BlackSky Technology Inc. reported a total revenue of $29.5 million for the first quarter of 2025, marking a 21.9% increase from $24.2 million in the same period of 2024. The growth was primarily driven by a significant rise in professional and engineering services revenue, which surged by 98.6% to $12.7 million, compared to $6.4 million in the prior year. In contrast, revenue from imagery and software analytical services decreased by 5.6% to $16.8 million, attributed to the expiration of delivery orders from an existing customer. The company recorded a net loss of $12.8 million, an improvement from a loss of $15.8 million in the previous year, reflecting a 19% reduction in losses.
The company’s financial position showed notable changes, with total current assets increasing to $121.3 million as of March 31, 2025, up from $106.7 million at the end of 2024. Cash and cash equivalents rose to $20.7 million, compared to $13.1 million in the previous quarter. The increase in cash flow from operating activities was significant, with $27.2 million generated in the first quarter of 2025, a stark contrast to the $3.8 million used in the same period of 2024. This improvement was largely due to enhanced working capital management.
Strategically, BlackSky completed the acquisition of the remaining 50% of LeoStella LLC in November 2024, making it a wholly-owned subsidiary. This acquisition is expected to enhance the company's control over its Gen-3 satellite supply chain and production operations. The integration of LeoStella is anticipated to optimize performance and reduce costs associated with satellite manufacturing. Additionally, the company has been expanding its customer base, particularly in the Asia Pacific region, where revenue increased significantly, contributing to overall growth.
Operationally, BlackSky reported a backlog of $366.1 million as of March 31, 2025, indicating strong future revenue potential. The company’s workforce has also expanded, with an increase in employee headcount due to the acquisition of LeoStella and ongoing projects. The company continues to invest in its BlackSky Spectra software platform, which processes millions of observations daily, enhancing its analytics capabilities and customer offerings.
Looking ahead, BlackSky anticipates continued growth in both its imagery and software analytical services and professional engineering services. The company aims to leverage its expanded capabilities and customer relationships to drive revenue growth. However, it acknowledges the competitive landscape and the need for ongoing investment in technology and infrastructure to maintain its market position. The company remains focused on optimizing its cash flow and managing its capital expenditures to support its long-term strategic objectives.
About BlackSky Technology Inc.
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