Satellite imagery company BlackSky ekes out first quarterly profit
Publishing timestamp: 2023-11-08 11:54:35
Summary
BlackSky, a satellite imagery venture, reported its first quarterly profit of $675,000 for the third quarter. This is a significant improvement from the net loss of $13.1 million reported for the same period last year. The company's positive net income was primarily driven by its accounting practices related to "warrant liability exposure." BlackSky also reported a 26% increase in third-quarter revenue compared to the previous year. The company adjusted its 2023 revenue outlook and had a cash and equivalents balance of $51.5 million at the end of the third quarter. However, BlackSky's market cap has decreased since its debut valuation.
Sentiment: POSITIVE
Tickers: BKSY,
Keywords: aerospace and defense industry, business news, earnings, breaking news: technology, transportation, business, breaking news: business, the edge, space industry, technology, blacksky technology inc,
Source: https://www.cnbc.com/2023/11/08/satellite-imagery-blacksky-ekes-out-first-quarterly-profit.html