2023 Q3 Form 10-Q Financial Statement

#000175353923000069 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $21.26M $19.33M
YoY Change 25.54% 27.98%
Cost Of Revenue $6.770M $8.526M
YoY Change -13.06% -12.88%
Gross Profit $14.49M $10.80M
YoY Change 58.4% 103.18%
Gross Profit Margin 68.16% 55.89%
Selling, General & Admin $17.57M $18.77M
YoY Change -6.1% 5.8%
% of Gross Profit 121.27% 173.76%
Research & Development $133.0K $176.0K
YoY Change -32.49% 66.04%
% of Gross Profit 0.92% 1.63%
Depreciation & Amortization $11.31M $11.78M
YoY Change 17.84% 28.32%
% of Gross Profit 78.05% 109.03%
Operating Expenses $17.71M $18.94M
YoY Change -6.37% 6.16%
Operating Profit -$14.52M -$19.92M
YoY Change -25.02% -8.23%
Interest Expense $2.532M $2.242M
YoY Change 106.53% 75.84%
% of Operating Profit
Other Income/Expense, Net $2.000K -$867.0K
YoY Change -114.29% 1964.29%
Pretax Income $813.0K -$33.42M
YoY Change -105.91% 27.19%
Income Tax $138.0K $9.000K
% Of Pretax Income 16.97%
Net Earnings $675.0K -$33.43M
YoY Change -105.17% 27.22%
Net Earnings / Revenue 3.17% -172.98%
Basic Earnings Per Share $0.00 -$0.24
Diluted Earnings Per Share $0.00 -$0.24
COMMON SHARES
Basic Shares Outstanding 140.8M shares 139.3M shares
Diluted Shares Outstanding 138.9M shares 137.2M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.70M $57.68M
YoY Change -43.46% -46.92%
Cash & Equivalents $32.14M $41.10M
Short-Term Investments $17.50M $16.58M
Other Short-Term Assets $7.200M $5.453M
YoY Change -13.48% -19.73%
Inventory
Prepaid Expenses
Receivables $2.714M $7.375M
Other Receivables $1.100M $0.00
Total Short-Term Assets $70.70M $79.15M
YoY Change -34.08% -36.36%
LONG-TERM ASSETS
Property, Plant & Equipment $74.56M $81.61M
YoY Change -4.61% -2.73%
Goodwill $9.393M $9.393M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $6.197M $5.869M
YoY Change 49.33% 13.76%
Other Assets $3.288M $3.272M
YoY Change 96.3% 845.66%
Total Long-Term Assets $142.1M $148.9M
YoY Change 3.65% 8.91%
TOTAL ASSETS
Total Short-Term Assets $70.70M $79.15M
Total Long-Term Assets $142.1M $148.9M
Total Assets $212.8M $228.1M
YoY Change -12.91% -12.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.50M $10.79M
YoY Change -27.98% -22.25%
Accrued Expenses
YoY Change
Deferred Revenue $6.621M $3.154M
YoY Change -26.58% -36.04%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.67M $17.35M
YoY Change -30.33% -25.14%
LONG-TERM LIABILITIES
Long-Term Debt $79.47M $79.41M
YoY Change 8.93% 9.65%
Other Long-Term Liabilities $3.718M $7.022M
YoY Change 29.68% 36.03%
Total Long-Term Liabilities $83.19M $86.44M
YoY Change 9.72% 11.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.67M $17.35M
Total Long-Term Liabilities $83.19M $86.44M
Total Liabilities $120.7M $139.5M
YoY Change 8.78% 18.67%
SHAREHOLDERS EQUITY
Retained Earnings -$595.2M -$595.9M
YoY Change 12.24% 15.21%
Common Stock $14.00K $14.00K
YoY Change 16.67% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.14M $88.55M
YoY Change
Total Liabilities & Shareholders Equity $212.8M $228.1M
YoY Change -12.91% -12.65%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $675.0K -$33.43M
YoY Change -105.17% 27.22%
Depreciation, Depletion And Amortization $11.31M $11.78M
YoY Change 17.84% 28.32%
Cash From Operating Activities -$170.0K $977.0K
YoY Change -98.54% -106.46%
INVESTING ACTIVITIES
Capital Expenditures $3.850M $5.572M
YoY Change -206.47% -265.69%
Acquisitions
YoY Change
Other Investing Activities -$4.430M -$11.60M
YoY Change -61.64% -77.76%
Cash From Investing Activities -$8.270M -$17.17M
YoY Change -45.47% -69.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -510.0K -668.0K
YoY Change 1.19% 61.74%
NET CHANGE
Cash From Operating Activities -170.0K 977.0K
Cash From Investing Activities -8.270M -17.17M
Cash From Financing Activities -510.0K -668.0K
Net Change In Cash -8.950M -16.86M
YoY Change -67.23% -76.27%
FREE CASH FLOW
Cash From Operating Activities -$170.0K $977.0K
Capital Expenditures $3.850M $5.572M
Free Cash Flow -$4.020M -$4.595M
YoY Change -49.9% -60.89%

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23000 usd
bksy Equity Costs Accrued But Not Paid
EquityCostsAccruedButNotPaid
203000 usd
bksy Equity Costs Accrued But Not Paid
EquityCostsAccruedButNotPaid
0 usd
bksy Debt Modification Costs Accrued But Not Paid
DebtModificationCostsAccruedButNotPaid
756000 usd
bksy Debt Modification Costs Accrued But Not Paid
DebtModificationCostsAccruedButNotPaid
0 usd
bksy Settlement Costs
SettlementCosts
36000 usd
bksy Settlement Costs
SettlementCosts
0 usd
bksy Credits From Leo Stella Applied To Satellite Procurement Costs
CreditsFromLeoStellaAppliedToSatelliteProcurementCosts
81000 usd
bksy Credits From Leo Stella Applied To Satellite Procurement Costs
CreditsFromLeoStellaAppliedToSatelliteProcurementCosts
0 usd
CY2023Q2 bksy Number Of Subsidiaries
NumberOfSubsidiaries
2 subsidiary
CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
29400000 usd
bksy Private Placement Transaction Costs
PrivatePlacementTransactionCosts
1500000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="padding-left:18pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could materially differ from these estimates. Significant estimates made by the Company include, but are not limited to, revenue and associated cost recognition, the collectability of accounts receivable, the recoverability and useful lives of property and equipment, the valuation of equity warrants and warrant liabilities, fair value estimates, the recoverability of goodwill and intangible assets, the provision for income taxes, and stock-based compensation.</span></div>
CY2023Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
0 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
0 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
0 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15102000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37724000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19327000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15102000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37724000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19327000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15102000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37724000 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7375000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3112000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
262500000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
40100000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
43900000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
178500000 usd
CY2023Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8643000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5706000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
8643000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
5706000 usd
CY2023Q2 bksy Unbilled Revenue Long Term
UnbilledRevenueLongTerm
2335000 usd
CY2022Q4 bksy Unbilled Revenue Long Term
UnbilledRevenueLongTerm
1287000 usd
CY2023Q2 bksy Other Contract With Customer Asset After Allowance For Credit Loss Noncurrent
OtherContractWithCustomerAssetAfterAllowanceForCreditLossNoncurrent
797000 usd
CY2022Q4 bksy Other Contract With Customer Asset After Allowance For Credit Loss Noncurrent
OtherContractWithCustomerAssetAfterAllowanceForCreditLossNoncurrent
681000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
3132000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
1968000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3154000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6783000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
247000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
109000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
7674000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6892000 usd
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-2892000 usd
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
5616000 usd
bksy Contract With Customer Asset Changes In Contract Assets Net
ContractWithCustomerAssetChangesInContractAssetsNet
8150000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1761000 usd
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
1068000 usd
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
226000 usd
bksy Contract With Customer Asset Cumulative Catch Up Adjustment Arising From Contract Modification
ContractWithCustomerAssetCumulativeCatchUpAdjustmentArisingFromContractModification
205000 usd
bksy Contract With Customer Liability Cumulative Catch Up Adjustment Arising From Contract Modification
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentArisingFromContractModification
0 usd
bksy Contract With Customer Asset Changes Of Contract Costs
ContractWithCustomerAssetChangesOfContractCosts
-116000 usd
bksy Contract With Customer Liability Changes Of Contract Liabilities
ContractWithCustomerLiabilityChangesOfContractLiabilities
138000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
11775000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3401000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
164243000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133523000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
82637000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
61939000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
81606000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
71584000 usd
CY2023Q2 bksy Long Term Debt Gross Current
LongTermDebtGrossCurrent
0 usd
CY2022Q4 bksy Long Term Debt Gross Current
LongTermDebtGrossCurrent
0 usd
CY2023Q2 bksy Long Term Debt Gross Noncurrent
LongTermDebtGrossNoncurrent
80622000 usd
CY2022Q4 bksy Long Term Debt Gross Noncurrent
LongTermDebtGrossNoncurrent
77132000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
80622000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
77132000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1208000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
913000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
79414000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
76219000 usd
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1300000 usd
CY2023Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
78800000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
73200000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
29400000 usd
CY2023Q2 bksy Warrants Issued During Period Strike Price
WarrantsIssuedDuringPeriodStrikePrice
2.20
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
-833000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
-1738000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 usd
CY2023Q2 bksy Other Income Expense
OtherIncomeExpense
-34000 usd
CY2022Q2 bksy Other Income Expense
OtherIncomeExpense
-42000 usd
bksy Other Income Expense
OtherIncomeExpense
-72000 usd
bksy Other Income Expense
OtherIncomeExpense
-40000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-867000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-42000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1810000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-40000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
29400000 usd
bksy Private Placement Transaction Costs
PrivatePlacementTransactionCosts
1500000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-33431000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-26282000 usd
us-gaap Net Income Loss
NetIncomeLoss
-50746000 usd
us-gaap Net Income Loss
NetIncomeLoss
-46274000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137208000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137208000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118112000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
118112000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130712000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130712000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116803000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116803000 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2311000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2986000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5323000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13226000 usd
CY2023Q2 bksy Capitalized Stock Based Compensation
CapitalizedStockBasedCompensation
200000 usd
CY2022Q2 bksy Capitalized Stock Based Compensation
CapitalizedStockBasedCompensation
400000 usd
bksy Capitalized Stock Based Compensation
CapitalizedStockBasedCompensation
400000 usd
bksy Capitalized Stock Based Compensation
CapitalizedStockBasedCompensation
1000000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
400000 usd
CY2023Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
300000 usd
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
1200000 usd

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0001753539-23-000069.txt Edgar Link pending
0001753539-23-000069-xbrl.zip Edgar Link pending
bksy-20230630.htm Edgar Link pending
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blackskyexhibit311june2023.htm Edgar Link pending
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