| Related Party Transactions |
13. Related Party Transactions
A summary of the Company’s related party transactions during the three months ended March 31, 2023 is presented below:
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Amount Due to Related Party as of |
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March 31, |
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December 31, |
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2023 |
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2022 |
| Name |
Nature of Relationship |
Description of the Transactions |
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(in thousands) |
| Seahawk |
Debt Issuer and subsidiary of Thales Alenia Space |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
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$ |
20,787 |
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$ |
20,787 |
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| Intelsat |
Debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
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56,345 |
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56,345 |
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Amount Due to Related Party as of |
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Total Payments in the three months ended March 31, |
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March 31, |
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December 31, |
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Nature of Relationship |
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2023 |
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2022 |
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2023 |
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2022 |
| Name |
Description of the Transactions |
(in thousands) |
| LeoStella |
Joint Venture with Thales Alenia Space |
The Company owns 50% of LeoStella, its joint venture with Thales. The Company contracts with LeoStella for the design, development and manufacture of satellites to operate its business. |
$ |
5,519 |
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$ |
9,697 |
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$ |
2,377 |
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$ |
3,728 |
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| X-Bow |
Equity Method Investee |
In 2017, the Company received stock in X-Bow. As of March 31, 2023, the Company had a less than 20% investment in X-Bow and had one Board seat. The Company has engaged X-Bow to develop a rocket for the Company. |
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| Ursa Space Systems |
Strategic Partner |
The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. |
83 |
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167 |
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42 |
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| Thales Alenia Space |
Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) |
Design, development and manufacture of telescopes. |
3,464 |
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1,892 |
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693 |
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In January 2023, the Company finalized a settlement agreement with LeoStella whereby the Company agreed to pay certain outstanding invoices of $1.4 million and LeoStella agreed to purchase certain satellite testing equipment from the Company for $1.0 million. In February 2023, the Company paid LeoStella $0.4 million, the net amount due under the agreement. Interest on the term loan facility is accrued and is due semi-annually. No significant interest payments were made in the three months ended March 31, 2023 or 2022. The Company had interest due to related parties of $2.9 million and $1.2 million included in other current liabilities as of March 31, 2023 and December 31, 2022, respectively.
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