Planet Reports Financial Results for Third Quarter of Fiscal Year 2025
Planet Labs PBC (NYSE: PL) reported Q3 FY2025 financial results with record revenue of $61.3 million, up 11% year-over-year. The company achieved record GAAP gross margin of 61% and non-GAAP gross margin of 64%, representing significant improvements from the previous year.
Key highlights include securing major contracts with NASA ($19.95M), US Department of Defense, and multiple international governments. The company reported a net loss of $20.1 million, improved from $38.0 million in Q3 FY2024. Planet ended the quarter with $242 million in cash and no debt.
For Q4 FY2025, Planet expects revenue between $61-63 million and anticipates achieving Adjusted EBITDA profitability next quarter.
Planet Labs PBC (NYSE: PL) ha riportato i risultati finanziari del terzo trimestre FY2025 con un fatturato record di $61,3 milioni, in aumento del 11% rispetto all'anno precedente. L'azienda ha raggiunto un margine lordo GAAP record del 61% e un margine lordo non GAAP del 64%, rappresentando miglioramenti significativi rispetto all'anno scorso.
I punti salienti includono l'acquisizione di contratti importanti con la NASA ($19,95 milioni), il Dipartimento della Difesa degli Stati Uniti e diversi governi internazionali. L'azienda ha riportato una perdita netta di $20,1 milioni, migliorata rispetto ai $38,0 milioni del terzo trimestre FY2024. Planet ha chiuso il trimestre con $242 milioni in contante e nessun debito.
Per il quarto trimestre FY2025, Planet prevede un fatturato tra i $61 e i $63 milioni e anticipa di raggiungere la redditività EBITDA adjusted nel prossimo trimestre.
Planet Labs PBC (NYSE: PL) anunció resultados financieros para el tercer trimestre del año fiscal 2025, con ingresos récord de $61.3 millones, un aumento del 11% en comparación con el año anterior. La compañía logró un margen bruto GAAP récord del 61% y un margen bruto no GAAP del 64%, lo que representa mejoras significativas con respecto al año pasado.
Entre los puntos destacados se incluyen la obtención de importantes contratos con la NASA ($19.95M), el Departamento de Defensa de EE. UU. y varios gobiernos internacionales. La compañía reportó una pérdida neta de $20.1 millones, mejor que los $38.0 millones del tercer trimestre del año fiscal 2024. Planet terminó el trimestre con $242 millones en efectivo y sin deudas.
Para el cuarto trimestre del año fiscal 2025, Planet espera ingresos entre $61 y $63 millones y anticipa alcanzar la rentabilidad de EBITDA ajustado en el próximo trimestre.
Planet Labs PBC (NYSE: PL)는 FY2025 3분기 재무 결과를 보고하면서 기록적인 매출 $61.3백만을 기록하였으며, 이는 전년 대비 11% 증가한 수치입니다. 회사는 61%의 GAAP 총 이익률과 64%의 비-GAAP 총 이익률이라는 기록을 달성하였으며, 이는 지난해보다 상당한 개선을 나타냅니다.
주요 하이라이트로는 NASA ($19.95M), 미국 국방부 및 여러 국제 정부와의 주요 계약 체결이 포함됩니다. 회사는 3분기 FY2024의 $38.0백만에서 개선된 $20.1백만의 순손실을 보고했습니다. Planet은 이번 분기를 $242백만의 현금과 무부채로 마무리하였습니다.
FY2025 4분기에 대해 Planet은 $61에서 $63백만의 매출을 예상하며, 다음 분기에는 조정된 EBITDA 수익성을 달성할 것으로 예상하고 있습니다.
Planet Labs PBC (NYSE: PL) a annoncé les résultats financiers du troisième trimestre de l'exercice 2025, avec un chiffre d'affaires record de 61,3 millions de dollars, soit une augmentation de 11 % par rapport à l'année précédente. L'entreprise a atteint une marge brute GAAP record de 61 % et une marge brute non GAAP de 64 %, représentant des améliorations significatives par rapport à l'année précédente.
Parmi les faits marquants, on peut citer l'obtention de contrats majeurs avec la NASA (19,95 millions de dollars), le Département de la Défense des États-Unis et plusieurs gouvernements internationaux. L'entreprise a enregistré une perte nette de 20,1 millions de dollars, en amélioration par rapport aux 38,0 millions de dollars du troisième trimestre de l'exercice 2024. Planet a terminé le trimestre avec 242 millions de dollars en liquide et sans dettes.
Pour le quatrième trimestre de l'exercice 2025, Planet prévoit un chiffre d'affaires compris entre 61 et 63 millions de dollars et anticipe d'atteindre la rentabilité EBITDA ajustée au prochain trimestre.
Planet Labs PBC (NYSE: PL) hat die finanziellen Ergebnisse für das dritte Quartal FY2025 bekannt gegeben, mit einem Rekordumsatz von 61,3 Millionen US-Dollar, was einem Anstieg von 11% im Jahresvergleich entspricht. Das Unternehmen erzielte eine Rekord-GAAP-Bruttomarge von 61% und eine nicht-GAAP-Bruttomarge von 64%, was signifikante Verbesserungen im Vergleich zum Vorjahr darstellt.
Zu den wichtigsten Höhepunkten gehört der Abschluss wichtiger Verträge mit der NASA (19,95 Millionen US-Dollar), dem US-Verteidigungsministerium und mehreren internationalen Regierungen. Das Unternehmen berichtete von einem Nettoverlust von 20,1 Millionen US-Dollar, verbessert im Vergleich zu 38,0 Millionen US-Dollar im dritten Quartal FY2024. Planet schloss das Quartal mit 242 Millionen US-Dollar in bar und ohne Schulden ab.
Für das vierte Quartal FY2025 erwartet Planet Einnahmen zwischen 61 und 63 Millionen US-Dollar und rechnet damit, im nächsten Quartal eine bereinigte EBITDA-Rentabilität zu erreichen.
- Record revenue of $61.3M, up 11% YoY
- Record GAAP gross margin of 61%, up 1,400 bps YoY
- Record non-GAAP gross margin of 64%, up 1,200 bps YoY
- Secured $19.95M NASA contract
- Reduced net loss to $20.1M from $38.0M YoY
- Strong cash position of $242M with no debt
- 97% recurring annual contract value
- Continuing net loss of $20.1M
- Modest 4% YoY customer growth to 1,015 customers
Insights
Awarded Contracts with NASA, US Department of Defense and Multiple International Governments
Delivers Record GAAP Gross Margin of
Achieves First Light with Tanager Hyperspectral Satellite; Delivers Data on Over 300 Methane and CO2 Emissions Sites; Enables First Mitigation Success
Pelican-2 with NVIDIA Jetson Platform is Shipped and Ready to Launch
"We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet’s largest ever quarter of ACV bookings, helping lay the foundation for future growth," said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. "We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions. We also saw first light from our Tanager satellite, released the first set of over 300 CO2 and methane detections, and are progressing towards commercializing its hyperspectral data. The success of this program has led us to actively pursue other opportunities that similarly advance our technology roadmap while enhancing our financial position. Ultimately, we believe Planet is well positioned for growth going forward."
Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We saw significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins, as well as the continued progress on our path to profitability. I’m pleased to confirm that we’re on track to achieve our target of Adjusted EBITDA profitability next quarter. Meanwhile, we’re reducing our cash burn and our balance sheet remains strong with approximately
Third Quarter of Fiscal 2025 Financial and Key Metric Highlights:
-
Third quarter revenue increased
11% year-over-year to a record$61.3 million -
Percent of Recurring Annual Contract Value (ACV) for the third quarter was
97% . -
End of Period (EoP) Customer Count increased
4% year-over-year to 1,015 customers. -
Third quarter gross margin was a record
61% , compared to47% in the third quarter of fiscal year 2024. Third quarter Non-GAAP Gross Margin was a record64% , compared to52% in the third quarter of fiscal year 2024. -
Third quarter net loss was
( , compared to$20.1) million ( in the third quarter of fiscal year 2024.$38.0) million -
Third quarter Adjusted EBITDA loss was
( , compared to a$0.2) million ( loss in the third quarter of fiscal year 2024.$12.0) million -
Third quarter GAAP EPS was (
$0.07 $0.02 -
Ended the quarter with
$242 million
Recent Business Highlights:
Growing Customer and Partner Relationships
- International Defense Customer: Planet won an eight-figure expansion with an International Defense Customer during the third quarter to provide PlanetScope, Skysat, Maritime Domain Awareness and other analytics.
- US Department of Defense: Planet was selected to complete a seven-figure pilot with the US Department of Defense. This is Planet’s third such pilot program with the US Department of Defense this year. Under the 3-month project, Planet will provide satellite imagery in key areas of interest with analytics-powered insights supported by a Planet partner.
-
NASA: In early September, NASA announced that Planet was selected for the NASA Commercial SmallSat Data Acquisition (CSDA) contract. The fixed-price, indefinite-delivery/indefinite-quantity, multiple-award contract has a performance period through November 15, 2028. On November 25, 2024, Planet received an order under the new contract vehicle valued at approximately
$19.95 million -
Federal Police of
Brazil : Planet renewed its seven-figure ACV contract with the Federal Police ofBrazil through its partner SCCON Geospatial. With the aid of daily satellite imagery, SCCON and Brazilian public agents have reported collecting the equivalent of nearly$3 billion - German Space Agency: Planet GmbH signed a multi-year contract with the German Space Agency at German Aerospace Center (DLR) to provide data access and development support for the German Space Agency’s Earth observation data platform (EO-Lab), integrating Planet data into the system and offering advanced services.
- Laconic: Planet signed a seven-figure multi-year deal with Laconic, a company leading a global shift in climate finance. Under this contract, Laconic will receive Planet’s AI-powered 3 meter Forest Carbon Monitoring product and 30 meter Forest Carbon product. Leveraging these data feeds, Laconic plans to offer their customers accurate trends and verifications to instill trusted trading confidence and empower informed carbon credit decision-making.
New Technologies and Products
- Pelican-2 Satellite: Planet announced that its next Pelican satellite, Pelican-2, is ready for launch. The spacecraft departed for Vandenberg Space Force Base on December 9 in preparation for launch early next year. Pelican-2 will be Planet’s first satellite to incorporate NVIDIA’s Jetson platform. With this launch, Planet continues to build out its next generation high-resolution fleet.
- Tanager First Light & Methane and CO2 Detections: Planet’s first hyperspectral satellite, Tanager-1, has achieved first light and begun enabling methane and CO2 emissions data. Tanager-1 is made possible by the Carbon Mapper Coalition, a philanthropically-funded effort. Following the satellite’s final commissioning and calibration period, partners and customers such as Carbon Mapper are expected to use the data to monitor and mitigate point-source methane and CO2 emissions. Planet also plans to make the hyperspectral data commercially available for a variety of use cases including security applications, biodiversity assessments, mineral mapping, water quality assessments, and more.
- Forest Carbon Monitoring: Planet released its AI-powered Forest Carbon Monitoring product — the world’s first global scale forest structure monitoring system at 3-meter resolution. This new product offers partners and customers a powerful dataset to support voluntary carbon markets, regulatory compliance, and deforestation mitigation.
- Analysis-Ready PlanetScope: Planet released its Analysis-Ready PlanetScope (ARPS) product for time-series analysis and machine learning models. ARPS harnesses a proprietary algorithm to create harmonized and spatially consistent near-daily stacks of images that enable time-series analysis and machine learning applications. The result is a more precise dataset that’s readily-available for manipulation, analysis, and visualization in the Planet Insights Platform.
Impact and ESG
- Project Centinela: Planet launched Project Centinela, which equips the world’s leading biodiversity scientists and conservationists with the latest satellite-derived tools and insights. As part of Planet’s mission, over the next three years the program will help support teams working at the forefront of the biodiversity crisis to monitor and safeguard up to 50 of the world’s vulnerable biodiversity hotspots.
Fourth Quarter Financial Outlook
For the fourth quarter of fiscal year 2025, ending January 31, 2025, 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 fourth 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, December 9, 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=00196caf&confId=74075. 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 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
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
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, certain litigation expenses, 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, 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 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, 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 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
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 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 growth opportunities, 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 for the fiscal year ended January 31, 2024, Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024, 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 October 31, 2024, are not necessarily indicative of its operating results for any future periods.
PLANET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||
(In thousands) |
October 31, 2024 |
|
January 31, 2024 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
138,969 |
|
|
$ |
83,866 |
|
Restricted cash and cash equivalents, current |
|
6,525 |
|
|
|
8,360 |
|
Short-term investments |
|
103,255 |
|
|
|
215,041 |
|
Accounts receivable, net |
|
38,853 |
|
|
|
43,320 |
|
Prepaid expenses and other current assets |
|
13,992 |
|
|
|
19,564 |
|
Total current assets |
|
301,594 |
|
|
|
370,151 |
|
Property and equipment, net |
|
116,920 |
|
|
|
113,429 |
|
Capitalized internal-use software, net |
|
18,259 |
|
|
|
14,973 |
|
Goodwill |
|
137,411 |
|
|
|
136,256 |
|
Intangible assets, net |
|
29,231 |
|
|
|
32,448 |
|
Restricted cash and cash equivalents, non-current |
|
4,437 |
|
|
|
9,972 |
|
Operating lease right-of-use assets |
|
20,829 |
|
|
|
22,339 |
|
Other non-current assets |
|
2,083 |
|
|
|
2,429 |
|
Total assets |
$ |
630,764 |
|
|
$ |
701,997 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
3,572 |
|
|
$ |
2,601 |
|
Accrued and other current liabilities |
|
43,670 |
|
|
|
44,779 |
|
Deferred revenue |
|
66,462 |
|
|
|
72,327 |
|
Liability from early exercise of stock options |
|
6,275 |
|
|
|
8,964 |
|
Operating lease liabilities, current |
|
9,105 |
|
|
|
7,978 |
|
Total current liabilities |
|
129,084 |
|
|
|
136,649 |
|
Deferred revenue |
|
11,230 |
|
|
|
5,293 |
|
Deferred hosting costs |
|
6,665 |
|
|
|
7,101 |
|
Public and private placement warrant liabilities |
|
1,835 |
|
|
|
2,961 |
|
Operating lease liabilities, non-current |
|
13,819 |
|
|
|
16,952 |
|
Contingent consideration |
|
2,871 |
|
|
|
5,885 |
|
Other non-current liabilities |
|
655 |
|
|
|
9,138 |
|
Total liabilities |
|
166,159 |
|
|
|
183,979 |
|
Stockholders’ equity |
|
|
|
||||
Common stock |
|
28 |
|
|
|
28 |
|
Additional paid-in capital |
|
1,631,077 |
|
|
|
1,596,201 |
|
Accumulated other comprehensive income |
|
1,347 |
|
|
|
1,594 |
|
Accumulated deficit |
|
(1,167,847 |
) |
|
|
(1,079,805 |
) |
Total stockholders’ equity |
|
464,605 |
|
|
|
518,018 |
|
Total liabilities and stockholders’ equity |
$ |
630,764 |
|
|
$ |
701,997 |
|
PLANET CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(In thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
61,266 |
|
|
$ |
55,380 |
|
|
$ |
182,798 |
|
|
$ |
161,844 |
|
Cost of revenue |
|
23,749 |
|
|
|
29,350 |
|
|
|
81,288 |
|
|
|
81,375 |
|
Gross profit |
|
37,517 |
|
|
|
26,030 |
|
|
|
101,510 |
|
|
|
80,469 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Research and development |
|
25,216 |
|
|
|
33,002 |
|
|
|
78,055 |
|
|
|
87,929 |
|
Sales and marketing |
|
16,795 |
|
|
|
20,774 |
|
|
|
62,013 |
|
|
|
66,209 |
|
General and administrative |
|
18,114 |
|
|
|
20,112 |
|
|
|
58,198 |
|
|
|
62,161 |
|
Total operating expenses |
|
60,125 |
|
|
|
73,888 |
|
|
|
198,266 |
|
|
|
216,299 |
|
Loss from operations |
|
(22,608 |
) |
|
|
(47,858 |
) |
|
|
(96,756 |
) |
|
|
(135,830 |
) |
Interest income |
|
2,414 |
|
|
|
3,445 |
|
|
|
8,292 |
|
|
|
11,753 |
|
Change in fair value of warrant liabilities |
|
198 |
|
|
|
6,833 |
|
|
|
1,126 |
|
|
|
14,004 |
|
Other income (expense), net |
|
(60 |
) |
|
|
(69 |
) |
|
|
660 |
|
|
|
894 |
|
Total other income, net |
|
2,552 |
|
|
|
10,209 |
|
|
|
10,078 |
|
|
|
26,651 |
|
Loss before provision for income taxes |
|
(20,056 |
) |
|
|
(37,649 |
) |
|
|
(86,678 |
) |
|
|
(109,179 |
) |
Provision for income taxes |
|
25 |
|
|
|
355 |
|
|
|
1,364 |
|
|
|
1,244 |
|
Net loss |
$ |
(20,081 |
) |
|
$ |
(38,004 |
) |
|
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Basic and diluted net loss per share attributable to common stockholders |
$ |
(0.07 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.40 |
) |
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders |
|
293,338,324 |
|
|
|
284,197,733 |
|
|
|
290,674,554 |
|
|
|
277,252,951 |
|
PLANET CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(20,081 |
) |
|
$ |
(38,004 |
) |
|
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment |
|
52 |
|
|
|
(1,667 |
) |
|
|
(159 |
) |
|
|
(1,543 |
) |
Change in fair value of available-for-sale securities |
|
48 |
|
|
|
89 |
|
|
|
(88 |
) |
|
|
(970 |
) |
Other comprehensive income (loss), net of tax |
|
100 |
|
|
|
(1,578 |
) |
|
|
(247 |
) |
|
|
(2,513 |
) |
Comprehensive loss |
$ |
(19,981 |
) |
|
$ |
(39,582 |
) |
|
$ |
(88,289 |
) |
|
$ |
(112,936 |
) |
PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
|||||||
|
Nine Months Ended October 31, |
||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
||||
Depreciation and amortization |
|
36,365 |
|
|
|
36,033 |
|
Stock-based compensation, net of capitalized cost |
|
36,467 |
|
|
|
44,611 |
|
Change in fair value of warrant liabilities |
|
(1,126 |
) |
|
|
(14,004 |
) |
Change in fair value of contingent consideration |
|
3,161 |
|
|
|
(923 |
) |
Other |
|
(932 |
) |
|
|
(3,538 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
5,487 |
|
|
|
(3,872 |
) |
Prepaid expenses and other assets |
|
8,499 |
|
|
|
9,483 |
|
Accounts payable, accrued and other liabilities |
|
(7,731 |
) |
|
|
(20,706 |
) |
Deferred revenue |
|
71 |
|
|
|
19,557 |
|
Deferred hosting costs |
|
(298 |
) |
|
|
(92 |
) |
Net cash used in operating activities |
|
(8,079 |
) |
|
|
(43,874 |
) |
Investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(32,694 |
) |
|
|
(29,086 |
) |
Capitalized internal-use software |
|
(4,145 |
) |
|
|
(3,266 |
) |
Maturities of available-for-sale securities |
|
57,046 |
|
|
|
142,903 |
|
Sales of available-for-sale securities |
|
162,341 |
|
|
|
40,072 |
|
Purchases of available-for-sale securities |
|
(105,582 |
) |
|
|
(166,169 |
) |
Business acquisition, net of cash acquired |
|
(1,068 |
) |
|
|
(7,542 |
) |
Purchases of licensed imagery intangible assets |
|
(4,558 |
) |
|
|
— |
|
Other |
|
(300 |
) |
|
|
(944 |
) |
Net cash provided by (used in) investing activities |
|
71,040 |
|
|
|
(24,032 |
) |
Financing activities |
|
|
|
||||
Proceeds from the exercise of common stock options |
|
332 |
|
|
|
6,770 |
|
Payments for withholding taxes related to the net share settlement of equity awards |
|
(7,328 |
) |
|
|
(7,112 |
) |
Proceeds from employee stock purchase program |
|
1,083 |
|
|
|
— |
|
Payments of contingent consideration for business acquisitions |
|
(8,783 |
) |
|
|
— |
|
Other |
|
(606 |
) |
|
|
(15 |
) |
Net cash used in financing activities |
|
(15,302 |
) |
|
|
(357 |
) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents |
|
74 |
|
|
|
(65 |
) |
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents |
|
47,733 |
|
|
|
(68,328 |
) |
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 |
$ |
149,931 |
|
|
$ |
119,748 |
|
PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(20,081 |
) |
|
$ |
(38,004 |
) |
|
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Interest income |
|
(2,414 |
) |
|
|
(3,445 |
) |
|
|
(8,292 |
) |
|
|
(11,753 |
) |
Income tax provision |
|
25 |
|
|
|
355 |
|
|
|
1,364 |
|
|
|
1,244 |
|
Depreciation and amortization |
|
10,117 |
|
|
|
13,625 |
|
|
|
36,365 |
|
|
|
36,033 |
|
Change in fair value of warrant liabilities |
|
(198 |
) |
|
|
(6,833 |
) |
|
|
(1,126 |
) |
|
|
(14,004 |
) |
Stock-based compensation |
|
11,829 |
|
|
|
12,598 |
|
|
|
36,467 |
|
|
|
44,611 |
|
Restructuring costs(1) |
|
25 |
|
|
|
7,341 |
|
|
|
10,524 |
|
|
|
7,341 |
|
Employee transaction bonuses in connection with the Sinergise business combination(2) |
|
— |
|
|
|
2,317 |
|
|
|
— |
|
|
|
2,317 |
|
Certain litigation expenses(3) |
|
395 |
|
|
|
— |
|
|
|
395 |
|
|
|
— |
|
Other (income) expense, net |
|
60 |
|
|
|
69 |
|
|
|
(660 |
) |
|
|
(894 |
) |
Adjusted EBITDA |
$ |
(242 |
) |
|
$ |
(11,977 |
) |
|
$ |
(13,005 |
) |
|
$ |
(45,528 |
) |
(1) As part of the 2024 headcount reduction, we recognized immaterial severance and other employee costs for the three months ended October 31, 2024 and |
|||||||||||||||
(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 from the purchase consideration we paid for the acquisition. |
|||||||||||||||
(3) Expenses relating to the |
|||||||||||||||
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of cost of revenue: |
|
|
|
|
|
|
|
||||||||
GAAP cost of revenue |
$ |
23,749 |
|
|
$ |
29,350 |
|
|
$ |
81,288 |
|
|
$ |
81,375 |
|
Less: Stock-based compensation |
|
745 |
|
|
|
888 |
|
|
|
2,563 |
|
|
|
2,855 |
|
Less: Amortization of acquired intangible assets |
|
759 |
|
|
|
796 |
|
|
|
2,298 |
|
|
|
1,674 |
|
Less: Restructuring costs |
|
128 |
|
|
|
563 |
|
|
|
1,312 |
|
|
|
563 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
267 |
|
Non-GAAP cost of revenue |
$ |
22,117 |
|
|
$ |
26,836 |
|
|
$ |
75,115 |
|
|
$ |
76,016 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of gross profit: |
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
37,517 |
|
|
$ |
26,030 |
|
|
$ |
101,510 |
|
|
$ |
80,469 |
|
Add: Stock-based compensation |
|
745 |
|
|
|
888 |
|
|
|
2,563 |
|
|
|
2,855 |
|
Add: Amortization of acquired intangible assets |
|
759 |
|
|
|
796 |
|
|
|
2,298 |
|
|
|
1,674 |
|
Add: Restructuring costs |
|
128 |
|
|
|
563 |
|
|
|
1,312 |
|
|
|
563 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
267 |
|
Non-GAAP gross profit |
$ |
39,149 |
|
|
$ |
28,544 |
|
|
$ |
107,683 |
|
|
$ |
85,828 |
|
GAAP gross margin |
|
61 |
% |
|
|
47 |
% |
|
|
56 |
% |
|
|
50 |
% |
Non-GAAP gross margin |
|
64 |
% |
|
|
52 |
% |
|
|
59 |
% |
|
|
53 |
% |
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of operating expenses: |
|
|
|
|
|
|
|
||||||||
GAAP research and development |
$ |
25,216 |
|
|
$ |
33,002 |
|
|
$ |
78,055 |
|
|
$ |
87,929 |
|
Less: Stock-based compensation |
|
4,294 |
|
|
|
5,655 |
|
|
|
12,120 |
|
|
|
18,555 |
|
Less: Restructuring costs |
|
(76 |
) |
|
|
3,297 |
|
|
|
3,464 |
|
|
|
3,297 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
1,891 |
|
|
|
— |
|
|
|
1,891 |
|
Non-GAAP research and development |
$ |
20,998 |
|
|
$ |
22,159 |
|
|
$ |
62,471 |
|
|
$ |
64,186 |
|
GAAP sales and marketing |
$ |
16,795 |
|
|
$ |
20,774 |
|
|
$ |
62,013 |
|
|
$ |
66,209 |
|
Less: Stock-based compensation |
|
1,655 |
|
|
|
1,626 |
|
|
|
6,863 |
|
|
|
7,827 |
|
Less: Amortization of acquired intangible assets |
|
129 |
|
|
|
261 |
|
|
|
473 |
|
|
|
665 |
|
Less: Restructuring costs |
|
24 |
|
|
|
1,943 |
|
|
|
4,457 |
|
|
|
1,943 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
41 |
|
Non-GAAP sales and marketing |
$ |
14,987 |
|
|
$ |
16,903 |
|
|
$ |
50,220 |
|
|
$ |
55,733 |
|
GAAP general and administrative |
$ |
18,114 |
|
|
$ |
20,112 |
|
|
$ |
58,198 |
|
|
$ |
62,161 |
|
Less: Stock-based compensation |
|
5,135 |
|
|
|
4,429 |
|
|
|
14,921 |
|
|
|
15,374 |
|
Less: Amortization of acquired intangible assets |
|
36 |
|
|
|
93 |
|
|
|
151 |
|
|
|
254 |
|
Less: Restructuring costs |
|
(51 |
) |
|
|
1,538 |
|
|
|
1,291 |
|
|
|
1,538 |
|
Less: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
118 |
|
Less: Certain litigation expenses |
|
395 |
|
|
|
— |
|
|
|
395 |
|
|
|
— |
|
Non-GAAP general and administrative |
$ |
12,599 |
|
|
$ |
13,934 |
|
|
$ |
41,440 |
|
|
$ |
44,877 |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of loss from operations |
|
|
|
|
|
|
|
||||||||
GAAP loss from operations |
$ |
(22,608 |
) |
|
$ |
(47,858 |
) |
|
$ |
(96,756 |
) |
|
$ |
(135,830 |
) |
Add: Stock-based compensation |
|
11,829 |
|
|
|
12,598 |
|
|
|
36,467 |
|
|
|
44,611 |
|
Add: Amortization of acquired intangible assets |
|
924 |
|
|
|
1,150 |
|
|
|
2,922 |
|
|
|
2,593 |
|
Add: Restructuring costs |
|
25 |
|
|
|
7,341 |
|
|
|
10,524 |
|
|
|
7,341 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
2,317 |
|
|
|
— |
|
|
|
2,317 |
|
Add: Certain litigation expenses |
|
395 |
|
|
|
— |
|
|
|
395 |
|
|
|
— |
|
Non-GAAP loss from operations |
$ |
(9,435 |
) |
|
$ |
(24,452 |
) |
|
$ |
(46,448 |
) |
|
$ |
(78,968 |
) |
PLANET
RECONCILIATION OF |
|||||||||||||||
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
||||||||||||
(In thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of net loss |
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(20,081 |
) |
|
$ |
(38,004 |
) |
|
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Add: Stock-based compensation |
|
11,829 |
|
|
|
12,598 |
|
|
|
36,467 |
|
|
|
44,611 |
|
Add: Amortization of acquired intangible assets |
|
924 |
|
|
|
1,150 |
|
|
|
2,922 |
|
|
|
2,593 |
|
Add: Restructuring costs |
|
25 |
|
|
|
7,341 |
|
|
|
10,524 |
|
|
|
7,341 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
2,317 |
|
|
|
— |
|
|
|
2,317 |
|
Add: Certain litigation expenses |
|
395 |
|
|
|
— |
|
|
|
395 |
|
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
914 |
|
|
|
— |
|
|
|
1,326 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(5,994 |
) |
|
$ |
(14,598 |
) |
|
$ |
(36,408 |
) |
|
$ |
(53,561 |
) |
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net loss per share, diluted |
|
|
|
|
|
|
|
||||||||
GAAP net loss |
$ |
(20,081 |
) |
|
$ |
(38,004 |
) |
|
$ |
(88,042 |
) |
|
$ |
(110,423 |
) |
Non-GAAP net loss |
$ |
(5,994 |
) |
|
$ |
(14,598 |
) |
|
$ |
(36,408 |
) |
|
$ |
(53,561 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per share, basic and diluted (1) |
$ |
(0.07 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.40 |
) |
Add: Stock-based compensation |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.13 |
|
|
|
0.16 |
|
Add: Amortization of acquired intangible assets |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Add: Restructuring costs |
|
— |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Add: Employee transaction bonuses in connection with the Sinergise business combination |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
Add: Certain litigation expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP net loss per share, diluted (2) (3) |
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) |
|
293,338,324 |
|
|
|
284,197,733 |
|
|
|
290,674,554 |
|
|
|
277,252,951 |
|
Weighted-average shares used in computing Non-GAAP net loss per share, diluted (1) |
|
293,338,324 |
|
|
|
284,197,733 |
|
|
|
290,674,554 |
|
|
|
277,252,951 |
|
|
|
|
|
|
|
|
|
||||||||
(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) |
October 31, 2024 |
|
January 31, 2024 |
||
Remaining performance obligations |
$ |
145,890 |
|
$ |
132,571 |
Cancellable amount of contract value |
|
86,250 |
|
|
109,821 |
Backlog |
$ |
232,140 |
|
$ |
242,392 |
For remaining performance obligations as of October 31, 2024, the Company expects to recognize approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209391021/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
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