Planet Reports Financial Results for First Quarter of Fiscal Year 2025

Delivers Record Quarterly Revenue of $60.4 Million, up 15% Year-over-Year
Launches Planet Insights Platform to Unlock the Power of Earth Observation Data
Tanager-1 Satellite Arrives at Vandenberg Space Force Base for Upcoming Launch

SAN FRANCISCO — (BUSINESS WIRE) — June 6, 2024 — 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 April 30, 2024.

“Planet delivered a solid quarter to start the year. Growth was driven by the government sector where we are seeing increased demand for our data, particularly when enhanced by AI-based partner solutions. We also launched the Planet Insights Platform to empower an ecosystem of customers and partners to easily access and build new solutions with our data,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Additionally, we’re pleased to announce that the National Reconnaissance Office has renewed their contract with Planet under the EOCL award. We’re proud to continue to serve the U.S. government with this renewal.”

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We continue to make 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 $276 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.”

First Quarter of Fiscal 2025 Financial and Key Metric Highlights:

  • First quarter revenue increased 15% year-over-year to a record $60.4 million.
  • Percent of Recurring Annual Contract Value (ACV) for the first quarter was 95%.
  • End of Period (EoP) Customer Count increased 14% year-over-year to 1,031 customers.
  • First quarter gross margin was 52%, compared to 53% in the first quarter of fiscal year 2024. First quarter Non-GAAP Gross Margin was 55%, compared to 56% in the first quarter of fiscal year 2024.
  • First quarter net loss was ($29.3) million, compared to ($34.4) million in the first quarter of fiscal year 2024. First quarter Adjusted EBITDA loss was ($8.4) million, compared to a ($19.1) million loss in the first quarter of fiscal year 2024.
  • Ended the quarter with $276 million in cash, cash equivalents, and short-term investments.

Recent Business Highlights:

Growing Customer and Partner Relationships

  • NRO: The National Reconnaissance Office (“NRO”) has renewed their contract for PlanetScope monitoring, SkySat high resolution tasking, and Planet’s data archive under the Electro-Optical Commercial Layer (“EOCL”) program. Planet is pleased to have secured this important renewal and are proud to continue serving the US government’s needs.
  • US Department of Defense: Planet successfully completed two seven-figure pilot programs for the United States Department of Defense in which it provided PlanetScope data enhanced with AI-based partner solutions. These pilots require broad area monitoring, detecting, and reporting, and reflect a growing trend toward acquiring focused insights from Planet’s global data. Additionally, last month Planet received an award from the Defense Innovation Unit (“DIU”) to accelerate next generation commercial satellite technology by studying and completing various reports as it relates to DIU’s Hybrid Space Architecture mission.
  • UK EO Data Hub: Planet signed a contract for the UK EO Data Hub through their partner Earth-i. Working with Earth-i, who offers Earth observation consultancy and program management services, the UK EO Data Hub project will have access to Planet's data platform and training services to support the development and operation of a new centralized EO platform infrastructure for the UK’s public institutions and commercial organizations looking to leverage Earth observation data.
  • Kenya Space Agency: Planet won a new contract with the Kenya Space Agency to provide national PlanetScope data to be used for diverse applications across government institutions. Planet’s data will be used in policy and decision support on agriculture, urban management, spatial planning, and disaster response, amongst other applications. Under the contract, the Agency will also have access to daily data that can help in situational awareness in the event of disasters like the recent flooding in the country.
  • Eletrobras: Planet, through their partner SCCON, signed a three-year contract with Brazilian utilities company Eletrobras. Eletrobras is a new customer for Planet, and they will leverage Planet data and SCCON alert systems to monitor reservoirs and transmission lines impacted by environmental change and irregular occupations.

New Technologies and Products

  • Planet Insights Platform: Planet recently launched the Planet Insights Platform to fuel an ecosystem of partners and customers to easily build solutions and deliver Earth insights. Combining Planet’s analysis-ready Earth data products with cloud-based analytics and tools allows users to efficiently analyze, stream, and distribute data at scale, as well as build applications that allow users to make decisions with confidence. With this launch, Planet can enable an ecosystem of customers and partners to leverage their domain expertise and unlock the power of Earth observation data for governments and businesses around the world.
  • Tanager Hyperspectral Satellite: Planet announced that its first hyperspectral satellite, Tanager-1, is ready for launch. The spacecraft arrived at Vandenberg Space Force Base on June 3rd in preparation for liftoff as early as July. Tanager-1 will be the first of Planet’s next generation hyperspectral fleet, which will expand Planet’s imaging capabilities in the spectral domain to complement existing imaging capabilities in the temporal and spatial domains.

Impact and ESG

  • Second Annual ESG Report: Planet released its second annual ESG Report, which can be found at planet.com/esg. It includes information on Planet’s ESG programs, and furthermore, highlights the use of Planet’s data by customers and business partners. In the report, Planet estimates that approximately 50% of Planet customers as of January 31st, 2024, have impact use cases, including environmental, social, and humanitarian applications. Planet is proud to support the impact of customers and partners around the world with its powerful global data set.

Second Quarter Financial Outlook

For the second quarter of fiscal year 2025, ending July 31, 2024, Planet expects revenue to be in the range of approximately $59 million to $63 million. Non-GAAP Gross Margin is expected to be in the range of approximately 51% to 53%. Adjusted EBITDA loss is expected to be in the range of approximately ($10) million and ($7) million for the quarter. Capital Expenditures are expected to be in the range of approximately $14 million and $17 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 second 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, June 6, 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=4b3cae49&confId=65435 . You will then receive your access details via email.

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