BlackSky posted an adjusted EBITDA loss of $4.6 million for the fourth quarter, down 68% from the same period a year earlier and lower than the $6.5 million loss it reported for the third quarter. Revenue rose 69% year over year to $19.4 million.
The company had $75 million in cash on hand at the end of the fourth quarter and announced plans to raise more funds through a sale of 16.4 million shares of common stock to "a syndicate of new and existing institutional investors." BlackSky expects the private placement to close on Wednesday, generating about $29.5 million in gross proceeds.
Shares of BlackSky fell about 4% in early trading Tuesday from its previous close of $1.93. The stock is up nearly 20% this year, but remains well below its public debut in September 2021 of nearly $11 a share.BlackSky expects to approach $100 million in annual revenue in 2023, forecasting a range between $90 million and $96 million for the year ahead.
It announced a multiyear defense contract worth over $150 million for an unnamed international government customer. Last year, BlackSky was
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