of $(16.3) million in the prior year.
CEO Brian E. O'Toole said, "With our expanding customer base, strong pipeline, and growing contracted backlog, we are looking forward to a strong finish to 2022 and carrying this momentum into 2023. Given our trajectory, we anticipate full year 2022 revenues to come in at the upper end of our guidance range."
FY22 Outlook: BlackSky eyes the upper end of the guidance range previously provided of $62 million - $66 million, above the consensus of $65.32 million.
Price Action: BKSY shares are trading lower by 8.61% at $1.64 on the last check Tuesday.
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