Slide 1: BlackSky Q1 2024 Earnings Webcast
May 8, 2024 BLACKSKY Q1 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 Q1 revenue growth of 32% over the prior year quarter Awarded $30 million in new contracts and renewal agreements in Q1 supporting multiple Leading a new era in U.S. and international government agencies real-time space- Delivered another quarter of positive based intelligenc
Slide 4: BlackSky Awarded $24 million Contract for Advanced AI Technology
BlackSky Awarded $24 million Contract for Advanced AI Technology Won a $24 million contract with the Air Force Research Laboratory to provide moving target engagement services BlackSky’s advanced AI to detect, track, and identify moving targets at scale Combines BlackSky’s proprietary data with mult
Slide 5: BlackSky's Land and Expand Strategy Gaining Momentum
BlackSky’s Land and Expand Strategy Gaining Momentum Awarded a multi-million-dollar contract with a defense and intelligence customer for space-based intelligence Closed over 10 six-figure contracts and renewal agreements in Q1, many of which are multi-year awards New and expanded contracts further
Slide 6: New Adoption Model for the Indonesian Government
New Adoption Model for the Indonesian Government Hits the Ground Running – End Users Can Now Task BKSY Constellation Completed onboard training to customer personnel on BlackSky’s Spectra tasking and analytics platform Ramping up delivery of high-frequency imagery and real-time analytics in support
Slide 7: U.S. Space Force Announces BlackSky's Purpose-Built Architecture
U.S. Space Force Announces BlackSky’s Purpose-Built Architecture Commercial Space Strategy is Aligned with U.S. Space Force Mission Needs Integrate commercial space solutions to deliver technological innovations and supplement existing government capabilities U.S. Space Force study identifies multip
Slide 8: Gen-3 Remains on Track for Launch in 2024
Gen-3 Remains on Track for Launch in 2024 Gen-3 satellites in production with initial satellites in the integration phase Gen-3 constellation combines high- frequency monitoring with 35cm very high-resolution imaging Gen-3 capacity and enhanced capabilities to meet strong demand and unlock new oppor
Slide 9: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS © BlackSky 2024. All rights reserved. Public information. 9
Slide 10: Q1 Revenue
Q1 Revenue Strong Revenue Growth ($ in millions) Q1 revenue of $24.2 million, up 32% over 32% $24.2 the prior year quarter YoY Growth $6.4 $18.4 13% year-over-year growth in high-margin $2.6 imagery and analytics revenue Increase in professional and engineering $17.8 $15.8 services revenue driven by
Slide 11: Q1 Imagery and Analytics Cost of Sales
Q1 Imagery and Analytics Cost of Sales Strong Operating Leverage Drives Profitability ($ in millions) +$2.0 $17.8 Reduction in cost of sales for imagery and analytics(1) driven by cost savings in satellite $15.8 and software operations Incremental revenues from high-margin imagery and analytic servi
Slide 12: Q1 Cash Operating Expenses
Q1 Cash Operating Expenses Disciplined Cost Management ($ in millions) -2% YoY Change Cash operating expenses(1) down 2% while $16.4 total revenue up 32% year-over-year $16.1 Cash operating expenses(1) of $16.1 million, down 2% from the prior year quarter Disciplined cost management continues to dri
Slide 13: Q1 Adjusted EBITDA
Q1 Adjusted EBITDA Strong Improvement in Adjusted EBITDA(1) ($ in millions) $1.4 Positive Adjusted EBITDA(1) of $1.4 million, up $5.5 million over the prior year quarter Higher revenues, margin growth, and cost savings across the business drove improvement year-over-year Delivering strong operating
Slide 14: 2024 Outlook
2024 Outlook Delivering Strong Long-Term Growth ($ in millions) Revenue 51% 4 Yr. CAGR Growth • Expect full year 2024 revenue between $102M - $118M • Actively working on a number of sizable, multi-year sales $102 - $118 opportunities $94 Adjusted EBITDA(1) $110 • Expect full year 2024 Adjusted EBITD
Slide 15: 2024 Off to a Strong Start
2024 Off to a Strong Start Continuing to deliver revenue growth, while demonstrating strong operating leverage Dynamic Monitoring from Space Advancing our leadership position in AI Capitalizing on growing demand for BlackSky’s space-based intelligence solutions On track to unlock our next phase of g
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 March 31, 2024 2023 Net loss $ (15,810) $ (17,315) Interest income (400) (435) Interest expense 2,634 1,853 Income tax expense 70 113 Depreciation and amortization 11,184 9,655 Stock-
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 March 31, 2024 2023 Imagery and software analytical service costs, $ 3,445 $ 3,699 excludin
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 March 31, 2024 2023 Operating expenses $ 30,456 $ 28,820 Stock-based compensation for selling, general and administrative costs (3,148) (2,737) Depreciation and amor