Dado ese comunicado, ya sabemos más o menos cómo ha ido el 1er Semestre.
Una vez cierren la "Oferta de Bonos Convertibles" han de comunicar cómo queda finalmente el pasivo de la empresa, cuánto se ahorran al refinanciar los 103 M vía bonos respecto al sistema de financiación actual, a qué van a dedicar los nuevos fondos que excedan los 103 M así como los planes de crecimiento y estimación de alcanzar la rentabilidad económica.
"BlackSky Technology Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $185 million aggregate principal amount of 8.25% Convertible Senior Notes due 2033."
De lo que leo x ahí, el tipo de interés de un "Crédito RevolvIng corporativo en USA" va del 6 al 26%. Y revisando el posteo #174, allí BackSky reporta unos gastos financieros de 12'2 M, con lo que si aproximamos, estaría pagando en torno a un 12% x el "crédito revolving", es decir, los nuevos bonos le generan un ahorro 3'7 M en intereses x año. Aunque en realidad no va a ahorrar nada, todo lo contrario, xq va a estar más endeudada y sus gastos financieros pasarán de 12'2 M a 15'72 M x año
La realidad es que está entrada de capital (103 M de refinanciación y el resto para crecimiento) es un espaldarazo enorme para BlackSky.
En línea habitual en los últimos tiempos, de no se da detalles de cliente, importe ni duración de la subscripción. Pero un nuevo contrato es un nuevo contrato.
Ventas "planas" xq lo que baja en el Q2 se compensa con lo que sube en el H1. Ventas x geografía Ventas x tipo de Cliente
Ventas esperadas fin de ejercicio en curso, año que viene, y siguientes etc. en función de los compromisos adquiridos. Backlog
Backlog represents the future sales the Company expects to recognize on firm orders it receives and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of June 30, 2025, the Company had $356.3 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $45.7 million, $64.9 million, and $245.7 million in the six months ended December 31, 2025, fiscal year 2026, and thereafter, respectively.
Hay un "cargo" x derivados (un "ajuste contable" ó "unrealized gain or loss") que en esta ocasión ha hecho un "roto" de 24'35 M (cuando hace 1 año le genero un "abono" x 5'27 M. Al pie detalle del mismo). Sin ese cargo la perdidas hubiesen sido de 16´8 M.
(Loss) gain on derivatives
Fluctuations in our equity warrants and other equity instruments that we classify as derivative liabilities in the unaudited condensed consolidated balance sheets and measure at fair value are significantly driven by our common stock price. Fluctuations to these instruments are inversely related to changes in our common stock price, the volatility of the markets, and the duration of the equity warrants. The gains or losses recognized in the period are non-cash fair value adjustments. These instruments generated a loss during the three and six months ended June 30, 2025 versus a gain during the three and six months ended June 30, 2024.
En cuanto al Activo No Corriente:
Investing activities
The change in net cash used in investing activities was primarily due to increased purchases of short-term investments in government securities of $57.0 million during the six months ended June 30, 2025 compared to $13.5 million of purchases during the six months ended June 30, 2024.
We continue to have significant cash outflows for satellite procurement and launch related services and incur labor costs for internally developed capitalized software as we add innovative new services and tools to our BlackSky Spectra software platform and our corporate business and operational systems. The total amount paid for capital expenditures decreased during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease resulted from payments to LeoStella as a third party in 2024 as compared to the internal
operation costs with LeoStella consolidated as a wholly-owned subsidiary in 2025. We expect for cash outflows for satellite production to increase as we continue to build out our Gen-3 constellation
Por otro lado, en cuanto a la deuda, indican:
In November 2024, we acquired the remaining 50% of common units of LeoStella LLC (“LeoStella”) and LeoStella became a wholly-owned subsidiary of BlackSky. The acquisition allows us to improve control over the Gen-3 satellite supply chain and production operations. This vertical integration enables us to control our satellites through the entire design, manufacturing, and operation process and optimize performance per unit cost. LeoStella's financial results have been included in our operating results for the period following the acquisition date.
In July 2025, we issued $185.0 million principal amount of Convertible Notes due August 1, 2033 (the “Convertible Notes”) in a private offering. In addition, we repaid all principal and accrued interest from the loans from related parties and the commercial bank line. See "—Liquidity" and Note 9 for further detail.
En resumen: la reciente emisión de bonos convertibles les permite centrarse en su supervivencia económica: reducir costes, aumentar ventas como mínimo en un 50%, añadir valor a sus productos y/o desarrollar nuevos productos. Capitaliza 600 M, con un activo ligeramente x encima de 350 M, x lo que ya está en precio, y con cash en caja para rato, centrada en lo relevante. Salud
Si el coste extra de LeoStella es una buena inversión a futuro para todas sus constelaciones...
El primer semestre de 2026 es donde espero un salto de ingresos y Ebitda, con 8 GEN3 ya en activos...se viene este final de año, muy activo en lanzamientos...
