BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value) |
|||||||
|
|
|
|
||||
|
June 30, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
41,100 |
|
|
$ |
34,181 |
|
Restricted cash |
|
1,835 |
|
|
|
2,835 |
|
Short-term investments |
|
16,578 |
|
|
|
37,982 |
|
Accounts receivable, net of allowance of $0 and $0, respectively |
|
7,375 |
|
|
|
3,112 |
|
Prepaid expenses and other current assets |
|
3,618 |
|
|
|
4,713 |
|
Contract assets |
|
8,643 |
|
|
|
5,706 |
|
Total current assets |
|
79,149 |
|
|
|
88,529 |
|
Property and equipment - net |
|
81,606 |
|
|
|
71,584 |
|
Operating lease right of use assets - net |
|
2,572 |
|
|
|
3,586 |
|
| Goodwill |
|
9,393 |
|
|
|
9,393 |
|
| Investment in equity method investees |
|
5,869 |
|
|
|
5,285 |
|
| Intangible assets - net |
|
1,637 |
|
|
|
1,918 |
|
| Satellite procurement work in process |
|
44,587 |
|
|
|
50,954 |
|
| Other assets |
|
3,272 |
|
|
|
2,841 |
|
| Total assets |
$ |
228,085 |
|
|
$ |
234,090 |
|
| Liabilities and stockholders’ equity |
|
|
|
||||
| Current liabilities: |
|
|
|
||||
| Accounts payable and accrued liabilities |
$ |
10,790 |
|
|
$ |
14,368 |
|
| Amounts payable to equity method investees |
|
2,231 |
|
|
|
3,728 |
|
| Contract liabilities - current |
|
3,154 |
|
|
|
6,783 |
|
| Other current liabilities |
|
1,178 |
|
|
|
2,048 |
|
| Total current liabilities |
|
17,353 |
|
|
|
26,927 |
|
| Long-term contract liabilities |
|
247 |
|
|
|
109 |
|
| Operating lease liabilities |
|
3,108 |
|
|
|
3,132 |
|
| Derivative liabilities |
|
32,396 |
|
|
|
5,113 |
|
| Long-term debt - net of current portion |
|
79,414 |
|
|
|
76,219 |
|
| Other liabilities |
|
7,022 |
|
|
|
716 |
|
| Total liabilities |
|
139,540 |
|
|
|
112,216 |
|
| Stockholders’ equity: |
|
|
|
||||
| Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 140,819 and 121,938 shares; outstanding, 138,409 shares and 119,508 shares as of June 30, 2023 and December 31, 2022, respectively. |
|
14 |
|
|
|
12 |
|
| Additional paid-in capital |
|
684,388 |
|
|
|
666,973 |
|
| Accumulated deficit |
|
(595,857 |
) |
|
|
(545,111 |
) |
| Total stockholders’ equity |
|
88,545 |
|
|
|
121,874 |
|
| Total liabilities and stockholders’ equity |
$ |
228,085 |
|
|
$ |
234,090 |
|
| BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) |
|||||||
|
|
|
||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
| Cash flows from operating activities: |
|
|
|
||||
| Net loss |
$ |
(50,746 |
) |
|
$ |
(46,274 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
| Depreciation and amortization expense |
|
21,431 |
|
|
|
16,568 |
|
| Operating lease right of use assets amortization |
|
613 |
|
|
|
783 |
|
| Bad debt expense (recovery) |
|
15 |
|
|
|
(1 |
) |
| Stock-based compensation expense |
|
5,323 |
|
|
|
13,226 |
|
| Amortization of debt discount and issuance costs |
|
189 |
|
|
|
1,018 |
|
| Income on equity method investment |
|
(585 |
) |
|
|
(1,470 |
) |
| Gain on disposal of property and equipment |
|
(22 |
) |
|
|
— |
|
| Loss (gain) on derivatives |
|
9,567 |
|
|
|
(3,494 |
) |
| Interest income |
|
(337 |
) |
|
|
— |
|
| Other, net |
|
— |
|
|
|
16 |
|
| Changes in operating assets and liabilities: |
|
|
|
||||
| Accounts receivable |
|
(4,278 |
) |
|
|
(787 |
) |
| Contract assets - current and long-term |
|
(4,101 |
) |
|
|
(3,824 |
) |
| Prepaid expenses and other current assets |
|
1,142 |
|
|
|
1,914 |
|
| Other assets |
|
1,117 |
|
|
|
(30 |
) |
| Accounts payable and accrued liabilities |
|
1,015 |
|
|
|
389 |
|
| Other current liabilities |
|
(1,097 |
) |
|
|
(759 |
) |
| Contract liabilities - current and long-term |
|
(3,491 |
) |
|
|
(6,903 |
) |
| Other liabilities |
|
8,620 |
|
|
|
1,839 |
|
| Net cash used in operating activities |
|
(15,625 |
) |
|
|
(27,789 |
) |
| Cash flows from investing activities: |
|
|
|
||||
| Purchase of property and equipment |
|
(8,446 |
) |
|
|
(5,289 |
) |
| Satellite procurement work in process |
|
(19,925 |
) |
|
|
(20,208 |
) |
| Purchases of short-term investments |
|
(19,416 |
) |
|
|
(43,774 |
) |
| Proceeds from maturities of short-term investments |
|
41,110 |
|
|
|
— |
|
| Proceeds from sale of property and equipment |
|
22 |
|
|
|
— |
|
| Proceeds from equity method investment |
|
— |
|
|
|
313 |
|
| Net cash used in investing activities |
|
(6,655 |
) |
|
|
(68,958 |
) |
| Cash flows from financing activities: |
|
|
|
||||
| Proceeds from equity issuances, net of equity issuance costs |
|
30,074 |
|
|
|
— |
|
| Proceeds from options exercised |
|
5 |
|
|
|
25 |
|
| Payments of transaction costs for debt modification |
|
(561 |
) |
|
|
— |
|
| Payments of transaction costs related to derivative liabilities |
|
(905 |
) |
|
|
— |
|
| Withholding tax payments on vesting of restricted stock units |
|
(414 |
) |
|
|
(4,037 |
) |
| Net cash provided by (used in) financing activities |
|
28,199 |
|
|
|
(4,012 |
) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
5,919 |
|
|
|
(100,759 |
) |
| Cash, cash equivalents, and restricted cash – beginning of year |
|
37,016 |
|
|
|
168,104 |
|
| Cash, cash equivalents, and restricted cash – end of period |
$ |
42,935 |
|
|
$ |
67,345 |
|
| BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net loss |
$ |
(33,431 |
) |
|
$ |
(26,282 |
) |
|
$ |
(50,746 |
) |
|
$ |
(46,274 |
) |
| Interest income |
|
(648 |
) |
|
|
(178 |
) |
|
|
(1,083 |
) |
|
|
(178 |
) |
| Interest expense |
|
2,242 |
|
|
|
1,275 |
|
|
|
4,095 |
|
|
|
2,530 |
|
| Income tax expense |
|
9 |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
| Depreciation and amortization |
|
11,776 |
|
|
|
9,177 |
|
|
|
21,431 |
|
|
|
16,568 |
|
| Stock-based compensation expense |
|
2,311 |
|
|
|
2,986 |
|
|
|
5,323 |
|
|
|
13,226 |
|
| Loss (gain) on derivatives |
|
11,098 |
|
|
|
4,646 |
|
|
|
9,567 |
|
|
|
(3,494 |
) |
| Income on equity method investment |
|
(56 |
) |
|
|
(1,213 |
) |
|
|
(585 |
) |
|
|
(1,470 |
) |
| Forgiveness of non-trade receivables |
|
— |
|
|
|
75 |
|
|
|
— |
|
|
|
75 |
|
| Transaction costs associated with debt and equity financings |
|
833 |
|
|
|
— |
|
|
|
1,738 |
|
|
|
— |
|
| Severance |
|
111 |
|
|
|
705 |
|
|
|
199 |
|
|
|
705 |
|
| Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
55 |
|
|
|
— |
|
| Adjusted EBITDA |
$ |
(5,755 |
) |
|
$ |
(8,809 |
) |
|
$ |
(9,884 |
) |
|
$ |
(18,312 |
) |
