BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value) |
|||||||
|
March 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
56,964 |
|
|
$ |
34,181 |
|
Restricted cash |
|
2,835 |
|
|
|
2,835 |
|
Short-term investments |
|
11,792 |
|
|
|
37,982 |
|
Accounts receivable, net of allowance of $0 and $0, respectively |
|
9,059 |
|
|
|
3,112 |
|
Prepaid expenses and other current assets |
|
4,295 |
|
|
|
4,713 |
|
Contract assets |
|
6,442 |
|
|
|
5,706 |
|
Total current assets |
|
91,387 |
|
|
|
88,529 |
|
Property and equipment - net |
|
87,377 |
|
|
|
71,584 |
|
Operating lease right of use assets - net |
|
3,343 |
|
|
|
3,586 |
|
| Goodwill |
|
9,393 |
|
|
|
9,393 |
|
| Investment in equity method investees |
|
5,814 |
|
|
|
5,285 |
|
| Intangible assets - net |
|
1,778 |
|
|
|
1,918 |
|
| Satellite procurement work in process |
|
39,581 |
|
|
|
50,954 |
|
| Other assets |
|
2,576 |
|
|
|
2,841 |
|
| Total assets |
$ |
241,249 |
|
|
$ |
234,090 |
|
| Liabilities and stockholders’ equity |
|
|
|
||||
| Current liabilities: |
|
|
|
||||
| Accounts payable and accrued liabilities |
$ |
10,571 |
|
|
$ |
14,368 |
|
| Amounts payable to equity method investees |
|
2,377 |
|
|
|
3,728 |
|
| Contract liabilities - current |
|
3,873 |
|
|
|
6,783 |
|
| Other current liabilities |
|
4,033 |
|
|
|
2,048 |
|
| Total current liabilities |
|
20,854 |
|
|
|
26,927 |
|
| Liability for estimated contract losses |
|
641 |
|
|
|
714 |
|
| Long-term contract liabilities |
|
68 |
|
|
|
109 |
|
| Operating lease liabilities |
|
3,082 |
|
|
|
3,132 |
|
| Derivative liabilities |
|
21,298 |
|
|
|
5,113 |
|
| Long-term debt - net of current portion |
|
76,332 |
|
|
|
76,219 |
|
| Other liabilities |
|
69 |
|
|
|
2 |
|
| Total liabilities |
|
122,344 |
|
|
|
112,216 |
|
| Stockholders’ equity: |
|
|
|
||||
| Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 139,257 and 121,938 shares; outstanding, 136,839 shares and 119,508 shares as of March 31, 2023 and December 31, 2022, respectively. |
|
14 |
|
|
|
12 |
|
| Additional paid-in capital |
|
681,317 |
|
|
|
666,973 |
|
| Accumulated deficit |
|
(562,426 |
) |
|
|
(545,111 |
) |
| Total stockholders’ equity |
|
118,905 |
|
|
|
121,874 |
|
| Total liabilities and stockholders’ equity |
$ |
241,249 |
|
|
$ |
234,090 |
|
| BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
| Cash flows from operating activities: |
|
|
|
||||
| Net loss |
$ |
(17,315 |
) |
|
$ |
(19,992 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
| Depreciation and amortization expense |
|
9,655 |
|
|
|
7,391 |
|
| Operating lease right of use assets amortization |
|
446 |
|
|
|
389 |
|
| Bad debt expense |
|
— |
|
|
|
6 |
|
| Stock-based compensation expense |
|
3,012 |
|
|
|
10,240 |
|
| Amortization of debt discount and issuance costs |
|
113 |
|
|
|
502 |
|
| Gain on equity method investment |
|
(529 |
) |
|
|
(257 |
) |
| Gain on disposal of property and equipment |
|
(22 |
) |
|
|
— |
|
| Gain on derivatives |
|
(1,531 |
) |
|
|
(8,140 |
) |
| Interest income |
|
(156 |
) |
|
|
— |
|
| Changes in operating assets and liabilities: |
|
|
|
||||
| Accounts receivable |
|
(5,947 |
) |
|
|
(2,868 |
) |
| Contract assets - current and long-term |
|
(591 |
) |
|
|
(1,187 |
) |
| Prepaid expenses and other current assets |
|
462 |
|
|
|
1,220 |
|
| Other assets |
|
(8 |
) |
|
|
(5 |
) |
| Accounts payable and accrued liabilities |
|
(2,966 |
) |
|
|
1,533 |
|
| Other current liabilities |
|
1,732 |
|
|
|
(585 |
) |
| Contract liabilities - current and long-term |
|
(2,951 |
) |
|
|
694 |
|
| Liability for estimated contract losses |
|
(73 |
) |
|
|
(2,428 |
) |
| Other liabilities |
|
67 |
|
|
|
811 |
|
| Net cash used in operating activities |
|
(16,602 |
) |
|
|
(12,676 |
) |
| Cash flows from investing activities: |
|
|
|
||||
| Purchase of property and equipment |
|
(2,874 |
) |
|
|
(1,926 |
) |
| Satellite procurement work in process |
|
(12,926 |
) |
|
|
(11,499 |
) |
| Purchase of short-term investments |
|
(11,792 |
) |
|
|
— |
|
| Proceeds from maturities of short-term investments |
|
38,110 |
|
|
|
— |
|
| Net cash provided by (used in) investing activities |
|
10,518 |
|
|
|
(13,425 |
) |
| Cash flows from financing activities: |
|
|
|
||||
| Proceeds from private placement, net of equity issuance costs |
|
29,432 |
|
|
|
— |
|
| Proceeds from options exercised |
|
3 |
|
|
|
17 |
|
| Payments for deferred offering costs |
|
(552 |
) |
|
|
— |
|
| Payments of transaction costs related to derivative liabilities |
|
(16 |
) |
|
|
— |
|
| Withholding tax payments on vesting of restricted stock units |
|
— |
|
|
|
(3,616 |
) |
| Net cash provided by (used in) financing activities |
|
28,867 |
|
|
|
(3,599 |
) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
22,783 |
|
|
|
(29,700 |
) |
| Cash, cash equivalents, and restricted cash – beginning of year |
|
37,016 |
|
|
|
168,104 |
|
| Cash, cash equivalents, and restricted cash – end of period |
$ |
59,799 |
|
|
$ |
138,404 |
|
| BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) |
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
| Net loss |
$ |
(17,315 |
) |
|
$ |
(19,992 |
) |
| Interest income |
|
(435 |
) |
|
|
— |
|
| Interest expense |
|
1,853 |
|
|
|
1,255 |
|
| Income tax expense |
|
113 |
|
|
|
— |
|
| Depreciation and amortization |
|
9,655 |
|
|
|
7,391 |
|
| Stock-based compensation expense |
|
3,012 |
|
|
|
10,240 |
|
| Gain on derivatives |
|
(1,531 |
) |
|
|
(8,140 |
) |
| Income on equity method investment |
|
(529 |
) |
|
|
(257 |
) |
| Transaction costs associated with derivative liabilities |
|
905 |
|
|
|
— |
|
| Severance |
|
88 |
|
|
|
— |
|
| Investment loss on short-term investments |
|
55 |
|
|
|
— |
|
| Adjusted EBITDA |
$ |
(4,129 |
) |
|
$ |
(9,503 |
) |
