BlackSky Technology Inc. reported total revenue of $22.5 million for the third quarter of 2024, representing a 6% increase from $21.26 million in the third quarter of 2023. Imagery and software analytical services revenue grew 13% year-over-year to $17.3 million, driven by incremental customer orders.
The company achieved positive Adjusted EBITDA of $0.7 million for the quarter, an improvement from an Adjusted EBITDA loss of $0.4 million in the prior year period. However, net loss for Q3 2024 was $12.6 million, compared to a net income of $0.7 million in Q3 2023, primarily due to fluctuations in the fair value of equity warrants and other derivative instruments.
BlackSky reaffirmed its full-year 2024 guidance, expecting revenue between $102 million and $118 million and Adjusted EBITDA between $8 million and $16 million. The company also highlighted new awards valued up to $780 million year-to-date and confirmed its first Gen-3 satellite was completing final pre-ship testing, preparing for launch.
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