BlackSky Technology, Inc. (NYSE: BKSY) is a provider of real-time geospatial intelligence solutions. The company is able to provide on-demand, high-frequency imagery, monitoring and analytics of critical locations and assets around the globe. BlackSky is a designer, owner and operator of a leading low earth orbit small satellite constellations, which are optimized for high powered imagery capture.
Shares of the intelligence company are soaring 70% through early trading on Wednesday, May 25, 2022. Over the past three months, BlackSky Technology has seen average daily volume of 922,160 shares. However, volume of 26 million shares or dollar volume of around $52.26 million, has already exchanged hands through early trading.
The geospatial intelligence company saw shares surge after it announced securing a 10-year Electro Optical Commercial Layer (EOCL) contract from the U.S. National Reconnaissance Office (NRO). BlackSky Technology will provide comprehensive imagery services from current and future satellite capabilities, as the U.S. government looks to bolster its next generation support for the most critical missions.
The contract is secured with a base of five years and five 1-year options for additional services over a 10-year period. The contract goes into effect during the second quarter of 2022 and will provide the company with additional growth opportunities through 2032. Financial nature of the contract was not disclosed.
“This contract is a pivotal moment in the expansion of the partnership between commercial space and the U.S. Government. We’re proud to be selected as a long-term trusted mission partner of the NRO,” said Brian O’Toole, BlackSky CEO. “We will continue to enhance our Spectra AI platform and advance our satellite constellation in support of the NRO and our growing customer base around the world.”
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/