Slide 1: BlackSky Q2 2024 Earnings Webcast
August 8, 2024 BLACKSKY Q2 2024 EARNINGS WEBCAST © BlackSky 2024. All rights reserved. Public information. 1
Slide 2: Legal Disclaimers
Legal Disclaimers FORWARD-LOOKING STATEMENTS Certain statements in this presentation may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “futur
Slide 3: Recent Highlights
Recent Highlights Strong Q2 revenue growth of 29% over the prior year quarter Awarded $40 million in new awards and First very-high resolution extension agreements in Q2 supporting multiple U.S. and international government agencies Gen-3 satellite planned Delivered 3rd consecutive quarter of positi
Slide 4: Demand from U.S. Government Agencies Continues to Grow
Demand from U.S. Government Agencies Continues to Grow NRO extended its subscription to high- frequency Gen-2 imagery services under EOCL contract Won a new task order with the Air Force to continue advanced development of AI- enabled moving target detection services Won several contracts and option
Slide 5: Growing Demand Across International Markets
Growing Demand Across International Markets Won a $7 million contract renewal with a long-term international government customer for imagery & analytic monitoring services Awarded multiple six-figure subscription contracts in support of various international government agencies International revenue
Slide 6: BlackSky's Spectra Delivers Real-Time Intelligence in Support of Counter-Drug Operations
BlackSky’s Spectra Delivers Real- Time Intelligence in Support of Counter-Drug Operations International defense customer uses BlackSky’s self-service Spectra platform to task real-time imagery during counter drug operation BlackSky’s fully automated Spectra platform delivered timely and actionable i
Slide 7: First Advanced Gen-3 Satellite Planned for Launch in Q4
First Advanced Gen-3 Satellite Planned for Launch in Q4 Gen-3 satellites in final phases of assembly, integration and test Mission planning rehearsals underway in preparation for launch and commissioning operations Launch of first Gen-3 satellite on track for Q4 Gen-3 satellites will add 35cm very-h
Slide 8: Gen-3 is Built for Speed – from Manufacturing to Intelligence
Gen-3 is Built for Speed – from Manufacturing to Intelligence Agile smallsat development and rapid 35cm very-high resolution imaging with Transformative AI-enabled intelligence, manufacturing at LeoStella hourly revisit and low-latency delivery accessible in a single platform (1) Gen-3 production li
Slide 9: Q2 2024 Financial Results
Q2 2024 FINANCIAL RESULTS © BlackSky 2024. All rights reserved. Public information. 9
Slide 10: Q2 Revenue
Q2 Revenue Strong Revenue Growth ($ in millions) Q2 revenue of $24.9 million, up 29% over 29% $24.9 YoY Growth the prior year quarter $19.3 $7.4 14% year-over-year growth in high-margin $4.0 imagery and analytics revenue 87% revenue growth in professional and $17.5 $15.3 engineering services driven
Slide 11: 1H Imagery and Analytics Cost of Sales
1H Imagery and Analytics Cost of Sales Strong Operating Leverage Drives Profitability ($ in millions) +$4.2 $35.3 Reduction in cost of sales for imagery and $31.1 analytics(1) driven by cost savings in satellite and software operations Incremental revenues from high-value imagery and analytic servic
Slide 12: Q2 Cash Operating Expenses
Q2 Cash Operating Expenses Disciplined Cost Management ($ in millions) -3% YoY Change Cash operating expenses(1) lower year-over- $16.8 $16.3 year, while total revenue increases 29% Cash operating expenses(1) of $16.3 million, down 3% from the prior year quarter Disciplined cost management continues
Slide 13: Q2 Adjusted EBITDA
Q2 Adjusted EBITDA Strong Improvement in Adjusted EBITDA(1) ($ in millions) $2.1 Positive Adjusted EBITDA(1) of $2.1 million, up $7.9 million over the prior year quarter 3rd consecutive quarter of positive Adjusted EBITDA Higher revenues, margin growth, and cost savings across the business driving y
Slide 14: 2024 Outlook
2024 Outlook Delivering Strong Long-Term Growth ($ in millions) Revenue 51% 4 Yr. CAGR Growth • Maintain guidance for full year 2024 revenue of $102M - $118M • Actively working on a number of sizable, multi-year sales $102 - $118 opportunities $94 Adjusted EBITDA(1) $110 • Maintain guidance for full
Slide 15: Unlocking Our Next Phase of Growth
Unlocking Our Next Phase of Growth Strong Q2 performance with momentum going BlackSky’s into the second half of the year High-Frequency Constellation Maintaining full-year 2024 guidance Gen-3 constellation remains on track to deliver transformative space-based intelligence solutions that customers a
Slide 16: © BlackSky 2024. All rights reserved. Public information.
© BlackSky 2024. All rights reserved. Public information. 16
Slide 17: Appendix
APPENDIX © BlackSky 2024. All rights reserved. Public information. 17
Slide 18: Reconciliation of Net Loss to Adjusted EBITDA
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net loss $ (9,397) $ (33,431) $ (25,207) $ (50,746) Interest income (330) (648) (730) (1,083) Interest expense 3,029 2,242 5,663
Slide 19: Reconciliation of Imagery and Software Analytical Service Cost of Sales
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES TO ADJUSTED IMAGERY AND SOFTWARE ANALYTICAL SERVICE COST OF SALES (unaudited) (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Imagery and software analytical serv
Slide 20: Reconciliation of Operating Expenses to Cash Operating Expenses
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF OPERATING EXPENSES TO CASH OPERATING EXPENSES (unaudited) (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating expenses $ 29,777 $ 30,720 $ 60,233 $ 59,540 Stock-based compensation for selling, general and admin