BlackSky Technology Inc. Files 2023 Annual Report on Form 10-K

Ticker: BKSY-WT · Form: 10-K · Filed: Mar 20, 2024 · CIK: 1753539

Blacksky Technology Inc. 10-K Filing Summary
FieldDetail
CompanyBlacksky Technology Inc. (BKSY-WT)
Form Type10-K
Filed DateMar 20, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.0001, $11.50 B, $1 billion, $60 million, $150
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, BlackSky Technology, BKSY, Financials

TL;DR

<b>BlackSky Technology Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

BlackSky Technology Inc. (BKSY-WT) filed a Annual Report (10-K) with the SEC on March 20, 2024. BlackSky Technology Inc. filed its 2023 Form 10-K on March 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 13241 Woodland Park Road, Suite 300, Herndon, VA 20171. BlackSky Technology Inc. was formerly known as Osprey Technology Acquisition Corp. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking BlackSky Technology Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BlackSky's financial performance, business operations, and risk factors for the fiscal year 2023, offering investors detailed insights into the company's current standing. The report details the company's financial position, including assets, liabilities, and equity, as well as its revenue streams from services and products, crucial for understanding its growth trajectory and operational health.

Risk Assessment

Risk Level: medium — BlackSky Technology Inc. shows moderate risk based on this filing. The company's financial performance and ability to achieve profitability are subject to market conditions and competitive pressures, as indicated by the need for detailed financial reporting and risk factor disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess BlackSky's financial health and future prospects.

Revenue Breakdown

SegmentRevenueGrowth
Service
Product

Key Numbers

  • 20231231 — Fiscal Year End (Period of report)
  • 20240320 — Filing Date (Date of filing)
  • 2023-01-01 — Fiscal Year Start (Reporting period)
  • 2022-12-31 — Prior Year End (Comparative financial data)

Key Players & Entities

  • BlackSky Technology Inc. (company) — Filer name
  • 0001753539 (company) — Central Index Key
  • 3663 (company) — Standard Industrial Classification
  • 831833760 (company) — IRS Number
  • X1 (company) — State of Incorporation
  • 13241 WOODLAND PARK ROAD SUITE 300 (company) — Business Address
  • 571-267-1571 (company) — Business Phone
  • Osprey Technology Acquisition Corp. (company) — Former Company Name

FAQ

When did BlackSky Technology Inc. file this 10-K?

BlackSky Technology Inc. filed this Annual Report (10-K) with the SEC on March 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BlackSky Technology Inc. (BKSY-WT).

Where can I read the original 10-K filing from BlackSky Technology Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BlackSky Technology Inc..

What are the key takeaways from BlackSky Technology Inc.'s 10-K?

BlackSky Technology Inc. filed this 10-K on March 20, 2024. Key takeaways: BlackSky Technology Inc. filed its 2023 Form 10-K on March 20, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 13241 Woodland Park Road, Suite 300, Herndon, VA 20171..

Is BlackSky Technology Inc. a risky investment based on this filing?

Based on this 10-K, BlackSky Technology Inc. presents a moderate-risk profile. The company's financial performance and ability to achieve profitability are subject to market conditions and competitive pressures, as indicated by the need for detailed financial reporting and risk factor disclosures in the 10-K.

What should investors do after reading BlackSky Technology Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess BlackSky's financial health and future prospects. The overall sentiment from this filing is neutral.

Risk Factors

  • Financial Performance [medium — financial]: The company's ability to achieve profitability and manage its financial resources is a key consideration.
  • Market Conditions [medium — market]: External market conditions and competitive landscape can impact the company's business and financial results.
  • Operational Risks [medium — operational]: Risks related to the company's operations, including technology and service delivery, are disclosed.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Filing Stats: 4,236 words · 17 min read · ~14 pages · Grade level 16.6 · Accepted 2024-03-19 20:06:31

Key Financial Figures

  • $0.0001 — stered Class A common stock, par value $0.0001 per share BKSY The New York Stock Excha
  • $11.50 B — A common stock at an exercise price of $11.50 BKSY.W The New York Stock Exchange Indi
  • $1 billion — agery contract to date, valued at up to $1 billion over a ten-year period with the NRO. Th
  • $60 million — ces to the NGA under an up to five-year $60 million contract and have continued to win task
  • $150 — rldwide. For example, we were awarded a $150+ million, multi-year subscription contr
  • $30 m — l defense sector customer for more than $30 million, expanding and securing priority
  • $35 million — e-based capabilities totaling more than $35 million. We also have won contracts with variou

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 53

C

Item 1 C . C ybersecurity 53 Item 2.

Properties

Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 54 Item 4. Mine Safety Disclosures 55 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. [Reserved] 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74 Item 9A.

Controls and Procedures

Controls and Procedures 74 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 Part III Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accountant Fees and Services 75 Part IV Item 15. Exhibit and Financial Statement Schedules 76 Item 16. Form 10-K Summary 78

Signatures

Signatures 79 2 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risks and uncertainties. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "plan," "intend," "could," "would," "expect" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. Forward-looking statements included in this Annual Report on Form 10-K include, but are not limited to, statements regarding: our ability to retain or recruit key employees; our ability to grow distribution channels and partner ecosystems; our anticipated capital expenditures, liquidity, and our estimates regarding our capital requirements; our ability to integrate proprietary and third-party sensor data; our ability to add new satellites to our commercial operations; our ability to invest in our software, research and development capabilities; our ability to grow a third-party developer community; our ability to expand our services and offerings to customers both domestically and internationally; our ability to continue delivering data in a cost-effective manner; our ability to maintain and protect our brand; our ability to expand within our current customer base; our ability to compete with legacy satellite imaging providers and other emergent geospatial intelligence providers; our ability to maintain intellectual p

BUSINESS

ITEM 1. BUSINESS Overview Founded in 2014, BlackSky Technology Inc. (herein referred to as "BlackSky," the "Company," "we," "us," or "our") is a space-based intelligence company that delivers real-time imagery, analytics and high-frequency monitoring of the world's most critical and strategic locations, economic assets, and events. BlackSky is trusted by many of the most demanding U.S. and international government agencies and commercial businesses around the world. We are defining a new category of space-based intelligence products and services with real-time imagery and automated analytics, delivered through an easy-to-use interface coupled with our high-revisit and low latency satellite constellation both designed to help customers see, understand and anticipate change for a decisive strategic advantage. BlackSky can image many of the most strategic locations on Earth up to 15 times per day, many traditional Earth observation companies image twice per day. BlackSky designs, owns and operates the industry's most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra tasking and analytics software platform and our proprietary high resolution, low earth orbit ("LEO") small satellite ("smallsat" or "smallsats") constellation.BlackSky Spectra is a first-of-its-kind commercial platform that helps customers manage their monitoring activities from space at industry-leading speed, frequency, and economics. The BlackSky constellation is the primary sensor and communications architecture that delivers space-based data to BlackSky Spectra. BlackSky's satellites fly in unconventional, inclined orbits, and with built-in automated systems, the constellation can distinctly deliver time-diverse, dawn-to-dusk, rapid revisit imagery, and analytics with no humans in the loop. Customers experience the value of BlackSky's capabilities in the On-Demand and Assured service and product offerings. BlackSky Spectra augments prop

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