Planet Reports Financial Results for Fourth Quarter and Full Fiscal Year 2025
Planet Labs PBC (NYSE: PL) reported its Q4 and FY2025 financial results, achieving record revenue and margin improvements. Q4 revenue grew 5% YoY to $61.6M, while full-year revenue increased 11% to $244.4M. The company reached its first-ever quarter of Adjusted EBITDA profitability at $2.4M.
Key highlights include a $230M commercial agreement with SKY Perfect JSAT for Pelican satellites, selection for NGA's Luno B IDIQ contract, and successful deployment of Pelican-2 and Tanager hyperspectral satellites. The company ended Q4 with 976 customers, 97% recurring revenue, and $222.1M in cash and equivalents.
Q4 gross margin improved to 62% from 55% YoY, while full-year margin rose to 57% from 51%. FY2025 net loss was $123.2M, improved from $140.5M in FY2024. For FY2026, Planet projects revenue between $260M-$280M with an expected Adjusted EBITDA loss of ($13M) to ($7M).
Planet Labs PBC (NYSE: PL) ha riportato i risultati finanziari del Q4 e dell'anno fiscale 2025, raggiungendo ricavi record e miglioramenti nei margini. I ricavi del Q4 sono aumentati del 5% rispetto all'anno precedente, arrivando a $61,6M, mentre i ricavi annuali sono aumentati dell'11%, raggiungendo $244,4M. L'azienda ha registrato il suo primo trimestre di redditività Adjusted EBITDA con $2,4M.
Tra i punti salienti si evidenzia un accordo commerciale da $230M con SKY Perfect JSAT per i satelliti Pelican, la selezione per il contratto IDIQ Luno B della NGA, e il successo nel dispiegamento dei satelliti iperspettrali Pelican-2 e Tanager. L'azienda ha chiuso il Q4 con 976 clienti, il 97% dei ricavi ricorrenti e $222,1M in contante e equivalenti.
Il margine lordo del Q4 è migliorato al 62% rispetto al 55% dell'anno precedente, mentre il margine annuale è aumentato al 57% dal 51%. La perdita netta per l'anno fiscale 2025 è stata di $123,2M, migliorata rispetto ai $140,5M dell'anno fiscale 2024. Per l'anno fiscale 2026, Planet prevede ricavi tra $260M e $280M con una perdita Adjusted EBITDA prevista tra ($13M) e ($7M).
Planet Labs PBC (NYSE: PL) informó sus resultados financieros del Q4 y del año fiscal 2025, logrando ingresos récord y mejoras en los márgenes. Los ingresos del Q4 crecieron un 5% interanual, alcanzando los $61.6M, mientras que los ingresos anuales aumentaron un 11%, llegando a $244.4M. La empresa alcanzó su primer trimestre de rentabilidad de EBITDA ajustado con $2.4M.
Los puntos destacados incluyen un acuerdo comercial de $230M con SKY Perfect JSAT para los satélites Pelican, la selección para el contrato IDIQ Luno B de la NGA, y el exitoso despliegue de los satélites hiperespectrales Pelican-2 y Tanager. La empresa cerró el Q4 con 976 clientes, el 97% de ingresos recurrentes y $222.1M en efectivo y equivalentes.
El margen bruto del Q4 mejoró al 62% desde el 55% interanual, mientras que el margen anual aumentó al 57% desde el 51%. La pérdida neta del año fiscal 2025 fue de $123.2M, mejorando desde los $140.5M del año fiscal 2024. Para el año fiscal 2026, Planet proyecta ingresos entre $260M y $280M con una pérdida de EBITDA ajustado esperada de ($13M) a ($7M).
Planet Labs PBC (NYSE: PL)는 2025 회계연도 4분기 및 전체 연도 재무 결과를 발표하며, 기록적인 수익과 마진 개선을 달성했습니다. 4분기 수익은 전년 대비 5% 증가하여 $61.6M에 달했으며, 전체 연도 수익은 11% 증가하여 $244.4M에 도달했습니다. 회사는 처음으로 조정된 EBITDA 이익을 기록하며 $2.4M를 달성했습니다.
주요 하이라이트로는 SKY Perfect JSAT와의 $230M 상업 계약이 있으며, NGA의 Luno B IDIQ 계약 선정과 Pelican-2 및 Tanager 하이퍼스펙트럴 위성의 성공적인 배치가 포함됩니다. 회사는 4분기를 976명의 고객, 97%의 반복 수익 및 $222.1M의 현금 및 현금성 자산으로 마감했습니다.
4분기 총 마진은 전년 대비 55%에서 62%로 개선되었으며, 전체 연도 마진은 51%에서 57%로 증가했습니다. 2025 회계연도 순손실은 $123.2M으로, 2024 회계연도의 $140.5M에서 개선되었습니다. 2026 회계연도에 대해 Planet은 수익을 $260M에서 $280M 사이로 예상하고 있으며, 조정된 EBITDA 손실은 ($13M)에서 ($7M) 사이로 예상하고 있습니다.
Planet Labs PBC (NYSE: PL) a annoncé ses résultats financiers du 4ème trimestre et de l'exercice 2025, atteignant des revenus records et des améliorations de marge. Les revenus du 4ème trimestre ont augmenté de 5% par rapport à l'année précédente, atteignant 61,6 millions de dollars, tandis que les revenus annuels ont augmenté de 11% pour atteindre 244,4 millions de dollars. L'entreprise a atteint son premier trimestre de rentabilité en EBITDA ajusté avec 2,4 millions de dollars.
Les points forts incluent un accord commercial de 230 millions de dollars avec SKY Perfect JSAT pour les satellites Pelican, la sélection pour le contrat IDIQ Luno B de la NGA, et le déploiement réussi des satellites hyperspectraux Pelican-2 et Tanager. L'entreprise a terminé le 4ème trimestre avec 976 clients, 97% de revenus récurrents et 222,1 millions de dollars en liquidités et équivalents.
La marge brute du 4ème trimestre s'est améliorée à 62% contre 55% l'année précédente, tandis que la marge annuelle a augmenté à 57% contre 51%. La perte nette pour l'exercice 2025 s'élevait à 123,2 millions de dollars, une amélioration par rapport à 140,5 millions de dollars pour l'exercice 2024. Pour l'exercice 2026, Planet prévoit des revenus compris entre 260 millions et 280 millions de dollars, avec une perte d'EBITDA ajusté attendue entre (13 millions) et (7 millions) de dollars.
Planet Labs PBC (NYSE: PL) hat seine finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2025 veröffentlicht und dabei Rekordumsätze und Margenverbesserungen erzielt. Die Umsätze im 4. Quartal stiegen im Jahresvergleich um 5% auf $61,6M, während die Jahresumsätze um 11% auf $244,4M zunahmen. Das Unternehmen erreichte im 4. Quartal zum ersten Mal eine Adjusted EBITDA-Rentabilität von $2,4M.
Zu den wichtigsten Highlights gehört ein 230-Millionen-Dollar-Kommerzieller Vertrag mit SKY Perfect JSAT für Pelican-Satelliten, die Auswahl für den NGA Luno B IDIQ-Vertrag und der erfolgreiche Einsatz der hyperspektralen Satelliten Pelican-2 und Tanager. Das Unternehmen schloss das 4. Quartal mit 976 Kunden, 97% wiederkehrenden Einnahmen und $222,1M in Bargeld und Äquivalenten ab.
Die Bruttomarge im 4. Quartal verbesserte sich im Jahresvergleich von 55% auf 62%, während die Jahresmarge von 51% auf 57% stieg. Der Nettoverlust für das Geschäftsjahr 2025 betrug $123,2M, eine Verbesserung gegenüber $140,5M im Geschäftsjahr 2024. Für das Geschäftsjahr 2026 prognostiziert Planet Umsätze zwischen $260M und $280M mit einem erwarteten Adjusted EBITDA-Verlust von ($13M) bis ($7M).
- First-ever quarter of positive Adjusted EBITDA at $2.4M
- Record Q4 revenue of $61.6M, up 5% YoY
- Significant margin improvement: Q4 gross margin up to 62% from 55%
- Secured $230M commercial agreement with SKY Perfect JSAT
- RPOs increased 179% to $407.5M
- Strong cash position of $222.1M
- Q4 net loss increased to $35.2M from $30.1M YoY
- Full-year net loss of $123.2M
- Expected continued Adjusted EBITDA losses in FY2026 ($13M-$7M)
- Relatively modest revenue growth of 5% in Q4
Insights
Planet Labs delivered record quarterly revenue of $61.6M (+5% YoY) and full-year revenue of $244.4M (+11% YoY), demonstrating solid top-line growth. The standout achievement is reaching Adjusted EBITDA profitability for the first time with $2.4M in Q4, a significant improvement from the ($9.8M) loss in the year-ago quarter.
While Planet still reported a net loss of ($35.2M) for Q4 and ($123.2M) for the full year, this includes a ($16.2M) non-cash charge from warrant liability revaluation. The underlying operating metrics show substantial improvement, particularly with gross margins expanding to 62% (GAAP) and 65% (non-GAAP) in Q4.
The company's backlog surged 115% QoQ to $498.5M, while RPOs jumped 179% to $407.5M, providing exceptional revenue visibility. The transformative $230M commercial agreement with JSAT for Pelican satellites represents a significant validation of Planet's satellite-as-a-service business model.
With $222.1M in cash and investments, Planet maintains a solid balance sheet while projecting a pathway to positive cash flow within 24 months. Management's projection of doubling revenue growth in FY'27 compared to FY'26 indicates confidence in their solutions-based approach and investments in AI capabilities, which should help expand their market opportunity.
Delivers Record Revenue, Record GAAP and Non-GAAP Gross Margin
Increased RPOs to
Signed
Selected for Luno B IDIQ by the US National Geospatial-Intelligence Agency
Achieves First Light with Pelican-2 High Resolution Satellite
“Last year was an exciting and transitional year for Planet. We introduced a new industry-aligned go-to-market structure and began to shift towards selling AI-enabled solutions. We took a major step forward in the satellite services market and signed a
Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered our first quarter of Adjusted EBITDA profitability in the Company’s history and saw further improvement in the fundamentals of the business, as evident in the year-over-year and sequential improvement in margins. We continue to invest in our space systems capabilities as we build out our next generation fleets and scale our operations to meet the growing demand we see for satellite services. We are also investing in our platform and solutions, particularly in areas where AI can help speed customer time to value and increase adoption.” Ms. Johnson continued, “Our balance sheet remains strong with approximately
Fiscal Fourth Quarter and Full Year 2025 Financial and Key Metric Highlights:
-
Fourth quarter revenue increased
5% year-over-year to a record .$61.6 million -
Full year revenue increased
11% year-over-year to a record .$244.4 million -
Percent of Recurring Annual Contract Value (ACV) for the fourth quarter was
97% . - End of Period (EoP) Customer Count was 976 customers.
-
Fourth quarter gross margin was
62% , compared to55% in the fourth quarter of fiscal year 2024. Fourth quarter Non-GAAP Gross Margin was65% , compared to58% in the fourth quarter of fiscal year 2024. -
Full year gross margin was
57% , compared to51% in fiscal year 2024. Full year Non-GAAP Gross Margin was60% , compared to54% in fiscal year 2024. -
Fourth quarter net loss was
( , compared to$35.2) million ( in the fourth quarter of fiscal year 2024, which includes an approximate$30.1) million ( loss from the change in fair value of warrant liabilities during the fourth quarter of fiscal 2025 related to stock price appreciation during the period.$16.2) million -
Full year net loss was
( , compared to$123.2) million ( in fiscal year 2024.$140.5) million -
Fourth quarter Adjusted EBITDA profit was
, compared to a$2.4 million ( loss in the fourth quarter of fiscal year 2024.$9.8) million -
Full year Adjusted EBITDA loss was
( , compared to a$10.6) million ( loss in fiscal year 2024.$55.3) million -
Fourth quarter GAAP net loss per share was (
) and Non-GAAP net loss per share was ($0.12 ), each of which includes an approximate ($0.08 ) impact from the change in fair value of warrant liabilities related to stock price appreciation during the period.$0.06 -
Full year GAAP net loss per share was (
) and Non-GAAP net loss per share was ($0.42 ).$0.20 -
Ended the year with
in cash, cash equivalents and short-term investments.$222.1 million
Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the Non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable
Recent Business Highlights:
Growing Customer and Partner Relationships in 4Q’25:
-
SKY Perfect JSAT: Planet signed a
multi-year commercial agreement with the US-subsidiary of JSAT Sky Perfect,$230 million Asia's largest geostationary satellite operator. Under the contract, Planet will build and operate a constellation of ten low-Earth-orbit Pelican satellites for JSAT. The satellites are expected to launch beginning in 2027. Planet expects to recognize approximately of revenue over the build and operational service period of the satellites, which is estimated to be approximately seven years. In addition to providing capacity over JSAT’s area of interest, Planet expects to leverage the global capacity of the constellation to serve government and commercial customers around the world.$230 million -
National Geospatial-Intelligence Agency: Planet was selected by the NGA as one of the vendors for the Luno B commercial data indefinite delivery, indefinite quantity (“IDIQ”) contract. Through this contract, users will have access to data and analytic services that add new context to analytic assessments by characterizing worldwide economic, environmental, and geo-political activities, as well as illegal, unregulated, and unreported activities. Luno B has a five-year base ordering period with a
ceiling. Vendors will compete on a full and open basis for future delivery orders.$200M -
U.S. Department of Defense: Planet was awarded a seven-figure prototype order for the Department of Defense’s (“DoD”) Defense Innovation Unit (“DIU”). The order is part of DIU’s Hybrid Space Architecture mission to accelerate next generation commercial satellite technology. The award was won with a partner and the term is one year or less. -
U.S. Department of Defense: Planet was awarded a renewal and expansion by the DoD. The order leverages Planet’s Maritime Domain Awareness solution and was won with an AI technology partner. - Bayer: Planet signed an expansion with long-term customer Bayer, through a multi-year enterprise license agreement. This agreement increases Bayer’s access to Planet’s satellite imagery and analytics, expanding into commercial operations and enabling enhanced decision-making across its global agricultural operations. Bayer leverages a wide range of Planet data and products, allowing them to make faster, data-driven agronomic decisions and improving efficiency across its operations.
- Syngenta: Planet signed a multi-year partnership expansion with Syngenta to support novel solutions for the agricultural sector. Through the expansion Syngenta will gain expanded access to PlanetScope near-daily data and SkySat high-resolution data as well as the Planet Insights Platform. Together, they look to enable farmers to remotely monitor crop health, detect pest infestations, and identify disease outbreaks with pinpoint accuracy.
- Hellenic Space Center: Planet signed a new contract with the Greek government through ESA to leverage PlanetScope data to support the nation’s development of future downstream services for their national satellite data program. As they look to grow their own satellite capabilities, the Greek government will employ Planet’s near-daily data to complement and inform their data sources.
New Technologies and Products
- Pelican-2 Satellite First Light: Planet shared First Light Imagery from its Pelican-2 satellite, which was successfully launched in January 2025. With this launch, Planet continues to build out its next generation high-resolution fleet. Planet has additional Pelican satellites scheduled to launch in 2025.
- Tanager: Planet’s first hyperspectral satellite, Tanager-1, is producing powerful hyperspectral data. Planet has begun making Tanager data available to select customers in Energy, Agriculture, Natural Resource Management and Government verticals under a limited availability program. Tanager-1 is made possible by the Carbon Mapper Coalition, a philanthropically-funded effort. Since the satellite’s launch, Planet partner and customer Carbon Mapper has published over 1,000 methane and CO2 plume detections.
Impact
- Energy Infrastructure: Planet, Microsoft, and The Nature Conservancy launched the next stage of the Global Renewables Watch, a digital public good which shares time-series data on change in renewable energy infrastructure worldwide. First announced in 2022, this atlas of renewable energy has now been opened to the public for viewing and analysis. Using Planet Basemaps, Microsoft’s advanced analytics, and TNC’s energy insights, the interactive map tracks growing energy infrastructure projects around the globe.
Financial Outlook
For the first quarter of fiscal year 2026, ending April 30, 2025, Planet expects revenue to be in the range of approximately
For fiscal year 2026, ending January 31, 2026, Planet expects revenue to be in the range of approximately
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 first quarter of fiscal year 2026 and full fiscal year 2026 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, March 20, 2025. The webcast can be accessed at www.planet.com/investors/. The webcast replay will be available at the same location approximately 2 hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=cce9e80d&confId=77928. You will then receive your access details via email.
Additionally, a supplemental presentation has been provided 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 approximately 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
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, 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
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, employee transaction bonuses in connection with the Sinergise business combination, and certain litigation expenses.
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, certain litigation expenses, 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 provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, 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 cancelable 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
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
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 Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. 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 Planet Insights Platform 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 Planet Insights Platform (which has integrated the former Sentinel Hub platform) 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 Planet Insights Platform 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 Planet Insights Platform (which has integrated the former Sentinel Hub platform) 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 Planet Insights Platform 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 Planet Insights Platform 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,” “structured” 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, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, including with respect to AI, Planet’s expectations regarding the launch and operations of its satellites, including with respect to timing, 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 Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that 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 and full year ended January 31, 2025, are not necessarily indicative of its operating results for any future periods.
PLANET CONSOLIDATED BALANCE SHEETS |
|||||||
|
January 31, |
||||||
(in thousands) |
|
2025 |
|
|
|
2024 |
|
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
118,048 |
|
|
$ |
83,866 |
|
Restricted cash and cash equivalents, current |
|
6,598 |
|
|
|
8,360 |
|
Short-term investments |
|
104,027 |
|
|
|
215,041 |
|
Accounts receivable, net |
|
55,833 |
|
|
|
43,320 |
|
Prepaid expenses and other current assets |
|
17,719 |
|
|
|
19,564 |
|
Total current assets |
|
302,225 |
|
|
|
370,151 |
|
Property and equipment, net |
|
121,749 |
|
|
|
113,429 |
|
Capitalized internal-use software, net |
|
18,974 |
|
|
|
14,973 |
|
Goodwill |
|
136,349 |
|
|
|
136,256 |
|
Intangible assets, net |
|
27,452 |
|
|
|
32,448 |
|
Restricted cash and cash equivalents, non-current |
|
5,348 |
|
|
|
9,972 |
|
Operating lease right-of-use assets |
|
19,752 |
|
|
|
22,339 |
|
Other non-current assets |
|
1,947 |
|
|
|
2,429 |
|
Total assets |
$ |
633,796 |
|
|
$ |
701,997 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
2,604 |
|
|
$ |
2,601 |
|
Accrued and other current liabilities |
|
42,600 |
|
|
|
44,779 |
|
Deferred revenue |
|
82,275 |
|
|
|
72,327 |
|
Liability from early exercise of stock options |
|
5,378 |
|
|
|
8,964 |
|
Operating lease liabilities, current |
|
9,221 |
|
|
|
7,978 |
|
Total current liabilities |
|
142,078 |
|
|
|
136,649 |
|
Deferred revenue |
|
11,182 |
|
|
|
5,293 |
|
Deferred hosting costs |
|
5,368 |
|
|
|
7,101 |
|
Public and private placement warrant liabilities |
|
18,077 |
|
|
|
2,961 |
|
Operating lease liabilities, non-current |
|
12,392 |
|
|
|
16,952 |
|
Contingent consideration |
|
2,883 |
|
|
|
5,885 |
|
Other non-current liabilities |
|
530 |
|
|
|
9,138 |
|
Total liabilities |
|
192,510 |
|
|
|
183,979 |
|
Stockholders’ equity |
|
|
|
||||
Common stock |
|
28 |
|
|
|
28 |
|
Additional paid-in capital |
|
1,645,356 |
|
|
|
1,596,201 |
|
Accumulated other comprehensive income (loss) |
|
(1,097 |
) |
|
|
1,594 |
|
Accumulated deficit |
|
(1,203,001 |
) |
|
|
(1,079,805 |
) |
Total stockholders’ equity |
|
441,286 |
|
|
|
518,018 |
|
Total liabilities and stockholders’ equity |
$ |
633,796 |
|
|
$ |
701,997 |
|
PLANET CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(in thousands, except share and per share amounts) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenue |
$ |
61,554 |
|
|
$ |
58,852 |
|
|
$ |
244,352 |
|
|
$ |
220,696 |
|
Cost of revenue |
|
23,339 |
|
|
|
26,371 |
|
|
|
104,627 |
|
|
|
107,746 |
|
Gross profit |
|
38,215 |
|
|
|
32,481 |
|
|
|
139,725 |
|
|
|
112,950 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Research and development |
|
22,951 |
|
|
|
28,410 |
|
|
|
101,006 |
|
|
|
116,339 |
|
Sales and marketing |
|
15,681 |
|
|
|
20,095 |
|
|
|
77,694 |
|
|
|
86,304 |
|
General and administrative |
|
18,949 |
|
|
|
17,894 |
|
|
|
77,147 |
|
|
|
80,055 |
|
Total operating expenses |
|
57,581 |
|
|
|
66,399 |
|
|
|
255,847 |
|
|
|
282,698 |
|
Loss from operations |
|
(19,366 |
) |
|
|
(33,918 |
) |
|
|
(116,122 |
) |
|
|
(169,748 |
) |
Interest income |
|
1,965 |
|
|
|
3,661 |
|
|
|
10,257 |
|
|
|
15,414 |
|
Change in fair value of warrant liabilities |
|
(16,242 |
) |
|
|
(295 |
) |
|
|
(15,116 |
) |
|
|
13,709 |
|
Other income (expense), net |
|
(415 |
) |
|
|
37 |
|
|
|
245 |
|
|
|
931 |
|
Total other income (expense), net |
|
(14,692 |
) |
|
|
3,403 |
|
|
|
(4,614 |
) |
|
|
30,054 |
|
Loss before provision for income taxes |
|
(34,058 |
) |
|
|
(30,515 |
) |
|
|
(120,736 |
) |
|
|
(139,694 |
) |
Provision for income taxes |
|
1,096 |
|
|
|
(429 |
) |
|
|
2,460 |
|
|
|
815 |
|
Net loss |
$ |
(35,154 |
) |
|
$ |
(30,086 |
) |
|
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Basic and diluted net loss per share attributable to common stockholders |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.50 |
) |
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders |
|
296,441,988 |
|
|
|
286,507,870 |
|
|
|
292,124,291 |
|
|
|
279,585,698 |
|
PLANET CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(In thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss |
$ |
(35,154 |
) |
|
$ |
(30,086 |
) |
|
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment |
|
(2,422 |
) |
|
|
777 |
|
|
|
(2,581 |
) |
|
|
(766 |
) |
Change in fair value of available-for-sale securities |
|
(22 |
) |
|
|
1,059 |
|
|
|
(110 |
) |
|
|
89 |
|
Other comprehensive income (loss), net of tax |
|
(2,444 |
) |
|
|
1,836 |
|
|
|
(2,691 |
) |
|
|
(677 |
) |
Comprehensive loss |
$ |
(37,598 |
) |
|
$ |
(28,250 |
) |
|
$ |
(125,887 |
) |
|
$ |
(141,186 |
) |
PLANET CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
Year Ended January 31, |
||||||
(in thousands) |
|
2025 |
|
|
|
2024 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
||||
Depreciation and amortization |
|
45,637 |
|
|
|
47,639 |
|
Stock-based compensation, net of capitalized cost |
|
48,485 |
|
|
|
57,132 |
|
Change in fair value of warrant liabilities |
|
15,116 |
|
|
|
(13,709 |
) |
Change in fair value of contingent consideration |
|
3,437 |
|
|
|
(741 |
) |
Other |
|
(920 |
) |
|
|
(4,321 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(11,984 |
) |
|
|
(2,658 |
) |
Prepaid expenses and other assets |
|
8,366 |
|
|
|
10,498 |
|
Accounts payable, accrued and other liabilities |
|
(13,337 |
) |
|
|
(25,014 |
) |
Deferred revenue |
|
15,572 |
|
|
|
22,237 |
|
Deferred hosting costs |
|
(1,550 |
) |
|
|
(1,265 |
) |
Net cash used in operating activities |
|
(14,374 |
) |
|
|
(50,711 |
) |
Investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(44,297 |
) |
|
|
(37,991 |
) |
Capitalized internal-use software |
|
(5,322 |
) |
|
|
(4,419 |
) |
Maturities of available-for-sale securities |
|
61,396 |
|
|
|
161,317 |
|
Sales of available-for-sale securities |
|
192,522 |
|
|
|
45,580 |
|
Purchases of available-for-sale securities |
|
(140,240 |
) |
|
|
(189,142 |
) |
Business acquisition, net of cash acquired |
|
(1,068 |
) |
|
|
(7,542 |
) |
Purchases of licensed imagery intangible assets |
|
(4,785 |
) |
|
|
— |
|
Other |
|
(300 |
) |
|
|
(1,389 |
) |
Net cash provided by (used in) investing activities |
|
57,906 |
|
|
|
(33,586 |
) |
Financing activities |
|
|
|
||||
Proceeds from the exercise of common stock options |
|
4,375 |
|
|
|
7,388 |
|
Payments for withholding taxes related to the net share settlement of equity awards |
|
(11,938 |
) |
|
|
(8,971 |
) |
Proceeds from employee stock purchase program |
|
1,549 |
|
|
|
— |
|
Payments of contingent consideration for business acquisitions |
|
(8,783 |
) |
|
|
— |
|
Other |
|
(738 |
) |
|
|
(15 |
) |
Net cash used in financing activities |
|
(15,535 |
) |
|
|
(1,598 |
) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents |
|
(201 |
) |
|
|
17 |
|
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents |
|
27,796 |
|
|
|
(85,878 |
) |
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 |
$ |
129,994 |
|
|
$ |
102,198 |
|
PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss |
$ |
(35,154 |
) |
|
$ |
(30,086 |
) |
|
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Interest income |
|
(1,965 |
) |
|
|
(3,661 |
) |
|
|
(10,257 |
) |
|
|
(15,414 |
) |
Income tax provision |
|
1,096 |
|
|
|
(429 |
) |
|
|
2,460 |
|
|
|
815 |
|
Depreciation and amortization |
|
9,272 |
|
|
|
11,606 |
|
|
|
45,637 |
|
|
|
47,639 |
|
Change in fair value of warrant liabilities |
|
16,242 |
|
|
|
295 |
|
|
|
15,116 |
|
|
|
(13,709 |
) |
Stock-based compensation |
|
12,018 |
|
|
|
12,521 |
|
|
|
48,485 |
|
|
|
57,132 |
|
Restructuring costs (1) |
|
50 |
|
|
|
35 |
|
|
|
10,574 |
|
|
|
7,376 |
|
Employee transaction bonuses in connection with the Sinergise business combination (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,317 |
|
Certain litigation expenses (3) |
|
404 |
|
|
|
— |
|
|
|
799 |
|
|
|
— |
|
Other (income) expense, net |
|
415 |
|
|
|
(37 |
) |
|
|
(245 |
) |
|
|
(931 |
) |
Adjusted EBITDA |
$ |
2,378 |
|
|
$ |
(9,756 |
) |
|
$ |
(10,627 |
) |
|
$ |
(55,284 |
) |
(1) As part of the 2024 headcount reduction, we recognized |
(2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated to operating expense from the purchase consideration we paid for the acquisition. |
(3) Expenses relating to the |
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(In thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Reconciliation of cost of revenue: |
|
|
|
|
|
|
|
||||||||
GAAP cost of revenue |
$ |
23,339 |
|
|
$ |
26,371 |
|
|
$ |
104,627 |
|
|
$ |
107,746 |
|
Less: Stock-based compensation |
|
904 |
|
|
|
781 |
|
|
|
3,467 |
|
|
|
3,636 |
|
Less: Amortization of acquired intangible assets |
|
705 |
|
|
|
786 |
|
|
|
3,003 |
|
|
|
2,460 |
|
Less: Restructuring costs |
|
10 |
|
|
|
1 |
|
|
|
1,322 |
|
|
|
564 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
267 |
|
Non-GAAP cost of revenue |
$ |
21,720 |
|
|
$ |
24,803 |
|
|
$ |
96,835 |
|
|
$ |
100,819 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of gross profit: |
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
38,215 |
|
|
$ |
32,481 |
|
|
$ |
139,725 |
|
|
$ |
112,950 |
|
Add: Stock-based compensation |
|
904 |
|
|
|
781 |
|
|
|
3,467 |
|
|
|
3,636 |
|
Add: Amortization of acquired intangible assets |
|
705 |
|
|
|
786 |
|
|
|
3,003 |
|
|
|
2,460 |
|
Add: Restructuring costs |
|
10 |
|
|
|
1 |
|
|
|
1,322 |
|
|
|
564 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
267 |
|
Non-GAAP gross profit |
$ |
39,834 |
|
|
$ |
34,049 |
|
|
$ |
147,517 |
|
|
$ |
119,877 |
|
GAAP gross margin |
|
62 |
% |
|
|
55 |
% |
|
|
57 |
% |
|
|
51 |
% |
Non-GAAP gross margin |
|
65 |
% |
|
|
58 |
% |
|
|
60 |
% |
|
|
54 |
% |
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(In thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Reconciliation of operating expenses: |
|
|
|
|
|
|
|
||||||||
GAAP research and development |
$ |
22,951 |
|
|
$ |
28,410 |
|
|
$ |
101,006 |
|
|
$ |
116,339 |
|
Less: Stock-based compensation |
|
4,505 |
|
|
|
5,263 |
|
|
|
16,625 |
|
|
|
23,818 |
|
Less: Restructuring costs |
|
(3 |
) |
|
|
9 |
|
|
|
3,461 |
|
|
|
3,306 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,891 |
|
Non-GAAP research and development |
$ |
18,449 |
|
|
$ |
23,138 |
|
|
$ |
80,920 |
|
|
$ |
87,324 |
|
GAAP sales and marketing |
$ |
15,681 |
|
|
$ |
20,095 |
|
|
$ |
77,694 |
|
|
$ |
86,304 |
|
Less: Stock-based compensation |
|
1,873 |
|
|
|
2,393 |
|
|
|
8,736 |
|
|
|
10,220 |
|
Less: Amortization of acquired intangible assets |
|
126 |
|
|
|
268 |
|
|
|
599 |
|
|
|
933 |
|
Less: Restructuring costs |
|
49 |
|
|
|
— |
|
|
|
4,506 |
|
|
|
1,943 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
Non-GAAP sales and marketing |
$ |
13,633 |
|
|
$ |
17,434 |
|
|
$ |
63,853 |
|
|
$ |
73,167 |
|
GAAP general and administrative |
$ |
18,949 |
|
|
$ |
17,894 |
|
|
$ |
77,147 |
|
|
$ |
80,055 |
|
Less: Stock-based compensation |
|
4,736 |
|
|
|
4,084 |
|
|
|
19,657 |
|
|
|
19,458 |
|
Less: Amortization of acquired intangible assets |
|
36 |
|
|
|
95 |
|
|
|
187 |
|
|
|
349 |
|
Less: Restructuring costs |
|
(6 |
) |
|
|
25 |
|
|
|
1,285 |
|
|
|
1,563 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
118 |
|
Less: Certain litigation expenses |
|
404 |
|
|
|
— |
|
|
|
799 |
|
|
|
— |
|
Non-GAAP general and administrative |
$ |
13,779 |
|
|
$ |
13,690 |
|
|
$ |
55,219 |
|
|
$ |
58,567 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of loss from operations |
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(19,366 |
) |
|
$ |
(33,918 |
) |
|
$ |
(116,122 |
) |
|
$ |
(169,748 |
) |
Add: Stock-based compensation |
|
12,018 |
|
|
|
12,521 |
|
|
|
48,485 |
|
|
|
57,132 |
|
Add: Amortization of acquired intangible assets |
|
867 |
|
|
|
1,149 |
|
|
|
3,789 |
|
|
|
3,742 |
|
Add: Restructuring costs |
|
50 |
|
|
|
35 |
|
|
|
10,574 |
|
|
|
7,376 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,317 |
|
Add: Certain litigation expenses |
|
404 |
|
|
|
— |
|
|
|
799 |
|
|
|
— |
|
Non-GAAP loss from operations |
$ |
(6,027 |
) |
|
$ |
(20,213 |
) |
|
$ |
(52,475 |
) |
|
$ |
(99,181 |
) |
GAAP operating margin |
|
(31 |
)% |
|
|
(58 |
)% |
|
|
(48 |
)% |
|
|
(77 |
)% |
Non-GAAP operating margin |
|
(10 |
)% |
|
|
(34 |
)% |
|
|
(21 |
)% |
|
|
(45 |
)% |
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended January 31, |
|
Year Ended January 31, |
||||||||||||
(In thousands, except share and per share amounts) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Reconciliation of net loss |
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(35,154 |
) |
|
$ |
(30,086 |
) |
|
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Add: Stock-based compensation |
|
12,018 |
|
|
|
12,521 |
|
|
|
48,485 |
|
|
|
57,132 |
|
Add: Amortization of acquired intangible assets |
|
867 |
|
|
|
1,149 |
|
|
|
3,789 |
|
|
|
3,742 |
|
Add: Restructuring costs |
|
50 |
|
|
|
35 |
|
|
|
10,574 |
|
|
|
7,376 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,317 |
|
Add: Certain litigation expenses |
|
404 |
|
|
|
— |
|
|
|
799 |
|
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
(458 |
) |
|
|
— |
|
|
|
868 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(22,273 |
) |
|
$ |
(16,381 |
) |
|
$ |
(58,681 |
) |
|
$ |
(69,942 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net loss per share, diluted |
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(35,154 |
) |
|
$ |
(30,086 |
) |
|
$ |
(123,196 |
) |
|
$ |
(140,509 |
) |
Non-GAAP net loss |
$ |
(22,273 |
) |
|
$ |
(16,381 |
) |
|
$ |
(58,681 |
) |
|
$ |
(69,942 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted (1) |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.50 |
) |
Add: Stock-based compensation |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.17 |
|
|
|
0.20 |
|
Add: Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Add: Restructuring costs |
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
0.03 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Add: Certain litigation expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net loss per share, diluted (2) (3) |
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) |
|
296,441,988 |
|
|
|
286,507,870 |
|
|
|
292,124,291 |
|
|
|
279,585,698 |
|
Weighted-average shares used in computing Non-GAAP net loss per share, diluted (2) |
|
296,441,988 |
|
|
|
286,507,870 |
|
|
|
292,124,291 |
|
|
|
279,585,698 |
|
|
|
|
|
|
|
|
|
||||||||
(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 |
||||||||||||||
The table below reconciles Backlog to remaining performance obligations for the periods indicated: |
||||||||||||||
(in thousands) |
January 31, 2025 |
|
October 31, 2024 |
|
July 31, 2024 |
|
April 30, 2024 |
|
January 31, 2024 |
|||||
Remaining performance obligations |
$ |
407,538 |
|
$ |
145,890 |
|
$ |
112,093 |
|
$ |
124,942 |
|
$ |
132,571 |
Cancelable amount of contract value |
|
90,920 |
|
|
86,250 |
|
|
101,407 |
|
|
94,831 |
|
|
109,821 |
Backlog |
$ |
498,458 |
|
$ |
232,140 |
|
$ |
213,500 |
|
$ |
219,773 |
|
$ |
242,392 |
For remaining performance obligations and Backlog as of January 31, 2025, the Company expects to recognize approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20250320613059/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
Source: Planet