BlackSky Technology Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Revenues (Tables)

Revenues (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Accounts Receivable on the Basis of Customers

As of September 30, 2021 and December 31, 2020, accounts receivable consisted of the following:


	September 30, 2021		December 31, 2020
	(in thousands)
U.S. federal government and agencies	$	4,584	$	1,335
Commercial and other		325		1,568
Allowance for doubtful accounts		—		—

Total accounts receivable	$	4,909	$	2,903

Accounts receivable for the years ended December 31, 2020 and 2019 is as follows:


	December 31,
	2020		2019
	(in thousands)
U.S. federal government and agencies	$	1,335	$	3,349
Commercial and other		1,568		979
Allowance for doubtful accounts		—		—

Total accounts receivable	$	2,903	$	4,328

Summary of Cumulative Adjustment Made to Balance Sheet due to Changes in Accounting for Incremental Costs of Obtaining Contracts with Customers

The cumulative effect of changes made to the consolidated January 1, 2020 balance sheet for the adoption of ASC 606 was primarily due to accounting for incremental costs to obtain contracts, comprised of contract commissions and changes in recognition of product revenues for long-term engineering and integration construction contracts which were previously recognized based on contract milestones achieved and, upon adoption of ASC 606, are recognized over time using the

cost-to-cost

method to measure progress. The adjustments are as follows:


	Balance at December 31, 2019			Adjustments due to ASC 606			Balance at January 1, 2020
	(in thousands)
Assets
Contract assets	$	—		$	337		$	337

Total current assets		65,863			337			66,200
Contract assets - long-term		—			281			281

Total assets	$	163,364		$	618		$	163,982

Liabilities and stockholders’ deficit
Contract liabilities	$	7,952		$	214		$	8,166

Total current liabilities		100,300			214			100,514
Contract liabilities - long-term		—			1,054			1,054

Total liabilities		181,659			1,268			182,927
Accumulated deficit		(203,799	)		(650	)		(204,449	)

Total stockholders’ deficit		(189,616	)		(650	)		(190,266	)

Total liabilities and stockholders’ deficit	$	163,364		$	618		$	163,982

Summary of Cumulative Adjustment Made to Consolidated Income Statement due to Changes in Accounting for Incremental Costs of Obtaining Contracts with Customers

Consolidated Statement of Operations


	Year ended December 31, 2020
	As Reported (ASC 606)			As Adjusted (ASC 605)
Revenues
Services	$	18,737		$	18,737
Products		2,398			2,025
Costs and expenses:
Service costs, excluding depreciation and amortization		13,331			13,331
Product costs, excluding depreciation and amortization		10,535			10,535
Selling, general and administrative		28,606			28,472
Operating loss	$	(41,395	)	$	(41,634	)

Summary of Cumulative Adjustment Made to Consolidated Cash Flow Statement due to Changes in Accounting for Incremental Costs of Obtaining Contracts with Customers

Consolidated Statement of Cash Flows


	Year ended December 31, 2020
	As Reported (ASC 606)			As Adjusted (ASC 605)
Cash flows used in operating activities
Net loss	$	(19,535	)	$	(19,774	)
Gain/(loss) from discontinued operations, net of tax		28,185			28,185

Loss from continuing operations		(47,720	)		(47,959	)
Changes in operating assets and liabilities:
Contract assets		(3,796	)		(3,515	)
Contract liabilities - current and long-term		9,019			8,512

Cash flows used in operating activities - continuing operations		(15,300	)		(15,300	)
Cash flows (used in) operating activities - discontinued operations		(16,374	)		(16,374	)

Net cash used in operating activities		(31,674	)		(31,674	)

Schedules of Concentration of Risk, by Risk Factor

Revenue from significant customers for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
U.S. federal government and agencies	$	6,590	$	3,831	$	18,897	$	11,699
Commercial and other		1,347		1,486		3,699		3,029

Total revenues	$	7,937	$	5,317	$	22,596	$	14,728

Reporting Date [Member]

Disaggregation of Revenue [Line Items]

Summary of Cumulative Adjustment Made to Balance Sheet due to Changes in Accounting for Incremental Costs of Obtaining Contracts with Customers

Consolidated Balance Sheet


	As Reported (ASC 606)			As Adjusted (ASC 605)
	(in thousands)
Contract assets	$	3,796		$	3,515
Contract liabilities - current		14,537			14,030
Contract liabilities - long-term		2,559			2,559
Accumulated deficit		(223,984	)		(223,196	)

Product Basis [Member]

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Revenue

The following table disaggregates revenue by type of imagery & software analytical services and engineering & integration for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
	(in thousands)					(in thousands)
Imagery	$	2,773	$	814		$	5,621	$	1,222
Data, software and analytics		3,756		4,720			12,023		12,038
Engineering & integration		1,408		(217	)		4,952		1,468

Total revenues	$	7,937	$	5,317		$	22,596	$	14,728

The following table disaggregates revenue by type of products and services for the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
	(in thousands)
Imagery	$	3,005	$	623
Data, software and analytics		15,732		12,702
Engineering and integration		2,398		388

Total revenues	$	21,135	$	13,713

Geographical Basis [Member]

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Revenue

The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
US	$	6,704	$	3,875	$	19,063	$	11,853
Middle East		607		1,249		1,987		2,446
Asia		343		183		1,113		397
Other		283		10		433		32

Total revenues	$	7,937	$	5,317	$	22,596	$	14,728

The approximate revenue based on geographic location of customers for the years ended December 31, 2020 and 2019 is as follows:


	Year Ended December 31,
	2020		2019
	(in thousands)
US	$	17,239	$	11,908
Middle East		3,185		1,537
Asia		668		268
Other		43		—

Total revenues	$	21,135	$	13,713

Customer Basis [Member]

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Revenue

Revenue from significant customers for the three and nine months ended September 30, 2021 and 2020 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
U.S. federal government and agencies	$	6,590	$	3,831	$	18,897	$	11,699
Commercial and other		1,347		1,486		3,699		3,029

Total revenues	$	7,937	$	5,317	$	22,596	$	14,728

Revenues from significant customers for the years ended December 31, 2020 and 2019 is as follows:


	Year Ended December 31,
	2020		2019
	(in thousands)
U.S. federal government and agencies	$	17,050	$	11,680
Commercial and other		4,085		2,033

Total revenues	$	21,135	$	13,713

Based on Timing of Transfer of Goods and Services [Member]

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Revenue

The following table disaggregates revenue for the three and nine months ended September 30, 2021 and 2020 by when control is transferred:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Point in time	$	3,104	$	2,128	$	7,565	$	3,300
Over time		4,833		3,189		15,031		11,428

Total revenues	$	7,937	$	5,317	$	22,596	$	14,728

The following table disaggregates revenue by when control is transferred for the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Point in time	$	5,405	$	2,505
Over time		15,730		11,208

Total revenues	$	21,135	$	13,713