Copyright Benzinga
BlackSky Technology Inc. (NYSE:BKSY) shares are trading lower Thursday. The company reported third-quarter financial results before the market opened. BKSY is encountering selling pressure. See if it is worth your attention here. What To Know: BlackSky reported a loss of 44 cents per share for the third quarter, beating the consensus estimate for a loss of 47 cents per share. The company reported sales of $19.62 million, missing the consensus estimate of $28.47 million. BlackSky said its backlog stood at $322.7 million at quarter’s end, with approximately 91% coming from international contracts. Cash, cash equivalents, restricted cash and short-term investments totaled $147.6 million as of Sept. 30. Operating expenses were $29.6 million, including $3.5 million in non-cash stock-based compensation and $7.9 million in depreciation and amortization. The company reported an adjusted EBITDA loss of $4.5 million. BlackSky won more than $60 million in new contract awards during the quarter, including a multi-year deal valued at over $30 million with an international defense customer. The company’s next Gen-3 satellite is at the launch site with a launch expected in the coming weeks. “Strong international demand for our space-based intelligence solutions drove over $60 million in new contract awards,” said Brian O’Toole, BlackSky CEO. “Significant international opportunities for commercial imagery, analytics, and sovereign solutions are outpacing the near-term U.S. government business.” FY25 Outlook: The company affirmed its sales guidance of $105 million to $130 million, versus the consensus estimate of $114.73 million. Related Link: Tesla Roadster 3 Years Away From Production — Could Sport 2-Door Design Amid Elon Musk’s ‘Unforgettable Demo,’ ‘Flying Car’ Claims: Report BKSY Price Action: At the time of publication on Thursday, BlackSky shares are trading 8.01% lower at $17.28, according to data from Benzinga Pro.
