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BlackSky Offers Strong Operating Leverage, Oppenheimer Says

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BlackSky Technology (BKSY) reported a Q1 revenue miss tied to timing of engineering services while bookings and pipeline are strong and accelerating, Oppenheimer said in a Thursday note.

The report pointed to intelligence revenue that is set to double in the next three quarters and ramp into next year, which is recurring with no churn.

Subscription momentum was the standout in the quarter, with gross margins in the 70% to 80% range, zero churn and six-figure pilots converting into eight-figure contracts, the note said.

The company is targeting about $100 million in space-based intelligence and AI revenue for the year, implying about $35 million in Q4 against $16.5 million this quarter, it added.

"The company has strong operating leverage and is a major beneficiary from falling launch/manufacturing/AI costs as the

space/AI food chain matures with pricing power," the note said.

Oppenheimer raised its price target to $50 from $31 while keeping its outperform rating.

Price: $36.97, Change: $+4.73, Percent Change: +14.67%

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