Annual report [Section 13 and 15(d), not S-K Item 405]

Related Party Transactions

v3.25.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
21. Related Party Transactions
A summary of the Company’s related party transactions during the years ended December 31, 2024 and 2023 is presented below:
Amount Due to Related Party as of
Total Payments in the Years Ended December 31, December 31, December 31,
Nature of Relationship 2024 2023 2024 2023
Name Description of the Transactions (in thousands)
LeoStella(1)
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.
$ 27,127  $ 23,910 
N/A
 $ 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. 500  458  42  42 
Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 5,560  8,092  —  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.
 570  375  25,072  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.
 1,844  1,042  67,962  61,785 
(1) For the year ended December 31, 2024, the total payments to LeoStella presented are from January 1, 2024 through the acquisition date of November 6, 2024. Subsequent to the acquisition date, all payments to and from LeoStella are considered intercompany transactions and are eliminated in consolidation.
The Company recorded revenue from related parties of $4.3 million and $11.5 million for the years ended December 31, 2024 and 2023, respectively. Accounts receivable from related parties was $0 as of December 31, 2024 and December 31, 2023.
Interest on the term loan facility is accrued and is due semi-annually. The Company made interest payments of $2.4 million and $1.0 million during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had interest due to related parties of $1.9 million, of which $0.4 million is to be paid as cash interest on a semi-annual basis and was included in other current liabilities and $1.5 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.