Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
12. Related Party Transactions
A summary of the Company’s related party transactions during the nine months ended September 30, 2024 and 2023 is presented below:
Amount Due to Related Party as of
Total Payments in the Nine Months Ended September 30, September 30, December 31,
Nature of Relationship 2024 2023 2024 2023
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. $ 23,422  $ 14,731  $ —  $ 10,843 
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. 417  333  —  42 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 3,666  4,459  —  750 
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.
 277  —  23,900  22,793 
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.
 1,050  —  64,783  61,785 
The Company recorded revenue from related parties of $0.4 million and $3.9 million for the three and nine months ended September 30, 2024, respectively. The Company did not record revenue from related parties for
the three and nine months ended September 30, 2023. Accounts receivable from related parties was $0 as of September 30, 2024 and December 31, 2023.
Interest on the term loan facility is accrued and is due semi-annually. The Company made interest payments of $1.0 million during the nine months ended September 30, 2024. The Company did not make any interest payments during the three months ended September 30, 2024 or during the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had interest due to related parties of $4.5 million, of which $0.9 million is to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $3.6 million is paid in kind as principal due on the maturity date and was included in other liabilities. As of December 31, 2023, the Company had interest due to related parties of $1.7 million, of which $0.3 million was included in other current liabilities and $1.4 million was included in other liabilities.