Planet Labs PBC (NYSE: PL) has announced its financial results for the third quarter of fiscal year 2025, which ended on October 31, 2024. The company, known for providing daily Earth data and insights, showcased strong performance with significant improvements in key financial metrics.
Key Financial Metrics (in USD):
| Financial Metric | Q3 FY2025 | YoY Change |
|---|---|---|
| Total Revenue | $61.3M | +11% |
| GAAP Gross Margin | 61% | +1,400 bps |
| Non-GAAP Gross Margin | 64% | +1,200 bps |
| Net Loss | ($20.1M) | Improved |
| Adjusted EBITDA Loss | ($0.2M) | Improved |
| GAAP EPS | ($0.07) | N/A |
| Non-GAAP EPS | ($0.02) | N/A |
| Cash and Equivalents | $242M | N/A |
Interpretation: Planet Labs reported an 11% increase in revenue year-over-year to a record $61.3 million, underpinned by significant improvements in their gross margins, both GAAP and non-GAAP. The company also reduced its net loss and exhibited almost break-even performance in Adjusted EBITDA, reflecting robust operational efficiencies and cost management.
Revenue Breakdown by Major Segments:
| Segment | Q3 FY2025 Revenue | Variance |
|---|---|---|
| Total Revenue | $61.3M | Achieved Record |
| Recurring ACV% | 97% | Consistent |
| Customer Count | 1,015 | +4% YoY |
Interpretation: Revenue distribution remained strong across segments with a high percentage of recurring ACV at 97%, indicating a solid subscription base. The customer count also increased by 4% year-over-year, demonstrating growth in Planet's market penetration.
Operational Highlights:
- Secured major contracts with NASA, the U.S. Department of Defense, and international governments.
- Achieved significant milestones with the Tanager Hyperspectral Satellite.
- Shipped the Pelican-2 satellite integrated with NVIDIA Jetson platform.
Comments from Company Officers:
Will Marshall, CEO, noted the successful acquisition of substantial contracts positioning the company for future growth, while emphasizing the robust performance of their AI-enhanced data solutions. CFO Ashley Johnson highlighted the improved business fundamentals, reduction in cash burn, and the robust cash position, indicating the company is on a promising path to profitability.
Forward Guidance: - For Q4 FY2025, Planet expects revenue to range between $61 million and $63 million, with a Non-GAAP Gross Margin of approximately 63% to 65%. Adjusted EBITDA is projected between $0 to $2 million.
Overall, Planet Labs PBC demonstrated a strong quarter with achievements in both financial metrics and operational milestones, setting a promising foundation for continued growth and innovation.
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