Why BlackSky Stock Popped 11% on Tuesday
BlackSky Technology (NYSE: BKSY) shares soared 11.2% through 10:55 a.m. ET Tuesday after the company announced it has just signed a "strategic international defense sector customer" (yet to be identified) to a $100 million spy satellite contract.
BlackSky did mention that its customer is "a long-term strategic partner," so this contract appears to be an extension or an expansion of an existing relationship.
According to management, the new contract will run for seven years, through 2032, and covers the provision of "reliable high-resolution, low-latency current Gen-2 and upcoming Gen-3 imagery and AI-enabled analytics services." BlackSky notes further that this customer will be "among the first" of its customers to receive "very high-resolution 35 cm imagery and sub-hourly revisit" rates of new images from the company's satellites.
Source Fool.com
