BKSY - Earnings call 2 2023 | BlackSky Technology Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to BlackSky Technology Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this conference call is being recorded.

I would now like to turn the call over to Aly Bonilla, BlackSky's Vice President of Investor Relations. Please go ahead, Aly.

Aly Bonilla

Good morning, and thank you for joining us. our Officer, Officer, Henry by our O'Toole; joined Financial Chief Dubois. I'm Chief Brian Executive and Today, On today's the call, the quarter Brian will provide give strategic some a update on business. and highlights on company's Henry will for quarter results and XXXX. second then outlook financial the review

prepared open the remarks, your line will we our for questions. Following

can call release. be through to Information August from of be in XX:XX press approximately replay today's found replay A will p.m. this XX. access conference available Eastern today the Time

will call be in Additionally, a earnings webcast our www.blacksky.com. this Relations Investor at of available section of the website

today's quarterly follow remarks. with website along the conjunction that call, presentation Relations prepared our In we have a Investor to with earnings posted you use may on

our remind that expected including during of let and statements in statements today by and differ guidance you begin, these performance, current uncertainties, including me review may future Form subject the we forward-looking encourage our on of stated our full risks these as no as results Before to may and except the assumes of XXXX, obligation XX-K are pertain filings for Actual to you recent update that results plans, based our law. statements, and We our a discussion Form statements. press those may future risks that market our to are financial price materially uncertainties and statements forward-looking objectives applicable XX-K. required and other to release, SEC or call certain regarding for made today's are conference expectations be affect stock. BlackSky as

GAAP and and analytical adjusted are which to expenses. viewed included today's website. non-GAAP presentation, can certain reconciliation cash EBITDA, Relations of measures be most services will cost in In addition, adjusted our financial non-GAAP refer Investor comparable sales their during measures, to today's downloaded operating financial these measures and A accompanying of from we including software imagery call,

Brian? O'Toole. to turn call I'll the point, this over Brian At

Brian O’Toole

Thanks, today's and joining good us on Aly, you Thank for call. morning, everyone.

continue path BlackSky I'm cost towards revenue pleased that a to substantial growth, report management we leverage effective us delivered strong operating that on has profitable growth. quarter to demonstrate as another and

being is and by critical BlackSky's some and most upon capabilities deliver for around of are defense and from customers intelligence unique imagery our analytics every world. major day high-frequency world's the dawn-to-dusk progress decision-makers Our demand intelligence driven monitoring strong the important events. relied to to

recent Wagner to In failed by BlackSky were relevant Wagner sources, A illustrated X other high-frequency a is planes leader, at rebellion featured third-party was collected capabilities an of on with to By capital the case, able by example related combining independent we the data city. airfield the country's days Russia BlackSky imagery The leader to location this after in intelligence Prigozhin, Slide monitoring related the our by the the exclusive activities outside monitoring used to analyst Belarus Group. by attempt. was corroborate #X, the of to and CNN. linked capture in was Wagner findings coup reporting

this location monitored XXX this an part capturing leading Over essential over of BlackSky the event. which to up days times, discovery, this was critical

time-diverse unique can. do allows one no this else Our in a us way constellation to

in reveal on critical used of monitoring #X, were our Cambodia. shown a the China, capabilities Slide construction associated is where major rapid example Another activities dynamic to with strategic facility by naval

year off the of rapid taken station showing apart Here, naval Ream, Chinese Cambodia. construction see the X about you coast military of a can the images

with capability This important and high-revisit type collected an imaging, are is images BlackSky strong demand of last XXX over taking understanding X detecting this world driving operations analytics, are others as what many is high-resolution around are what required and construction world. of requiring for in governments the it is June that current signs shown mission their here, This critical in first and AI-enabled and all since the day-to-day intelligence essential the BlackSky's pier like images of activities combined such future place of Although only began for year. the around capabilities.

hourly Our combined industry-leading capabilities, government what we and differentiating base our is large driving and the analytics, is market major in monitoring international expand success our unique with customer customers. AI-enabled of as to win continue is U.S. and us contracts

build Now across that business. to reinforce of momentum our are continuing let's highlights #X and the recent all Slide turn strong we aspects to

First, deliver strong growth. to we year-over-year continue revenue

and a result over grew a continued prior XX% of imagery to existing successfully for demand contracts revenue renewal services agreements rise analytics new customers. Our with winning number of as as our the year and quarter

Second, a and is first the half prime incremental XX% high-margin of contains operating and for contribution a our fixed the that strong and cost analytics This imagery year. structure profitable on results service sustainable leverage growth. margin analytics low path the business in to business our imagery delivered driver

government contracts U.S. and and primarily agreements new in million supporting $XX over won renewal we agencies. Third, international

to our more continue We high-frequency as in to access our and more look advanced to especially global analytics, important strong for imagery secure capacity around regions see countries world. demand and the

further half success working as second number year $XXX of on several has produced growth this new in million winning over year total contracts. customers customer actively demonstrating in with in for a capabilities. we of our bookings, in BlackSky's our the the Fourth, major We demand sizable strong bookings year-to-date contracts are anticipate

to Fifth, institutional visible making added wider more in of a to Russell range Index, BlackSky June, we to were XXXX investors. the be chosen

dedicated constellation, our Rocket including flexible secures expansion the initial good replacement very satellites, of our progress Gen-X next a Lab that And in and yesterday continue satellites signed of X make announcing Gen-X launch finally, capacity supports high-resolution replenishment, agreement launch agreement that This we to on we for launches. XXXX. our launch with

market EBITDA positive services well our year objectives us operations customer positioned in coupled major this we analytics achieve the We are The success to and had for are realize seeing that one strong we gives year. remain this we've for business is demand adjusted in which to our sustainable base, with imagery worldwide, fourth the confidence on profitable quarter, of our growth. track expanding

turning highlights like I Slide now share would to #X. quarter, to some the from operational

demand continue for see to capabilities the intelligence across due need ever-changing environment. expand markets as for many We international geopolitical real-time growing unique an and continues to to BlackSky's economic

more security conflict to initiatives. economic and capabilities Ukraine looking Asia, Looking market, tensions the Middle demand and governments at rising to capabilities. to from East access growth global world, geospatial increased invest in More the and seeking in have around the and dynamic in national of are including our various the countries East support intelligence space-based and international monitoring secure

of to for assured agreements towards supporting which includes book revenue our focus multiyear growth. these is Our business on and significantly countries is key capacity, driver a contributing long-term growing strong,

demonstrating we the strong. that quarter, for During and second services contracts remain and demand new a of number renewals our products successfully closed

Here are our wins. of a few key

several on come the support sector they have First, international an supporting with operations. the day-to-day expands to for than we $XX were now We've their this with new renewal awarded agreement customer of Xx upon This in defense of larger customer. existing and rely built contract the a been time relationship previous. a renewal an BlackSky with million total strong have value contract years contract as over them

of our of a above as expand The X-year small is this representative length start with contract our contract relationships year. pilot customers total Traditionally, duration After renew the multiyear many the the is study part seen land with the term term. strategy. both. contract we've less customers an many a customer progression either agreement, prior of new are of customer evaluation, or or the value addition, and evolving which and of than or In the is expansion expand increasing a with successful a typically agreement, how contract

seek multiyear, other contracts for are region these multimillion BlackSky is trajectory of in assured the As government customers and the other This and of analytics to we into enter capacity this imagery over dollar integrate we on with many will wins achieved quarter. organizations the their we interest. as operations, international was highlight fully during customer evolution into they their

dollar extension assured analytic with BlackSky new secure infrastructure providing capabilities. future and to won ground installed the improved with international a access customer latency customer's to and network, our we point the This be long-term contract performance. demonstrates to customer ground imagery contract additional multimillion as a Second, current access will an and station an commitment for infrastructure. X-year this key This

customer. Third, a requirements won we this contract, advanced analytics agreement supporting Defense pleased services. are closely another are renewed and our Through multimillion their we subscription-based providing them. specific X-year them with of We've working Ministry to to with dollar and meet renewal agreement AI-enabled with this customer have been imagery tactical

directives contract, to and and group contract With awarded were we with an assist with of are organization. to is lastly, BlackSky nongovernment And imagery an efforts. global a commercial partners. we in a international particular, analytics in multinational support AI-enabled with means provides this mission their their providing element key broader with this this their operation mission essential intelligence important share as of on-demand customer multiyear and supporting imagery their openly

This on into growing During last we these sales business the now converting this is opportunities, our and team. we pipeline of new dividends we investments strategy the year closed and the paying and quarter many contracts. to half of successfully in throughout the now the have international sales first thanks opportunities year, international are part of as expansion made

subscription turning market to to our assured customer future current to look and secure continue growing many under further the strong long-term on to customers We and to countries these agreements. capitalize demand. We're support proud and with see constellation customers demand worldwide BlackSky access to global international

Moving on #X. Slide to

see are analytics capabilities requirements. space the to of their that commercial for of of companies continue utilizing the U.S. intelligence and geospatial imagery space-based We support expansion in government projects demand through commercial

BlackSky's several government. agencies, contracts the ongoing demonstrating During U.S. the we imagery the across various follow-on and won and U.S. demand analytic with new for quarter, capabilities

first a of wins customer new and this have mission. we're with to with provide and was is them the pleased imagery mission of This contract support contract subscription related major customer One annual Department on-demand with opportunity their to important to the our Defense solutions.

contracts imaging reductions were infrared, imagery. at are in techniques on we exploring looking X and focused the latency associated short-wave with of capabilities well delivery collection as SWIR, addition, new drive tasking, NRO. with These as the contracts commercial further In to awarded or

We successful track year contract. advanced of first and a working with EOCL just have XX-year a historic daily delivering NRO imagery our under completed of long the high-volume record

been security needs. customer BlackSky capture defense this able to we've their long-term result they to success, a new to of as look support with contracts continue this to and As national

and orders in providing Defense we of a government the from and extend number already to intelligence we leverage government is support well be quarter, work security capabilities the emerging Department of where BlackSky, existing our are and U.S. nation's we're long-term services to under received and important customer The defense, positioned contracts. expand in we NGA seeking continues opportunities Also space to for national believe an on capitalize to commercial needs. new second customers of

to #X. Turning Slide

the wins. inventory addition government by new in power continue exciting some with energy monitoring to and to SynMax, business, we were May, coal our In company In announced them progress we that commercial selected intelligence leading make on we a partnerships front assist plants. contract to at

SynMax and resources. more towards timely energy energy assessment with will accurate national partnership and from transition a initiatives sustainable support energy intelligence will fuels Our help away create that fossil

capabilities. decision-making. angles this BlackSky our X manner information a on the volumetric repeatedly as objects to clients a burst with in rapid is over and critical allows our was bid will take for single location burst its where imagery selected provide our a XX-second collected well coal use they on SynMax imagery focus satellites imagery view by our process as services, Burst SynMax low-latency images of stockpiles at products combined motion imagery revisit, chose competitive multiple XD generate with where can and The following advanced location. effective tracking for imagery period.

achieving partner to using dynamic leader like advantage capabilities. monitoring in and happy SynMax an support with our We're real-time industry competitive them innovative a

in ships quarter, Last utilize Custody with AI-driven emissions partnership satellite announced to analytics worldwide. task available of will also thousands a radio Spire create from constellation automatically to and Service. imagery and we Maritime high-resolution vessels frequency service a collect our This commercially Global surveillance innovative

and estimate vessels, on the time. Our images AI-enabled and board integrate Spectra over to will classify detect software these track cargo activity

illegal activities maritime global identify activity supply help monitor is increasingly Monitoring critical markets. chain and national commodity becoming to and security to

addressing and In opportunity fact, this maritime increased for interest we're demand market growth worldwide this. like partnerships are seeing services through in

#XX. to Moving Slide on

up the to good make progress are imaging of satellites, high-resolution also on deliver include designed Gen-X our During a capability. we quarter, centimeters to SWIR and will to continued which XX imagery

of with includes yesterday, the an replacement, agreement agreement five Lab Rocket satellites initial to expansion deployment of a dedicated In locks our replenishment initial Gen-X our preparation launch of and in for deploy launch the constellation. series to we I'm and forward with XXXX. secure our and our constellation capacity in Securing of launches. satellites, and best a Gen-X in block for resiliency report happy provide our are we satellites our signed that the capacity missions ensure expanding us with on will of We've when where partnered order operations Rocket needs. this meet to satellite successful launch want and of to to looking agility customer This Lab

summary, In and bookings QX the was by first the that improving half growth, operating continuing highlighted we're performance the strong quarter, during year. another leverage strong of delivery pleased of revenue

quarterly in go to to I'll now detail. financial over through turn the it Henry? Henry results more

Henry Dubois

results. and our I'm with financial our morning, good Thank we've you, quarter Brian, business pleased of across execution the second everyone. made aspects many with and

was $X a XXXX in as the revenue revenue came revenue million up to began over $X.X of $XX.X prior few some of compared $XXX,XXX XX% last of year driven prior the quarter. quarter. Imagery projects few $XX.X XX% quarter imagery the greater primarily volumes year Beginning timing million with in Total customers prior #XX. quarter Professional the and large an new million, programs Analytics of R&D was increase decrease and second delivered worldwide. or end. year services million, by second XXXX increase ramp Slide to the from while The over of was primarily for period, to $X.X million due engineering to a grew projects this year, year to a to of

these completion. and can on of types depending Keep projects in from significantly fluctuate project's estimated revenues largely of recognized and mind, are milestone-based quarter-over-quarter a percentage cost

cost of Turning to sales.

demonstrate in our operating Slide Imagery to as continue #XX. strong on We Analytics and leverage business, shown

$XX.X sales cost compared depreciation Excluding XXXX small of increase first million was of million $XXX,XXX Imagery stock-based and track million the to in This Analytics of further margins demonstrates the incremental record XX% expenses, margin amortization and first of on sales $X.X the first our growth year in the half half performance results with a prior contribution revenue consistent in cost half leverage. in in of a line The the incremental high strong the compensation, $X for and is XXXX. in contribution of and year. operating of of

and services point. continue incremental each BlackSky's that low has of inherently business cost these and marginal core results We've that to Imagery always an Analytics for said dollar prove received,

they to we sales, also these a we our projects, want to customer accounting cost by point flows and corporate for and capabilities. contracts build capitalized. partially relationships I long-term total to of treatment strategic enable and also Gen-X lead Since helps project to portion that on the our with engineering efforts offsetting due the funded cash R&D, which quarter customers, of that can benefit funded to be second rather generate out on of for just and development is XXXX, of Imagery the to these incurred $X.X R&D that than costs services. with Analytics expensed not professional the subscription primarily million government-funded has CapEx service for customers satellite incurred the the needs expense investments This an revenue us

As than a the P&L portion the balance result, rather costs sheet. our hit development of the

talk to about Let's Slide and move operating expenses. briefly #XX

performance compensation stock-based amortization our and for This compare underlying business. rates refer which having and cloud noncash For enables cost to without expenses. the us to approach the items depreciation expenses, this operating of excludes business the will I run cash discussion, and the year-over-year

last $X.X compared sales or XXXX, of million order our QX the new operating greater million continue software and million cash $XX.X XX% to primarily support expansion of in expenses to year-over-year the platform of team AI cash opportunities were This year. For in expenses increase due was in our of on operating the in market quarter capture second to our customers to analytics. development with further to $XX.X

growth rate in and growth the slide, than growth fraction on see rate revenues. analytic significantly and operating can for a is you imagery of most revenue importantly, expenses our as addition, our In lower cash our

Slide to #XX. Turning

we offsetting in as the impact, of mind, Without improvement this an period. margins, increase driven million. just previously service $X.X was of strong small business and $X.X at our incurred million reported would delivered significantly revenue contribution loss by our in quarter EBITDA reported and XX% expense incremental Keep over have operating loss of XXXX, For we prior Analytics cash million, Imagery in primarily engineering the we the in expenses. past growth a the costs, an quarter, adjusted discussed. adjusted second EBITDA a year million improvement high this year-over-year loss $X.X Services The $X.X to professional

balance $XX.X short-term restricted cash the second ended million our and of investments. with We sheet. XXXX quarter Regarding of cash,

capital $XX.X Gen-X total first brings our the capabilities. this are Our expenditures half in were software and million. our of AI constellation our XXXX primarily million investments satellite and CapEx $XX.X for quarter of the advance to enhance second to year These

sufficient and closely we needs the to cash liquidity and manage for for continue these investments future. have We believe our foreseeable

let's XXXX #XX. Slide on Now our on outlook, to shown as move

our a We We're QX our cost global continued expansion demand adjusted of EBITDA realizing and with continue on we've and to our this focus for remain positive high-margin business, expected is coupled profitable Imagery This the in growth number of responsibly. year. imagery managing on capabilities evidenced and achieve new growth result strong and to track Analytics on of our see in focused revenue by analytic highly won. recently agreements as

sizable number several multiyear we contracts. are revenue, a actively with major working On new customers on of

procurement long for some uncertainty this timing deals surrounding cycles. the there these of with degree revenues However, is typical is associated nature, as of of

low we XXXX and adjusted outlook expect we to QX million. the can $XX revenue of $XX the range, this be positive introduce of to between EBITDA in this achieve this million our Even As revenue at widening year. end are range quarter-to-quarter variability,

year $XX continue we as satellites $XX addition, and expectation to we our for and our be expenditures In invest Spectra are million software. our capital building AI-driven maintaining between XXXX Gen-X full million further to enhancing in

we've the in now Brian for it to pleased our over financial some I'll performance we're and aspects remarks. our summary, progress Brian? made with turn of second back closing In that, With quarter many the business. across

Brian O’Toole

our has quarter of Henry. number turn the increasing an with are momentum mission-critical continue products strong their intelligence BlackSky we we as second see second and we you, half the Demand services carrying defense the and and the of pleased In higher Thank closing, for for are performance to into never to needs. been year. customers

Our AI-enabled unique essential and what in around the capability for the analytics high-frequency is us and hourly missions differentiates national is becoming security monitoring world. market an

Our large translated are is pipeline and which this customers. and converting sales a strategic has strategy of on this to dividends we contracts successfully long-term market sizable as opportunities, highly into into focus paying demand increased growing with multiyear

high-margin and model is fourth EBITDA our to business cost from sales achieve positive Analytics in management, prudent the and revenue us and quarter combined adjusted The has operating track on growth Imagery leverage the beyond. our with of responsible demonstrating and

to profitable continue focus our growth, in the provide on our is in the value invest meet long-term needs. to While that we future technologies long-term highest and customers'

satellites, track to to our initial demand of high-resolution We growing of meet year. the expansion AI, and constellation forward for include while look for capabilities advancing on these in expertise our Gen-X next space phase next are the to strong We architecture deployment our which capabilities. remain very

team that on their as and on to to world our work BlackSky around Finally, to for to commitments hard the BlackSky. the they come thank dedication every I rely have day work customers want deliver entire

on and these being We proud importantly, our the are and the a events country capabilities partnered security shine to our that are used be of to that allies threaten with our all very around customers light world. most

for questions. remarks and concludes your This call, we'll our now the take

Operator

Jaeson [Operator Lake Instructions] of comes from question Our Schmidt first Street. line the with

Jaeson Schmidt

later that want to expected contributing getting is you start this had time if right contracts the that are until you year? with Just to that just or to won't this previously guidance. to previously pushed this the updated had guys start related close that contracts won Curious at more

Brian O’Toole

related thanks for contracts. It's primarily the and renewals it's to question. both timing, Jaeson, new and

mentioned, on takes major this contracts too, as working the it new of is nature case of new sales -- we're that of number cycle So we several longer, with sometimes contracts, especially, we're of government especially actively customers a contracts internationally. customers, sizable and

So this quarter-to-quarter. can introduce variability

our guidance here that So that's to why we've variability. for address ultimately widened

Jaeson Schmidt

following Okay. or you're I that, contracts just up pipeline customers primarily mean Understood. then on online? expanding are coming in those that customers existing of negotiations with at And with, looking new

Brian O’Toole

several with There both. of also contracts are contracts, several new but Combination customers. expansion

Operator

Bank. comes from next Yu the of Our with Edison line Deutsche question

Xin Yu

would the of does you have year a I any time obviously ones? $XX the lot how the through you on of was or flowing renewal, the or the give of bigger side, wondering, on you either this frame cadence of next? For booking momentum some start sort sense million can this example, recognize how

Brian O’Toole

Yes. Thanks, Edison.

stated, of multiyear we contracts are I these think as many contracts subscription-based. are and

these And of those of in contracts are cases, as will to they where be capacity, quarterly capacity. couple a type to access contracts the recognized to basis that capacity some subscribe deliver course take-or-pay so year they our on pay that and we over start and period

Xin Yu

on the how commercial thoughts I talk seeing a you're just slowdown they not, sounds side. just And the end It government All the speaking, each of then has side? broadly Can like there on guess been right. competitors maybe the decent seeing about markets you it's but one any of Is your amount various to think out I more compare that as other?. around case?

Brian O’Toole

for defense We're core We've slowdown been global products markets. there's intelligence focused you services. that the And our we've growing seeing we're know, sector. market primarily clear in not as and rapidly and demand and Yes. seeing a -- our where on been

the the for our paying been is and see sales quality can pipeline, of this bookings always of has off strategy, our base. this And growth focus customer and you so the our us, in of growth as our

demand there. strategy and our continuing to been along, So see this strong all has we're

Xin Yu

on one see X Do Great. to X. Gen contract. of have any how the great the many And Rocket contemplating I more you in Obviously, be Gen next sneak sense for may you Lab year? if could

Brian O’Toole

-- we in said time. We what we've to, replace we'll on have as expand need orbit replenish over we Edison, deploy satellites we will have and as the and that to past,

a those will satellites. get closer And an we'll commenced and on we've to into and of production deployments how pipeline as many. So provide we year, Gen-X update of get timing next

Operator

Our Benchmark next question comes Josh with from Sullivan The of the Company. line

Joshua Sullivan

These contract rate Xx you recompete does renewal previous look or one. next $XX renewals, the mentioned almost million over the the your like renewal What XX months?

Brian O’Toole

Josh, I would with our that renew over a say expand expanding. us. the initial through mentioned, have. go where of typically most And no they pilot customers generally, almost all the We're with churn seeing we cases, in and process we with majority they I an customers that as they're time. And start capability

Joshua Sullivan

is as cost EBITDA as far point then to of there? target, is how you much of volume? Or get that the that at breakeven And how much controlled by this

Henry Dubois

on cost way we Henry. is -- at it all question. mean we been our The it's is responsible this I for look management that have Thanks Josh, along.

But So we're need where don't do very people. need. continuing are, that and our grow we comfortable and hire ahead to of are we to we with

positive so our in feel we'll have expecting throughout we're that that some be will it revenue And QX. of looking guidance, half, this we I see EBITDA in growing year. be you mean do way with hitting comfortable we're rest we growth that but the is second at the the as we

Joshua Sullivan

And how between how like? does one the What look are maybe then interest Spire? evolving? one, And the with customer Spire is value relationship last you and the yourself just sharing

Brian O’Toole

capabilities solutions high-frequency imaging combine in offer with we're Josh, address in that mentioned, Yes, and that worldwide, capabilities national we really type as significant AI important order software the to we interest need, particularly sector. Spectra it's in the seeing platform. Spire our And to analytics maritime-related RF with AI security through

offering So those bringing the around in process that and the joint bringing are to customers market to of world. we

Operator

from question of line the WestPark Greg Capital. next comes Mesniaeff Our with

Greg Mesniaeff

have As your subscription you regarding and episodic you contracts talk your as customers opposed in frequency changes the terms commitments renew, adjustments that about volume? ordering can into to to or put any

Brian O’Toole

question, Thanks for the Greg.

these on you agreements can them I have capacity that basis a larger to quarterly capacity access type subscribing as they subscription. of their certain part of a think of -- most are they're as renewals where take-or-pay amount to of think and

gives where very it and good revenue visibility so a when those need capacity. subscription-based customers us And and into our

Operator

B. question Riley next comes Securities. Our line of with Instructions] the from Boss [Operator Griffin

Griffin Boss

to back launches, operations entered thinking mentioned to in back the already that launch within So revenue-generating hours, selling March, capacity was. think, you're your just X. Gen-X And Gen XX I satellite you for it

about sort of with day a where new capabilities after up essentially are is you points but to replace thinking new would understand inflection as be this firing revenue we're and going part it existing is customers? Gen-X deployments, future much I when So capacity Or launch, contracts you of not launches to generally, capacity, these those we so at a correct function? look step

Brian O’Toole

initially, the will replace way capacity. is at to it, existing look Gen-X these Griffin, think I satellites

as of you'll been So years. growth the experiencing continued revenue we've couple in see last

continue. that So will

a will years, step we a the certain over you capacity related level As to contracts. reach begin coming see Gen-X certain of to function

Griffin Boss

question Spire go-to-market on separate Spectra platform and with Spire? service strategy the I Okay. this previous to the back you Is And this? then get What's clarification. sold an jump from Understood. feature to or to the as wanted both a add-on and

Brian O’Toole

customers. add-on targeted to an feature it's and the we're bringing our capability Spectra existing that It's and platform to a

Operator

the And Henry our question Quilty with Space. comes line next from Caleb of

Caleb Henry

like all of of Rocket the questions. Gen of Gen sounds X. it the on of X. topic launches not wording couple want the deal, I to The Lab for A revisit are kind also

some you spares even up. moving Gen-X Gen Just continued could wondering to guys of clarify or if decided if that means have production X before you launch

Brian O’Toole

the of and capability. different and Lab, aspect for those types Well, we satellites to, when general are the Rocket launches we primarily, that capacity can deal Gen-X want is of deploy but where with

Caleb Henry

where a a impacting that We've about the of lot environment been for having on well impact SkySats solar as just operations you're weather spacecraft atmosphere just constellation to an on an solar with and the then impact fleet Earth others. There's current in that's been having orbit? question of the lifetimes inflated planning your it's Is context. And Okay. and and low current X Gen as operators. seen has kind an this be

Brian O’Toole

of constellation significant And are last entering years just we've couple environment objectives, of performing capacity satellites course point type deployed and of is in in as me meet reaching over some designed where with our our our and the have the with of end Let a start to point we've incrementally this time we're deployed the deal constellation those where healthy satellites growth and that life. expected. to We space. reached of now of amount

seeing replace those as you'll Gen the we with we really reflected contract So just made progress in on the signed Lab and Rocket start us X.

Caleb Henry

can higher that talk the resolution are expect And capacity of you Okay. that the but area satellites, be comes at Gen surface then sometimes X that slightly understand higher you bigger covered. that there have? can resolution a I typically, expense imaging a will about --

I So was if you just some wondering can on color share that.

Brian O’Toole

similar have also up capability. mentioned, they Gen-X But have include will a increased and will you volumetric to satellites as XX will capacity to IR our resolution The satellites. centimeters short-wave

Caleb Henry

use Conference think, a other announced last BlackSky for larger question, And LeoStella Gen what Utah. bus the the new Sat a to in day, Is X? had quick Small that plans just Okay. I then one, for

Brian O’Toole

their but with progress something LeoStella, of Gen JV in technology, company, technology of partner advantage business. is X as that I seeing part bus our that as we take investor and you're what a is in can of over strategic utilizing different time type a think

Operator

Aly. Investor no further I'll Bonilla, And at to Relations. ahead, it this are back questions. over Aly President BlackSky's time, Vice of turn there Go

Aly Bonilla

joining you. to want call for everybody on the Thank today. I thank us

conferences, day, several in and again we to to great speaking a soon. investor Have participating everybody. you be will look We upcoming forward

Operator

and lines may Thank participation. And you conference, your today's this you this concludes time. your disconnect for at

BlackSky Technology (BKSY) 9 Aug 232023 Q2 Earnings call transcript