HERNDON, Va. - BlackSky Technology Inc. (NYSE: BKSY), a provider of real-time space-based intelligence, has been awarded a one-year extension to its existing contract with the National Reconnaissance Office (NRO). This extension is part of a 10-year Electro-Optical Commercial Layer (EOCL) contract and includes upgrades to the company's imagery search and task management capabilities. According to InvestingPro data, BlackSky has demonstrated strong revenue growth of 37% over the last twelve months, while maintaining impressive gross profit margins of nearly 70%.
The contract extension, which was finalized ahead of schedule, ensures that BlackSky will continue to deliver high-frequency, low-latency Gen-2 imagery services until mid-2026. The company will also implement new ground architecture features designed to enhance image searchability and provide users with more timely updates on intended collection status. With a strong current ratio of 5.68, InvestingPro analysis shows the company maintains healthy liquidity to support its operational expansion.
Brian E. O'Toole, CEO of BlackSky, expressed the company's commitment to advancing space-based intelligence capabilities for its U.S. government customers and a growing international client base. The early commitment from the NRO is seen as a testament to the ongoing confidence in BlackSky as a trusted mission partner.
BlackSky's Gen-2 imagery services are characterized by rapid revisit rates, with the capability to deliver imagery and analytics up to 15 times per day. The company's focus on AI-driven system automation and constellation design has positioned it as a leader in the industry for speed and efficiency.
The company's proprietary low earth orbit satellite constellation and BlackSky Spectra® tasking and analytics software platform underpin its services. These tools allow customers to monitor critical locations and events, providing strategic advantages for tactical decision-making.
This press release statement also contains forward-looking statements regarding BlackSky's expectations for the future. However, it is important to note that these are subject to risks, uncertainties, and assumptions, and actual results may differ materially from these forward-looking statements.
BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange. The information in this article is based on a press release statement from BlackSky Technology Inc.
In other recent news, BlackSky Technology has announced a substantial year-to-date revenue increase of 22% and the securing of contracts worth up to $780 million, as reported in its Third Quarter 2024 Earnings Conference Call. These contracts include a $290 million contract with the NGA and a $476 million contract with NASA. The company has also achieved a positive adjusted EBITDA for the fourth consecutive quarter.
In addition to these financial developments, BlackSky has raised over $45 million for its baseline Gen 3 satellite constellation. The first Gen 3 satellite is nearing launch readiness, with a launch window expected in early 2025. These are recent developments that highlight the company's growth and progress.
Furthermore, the company maintains its 2024 revenue guidance of $102 to $118 million and adjusted EBITDA of $8 to $16 million. Despite some expected revenue delays from Q3 to Q4, BlackSky anticipates approximately $26 million in milestone payments over the next 12 months. Regular Gen 3 satellite launches are planned to begin in 2025 to meet increasing customer demand.
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