Thu. Dec 7th, 2023
BlackSky Reports Increased Demand for Detailed Imagery

BlackSky, based in Herndon, Virginia, has seen a 26% year-over-year increase in quarterly revenue. The company, which operates small imaging satellites, has experienced growing demand from intelligence agencies worldwide for its high-resolution imagery.

BlackSky’s small satellite constellations, positioned in low earth orbit, provide real-time and high-frequency geospatial intelligence. This intelligence is used by government and commercial clients to monitor defense and economic interests globally.

In the third quarter, the company reported revenue of $31.3 million and a net income of $700,000. This marks the first quarterly profit since going public. In the same quarter last year, the company experienced a net loss of $13.1 million. BlackSky is on track to achieve $83 million in revenue for the full year, quadrupling its revenue from three years ago.

According to CEO Brian O’Toole, the increased demand for BlackSky’s space-based intelligence is driving record revenues. The company has secured new contracts and renewal agreements with U.S. and international government agencies, indicating the growing reliance on BlackSky’s services.

BlackSky’s satellites have been utilized to monitor military movements in Ukraine and the Israel-Hamas war. In addition to these contracts, the company recently won a contract with the U.S. Air Force to track mobile assets in real-time.

One of the unique features of BlackSky’s satellite constellation is its ability to capture images at night and through clouds using shortwave infrared scanning technology. This allows customers to monitor climate conditions, weather disasters, and military conflicts in real-time. The small satellites are also capable of revisiting specific locations multiple times a day for imaging purposes.

BlackSky’s achievement as one of the fastest-growing tech companies in North America was recognized earlier this month when the company was named to the Deloitte Technology Fast 500 list.