Blacksky Technology Inc. · NYSE:BKSY

Blacksky Technology — Osprey Technology Acquisition — SPAC Merger (June 2021)

64 slides from Blacksky Technology's SPAC merger presentation, Jun 8, 2021

Slide 1: Investor Day Presentation June 8, 2021
Investor Day Presentation June 8, 2021
Slide 2: Confidentiality, Proprietary Information, and Forward Looking Statements
Confidentiality, Proprietary Information, and Forward Looking Statements Confidentiality and Disclosures This presentation has been prepared for use by Osprey Technology Acquisition Corp. (“Osprey”) and BlackSky Holdings, Inc. (“BlackSky”) in connection with their proposed business combination. This
Slide 3: Confidentiality, Proprietary Information, and Forward Looking Statements (cont'd)
Confidentiality, Proprietary Information, and Forward Looking Statements (cont’d) Use of Data The data contained herein is derived from various internal and external sources. All of the market data in the presentation involves a number of assumptions and limitations, and there can be no guarantee as
Slide 4: Today's Agenda
Today’s Agenda Introduction and Transaction Overview 5 Market Opportunity and Competitive Landscape 24 BlackSky’s AI-driven SaaS Platform 32 Competitive Advantages 42 Financial Performance 51 Concluding Remarks 59 4 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 7: Transaction Overview
Transaction Overview ($ in millions) Transaction ï,§ Osprey Technology Acquisition Corp. Sources Amount % Size (NYSE: SFTW) is a publicly listed special purpose acquisition company with ~$318m Seller Rollover $925 63% cash in trust SPAC Cash in Trust 318 21%ï,§ Raised $180m of PIPE commitments, incl
Slide 8: BlackSky is an AI-driven SaaS platform powered by our proprietary space network
BlackSky is an AI-driven SaaS platform powered by our proprietary space network, delivering real-time information, insights and analytics 8 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 9: The Evolution of the Industry: Real-time Information, Insights and Analytics
The Evolution of the Industry: Real-time Information, Insights and Analytics Digital Web Mapping GPS-enabled Real-time Mapping Services Navigation Information and Insights 2000 2005 2010 2020+ 9 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 10: From Seeing the Earth To Understanding Change
From Seeing the Earth To Understanding Change From Legacy Foundational Systems… To AI and ML Enhanced Networks From Mapping and Routing… To Monitoring What Matters Most to You From Slow and Static Data… To Real-Time Intelligence 10 Copyright © BlackSky 2021. All rights reserved. Confidential & Propr
Slide 12: BlackSky – Investment Highlights
BlackSky – Investment Highlights Proprietary, AI-driven SaaS Platform and Space Network First Mover $40bn+ Large and Expanding Market Opportunity (1) TAM TAM Underserved Commercial Market for Space Data and Analytics Expansion Fully Operational, Vertically Integrated Infrastructure Wide Moat $2.5bn
Slide 13: BlackSky Delivers Real-time Insights, Information and Analytics
BlackSky Delivers Real-time Insights, Information and Analytics Monitor the World Detect and Analyze in Real-time Global Activity Proprietary Data Lake Understand and Predict Change 13 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 14: BlackSky's AI-driven SaaS Platform is Disrupting an Inefficient Industry
BlackSky’s AI-driven SaaS Platform is Disrupting an Inefficient Industry Current Market is Highly Fragmented AI-driven SaaS Platform Delivering Insights, Information and Analytics Consultants / Experts From / To Data Providers Geospatial Analyst End User End User Software Providers ï,§ Slow and inef
Slide 15: BlackSky is Revolutionizing the Customer Experience
BlackSky is Revolutionizing the Customer Experience $120K $12K for imagery in From / To for on-demand 2-3 days imagery insights in ~90 minutes Current Experience: Outdated and Inefficient 1. Call customer service 7. Give image to analyst 2. Wait for collection 8. Import image into 1. Log in to SaaS
Slide 16: D&I Use Case: Regional Capacity
D&I Use Case: Regional Capacity Major Ministry of Defense Business Requirement BlackSky’s Disruptive Solution monitor key facilities ï,§ Assurance of service level agreementsï,§ Persistent imaging to and military activity over neighboring countryï,§ Non-preemptible tasking, powerful planning toolsï,
Slide 17: Commercial Use Case: Energy
Commercial Use Case: Energy $100bn+ Oil and Gas Company Business Requirement BlackSky’s Disruptive Solution ï,§ Provide on-demand imaging and analytics ï,§ Global oil and gas company using through a SaaS platform geospatial data in the Security Operations Center (SOC) to monitor oil fields, tank ï,§
Slide 18: Commercial Use Case: Construction
Commercial Use Case: Construction $10bn+ Global Construction Company Business Requirement BlackSky’s Disruptive Solution ï,§ Monitor progress of building, warehouse and ï,§ Provide on-demand imaging and analytics highway construction; e.g., how many miles through a SaaS platform or square feet were
Slide 19: Commercial Use Case: Natural Resources
Commercial Use Case: Natural Resources $2bn+ Global Environmental Business Requirement BlackSky’s Disruptive Solution ï,§ Monitor excessive clearing of timber, earth ï,§ Provide on-demand imaging and analytics disturbance in / around mining sites through a SaaS platform ï,§ Daily site monitoring of
Slide 20: Commercial Use Case: Insurance
Commercial Use Case: Insurance $40bn+ Insurance Company Business Requirement BlackSky’s Disruptive Solution ï,§ Provide on-demand imaging and analytics ï,§ Conduct post-disaster damage assessments through a SaaS platform ï,§ Early damage assessments ï,§ Provide affordable responsive high priority ta
Slide 21: Strong Demand from World Class Customers
Strong Demand from World Class Customers Expanding Customer Base Robust Pipeline Growth High Revenue Visibility (# of customers) ($ in billions) ($ in millions) ~150 YoY Revenue Growth +4.2x $2.5 54% 91% 183% $114 $1.7 11% ~50 $0.6 $40 89% $21 9% 14 91% Jan 2020 Dec 2020 Jun 2021 2020A 2021E 2022E (
Slide 22: 2021 Year to Date Highlights
2021 Year to Date Highlights Constellation Deployment Accelerated ï,§ Secured launches to achieve a 14 satellite constellation by year-endï,§ Minimal operational impact of recent Rocket Lab launch failure Expansion of Global Sales Force; Pipeline Grows from $1.7bn to $2.5bn ï,§ Expanded internationa
Slide 23: BlackSky at a Glance: Ready to Scale
BlackSky at a Glance: Ready to Scale A First Mover ~71% ~92% 80% / 45% in Real-time 2019A – 2021E 2021E – 2025E Gross / Adj. EBITDA Insights and Analytics Revenue CAGR Revenue CAGR Margins at Scale(1) 14 $2.5bn Smallsats on Orbit Pipeline by Year-end 2021 11 $340m Satellites in Production Funding Ra
Slide 25: Highly Fragmented Market Ready for Disruption
Highly Fragmented Market Ready for Disruption Space Data ï,§ Market for data, analysis and software highly fragmented ï,§ Large ecosystem without any single scale dominant category Geospatial owner Software & Analytics Geospatial ï,§ Many players provide some point Analyst solutions without addressi
Slide 26: Secular Mega Trends Driving High-growth Outlook
Secular Mega Trends Driving High-growth Outlook Estimated TAM Secular Trends Driving Growth ($ in billions) $40+ ï,§ Defense industry shift to space-based tactical ISR ï,§ Commercial demand for real-time geospatial intelligence ï,§ Proliferation of GPS-enabled devices $13+ ï,§ Web mapping services s
Slide 27: BlackSky has built a Platform of Critical Capabilities to Disrupt the Market
BlackSky has built a Platform of Critical Capabilities to Disrupt the Market Vertically Integrated Platform Revolutionize the Customer Experience SaaS Platform: modern platform for accessing and integrating information Frequency: high revisit rate imagery for persistent High Revisit monitoring and d
Slide 28: Enabling a Revolutionary Customer Experience
Enabling a Revolutionary Customer Experience ï,§ Increases speed to insights ï,§ Reduces high start-up, data, software and staffing costs ï,§ Lowers total cost of ownership ï,§ Integrated directly into customer workflows ï,§ Easy to use 28 Copyright © BlackSky 2021. All rights reserved. Confidential
Slide 29: Constellation Designed for Cost Effective High Frequency Monitoring
Constellation Designed for Cost Effective High Frequency Monitoring Legacy Global Mapping From / To Collect the world’s land mass with very high resolution High frequency collection of the world’s most important and precision imagery strategic and economic locations $100m- 23 30 $10m 6 Today 2022E F
Slide 30: Winning Go-to-Market Strategy
Winning Go-to-Market Strategy Purpose Built Platform to Disrupt a Fragmented and Inefficient Market Revolutionary Customer Experience Enables Rapid Adoption and Expansion of the TAM A First Mover Advantage in Real-time Geospatial Intelligence to Capture Growing Market Demand API Access to SaaS Platf
Slide 33: BlackSky's Platform
BlackSky’s Platform Space Network Spectra: AI-driven SaaS Customer Experience Site Monitoring BlackSky Constellation Global Indices EO / SAR Imagery Ship Data (AIS) On-demand Tasking Financial / News Feeds Economic Data API Toolkit Global Database Radio Frequency IoT Observe the World Detect And Mon
Slide 34: AI-Powered SaaS Platform Monitoring Global Activity in Real-Time
AI-Powered SaaS Platform BlackSky is Monitoring Global Activity in Real-Time 1M Observations per Day …from our proprietary data lake of… >100K Data Sources …delivering… ~18K Significant Events per Day 34 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 35: BlackSky's Artificial Intelligence and Machine Learning Capabilities
BlackSky’s Artificial Intelligence and Machine Learning Capabilities Ingestion Cataloging Measurements Indicators Global indices Network Sensor Global Normalization Enrichment Aggregation Consequence Computer Vision Satellite Imagery Geolocation Commodity Stockpiles Commodity Availability Natural La
Slide 37: Automated Tasking and Insights from Global Events
Automated Tasking and Insights from Global Events Incident Automated Spectra AI Damage Alerts Imaging Processing Assessment Port of Beirut Damage Assessment 05 August 2020 0822 local time BlackSky Constellation 37 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 38: High Frequency Site Monitoring Reveals Changes and Anomalies
High Frequency Site Monitoring Reveals Changes and Anomalies Object Identification Asset Geolocation Temporal Analysis Anomaly Alerting 38 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 39: Intra-day Monitoring Unlocks Operational Insights
Intra-day Monitoring Unlocks Operational Insights Ability to Monitor ~52K Airports Monitored Activities ï,§ Terminal Utilizationï,§ Cargo Throughputï,§ Maintenance Activityï,§ Runaway Statusï,§ Aircraft Operations Target Markets ï,§ Global Shippersï,§ Airline Investorsï,§ Delivery & Logisticsï,§ Mil
Slide 40: Enabling Insights into Global Commodity Dynamics
Enabling Insights into Global Commodity Dynamics Ability to Monitor ~3.6K Maritime Ports Monitored Events ï,§ Berth-level Occupancyï,§ Commodity Turnoverï,§ Anchorage Congestionï,§ Port Disruptionsï,§ Port Efficiencyï,§ Crane Utilization Fortune 1000 End Users ï,§ Shippersï,§ Fleet Operators Anchora
Slide 41: Infrastructure Monitoring Provides Economic and Competitive Intelligence
Infrastructure Monitoring Provides Economic and Competitive Intelligence Ability to Monitor Major Global Construction Projects Monitored Activities Roofing ï,§ Construction Progress Scaffolding ï,§ Vehicles On-site ï,§ Traffic & Road Patternsï,§ Start of Commercial Ops Target Markets ï,§ Lendersï,§
Slide 43: BlackSky Has Built a Wide Competitive Moat
BlackSky Has Built a Wide Competitive Moat AI-enabled SaaS 2013 2016 2018 2020 OpenWhere First SaaS BlackSky Released AI Released AI-Founded subscription acquired event services based detect OpenWhere services High-revisit Smallsat Constellation 2014 2018 2021 Commenced Launched 1st and 2nd 3rd and
Slide 44: Fully Operational Software Technology Stack
Fully Operational Software Technology Stack Customer Applicationsï,§ Built for Scale Product Application Layer Developer APIs ï,§ Cloud-based AI / ML Modules Time Series Real-time Data Management Proprietary ï,§ API Integration Economic Activity Indexes Data Lake ETL Layer Facilities Databasesï,§ Op
Slide 45: Proprietary Data Lake: Monitoring the Earth in Real-time
Proprietary Data Monitoring the Monitor Global Detect & Track Actionable Earth in Real-time Activity Change Intelligence Continuously Growing Proprietary Intelligence Data Lake 45 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 46: Operational and Expanding Space Network
Operational and Expanding Space Network Constellation Size Expansion Now 2021 2023 Futureï,§ Rocket Lab agreement for 2021 in place Smallsats on Orbit 6 14 23 30 Daily Revisits 2 – 3x 3 – 8x 10x+ 24 / 7 ï,§ 11 smallsats in production and / or Delivery Timeliness < 4 hours ~90 min < 60 min < 30 min s
Slide 47: Operational Global Ground Architecture
Operational Global Ground Architecture Autonomous Mission Operations Software Global Ground Communications 10 Ground Stations By Year-end 2021 Cloud-based Processing Platform 47 Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary.
Slide 48: Small Satellite Design and Manufacturing
Small Satellite Design and Manufacturing U.S.-based joint venture with Thales Alenia Space, the largest European satellite manufacturer Specialized in smallsat design and assembly Production capacity of 40 satellite per year 11 BlackSky smallsats in production and / or staged for launch Vertically I
Slide 49: Vertically Integrated Space and AI-enabled SaaS Platform Provide Significant Competitive Advantages
Vertically Integrated Space and AI-enabled SaaS Platform Provide Significant Competitive Advantages Incremental SaaS Platform Investments can Accelerate Land and Expand Strategy ï,§ Rapid integration of new data and analytics provides upsell opportunity Sensor and Data Agnostic SaaS Platform Creates
Slide 50: Deep, Experienced BlackSky Management Team
Deep, Experienced BlackSky Management Team Brian O’Toole Brian Daum Peter Wegner CEO CFO CTO ï,§ Founder & CEO of OpenWhere, ï,§ CFO of Motionsoft, COO & CFO of ï,§ CTO of Spaceflight Industries, CTO of GeoEye, various Savi Technology, various Director of DoD Operationally engineering roles at GE Ae
Slide 52: BlackSky's Attractive Financial Profile
BlackSky’s Attractive Financial Profile High Growth, Scalable and Capital Efficient Significant Revenue Visibility from Contracted Customers $2.5bn Pipeline of Near-term Opportunities 80% Gross Margins and 45% Adj. EBITDA Margins at Scale(1) Clear Path to Profitability Osprey Merger Fully Funds Grow
Slide 53: BlackSky's High Margin Business Model
BlackSky’s High Margin Business Model Imagery Services ï,§ High-revisit, on-demand satellite imaging solutions ï,§ High margin multi-year capacity contracts Data, Software and Analytics ï,§ Site and event monitoring and associated data analytics and professional service solutions ï,§ High margin Ser
Slide 54: Land and Expand Account Growth Strategy
Land and Expand Account Growth Strategy Major Government Customer Commercial Enterprise Customer Projected Revenue Projected Revenue $15-20m $350K-1m $10-15m $150-200K $1-2m $50-100K Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 (Pilot) (Contracted) (Contracted) (Pilot) (Subscription) (Subscription) Not
Slide 55: Near-term Revenue Growth Driven by Existing Customers
Near-term Revenue Growth Driven by Existing Customers 2020A – 2022E Revenue Walk $13 $114 ($ in millions) ï,§ 91% and 89% of 2021 and 2022 revenue from existing $61 customers ï,§ Q1 2021 revenues up 14% over prior quarter and 78% over Q1 2020(1) $4 $40 $16 $21 2020A Contracted (2) 2021 2021E Contrac
Slide 56: Expansion of Existing Contracts Drives Significant 2022 Revenue Visibility
Expansion of Existing Contracts Drives Significant 2022 Revenue Visibility Contracted and Follow-onï,§ Major customers transition into long-term ($ in millions) contracts for high revisit imaging capacity $114 2022 Net New +4.8xï,§ Contracts grow over time with increased capacity and additional anal
Slide 57: High Visibility Five-year Sales Pipeline
High Visibility Five-year Sales Pipeline ($ in billions) ï,§ $2.35bn D&I pipeline, demonstrating +4.2x $2.5 product market fit for assured capacity, monitoring and SaaS analytics $1.7 ï,§ Built $150m commercial pipeline in last five months from standing start, $1.2 demonstrating significant growth a
Slide 58: Revenue Growth and Operating Leverage
Revenue Growth and Operating Leverage ($ in millions) Revenue Gross Profit Adj. EBITDA(1) 54% 91% 183% 98% 72% 40% 16% (13%) 20% 62% 74% 78% 80% 2% 32% 46% 45% $546 $436 Limited Marginal Costs to Scale $389 $246 $305 $177 $226 $168 $114 $72 $71 $40 $14 $21 $2 ($3) $8 $2 ($31) ($29) ($41) 2019A 2020A
Slide 60: BlackSky is Customer Validated and the Merger with Osprey Fully Funds the Growth Plan
BlackSky is Customer Validated and the Merger with Osprey Fully Funds the Growth Plan 2013–2020: Invest 2021–2025: Accelerate 2025+: Expand ïƒ¼Fully operational space ï,§ Expand sensor networkï,§ Expand into / add new architecture sensor data setsï,§ Meet robust D&I customer Enhance access across de
Slide 61: BlackSky – Investment Highlights
BlackSky – Investment Highlights Proprietary, AI-driven SaaS Platform and Space Network First Mover $40bn+ Large and Expanding Market Opportunity (1) TAM TAM Underserved Commercial Market for Space Data and Analytics Expansion Fully Operational, Vertically Integrated Infrastructure Wide Moat $2.5bn
Slide 63: BlackSky Financial Summary
BlackSky Financial Summary ($ in millions) FY12/31 2019A 2020A 2021E 2022E 2023E 2024E 2025E Imagery $1 $3 $11 $61 $148 $261 $348 Data, Software & Analytics 13 16 17 33 67 113 180 Engineering & Integration 0 3 12 20 12 16 18 Revenue $14 $21 $40 $114 $226 $389 $546 % growth 54% 91% 183% 98% 72% 40% (
Slide 64: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials ($ in millions) FY12/31 2019A 2020A 2021E 2022E 2023E 2024E 2025E Net Income (Loss) from Continuing Operations ($66) ($20) ($97) ($99) ($23) $69 $106 (+) Depreciation 6 8 21 40 52 79 77 (+) Amortization 1 1 1 1 1 1 1 (+) Interest 14 5 11 5 8 8 1 (+) Taxes – – –

Osprey Technology Acquisition — SPAC Merger (June 2021) on 6ix

Blacksky Technology — Osprey Technology Acquisition — SPAC Merger (June 2021)

Slide 1: Investor Day Presentation June 8, 2021

Slide 2: Confidentiality, Proprietary Information, and Forward Looking Statements

Slide 3: Confidentiality, Proprietary Information, and Forward Looking Statements (cont'd)

Slide 4: Today's Agenda

Slide 5: Introduction and Transaction Overview

Slide 6: Today's Presenters

Slide 7: Transaction Overview

Slide 8: BlackSky is an AI-driven SaaS platform powered by our proprietary space network

Slide 9: The Evolution of the Industry: Real-time Information, Insights and Analytics

Slide 10: From Seeing the Earth To Understanding Change

Slide 11: Copyright ©

Slide 12: BlackSky – Investment Highlights

Slide 13: BlackSky Delivers Real-time Insights, Information and Analytics

Slide 14: BlackSky's AI-driven SaaS Platform is Disrupting an Inefficient Industry

Slide 15: BlackSky is Revolutionizing the Customer Experience

Slide 16: D&I Use Case: Regional Capacity

Slide 17: Commercial Use Case: Energy

Slide 18: Commercial Use Case: Construction

Slide 19: Commercial Use Case: Natural Resources

Slide 20: Commercial Use Case: Insurance

Slide 21: Strong Demand from World Class Customers

Slide 22: 2021 Year to Date Highlights

Slide 23: BlackSky at a Glance: Ready to Scale

Slide 24: Market Opportunity and Competitive Landscape

Slide 25: Highly Fragmented Market Ready for Disruption

Slide 26: Secular Mega Trends Driving High-growth Outlook

Slide 27: BlackSky has built a Platform of Critical Capabilities to Disrupt the Market

Slide 28: Enabling a Revolutionary Customer Experience

Slide 29: Constellation Designed for Cost Effective High Frequency Monitoring

Slide 30: Winning Go-to-Market Strategy

Slide 31: Q&A Session

Slide 32: BlackSky's AI-driven SaaS Platform

Slide 33: BlackSky's Platform

Slide 34: AI-Powered SaaS Platform Monitoring Global Activity in Real-Time

Slide 35: BlackSky's Artificial Intelligence and Machine Learning Capabilities

Slide 36: Copyright ©

Slide 37: Automated Tasking and Insights from Global Events

Slide 38: High Frequency Site Monitoring Reveals Changes and Anomalies

Slide 39: Intra-day Monitoring Unlocks Operational Insights

Slide 40: Enabling Insights into Global Commodity Dynamics

Slide 41: Infrastructure Monitoring Provides Economic and Competitive Intelligence

Slide 42: Competitive Advantages

Slide 43: BlackSky Has Built a Wide Competitive Moat

Slide 44: Fully Operational Software Technology Stack

Slide 45: Proprietary Data Lake: Monitoring the Earth in Real-time

Slide 46: Operational and Expanding Space Network

Slide 47: Operational Global Ground Architecture

Slide 48: Small Satellite Design and Manufacturing

Slide 49: Vertically Integrated Space and AI-enabled SaaS Platform Provide Significant Competitive Advantages

Slide 50: Deep, Experienced BlackSky Management Team

Slide 51: Financial Performance

Slide 52: BlackSky's Attractive Financial Profile

Slide 53: BlackSky's High Margin Business Model

Slide 54: Land and Expand Account Growth Strategy

Slide 55: Near-term Revenue Growth Driven by Existing Customers

Slide 56: Expansion of Existing Contracts Drives Significant 2022 Revenue Visibility

Slide 57: High Visibility Five-year Sales Pipeline

Slide 58: Revenue Growth and Operating Leverage

Slide 59: Concluding Remarks

Slide 60: BlackSky is Customer Validated and the Merger with Osprey Fully Funds the Growth Plan

Slide 61: BlackSky – Investment Highlights

Slide 62: Appendix

Slide 63: BlackSky Financial Summary

Slide 64: Reconciliation of Non-GAAP Financials