Delivers Record Quarterly Revenue of $61.1
Million, up 14% Year-over-Year Expands GAAP Gross Margin to 53% and
Non-GAAP Gross Margin to 58% Launched 36 SuperDove Satellites and
First Tanager Hyperspectral Satellite
Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a
leading provider of daily data and insights about Earth, today
announced financial results for the period ended July 31, 2024.
“During the second quarter, we saw continued strength with
government customers, especially in the Defense & Intelligence
sector where revenue grew over 30% year-over-year and we saw
continued demand for our broad area monitoring solution paired with
AI,” said Will Marshall, Planet’s Co-Founder, Chief Executive
Officer and Chairperson. “We restructured the business towards an
industry-aligned operating model and improved overall operational
efficiency across the Company. We’re pleased with the gross margin
expansion and progress towards our profitability objectives that we
saw during the quarter, as well as the launch last month of 36
SuperDoves and Planet’s first hyperspectral satellite.”
Ashley Johnson, Planet’s President and Chief Financial Officer,
added, “Our results for the second quarter demonstrate continued
progress towards our target of achieving Adjusted EBITDA
profitability in Q4 of this fiscal year - an important milestone on
our journey to building a high margin, sustainable, cash flow
generating business. Our balance sheet remains strong with
approximately $249 million of cash, cash equivalents, and
short-term investments as of the end of the quarter, and we
continue to have no debt.”
Second Quarter of Fiscal 2025 Financial and Key Metric
Highlights:
- Second quarter revenue increased 14% year-over-year to a record
$61.1 million.
- Percent of Recurring Annual Contract Value (ACV) for the second
quarter was 96%.
- End of Period (EoP) Customer Count increased 7% year-over-year
to 1,012 customers.
- Second quarter gross margin was 53%, compared to 49% in the
second quarter of fiscal year 2024. Second quarter Non-GAAP Gross
Margin was 58%, compared to 52% in the second quarter of fiscal
year 2024.
- Second quarter net loss was ($38.7) million, compared to
($38.0) million in the second quarter of fiscal year 2024. Of the
net loss in the second quarter of fiscal 2025, ($10.5) million was
related to non-recurring charges in connection with the Company’s
headcount reduction during the quarter. Second quarter Adjusted
EBITDA loss was ($4.4) million, compared to a ($14.5) million loss
in the second quarter of fiscal year 2024.
- Ended the quarter with $249 million in cash, cash equivalents
and short-term investments.
Recent Business Highlights:
Growing Customer and Partner
Relationships
- NATO: Planet won an introductory contract with the North
Atlantic Treaty Organization (NATO) Communications &
Information Agency for the Alliance Persistent Surveillance from
Space program. Under the contract, NATO will have access to
Planet’s broad area monitoring and high resolution tasking
solutions to evaluate and perform detailed tracking and analysis of
foreign military activities, monitor infrastructure, and fill
intelligence gaps.
- International Defense Customer: Planet closed a
seven-figure deal with an international defense customer, which
includes an expansion of high resolution tasking imagery and a
pilot for PlanetScope data enhanced with AI capabilities from
partner SynMax for maritime domain awareness.
- Government of the Kingdom of Bahrain: Planet and the
Government of the Kingdom of Bahrain announced that the Kingdom is
using Planet data, enhanced by partner Aetosky’s AI capabilities,
to support smart city management and urban planning initiatives
across the country. The Kingdom shared that thus far this has led
to a significant increase in effectiveness of building permit
validation activities.
- International Government Agency: Planet won a
seven-figure expansion with an International Government Agency to
provide high resolution SkySat data.
- BASF Digital Farming GmbH: Planet expanded its contract
with long-time customer and global agricultural leader BASF, adding
Planet’s Field Boundary solution to support their xarvio® Digital
Farming Solutions platform. Xarvio is a digital agriculture
application that provides farmers and consultants with timely
agronomic advice, serving more than 100,000 customers in more than
seven countries.
- American Crystal Sugar Company: Planet announced a
renewal and expansion with American Crystal Sugar, led by Planet
partner SatAgro. SatAgro, a precision agriculture company, will use
Planet data to provide American Crystal Sugar with advanced sugar
beet monitoring in the northern United States, including solutions
such as harvest progression, yield prediction, and other insights
to inform crop management decisions.
New Technologies and
Products
- Recent Launch: On August 16, 2024, Planet’s first
hyperspectral satellite, Tanager-1, was launched into orbit onboard
a SpaceX launch vehicle, along with 36 Planet SuperDove satellites.
Planet has contacted Tanager-1 and the satellite is now in the
commissioning process. Tanager-1 is made possible by the Carbon
Mapper Coalition, a philanthropically-funded effort focused on
methane and CO2 super emission detection. All 36 SuperDoves have
been contacted as well, and the first satellite to achieve first
light did so in a record three days. Planet’s SuperDove
constellation remains the largest Earth imaging fleet in history
and the basis for Planet’s broad area monitoring solution.
- NVIDIA Jetson: During the quarter, Planet announced that
its upcoming Pelican-2 satellite is designed to incorporate
next-generation communication technology and NVIDIA’s Jetson
platform. With these advanced technologies, Planet plans to design
workflows that can significantly shorten the timeline to deliver
actionable insights to customers. The Pelican-2 satellite is
expected to provide improvements in image quality, spectral bands,
spatial resolution, and imaging capacity relative to its SkySat
predecessors.
Impact and ESG
- Disaster Response: As part of an ongoing partnership
with Microsoft’s AI for Good Lab, Planet provides imagery of
emergent disasters for use by rescue and aid operations,
researchers, and media organizations. Most recently, Planet
partnered with Microsoft’s AI for Good Lab and humanitarian aid
organizations to support a rapid disaster response and building
damage assessment to cover the impact of Hurricane Beryl on
Grenada. Beryl struck in late June to early July, causing dozens of
deaths and billions of dollars of damage according to current
estimates. It is notable for being the earliest-forming Category 5
Atlantic hurricane on record.
- Amazon Conservation: Mapping the Andean Amazon Project
released the first in a series of reports on forest carbon across
the Amazon. The researchers leveraged Planet’s deep data archive
and Forest Carbon Diligence product to estimate the total
aboveground forest carbon in the Amazon biome and understand how
much has been lost or gained over the past 10 years. This research
affirms that the Amazon remains a critical net carbon sink and can
be used to analyze which areas have a higher carbon density, which
could aid policy makers in allocating conservation resources. The
data can also be used as verification for carbon markets and their
customers, as operating high quality carbon markets requires
effective carbon sequestration measurement and validation
processes. Planet continues to have an active Education &
Research program across earth systems science fields, driving both
valuable research and use case validation.
Third Quarter Financial Outlook
For the third quarter of fiscal year 2025, ending October 31,
2024, Planet expects revenue to be in the range of approximately
$61 million to $64 million. Non-GAAP Gross Margin is expected to be
in the range of approximately 59% to 61%. Adjusted EBITDA loss is
expected to be in the range of approximately ($5) million and ($2)
million for the quarter. Capital Expenditures are expected to be in
the range of approximately $13 million and $16 million for the
quarter.
Planet has not reconciled its Non-GAAP financial outlook to the
most directly comparable GAAP measures because certain reconciling
items, such as stock-based compensation expenses and depreciation
and amortization are uncertain or out of Planet’s control and
cannot be reasonably predicted. The actual amount of these expenses
during the third quarter of fiscal year 2025 will have a
significant impact on Planet’s future GAAP financial results.
Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the
most comparable GAAP measures is not available without unreasonable
efforts.
The foregoing forward-looking statements reflect Planet’s
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially.
Webcast and Conference Call Information
Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m.
PT today, September 5, 2024. The webcast can be accessed at
www.planet.com/investors/. A replay will be available approximately
2 hours following the event. If you would prefer to register for
the conference call, please go to the following link:
https://www.netroadshow.com/events/login?show=7f21d0c6&confId=69577.
You will then receive your access details via email.
Additionally, a supplemental presentation has been made
available on Planet’s investor relations page.
About Planet Labs PBC
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites. Planet provides mission-critical data,
advanced insights, and software solutions to over 1,000 customers,
comprising the world’s leading agriculture, forestry, intelligence,
education and finance companies and government agencies, enabling
users to simply and effectively derive unique value from satellite
imagery. Planet is a public benefit corporation listed on the New
York Stock Exchange as PL. To learn more visit www.planet.com and
follow us on X (formerly Twitter) or tune in to HBO's 'Wild Wild
Space’.
Channels for Disclosure of Information
Planet intends to announce material information to the public
through a variety of means, including filings with the Securities
and Exchange Commission, press releases, public conference calls,
webcasts, the investor relations section of its website
(investors.planet.com) and its blog (planet.com/pulse) in order to
achieve broad, non-exclusionary distribution of information to the
public and for complying with its disclosure obligations under
Regulation FD. It is possible that the information Planet posts on
its blog could be deemed to be material information. As such,
Planet encourages investors, the media, and others to follow the
channels listed above and to review the information disclosed
through such channels.
Planet’s Use of Non-GAAP Financial Measures
This press release includes Non-GAAP Gross Profit, Non-GAAP
Gross Margin, certain Non-GAAP Expenses described further below,
Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss
per Diluted Share, Adjusted EBITDA and Backlog, which are non-GAAP
measures the Company uses to supplement its results presented in
accordance with U.S. GAAP. The Company includes these non-GAAP
financial measures because they are used by management to evaluate
the Company’s core operating performance and trends and to make
strategic decisions regarding the allocation of capital and new
investments.
Non-GAAP Gross Profit and Non-GAAP Gross
Margin: The Company defines and calculates Non-GAAP Gross
Profit as gross profit adjusted for stock-based compensation,
amortization of acquired intangible assets classified as cost of
revenue, restructuring costs, and employee transaction bonuses in
connection with the Sinergise business combination. The Company
defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by
revenue.
Non-GAAP Expenses: The Company
defines and calculates Non-GAAP cost of revenue, Non-GAAP research
and development expenses, Non-GAAP sales and marketing expenses,
and Non-GAAP general and administrative expenses as, in each case,
the corresponding U.S. GAAP financial measure (cost of revenue,
research and development expenses, sales and marketing expenses,
and general and administrative expenses) adjusted for stock-based
compensation, amortization of acquired intangible assets,
restructuring costs, and employee transaction bonuses in connection
with the Sinergise business combination, that are classified within
each of the corresponding U.S. GAAP financial measures.
Non-GAAP Loss from Operations: The
Company defines and calculates Non-GAAP Loss from Operations as
loss from operations adjusted for stock-based compensation,
amortization of acquired intangible assets, restructuring costs,
and employee transaction bonuses in connection with the Sinergise
business combination.
Non-GAAP Net Loss and Non-GAAP Net Loss
per Diluted Share: The Company defines and calculates
Non-GAAP Net Loss as net loss adjusted for stock-based
compensation, amortization of acquired intangible assets,
restructuring costs, and employee transaction bonuses in connection
with the Sinergise business combination, and the income tax effects
of the non-GAAP adjustments. The Company defines and calculates
Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by
diluted weighted-average common shares outstanding.
Adjusted EBITDA: The Company
defines and calculates Adjusted EBITDA as net income (loss) before
the impact of interest income and expense, income tax expense and
depreciation and amortization, and further adjusted for the
following items: stock-based compensation, change in fair value of
warrant liabilities, non-operating income and expenses such as
foreign currency exchange gain or loss, restructuring costs, and
employee transaction bonuses in connection with the Sinergise
business combination.
The Company presents Non-GAAP Gross Profit, Non-GAAP Gross
Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss
from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted
Share and Adjusted EBITDA because the Company believes these
measures are frequently used by analysts, investors and other
interested parties to evaluate companies in Planet’s industry and
facilitates comparisons on a consistent basis across reporting
periods. Further, the Company believes these measures are helpful
in highlighting trends in its operating results because they
exclude items that are not indicative of the Company’s core
operating performance.
Backlog: The Company defines and
calculates Backlog as remaining performance obligations plus the
cancellable portion of the contract value for contracts that
provide the customer with a right to terminate for convenience
without incurring a substantive termination penalty and written
orders where funding has not been appropriated. Backlog does not
include unexercised contract options. Remaining performance
obligations represent the amount of contracted future revenue that
has not yet been recognized, which includes both deferred revenue
and non-cancelable contracted revenue that will be invoiced and
recognized in revenue in future periods. Remaining performance
obligations do not include contracts which provide the customer
with a right to terminate for convenience without incurring a
substantive termination penalty, written orders where funding has
not been appropriated and unexercised contract options.
An increasing and meaningful portion of the Company’s revenue is
generated from contracts with the U.S. government and other
government customers. Cancellation provisions, such as termination
for convenience clauses, are common in contracts with the U.S.
government and certain other government customers. The Company
presents Backlog because the portion of its customer contracts with
such cancellation provisions represents a meaningful amount of the
Company’s expected future revenues. Management uses backlog to more
effectively forecast the Company’s future business and results,
which supports decisions around capital allocation. It also helps
the Company identify future growth or operating trends that may not
otherwise be apparent. The Company also believes Backlog is useful
for investors in forecasting the Company’s future results and
understanding the growth of its business. Customer cancellation
provisions relating to termination for convenience clauses and
funding appropriation requirements are outside of the Company’s
control, and as a result, the Company may fail to realize the full
value of such contracts.
Non-GAAP financial measures have limitations as analytical tools
and should not be considered in isolation from, as a substitute
for, or superior to, measures of financial performance prepared in
accordance with U.S. GAAP. The non-GAAP financial measures
presented are not based on any standardized methodology prescribed
by U.S. GAAP and are not necessarily comparable to similarly-titled
measures presented by other companies, which may have different
definitions from the Company’s. Further, certain of the non-GAAP
financial measures presented exclude stock-based compensation
expenses, which has recently been, and will continue to be for the
foreseeable future, a significant recurring expense for the Company
and an important part of its compensation strategy.
Other Key Metrics
ACV and EoP ACV Book of Business:
In connection with the calculation of several of the key
operational and business metrics we utilize, the Company calculates
Annual Contract Value (“ACV”) for contracts of one year or greater
as the total amount of value that a customer has contracted to pay
for the most recent 12 month period for the contract, excluding
customers that are exclusively Sentinel Hub self-service paying
users. For short-term contracts (contracts less than 12 months),
ACV is equal to total contract value.
The Company also calculates EoP ACV Book of Business in
connection with the calculation of several of the key operational
and business metrics we utilize. The Company defines EoP ACV Book
of Business as the sum of the ACV of all contracts that are active
on the last day of the period pursuant to the effective dates and
end dates of such contracts, excluding customers that are
exclusively Sentinel Hub self-service paying users. Active
contracts exclude any contract that has been canceled, expired
prior to the last day of the period without renewing, or for any
other reason is not expected to generate revenue in the subsequent
period. For contracts ending on the last day of the period, the ACV
is either updated to reflect the ACV of the renewed contract or, if
the contract has not yet renewed or extended, the ACV is excluded
from the EoP ACV Book of Business. The Company does not annualize
short-term contracts in calculating its EoP ACV Book of Business.
The Company calculates the ACV of usage-based contracts based on
the committed contracted revenue or the revenue achieved on the
usage-based contract in the prior 12-month period.
Percent of Recurring ACV: Percent
of Recurring ACV is the portion of the total EoP ACV Book of
Business that is recurring in nature. The Company defines EoP ACV
Book of Business as the sum of the ACV of all contracts that are
active on the last day of the period pursuant to the effective
dates and end dates of such contracts, excluding customers that are
exclusively Sentinel Hub self-service paying users. The Company
defines Percent of Recurring ACV as the dollar value of all data
subscription contracts and the committed portion of usage-based
contracts (excluding customers that are exclusively Sentinel Hub
self-service paying users) divided by the total dollar value of all
contracts in our EoP ACV Book of Business. The Company believes
Percent of Recurring ACV is useful to investors to better
understand how much of the Company’s revenue is from customers that
have the potential to renew their contracts over multiple years
rather than being one-time in nature. The Company tracks Percent of
Recurring ACV to inform estimates for the future revenue growth
potential of our business and improve the predictability of our
financial results. There are no significant estimates underlying
management’s calculation of Percent of Recurring ACV, but
management applies judgment as to which customers have an active
contract at a period end for the purpose of determining EoP ACV
Book of Business, which is used as part of the calculation of
Percent of Recurring ACV.
EoP Customer Count: The Company
defines EoP Customer Count as the total count of all existing
customers at the end of the period excluding customers that are
exclusively Sentinel Hub self-service paying users. For EoP
Customer Count, the Company defines existing customers as customers
with an active contract with the Company at the end of the reported
period. For the purpose of this metric, the Company defines a
customer as a distinct entity that uses the Company’s data or
services. The Company sells directly to customers, as well as
indirectly through its partner network. If a partner does not
provide the end customer’s name, then the partner is reported as
the customer. Each customer, regardless of the number of active
opportunities with the Company, is counted only once. For example,
if a customer utilizes multiple products of Planet, the Company
only counts that customer once for purposes of EoP Customer Count.
A customer with multiple divisions, segments, or subsidiaries are
also counted as a single unique customer based on the parent
organization or parent account. For EoP Customer Count, the Company
does not include users that only utilize the Company’s self-service
Sentinel Hub web based ordering system, which the Company acquired
in August 2023, and which offers standard starter packages on a
monthly or annual basis. The Company believes excluding these users
from EoP Customer Count creates a more useful metric, as the
Company views the Sentinel Hub starter packages as entry points for
smaller accounts, leading to broader awareness of the Company’s
solutions throughout their networks and organizations. The Company
believes EoP Customer Count is a useful metric for investors and
management to track as it is an important indicator of the broader
adoption of the Company’s platform and is a measure of the
Company’s success in growing its market presence and penetration.
Management applies judgment as to which customers are deemed to
have an active contract in a period, as well as whether a customer
is a distinct entity that uses the Company’s data or services.
Capital Expenditures as a Percentage of
Revenue: The Company defines capital expenditures as
purchases of property and equipment plus capitalized internally
developed software development costs, which are included in our
statements of cash flows from investing activities. The Company
defines Capital Expenditures as a Percentage of Revenue as the
total amount of capital expenditures divided by total revenue in
the reported period. Capital Expenditures as a Percentage of
Revenue is a performance measure that we use to evaluate the
appropriate level of capital expenditures needed to support demand
for the Company’s data services and related revenue, and to provide
a comparable view of the Company’s performance relative to other
earth observation companies, which may invest significantly greater
amounts in their satellites to deliver their data to customers. The
Company uses an agile space systems strategy, which means we invest
in a larger number of significantly lower cost satellites and
software infrastructure to automate the management of the
satellites and to deliver the Company’s data to clients. As a
result of the Company’s strategy and business model, the Company’s
capital expenditures may be more similar to software companies with
large data center infrastructure costs. Therefore, the Company
believes it is important to look at the level of capital
expenditure investments relative to revenue when evaluating the
Company’s performance relative to other earth observation companies
or to other software and data companies with significant data
center infrastructure investment requirements. The Company believes
Capital Expenditures as a Percentage of Revenue is a useful metric
for investors because it provides visibility to the level of
capital expenditures required to operate the Company and the
Company’s relative capital efficiency.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Planet's future financial or operating performance. In
some cases, you can identify forward looking statements because
they contain words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,”
“evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “aim,” “conviction,” “continue,” “positioned” or the
negative of these words or other similar terms or expressions that
concern Planet's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to, statements regarding Planet’s financial
guidance and outlook, Planet’s path to profitability (including on
an Adjusted EBITDA basis) and target for achieving Adjusted EBITDA
profitability, Planet’s expectations regarding future product
development and performance, and Planet’s expectations regarding
its strategies with respect to its markets and customers, including
trends in customer demand. Planet’s expectations and beliefs
regarding these matters may not materialize, and actual results in
future periods are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including risks related to the macroeconomic environment and risks
regarding Planet’s ability to forecast Planet’s performance due to
Planet’s limited operating history. The forward-looking statements
contained in this release are also subject to other risks and
uncertainties, including those more fully described in Planet's
filings with the Securities and Exchange Commission (“SEC”),
including Planet’s Annual Report on Form 10-K and any subsequent
filings with the SEC Planet may make. All forward-looking
statements reflect Planet’s beliefs and assumptions only as of the
date of this press release. Planet undertakes no obligation to
update forward-looking statements to reflect future events or
circumstances, except as may be required by law. Planet’s results
for the quarter ended July 31, 2024, are not necessarily indicative
of its operating results for any future periods.
PLANET
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(In thousands)
July 31, 2024
January 31, 2024
Assets
Current assets
Cash and cash equivalents
$
148,288
$
83,866
Restricted cash and cash equivalents,
current
8,802
8,360
Short-term investments
101,102
215,041
Accounts receivable, net
43,926
43,320
Prepaid expenses and other current
assets
24,628
19,564
Total current assets
326,746
370,151
Property and equipment, net
113,227
113,429
Capitalized internal-use software, net
17,322
14,973
Goodwill
137,325
136,256
Intangible assets, net
30,405
32,448
Restricted cash and cash equivalents,
non-current
9,539
9,972
Operating lease right-of-use assets
21,703
22,339
Other non-current assets
2,084
2,429
Total assets
$
658,351
$
701,997
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,392
$
2,601
Accrued and other current liabilities
56,839
44,779
Deferred revenue
64,523
72,327
Liability from early exercise of stock
options
7,171
8,964
Operating lease liabilities, current
8,755
7,978
Total current liabilities
139,680
136,649
Deferred revenue
11,969
5,293
Deferred hosting costs
7,963
7,101
Public and private placement warrant
liabilities
2,033
2,961
Operating lease liabilities,
non-current
15,218
16,952
Contingent consideration
2,491
5,885
Other non-current liabilities
5,750
9,138
Total liabilities
185,104
183,979
Stockholders’ equity
Common stock
28
28
Additional paid-in capital
1,619,738
1,596,201
Accumulated other comprehensive income
1,247
1,594
Accumulated deficit
(1,147,766
)
(1,079,805
)
Total stockholders’ equity
473,247
518,018
Total liabilities and stockholders’
equity
$
658,351
$
701,997
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands, except share and per share
amounts)
2024
2023
2024
2023
Revenue
$
61,092
$
53,761
$
121,532
$
106,464
Cost of revenue
28,782
27,469
57,539
52,025
Gross profit
32,310
26,292
63,993
54,439
Operating expenses
Research and development
27,250
26,741
52,839
54,927
Sales and marketing
23,733
22,310
45,218
45,435
General and administrative
20,904
20,521
40,084
42,049
Total operating expenses
71,887
69,572
138,141
142,411
Loss from operations
(39,577
)
(43,280
)
(74,148
)
(87,972
)
Interest income
2,771
3,802
5,878
8,308
Change in fair value of warrant
liabilities
(602
)
1,226
928
7,171
Other income (expense), net
(363
)
859
720
963
Total other income, net
1,806
5,887
7,526
16,442
Loss before provision for income taxes
(37,771
)
(37,393
)
(66,622
)
(71,530
)
Provision for income taxes
897
582
1,339
889
Net loss
$
(38,668
)
$
(37,975
)
$
(67,961
)
$
(72,419
)
Basic and diluted net loss per share
attributable to common stockholders
$
(0.13
)
$
(0.14
)
$
(0.23
)
$
(0.26
)
Basic and diluted weighted-average common
shares outstanding used in computing net loss per share
attributable to common stockholders
290,364,319
275,053,198
289,328,033
273,723,006
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2024
2023
2024
2023
Net loss
$
(38,668
)
$
(37,975
)
$
(67,961
)
$
(72,419
)
Other comprehensive income (loss), net of
tax:
Foreign currency translation
adjustment
323
169
(211
)
124
Change in fair value of available-for-sale
securities
376
(515
)
(136
)
(1,059
)
Other comprehensive income (loss), net of
tax
699
(346
)
(347
)
(935
)
Comprehensive loss
$
(37,969
)
$
(38,321
)
$
(68,308
)
$
(73,354
)
PLANET
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended July
31,
(In thousands)
2024
2023
Operating activities
Net loss
$
(67,961
)
$
(72,419
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
26,248
22,408
Stock-based compensation, net of
capitalized cost
24,638
32,013
Change in fair value of warrant
liabilities
(928
)
(7,171
)
Change in fair value of contingent
consideration
1,924
(527
)
Other
(1,275
)
(2,747
)
Changes in operating assets and
liabilities
Accounts receivable
32
(1,588
)
Prepaid expenses and other assets
1,278
5,152
Accounts payable, accrued and other
liabilities
4,084
(17,164
)
Deferred revenue
(1,149
)
19,957
Deferred hosting costs
954
1,082
Net cash used in operating activities
(12,155
)
(21,004
)
Investing activities
Purchases of property and equipment
(25,061
)
(21,709
)
Capitalized internal-use software
(2,916
)
(1,998
)
Maturities of available-for-sale
securities
46,808
106,762
Sales of available-for-sale securities
150,211
990
Purchases of available-for-sale
securities
(81,656
)
(127,703
)
Business acquisition, net of cash
acquired
(1,068
)
—
Purchases of licensed imagery intangible
assets
(4,292
)
—
Other
(300
)
(644
)
Net cash provided by (used in) investing
activities
81,726
(44,302
)
Financing activities
Proceeds from the exercise of common stock
options
300
6,358
Shares repurchased for tax withholdings on
vesting of restricted stock units
(4,485
)
(4,753
)
Proceeds from employee stock purchase
plan
702
—
Payments of contingent consideration for
business acquisitions
(1,283
)
—
Other
(340
)
(15
)
Net cash provided by (used in) financing
activities
(5,106
)
1,590
Effect of exchange rate changes on cash
and cash equivalents, and restricted cash and cash equivalents
(34
)
155
Net increase (decrease) in cash and cash
equivalents, and restricted cash and cash equivalents
64,431
(63,561
)
Cash and cash equivalents, and restricted
cash and cash equivalents at the beginning of the period
102,198
188,076
Cash and cash equivalents, and
restricted cash and cash equivalents at the end of the
period
$
166,629
$
124,515
PLANET
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(in thousands)
2024
2023
2024
2023
Net loss
$
(38,668
)
$
(37,975
)
$
(67,961
)
$
(72,419
)
Interest income
(2,771
)
(3,802
)
(5,878
)
(8,308
)
Income tax provision
897
582
1,339
889
Depreciation and amortization
13,145
12,160
26,248
22,408
Change in fair value of warrant
liabilities
602
(1,226
)
(928
)
(7,171
)
Stock-based compensation
11,566
16,657
24,638
32,013
Restructuring costs
10,499
—
10,499
—
Other (income) expense, net
363
(859
)
(720
)
(963
)
Adjusted EBITDA
$
(4,367
)
$
(14,463
)
$
(12,763
)
$
(33,551
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2024
2023
2024
2023
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
28,782
$
27,469
$
57,539
$
52,025
Less: Stock-based compensation
942
1,063
1,818
1,968
Less: Amortization of acquired intangible
assets
750
439
1,539
878
Less: Restructuring costs
1,184
—
1,184
—
Non-GAAP cost of revenue
$
25,906
$
25,967
$
52,998
$
49,179
Reconciliation of gross profit:
GAAP gross profit
$
32,310
$
26,292
$
63,993
$
54,439
Add: Stock-based compensation
942
1,063
1,818
1,968
Add: Amortization of acquired intangible
assets
750
439
1,539
878
Add: Restructuring costs
1,184
—
1,184
—
Non-GAAP gross profit
$
35,186
$
27,794
$
68,534
$
57,285
GAAP gross margin
53
%
49
%
53
%
51
%
Non-GAAP gross margin
58
%
52
%
56
%
54
%
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands)
2024
2023
2024
2023
Reconciliation of operating
expenses:
GAAP research and development
$
27,250
$
26,741
$
52,839
$
54,927
Less: Stock-based compensation
2,663
6,929
7,826
12,899
Less: Amortization of acquired intangible
assets
—
—
—
—
Less: Restructuring costs
3,540
—
3,540
—
Non-GAAP research and development
$
21,047
$
19,812
$
41,473
$
42,028
GAAP sales and marketing
$
23,733
$
22,310
$
45,218
$
45,435
Less: Stock-based compensation
2,805
3,121
5,208
6,201
Less: Amortization of acquired intangible
assets
127
202
344
403
Less: Restructuring costs
4,433
—
4,433
—
Non-GAAP sales and marketing
$
16,368
$
18,987
$
35,233
$
38,831
GAAP general and administrative
$
20,904
$
20,521
$
40,084
$
42,049
Less: Stock-based compensation
5,156
5,544
9,786
10,945
Less: Amortization of acquired intangible
assets
36
80
115
161
Less: Restructuring costs
1,342
—
1,342
—
Non-GAAP general and administrative
$
14,370
$
14,897
$
28,841
$
30,943
Reconciliation of loss from
operations
GAAP loss from operations
$
(39,577
)
$
(43,280
)
$
(74,148
)
$
(87,972
)
Add: Stock-based compensation
11,566
16,657
24,638
32,013
Add: Amortization of acquired intangible
assets
913
721
1,998
1,442
Add: Restructuring costs
10,499
—
10,499
—
Non-GAAP loss from operations
$
(16,599
)
$
(25,902
)
$
(37,013
)
$
(54,517
)
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
(In thousands, except share and per share
amounts)
2024
2023
2024
2023
Reconciliation of net loss
GAAP net loss
$
(38,668
)
$
(37,975
)
$
(67,961
)
$
(72,419
)
Add: Stock-based compensation
11,566
16,657
24,638
32,013
Add: Amortization of acquired intangible
assets
913
721
1,998
1,442
Add: Restructuring costs
10,499
—
10,499
—
Income tax effect of non-GAAP
adjustments
(421
)
—
(421
)
—
Non-GAAP net loss
$
(16,111
)
$
(20,597
)
$
(31,247
)
$
(38,964
)
Reconciliation of net loss per share,
diluted
GAAP net loss
$
(38,668
)
$
(37,975
)
$
(67,961
)
$
(72,419
)
Non-GAAP net loss
$
(16,111
)
$
(20,597
)
$
(31,247
)
$
(38,964
)
GAAP net loss per share, basic and diluted
(1)
$
(0.13
)
$
(0.14
)
$
(0.23
)
$
(0.26
)
Add: Stock-based compensation
0.04
0.06
0.09
0.12
Add: Amortization of acquired intangible
assets
—
—
0.01
0.01
Add: Restructuring costs
0.04
—
0.04
—
Income tax effect of non-GAAP
adjustments
—
—
—
—
Non-GAAP net loss per share, diluted (2)
(3)
$
(0.06
)
$
(0.07
)
$
(0.11
)
$
(0.14
)
Weighted-average shares used in computing
GAAP net loss per share, basic and diluted (1)
290,364,319
275,053,198
289,328,033
273,723,006
Weighted-average shares used in computing
Non-GAAP net loss per share, diluted (1)
290,364,319
275,053,198
289,328,033
273,723,006
(1) Basic and diluted GAAP net loss per
share was the same for each period presented as the inclusion of
all potential Class A common stock and Class B common stock
outstanding would have been anti-dilutive.
(2) Non-GAAP net loss per share, diluted
is calculated using weighted-average shares, adjusted for dilutive
potential shares assumed outstanding during the period. No
adjustment was made to weighted-average shares for each period
presented as the inclusion of all potential Class A common stock
and Class B common stock outstanding would have been
anti-dilutive.
(3) Totals may not sum due to rounding.
Figures are calculated based upon the respective underlying
non-rounded data.
PLANET
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited)
The table below reconciles Backlog to
remaining performance obligations for the periods indicated:
(in thousands)
July 31, 2024
January 31, 2024
Remaining performance obligations
$ 112,093
$ 132,571
Cancellable amount of contract value
101,407
109,821
Backlog
$ 213,500
$ 242,392
For remaining performance obligations as of July 31, 2024, the
Company expects to recognize approximately 78% over the next 12
months, approximately 97% over the next 24 months, and the
remainder thereafter. For Backlog as of July 31, 2024, the Company
expects to recognize approximately 65% over the next 12 months,
approximately 87% over the next 24 months, and the remainder
thereafter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240905506462/en/
Investor Contact Chris Genualdi / Cleo Palmer-Poroner
Planet Labs PBC ir@planet.com
Press Contact Claire Bentley Dale Planet Labs PBC
comms@planet.com
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From Nov 2024 to Dec 2024
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From Dec 2023 to Dec 2024