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BlackSky Technology Inc. (NYSE:BKSY) on Thursday released preliminary unaudited financial results for the second quarter and first half of 2025 and revised its full-year guidance, according to a statement based on an SEC filing. The company, which maintains impressive gross profit margins of 69.3%, has seen its stock surge over 180% in the past year, according to InvestingPro data.
For the three months ended June 30, 2025, BlackSky reported estimated revenue of $22.2 million, down from $24.9 million in the same period in 2024. Revenue from imagery and software analytical services was $18.0 million, compared to $17.5 million a year earlier, while professional and engineering services revenue was $4.2 million, down from $7.5 million. Despite current quarter challenges, InvestingPro analysis indicates the company is currently trading above its Fair Value, with analysts maintaining positive sales growth forecasts for the year.
For the six months ended June 30, 2025, total revenue was $51.7 million, up from $49.2 million in the first half of 2024. Imagery and software analytical services contributed $34.8 million, compared to $35.3 million last year, while professional and engineering services revenue rose to $16.9 million from $13.9 million.
As of June 30, 2025, the company reported cash and cash equivalents, including restricted cash and short-term investments, of $94.9 million, up from $42.3 million at the end of June 2024. The increase was mainly attributed to equity issuances through public and at-the-market offerings, which raised gross proceeds of $90 million. InvestingPro data shows the company operates with a moderate debt level and maintains a healthy current ratio of 3.79, indicating strong short-term liquidity position.
BlackSky reported 34,853,623 shares of Class A common stock outstanding as of June 30, 2025.
Based on information available as of Thursday, BlackSky updated its full-year 2025 guidance. The company now expects revenue between $105 million and $130 million, lowered from previous forecasts. Full-year adjusted EBITDA is expected to be between breakeven and $10 million. The company cited anticipated impacts from U.S. Government budget uncertainties and contract timing volatility in the second half of 2025 for the revised outlook. Notably, two analysts have recently revised their earnings estimates upward for the upcoming period, suggesting potential resilience despite near-term challenges. For deeper insights into analyst coverage and financial projections, investors can access the comprehensive Pro Research Report available on InvestingPro.
Capital expenditures guidance for 2025 remains unchanged at $60 million to $70 million. BlackSky is maintaining its previously stated long-term targets, including year-over-year revenue growth of 20% to 30% and gross margin targets in excess of 75%.
The company noted that all financial results are preliminary estimates and actual results may differ. This summary is based on a press release statement included in BlackSky’s SEC filing.
In other recent news, BlackSky Technology Inc. announced plans to offer $125 million in convertible senior notes due 2033 to qualified institutional buyers. The company intends to use a significant portion of the proceeds to repay outstanding borrowings and terminate its secured term loan and revolving credit facilities. The notes will be unsecured and offer semiannual interest payments, with conversion terms to be determined at pricing. Additionally, BlackSky has secured a multimillion-dollar contract with a new international client for satellite imagery services and ground segment modernization, extending through 2029. The company also renewed a contract with an existing international customer, incorporating their Gen-3 very high-resolution satellite imagery capabilities. H.C. Wainwright has raised its price target for BlackSky to $28, maintaining a Buy rating, citing the anticipated demand for Gen-3 satellites and potential revenue growth. The firm forecasts significant acceleration in revenue growth, projecting 29.3% growth for 2025. These developments reflect BlackSky’s strategic initiatives and expanding capabilities in the satellite imagery sector.
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