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- TK (8/16/22)
TK (8/16/22)
Ryan Duffy
August 16, 2022
Good morning, and happy Tuesday. Welcome to all of you first-time Payload readers who are joining us after seeing our guest post in yesterday’s Not Boring newsletter. We’re pumped to welcome you into the Payload family.
In today's newsletter:🛰️ BlackSky Q2🎧 Pathfinder #0012🔁 On the move
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Unpacking BlackSky's Q2
Last week, BlackSky ($BKSY) reported Q2 financial results, riding on the back of some key contract wins and a big new integration. “We have strong momentum across all aspects of our business,” BlackSky CEO Brian O’Toole told Payload in an interview.
Q2 data at a glance
Revenue was $15.1M, a 105% jump over the prior-year period.
Imagery/software analytical services revenue came out to $13.3M, +161% YoY and 88% of total quarterly revenue.
The Herndon, VA company posted a net loss of $26.3M and an adjusted EBITDA loss of $8.8M
BlackSky ended June with $111.2M in cash. Its Q2 capex was $12.1M and its opex was $27M (vs. $29.8M YoY).
BlackSky attributed a $12.1M YoY opex increase (excluding an $18.4M satellite impairment loss and $300,000 in stock-based compensation) to higher depreciation expense from deploying new satellites; hiring more salespeople, developers, and engineers; and the costs of doing business as a public company.
Looking ahead: Management lifted full-year revenue guidance by $4M to $62M–$66M, and now expects 2022 total capex to come in somewhere in the range of $52M–$56M.
Key wins
BlackSky won a ten-year Electro-Optical Commercial Layer (EOCL) contract worth up to $1B from the National Reconnaissance Office (NRO) in May. In Q2, BlackSky also won a five-year Pentagon AI contract worth up to $241M. Finally, the company also inked an integration partnership contract with geospatial provider Esri. Users of the geospatial intelligence platform will be able to task BlackSky birds through a cloud-based app.
And now…
…let’s hear from the head honcho himself. On Aug. 3, we briefly touched base with CEO Brian O’Toole to digest BlackSky’s Q2 and get a glimpse of the company’s outlook for the rest of 2022.
Pathfinder #0012, featuring Emiliano Kargieman
Image: Courtnie Lewis
On today’s Pathfinder, we sit down with Emiliano Kargieman, who is CEO and cofounder of Satellogic ($SATL). The Buenos Aires-based, ~$500M nanosat operator is developing a LEO constellation and aims to develop a high-res, live catalog of Earth.
Satellogic launched nine satellites on SpaceX’s Transporter-4 and -5 missions in April and May, bringing its fleet total to 26 operational satellites.
By the end of 2023, Satellogic hopes to have 60+ satellites in orbit (and 200+ by 2025).
The company made $4.2M in 2021, the year it began selling and delivering imagery to customers.
Today’s Pathfinder is brought to you by SpiderOak Mission Systems, an industry leader in cybersecurity. Check out the company’s space cyber whitepaper here.
Sneak peek of what we ask Emiliano
What collection advantages do satellites have over planes, drones, or on-site sensors/measurements?
Technology has come a long way since 2010, bending cost curves downward to make businesses like yours possible (though not yet proven or profitable). What tech, financial, or regulatory constraints are still holding you back?
Satellogic went public via SPAC in January. Do you have any regrets about the merger or do you still think was it the right move?
Define space-as-a-service. And what does Satellogic mean when it talks about dedicated satellite constellations?
As a non-US company, what sorts of limitations does Washington put on your business, with respect to national security and government contract dealings?
What have you learned operating over Ukraine, in the nearly six months since the war started?
Any advice for budding engineers or entrepreneurs from the Global South who want to break into space?
Where to get Pathfinder #0012
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In Other News
Aerojet Rocketdyne ($AJRD) opened a new $13.5M solid motor manufacturing plant in Arkansas.
Europa Clipper assembly has kicked “into high gear,” per JPL. The spacecraft is set to be launched to Europa, one of Jupiter’s moons, in Oct. 2024.
AST SpaceMobile ($ASTS) ended Q2 with $202.4M in cash on hand, and reported $35.4M in operating expenses during the quarter.
IonQ ($IONQ) reported $2.6M in Q2 revenue (vs. $93,000 YoY) and a $1.7M net loss. Topping the quantum computing developer’s highlight list was a contract struck with Airbus.
A Belgian researcher said he successfully hacked a Starlink terminal using a $25 homemade circuit board. Lennert Wouters, the researcher, revealed the vulnerability to SpaceX through its bug bounty program.
Rocket Lab ($RKLB) will deliver its 150th satellite to orbit on an upcoming dedicated launch for Japanese EO operator Synspective. The “Owl Spread Its Wings” mission will also be the 30th launch of Electron and will deliver the 300th Rutherford engine to space.
On the Move
Planet ($PL) promoted Donna Prlich, the company’s former VP of market strategy and solutions, to CMO.
Virgin Galactic ($SPCE) appointed former Rolls-Royce exec Matt Boguradzki as VP of sales and strategy.
Loft Orbital added Keith Becker to the team as senior director of embedded systems.
Hydrosat hired Demir Devecigil, former global product lead at the Climate Corporation, as head of product.
Mesirow Investment Banking hired Steve Simon to its investment banking group as a VP. Simon will focus mainly on aerospace and defense, commercial outer space, and industrial clients.
Blue Origin hired Lars Hoffman as VP of national security. Hoffman was previously Senior VP at Rocket Lab.
Spire Global ($SPIR) added Joan Amble to its board of directors. Amble was most recently EVP at American Express.
CASIS, which manages the ISS National Lab, added former NASA CFO David P. Radzanowski to its board of directors.
The SETI Institute voted to add Stephen Trimberger to its board of trustees. Trimberger is a career researcher, and previously held positions at Xilinx and DARPA.
The View from Space
This photo was shot from the ISS on Aug. 9, as the station orbited 260 miles above the Pacific just south of Alaska's Aleutian Islands. Image: NASA Johnson.
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