The satellite images and geospatial information provider began trading on the NYSE on Friday. This is a day after closing a merger with a special purpose acquisition firm.
The SPAC deal set free $283 million in the capital that the firm intends to spend for –
- Hiring people
- Building and launching satellites
- Developing more advanced statistics analytics software
An instantaneous aim is to expand BlackSky’s sales and marketing processes, says Brian. “We are noticing a lot of demand in the market, both in the government and the industrial sector so we are developing a reseller network and sales teams.”
As a public firm, BlackSky will be under tension to show it can meet ambitious expansion targets. It forecasts to earn $40 million this year and is predicting to more than double that amount next year, adds Brian.
Over 90% of the firm’s sales presently are from government contracts. Mainly from the following –
Next year the firm anticipates winning more defense and intelligence contracts however, also signs up new industrial clients, says Brian.
BlackSky has six satellites in orbit. Six further are now lying at Rocket Lab’s launch site in New Zealand awaiting launch opportunities later this month. This is after the nation lifts a Covid – 19 lockdown.
BlackSky’s service brings in information from its own satellites and from other sources. It blends visual imagery with information like –
- Synthetic aperture radar
- Radio-frequency mapping
- Internet of Things feeds
Brian mentions that the firm saw an uptick in deals through the Covid – 19 pandemic. This is because government organizations moved to telework and required a platform that experts could access from home. “And we are noticing it pretty much across most of the industries that we are discussing with right now.”