Satellite imagery specialist BlackSky announced fourth-quarter results on Tuesday that show the company further trimming losses and securing an additional military contract.

“2022 was a foundational year for BlackSky,” CEO Brian O’Toole said in a statement, adding that “this high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023.”

The company has 14 operational satellites in orbit, with plans to launch two more on a Rocket Lab mission this month.

BlackSky posted an adjusted EBITDA loss of $4.6 million for the fourth quarter, down 68% from the same period a year earlier and lower than the $6.5 million loss it reported for the third quarter. Revenue rose 69% year over year to $19.4 million.

The company had $75 million in cash on hand at the end of the fourth quarter and announced plans to raise more funds through a sale of 16.4 million shares of common stock to “a syndicate of new and existing institutional investors.” BlackSky expects the private placement to close on Wednesday, generating about $29.5 million in gross proceeds.

Shares of BlackSky fell about 10% in early trading Tuesday from its previous close of $1.93. The stock has gained this year, but remains well below its public debut in September 2021 of nearly $11 a share.

BlackSky expects to approach $100 million in annual revenue in 2023, forecasting a range between $90 million and $96 million for the year ahead.

It announced a multiyear defense contract worth over $150 million for an unnamed international government customer. Last year, BlackSky was one of three satellite imagery companies to win a piece of a major National Reconnaissance Office contract – with its award worth up to $1.02 billion over 10 years.