Rendering of a BlackSky satellite. Photo: BlackSky

BlackSky Technology grew revenue 8% year-over-year in 2024 and reached new record revenue — but this growth was considerably less than the 45% growth the company realized in 2023. 

The satellite imagery and analytics company announced full year 2024 revenue on Thursday of $102.1 million, up $7.6 million from 2023. 

For the full year 2024, net loss was $57 million, compared to $53.9 million in 2023.

The company improved Adjusted EBITDA year-over-year, with adjusted EBITDA of $11.6 million in 2024, compared to an adjusted EBITDA loss of $1 million in 2023. BlackSky has now had five consecutive quarters of positive adjusted EBITDA and said this is due to revenue growth, improved margins, and cost management. 

BlackSky reported financials this week after sharing the first images from its first Gen-3 satellite. 

CEO Brian O’Toole told investors that Gen-3 is a “pivotal step forward” in the company’s space architecture by adding 35 centimeter resolution, short wave infrared imaging, improved agility, and advanced communications. BlackSky expects to kick off a regular cadence of launches to build out the Gen-3 constellation. 

Toole said that BlackSky’s deal with the National Reconnaissance Office (NRO) under the Electro-Optical Commercial Layer (EOCL) contract does not include access to Gen-3 imaging services. O’Toole said he expects that will be added to the contract later this year.  

CFO Henry Dubois said the company has enough cash and liquidity to deploy a baseline constellation of 12 Gen-3 satellites and reach positive free cash flow. 

Growth Expectations for 2025 

BlackSky is targeting a higher rate of growth in 2025 — expecting 30% year-over-year growth. O’Toole said this forecast “reflects the strength of our existing contracts and the continued expansion of our capabilities and service offerings.” 

BlackSky expects $125 million to $142 million in revenue in 2025, and full year 2025 adjusted EBITDA to be between $14 million and $22 million. 

At the end of 2024, BlackSky’s multi-year backlog was worth $261 million. After a series of contract wins in the first quarter, the company’s backlog is now approximately $390 million. 

O’Toole said three initiatives will drive BlackSky’s growth: Gen-3 satellite launches; expanding contracts with existing customers; and “aggressively” going to market to earn new customers. 

O’Toole was asked if he is concerned about government cuts from DOGE impacting BlackSky contracts or its customers. 

“From a regulatory perspective, we have everything we need,” O’Toole said. “Obviously, it’s a fluid situation. We’re monitoring that very, very carefully as normal course.” 

He believes BlackSky is well positioned to benefit if the new administration further expands how the U.S. government works with commercial companies. 

“BlackSky is ideally suited for where the government wants to go in the long term, and that’s leveraging cost-effective solutions that are delivering significant value, leveraging technology and other capabilities. We are well positioned to capitalize on that as that moves out over time,” he said.