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13. Related Party Transactions
A summary of the Company’s related party transactions during the three months ended March 31, 2025 and 2024 is presented below:
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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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2025 |
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2024 |
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2025 |
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2024 |
| Name |
Description of the Transactions |
(in thousands) |
LeoStella |
Former Joint Venture with Thales Alenia Space |
The Company owned 50% of LeoStella, its joint venture with Thales. The Company contracted with LeoStella for the design, development and manufacture of satellites to operate its business. In November 2024, the Company acquired the remaining 50% of common units of LeoStella and LeoStella became a wholly-owned subsidiary of BlackSky. |
N/A |
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$ |
11,893 |
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N/A |
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N/A |
| 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. |
$ |
125 |
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125 |
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— |
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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. |
— |
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750 |
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722 |
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| 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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25,072 |
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25,072 |
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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. |
220 |
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67,962 |
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67,962 |
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The Company recorded revenue from related parties of $9.7 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the amounts due from related parties were not significant.
Interest on the term loan facility is accrued and is due semi-annually. The Company did not make any interest payments during the three months ended March 31, 2025 or 2024. As of March 31, 2025, the Company had interest due to related parties of $4.7 million, of which $1.0 million is to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $3.7 million is paid in kind as principal due on the maturity date and was included in other liabilities. As of December 31, 2024, the Company had interest due to related parties of $1.9 million, of which $0.4 million was included in other current liabilities and $1.5 million was included in other liabilities.
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