BlackSky Reports Fourth Quarter and Full Year 2022 Results

Note: Effective January 1, 2022, the Company reorganized its classification on the consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, the prior period amounts presented to reflect the impact of the reorganization have been recast.

BLACKSKY TECHNOLOGY INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except par value)

 

 

December 31,

 

December 31,

 

2022

 

2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

34,181

 

 

$

165,586

 

Restricted cash

 

2,835

 

 

 

2,518

 

Short-term investments

 

37,982

 

 

 

 

Accounts receivable, net of allowance of $0 and $39, respectively

 

3,112

 

 

 

2,629

 

Prepaid expenses and other current assets

 

4,713

 

 

 

6,264

 

Contract assets

 

5,706

 

 

 

1,678

 

Total current assets

 

88,529

 

 

 

178,675

 

Property and equipment - net

 

71,584

 

 

 

70,551

 

Operating lease right of use assets - net

 

3,586

 

 

 

 

Goodwill

 

9,393

 

 

 

9,393

 

Investment in equity method investees

 

5,114

 

 

 

4,002

 

Intangible assets - net

 

1,918

 

 

 

2,480

 

Satellite procurement work in process

 

50,954

 

 

 

40,102

 

Other assets

 

2,841

 

 

 

560

 

Total assets

$

233,919

 

 

$

305,763

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

14,367

 

 

$

10,837

 

Amounts payable to equity method investees

 

3,728

 

 

 

5,613

 

Contract liabilities - current

 

6,783

 

 

 

11,266

 

Other current liabilities

 

2,048

 

 

 

2,819

 

Total current liabilities

 

26,926

 

 

 

30,535

 

Liability for estimated contract losses

 

714

 

 

 

6,054

 

Long-term contract liabilities

 

109

 

 

 

568

 

Operating lease liabilities

 

3,132

 

 

 

 

Derivative liabilities

 

5,113

 

 

 

16,925

 

Long-term debt - net of current portion

 

76,219

 

 

 

71,408

 

Other liabilities

 

2

 

 

 

653

 

Total liabilities

 

112,215

 

 

 

126,143

 

Stockholders’ equity:

 

 

 

Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 121,938 and 117,160 shares; outstanding, 119,508 shares and 114,452 shares as of December 31, 2022 and 2021, respectively.

 

12

 

 

 

11

 

Additional paid-in capital

 

666,973

 

 

 

650,518

 

Accumulated deficit

 

(545,281

)

 

 

(470,909

)

Total stockholders’ equity

 

121,704

 

 

 

179,620

 

Total liabilities and stockholders’ equity

$

233,919

 

 

$

305,763

 

BLACKSKY TECHNOLOGY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

 

Years Ended December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net loss

$

(74,342

)

 

$

(245,643

)

Gain (loss) from discontinued operations, net of income taxes

 

707

 

 

 

(1,650

)

Loss from continuing operations

 

(75,049

)

 

 

(243,993

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization expense

 

35,661

 

 

 

14,306

 

Operating lease right of use assets amortization

 

1,640

 

 

 

 

Gain on debt extinguishment

 

 

 

 

(4,059

)

Bad debt (recovery) expense

 

(22

)

 

 

58

 

Stock-based compensation expense

 

20,025

 

 

 

42,571

 

Loss on issuance of 2021 convertible Bridge Notes

 

 

 

 

99,669

 

Issuance costs for derivative liabilities and debt carried at fair value

 

 

 

 

48,009

 

Amortization of debt discount and issuance costs

 

1,805

 

 

 

1,807

 

Gain on equity method investment

 

(1,916

)

 

 

(1,027

)

Loss on disposal of property and equipment

 

 

 

 

24

 

Gain on derivatives

 

(11,812

)

 

 

(23,885

)

Satellite impairment loss

 

 

 

 

18,407

 

Interest income

 

(656

)

 

 

 

Other, net

 

106

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(461

)

 

 

216

 

Contract assets - current and long-term

 

(5,996

)

 

 

2,118

 

Prepaid expenses and other current assets

 

1,413

 

 

 

(5,207

)

Other assets

 

(12

)

 

 

(309

)

Accounts payable and accrued liabilities

 

(75

)

 

 

2,543

 

Other current liabilities

 

(1,180

)

 

 

(2,680

)

Contract liabilities - current and long-term

 

(4,942

)

 

 

(5,262

)

Liability for estimated contract losses

 

(5,340

)

 

 

(198

)

Other liabilities

 

2,355

 

 

 

3,020

 

Net cash used in operating activities

 

(44,456

)

 

 

(53,872

)

Cash flows from investing activities:

 

 

 

Purchase of property and equipment

 

(11,677

)

 

 

(1,266

)

Satellite procurement work in process

 

(32,385

)

 

 

(62,643

)

Purchase of short-term investments

 

(50,343

)

 

 

 

Proceeds from maturities of short-term investments

 

13,000

 

 

 

 

Purchase of domain name

 

 

 

 

(7

)

Proceeds from equity method investment

 

804

 

 

 

302

 

Cash flows used in investing activities - continuing operations

 

(80,601

)

 

 

(63,614

)

Cash flows used in investing activities - discontinued operations

 

(978

)

 

 

 

Net cash used in investing activities

 

(81,579

)

 

 

(63,614

)

Cash flows from financing activities:

 

 

 

Proceeds from recapitalization transaction, net of payment of equity issuance costs

 

 

 

 

244,880

 

Payments of transaction costs related to Sponsor Shares

 

 

 

 

(291

)

Proceeds from issuance of debt

 

 

 

 

58,573

 

Proceeds from options exercised

 

47

 

 

 

130

 

Proceeds from warrants exercised

 

 

 

 

163

 

Capital lease payments

 

 

 

 

(2

)

Debt payments

 

 

 

 

(22,198

)

Payments for deferred offering costs

 

(31

)

 

 

 

Payments for debt issuance costs

 

 

 

 

(6,238

)

Withholding tax payments on vesting of restricted stock units

 

(5,069

)

 

 

 

Net cash (used in) provided by financing activities

 

(5,053

)

 

 

275,017

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(131,088

)

 

 

157,531

 

Cash, cash equivalents, and restricted cash – beginning of year

 

168,104

 

 

 

10,573

 

Cash, cash equivalents, and restricted cash – end of period

$

37,016

 

 

$

168,104

 

BLACKSKY TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

(unaudited)

(in thousands)

 

Three Months Ended December 31,

 

Years Ended December 31,

 

2022

 

2021

 

2022

 

2021

Net loss

$

(14,975

)

 

$

5,395

 

 

$

(74,342

)

 

$

(245,643

)

Interest income

 

(452

)

 

 

 

 

 

(1,116

)

 

 

 

Interest expense

 

1,669

 

 

 

1,502

 

 

 

5,425

 

 

 

5,165

 

Depreciation and amortization

 

9,495

 

 

 

4,502

 

 

 

35,661

 

 

 

14,306

 

Loss on issuance of Bridge Notes, including debt issuance costs expensed for debt carried at fair value

 

 

 

 

 

 

 

 

 

 

147,387

 

Stock-based compensation expense

 

3,636

 

 

 

13,306

 

 

 

20,025

 

 

 

42,571

 

Gain on derivatives

 

(1,183

)

 

 

(35,047

)

 

 

(11,812

)

 

 

(23,885

)

Satellite impairment loss

 

 

 

 

 

 

 

 

 

 

18,407

 

Proceeds from earn-out payment

 

(2,000

)

 

 

 

 

 

(2,000

)

 

 

 

Loss (gain) from discontinued operations, net of income taxes

 

 

 

 

628

 

 

 

(707

)

 

 

1,650

 

Severance

 

435

 

 

 

 

 

 

1,196

 

 

 

 

Income on equity method investment

 

(1,222

)

 

 

(234

)

 

 

(1,916

)

 

 

(1,027

)

Forgiveness of non-trade receivables

 

 

 

 

 

 

 

106

 

 

 

 

Contingent legal liability

 

 

 

 

(301

)

 

 

 

 

 

399

 

Transaction costs associated with derivative liabilities

 

 

 

 

 

 

 

 

 

 

291

 

Gain on debt extinguishment

 

 

 

 

(4,134

)

 

 

 

 

 

(4,059

)

Adjusted EBITDA

$

(4,597

)

 

$

(14,383

)

 

$

(29,480

)

 

$

(44,438

)


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