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Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. BlackSky Serves a Large and Expanding Market for Space Data and Analytics Space-based Communications: ~$150bn Launch: ~$7bn Satellites: ~$3bn Enabling Infrastructure (2020) Space Data and Analytics 2025 BlackSky TAM: ~$40bn ~25% 2020 – 2025E CAGR 2020 BlackSky TAM: ~$13bn Source:PR Newswire, Business Wire, PwC, Markets and Markets.
Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Illustrative Commercial Market Applications for Real-time Geospatial Intelligence Pipeline Monitoring: Regulatory requirement for detecting leaks, hazards, intrusion and theft Inventory Monitoring: Business and competitive intelligence on oil and gas reserves and infrastructure Energy & Utilities $3.2bn TAM / 35% CAGR Underwriting / Claims Processing: Automated property assessments Claim Fraud / Loss Mitigation: Geospatial analytics to mitigate losses due to claims fraud Risk Management: Forecasted property exposure to fire, flood and natural disasters Insurance $2.0bn TAM / 32% CAGR Surveying: Real-time environmental monitoring of surface characteristics Production: Change monitoring in pits, stock piles, land use, environmental disturbance Mining & Manufacturing $2.7bn TAM / 32% CAGR Crop Health Monitoring: Monitoring and forecasting field level health for intelligent farming Yield Forecasting: Monitoring and forecasting of regional and global crop yield; market indices Agriculture $2.3bn TAM / 33% CAGR Environmental Monitoring: Monitoring effects of climate change, deforestation, etc. on natural resources Disaster / Risk Management: Monitoring and forecasting impacts to support preparation, response and recovery Environmental $3.4bn TAM / 35% CAGR Project Management: Monitoring to support site planning, surveying and resource tracking Project Monitoring: Insights on progress for oversight, competitive intelligence and community outreach Engineering & Construction $2.9bn TAM / 35% CAGR Source: Geospatial Analytics Market – Global Forecast to 2025; Markets and Markets, August 2020.
Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Engineering & Integration Advanced satellite / payload development programs Operational / engineering solutions for Government customers Fixed price contracts ~10% 3% Data, Software & Analytics Proprietary AI / ML algorithms for object detection, site monitoring and enhanced analytics Sensor and source agnostic with global intelligence database Sold as a service / SaaS model ~60% 33% Imagery High-revisit, high frequency, on-demand satellite imaging solutions Dawn-to-Dusk autonomous tasking, processing and delivery Multi-year take-or-pay contracts % Gross Margin: % of Revenue: ~90% 64% BlackSky’s Business Model Note:Metrics represent 2025E.
Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Detailed Transaction Overview ($ in millions, except share price) Pro Forma Capitalization Pro Forma Ownership Split(3) Sources & Uses Amount PF Shares Outstanding(1) (m) 147.7 Share Price $10.00 PF Equity Value $1,477 (-) Assumed PF Net Cash $371 PF Enterprise Value to Market $1,106 Uses Amount % Seller Rollover $925 63% Cash to Balance Sheet 445 30% Founder Shares 55 4% Estimated Fees and Expenses 53 4% Total Uses $1,478 100% Sources Amount % Seller Rollover $925 63% SPAC Cash in Trust 318 21% Additional PIPE Equity 180 12% Founder Shares 55 4% Total Sources $1,478 100% (2) Detailed Transaction Overview Note:Assumes no redemptions from the public shareholders of SFTW. (1)PF shares outstanding does not include 2,371,875 shares of Class B common stock (and shares of Class A common stock issued upon conversion) held by the sponsor that are subject to performance based vesting restrictions for 7 years following closing, and which vest in two equal tranches when the volume weighted average price of Class A common stock exceeds $15.00 and $17.50 per share for 10 of 20 trading days, provided (a) the vesting restrictions accelerate upon an earlier change of control transaction at a transaction price of $10.00 per share and (b) the shares may not be released from certain transfer restrictions until at least the 150 days after closing of the business combination. PF shares outstanding also does not include (I) warrants held by the sponsor to purchase 4,162,500 shares of Class A common stock at an exercise price of $11.50 per share and to purchase 4,162,500 shares of Class A common stock at an exercise price of $20.00 per share and (II) warrants held by the public shareholders to purchase 15,812,500 shares of Class A common stock at an exercise price of $11.50 per share. (2) Pre-deal balance sheet financials based on Q1’21E; excludes restricted cash. (3) At $10.00 per share.
Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. EV / CY’22E Revenue(1,2) NM Average: 47.3x Average: 23.8x Next Generation Data / Analytics New Space Technologies Average: 16.9x Average: 17.3x EV / CY’23E Revenue(1,2) Median: 16.7x Median: 13.2x Median: 47.3x Median: 11.2x Selected Peer Valuation Benchmarking Source: Company filings and FactSet as of market close 1/29/2021. Note:NM denotes “not meaningful” where data was negative or unavailable. Arranged within each category from largest to smallest enterprise value. (1)BlackSky multiples based on post-money enterprise valuation of $1,106 million. (2)MongoDB CY2023E, Snow CY2020E and Sumo CY2020E are approximated using FY2024E ended 1/31, FY2021E ended 1/31 and FY2021E ended 1/31, respectively due to lack of available calendar year broker consensus estimates for those years.
Expertise in satellite design, assembly, and supply chain management Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. U.S.-based joint venture with Thales Alenia Space, the largest European satellite manufacturer Specialized in smallsat design and assembly(1) 40 satellite / year production capacity 16 BlackSky satellites currently in production ü ü ü ü Vertically Integrated Manufacturing and Design Model Accelerates Innovation Cycles and Enhances Reliability (1)Optimized for 50kg – 300kg smallsats.
Proprietary Smallsat Constellation Scalable Cloud-based Processing Autonomous Global Mission Operations Supported by Fully Operational Proprietary Constellation with Scalable Cloud-based Processing Copyright © BlackSky 2021. All rights reserved. Confidential & Proprietary. Global Ground Station Network 2022 Sites Operational Alaska United States Chile South Africa Middle East Germany Japan Guam Australia New Zealand AWS AWS AWS 5 Satellites on Orbit / 16 in Production Purpose-built Global Space Architecture to Enhance Structural Advantage and Fortify the BlackSky Moat Note:Headquarters located at Herndon, Virginia. Satellite operations are based out of Seattle, Washington.