Earth imaging company BlackSky Technology Inc shares slumped Tuesday despite reporting a narrowing fourth-quarter loss, as investors reacted warily to the firm’s guidance.
The Virginia-based company reported an adjusted EBITDA loss of $4.6 million for the period, smaller than its $6.5 million third-quarter loss. Revenue was $19.4 million, an increase of 69% year over year.
Concern, though, lies with the future. BlackSky said it expects to generate about $93 million in 2023 sales, lower than Street expectations of roughly $106 million.
Shares of BlackSky fell more than 4% to $1.84.
That said, BlackSKy also announced a multi-year $150 million defense contract with an unnamed international government customer. The company has 14 operational satellites in orbit, with plans to launch two more on a rocket lab mission this month.
“2022 was a foundational year for BlackSky,” CEO Brian O’Toole said in a statement. “This high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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