Planet Labs PBC(PL) - 2025 Q3 - Quarterly Report

Customer Growth and Retention - As of October 31, 2024, Planet's End of Period Customer Count reached 1,015, representing a 4% year-over-year growth compared to October 31, 2023[116] - Planet's Net Dollar Retention Rate remained stable at 104% for both the nine months ended October 31, 2024, and 2023, primarily due to the expansion of a large international contract[136] - Net Dollar Retention Rate including winbacks remained flat at 105% for both the nine months ended October 31, 2024, and 2023, primarily due to expansion with a large international contract[137] - EoP Customer Count increased to 1,015 as of October 31, 2024, compared to 976 as of October 31, 2023, driven by increased demand for data[139] - EoP Customer Count rose approximately 4% to 1,015 as of October 31, 2024, from 976 as of October 31, 2023, driven by growth in the Civil Government and Defense and Intelligence Verticals[156] Financial Performance - Revenue for the three months ended October 31, 2024, was $61,266,000, an 11$55,380,000 for the same period in 2023[154] - Revenue increased by $5.9 million, or 11$61.3 million for the three months ended October 31, 2024, compared to $55.4 million for the same period in 2023[156] - Revenue for the nine months ended October 31, 2024, increased by$21.0 million, or 13%, to $182.8 million compared to$161.8 million for the same period in 2023[166] - Net loss for the three months ended October 31, 2024, was $(20,081,000), a 47$(38,004,000) for the same period in 2023[154] - The company incurred a net loss of $88,042 thousand for the nine months ended October 31, 2024, compared to a net loss of$110,423 thousand for the same period in 2023[178] Expenses and Cost Management - Total operating expenses decreased to $60,125,000 for the three months ended October 31, 2024, down 19$73,888,000 for the same period in 2023[154] - Research and development expenses decreased to $25,216,000 for the three months ended October 31, 2024, down 24$33,002,000 for the same period in 2023[154] - Sales and marketing expenses decreased to $16,795,000 for the three months ended October 31, 2024, down 19$20,774,000 for the same period in 2023[154] - General and administrative expenses decreased by $2.0 million, or 10$18.1 million for the three months ended October 31, 2024, from $20.1 million for the same period in 2023[161] - Research and development expenses decreased by$9.9 million, or 11%, to $78.1 million for the nine months ended October 31, 2024, from$87.9 million for the same period in 2023[168] Investment and Capital Expenditures - Capital Expenditures as a Percentage of Revenue decreased to 14% for the three months ended October 31, 2024, from 16% for the same period in 2023, due to increased revenue from Civil Government and Defense[142] - The company expects capital expenditures and working capital requirements to continue to increase as it seeks to grow its business[181] Cash Flow and Liquidity - Net cash used in operating activities for the nine months ended October 31, 2024, was $8,079 thousand, an improvement from$43,874 thousand in the same period of 2023[183] - Cash and cash equivalents as of October 31, 2024, were $139.0 million, up from$83.9 million as of January 31, 2024[181] - Short-term investments as of October 31, 2024, were $103.3 million, down from$215.0 million as of January 31, 2024[181] - Net cash provided by investing activities for the nine months ended October 31, 2024, was $162.3 million from sales of available-for-sale securities and$57.0 million from maturities, offset by $105.6 million in purchases of available-for-sale securities[186] - Net cash used in financing activities for the nine months ended October 31, 2024, included$8.8 million for contingent consideration payments related to business acquisitions, primarily for the Sinergise acquisition[187] Strategic Initiatives - Planet aims to invest in sales, marketing, and software solutions to expand within existing verticals such as civil government, agriculture, and defense[119] - The company is focusing on expanding into new verticals and applications, targeting sectors like energy, infrastructure, finance, and consumer packaged goods[120] - Planet plans to continue developing new sensors and data sets to capture additional valuable data for its customers[129] - The company is enhancing its platform ecosystem to facilitate easier integration of its data and analytics into customer workflows[122] - Planet's strategy includes making its data more accessible to non-geospatial experts, which is expected to increase usage across broader audiences[125] - The company anticipates that its research and development expenditures will generally increase over time as it invests in making its data more digestible and accessible[125] Market Risks and Accounting Policies - The company has identified critical accounting policies related to revenue recognition, stock-based compensation, and business combinations, which are essential for understanding its financial results[188] - The company remains exposed to market risks including foreign currency exchange risk, interest rate risk, and inflation risk, with no material changes since January 31, 2024[191]