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Planet Labs PBC(PL) - 2026 Q1 - Quarterly Report
PLPlanet Labs PBC(PL)2025-06-04 20:23
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Business Agreements and Contracts - Planet entered into a multi-year 230.0millioncommercialagreementwithSKYPerfectJSATtobuildandoperateaconstellationoftenhigh−resolutionsatellites,withpaymentsbasedonspecifiedmilestones[127].FinancialPerformance−Revenueincreasedby230.0 million commercial agreement with SKY Perfect JSAT to build and operate a constellation of ten high-resolution satellites, with payments based on specified milestones[127]. Financial Performance - Revenue increased by 5.8 million, or 10%, to 66.3millionforthethreemonthsendedApril30,2025,from66.3 million for the three months ended April 30, 2025, from 60.4 million in 2024, mainly driven by new customer growth[158]. - Gross profit for the three months ended April 30, 2025, was 36.6million,a1636.6 million, a 16% increase from 31.7 million in 2024[158]. - Net loss decreased to (12.6)millionforthethreemonthsendedApril30,2025,from(12.6) million for the three months ended April 30, 2025, from (29.3) million in 2024, a reduction of 16.7millionor5716.7 million or 57%[158]. - Adjusted EBITDA improved to 1.2 million for the three months ended April 30, 2025, compared to a loss of 8.4millioninthesameperiodof2024[176].−Netcashprovidedbyoperatingactivitieswas8.4 million in the same period of 2024[176]. - Net cash provided by operating activities was 17.3 million for the three months ended April 30, 2025, compared to a cash outflow of 4.3millioninthesameperiodof2024[186].CustomerMetrics−TheNetDollarRetentionRateincreasedto1034.3 million in the same period of 2024[186]. Customer Metrics - The Net Dollar Retention Rate increased to 103% for the three months ended April 30, 2025, compared to 100% for the same period in 2024, primarily due to large government contract expansions[136]. - EoP Customer Count decreased to 919 as of April 30, 2025, from 1,031 as of April 30, 2024, attributed to a focus on larger customers[138]. - Percent of Recurring ACV rose to 97% for the three months ended April 30, 2025, up from 95% in the same period of 2024, driven by demand from large government customers[140]. Operational Efficiency - Loss from operations improved to (22.8) million for the three months ended April 30, 2025, compared to (34.6)millionin2024,reflectingareductionof(34.6) million in 2024, reflecting a reduction of 11.8 million[158]. - Capital Expenditures as a Percentage of Revenue decreased to 14% for the three months ended April 30, 2025, from 19% in 2024, primarily due to increased revenue and timing of purchases[141]. - Cost of revenue increased by 0.9million,or30.9 million, or 3%, to 29.7 million for the three months ended April 30, 2025, primarily due to a 1.4millionincreaseinemployee−relatedcosts[160].InvestmentandGrowthStrategy−Planetplanstoinvestinexpandingitsofferingstomakedatamoreactionableandaccessibletonon−geospatialexperts,targetingemergingmarketssuchasenergy,infrastructure,andfinance[122].−PlanetaimstoestablishaplatformecosystembydevelopingsoftwaretoolsandAPIstoenhanceuserexperienceandaccelerategrowththroughnetworkeffects[124].−Thecompanyplanstomakestrategicinvestmentsinnewsensorstocaptureadditionaldatasets,enhancingitsvaluepropositiontocustomers[125].−Planet′sgrowthstrategyincludesscalinginexistingverticalsandexpandingintonewverticals,withafocusoncivilgovernment,agriculture,anddefense[121].MarketandEconomicFactors−Thecompanyisexposedtomarketrisksincludingforeigncurrencyexchangerisk,interestraterisk,andinflationrisk,withnomaterialchangessinceJanuary31,2025[195].−Thecompany’sfinancialstatementsarepreparedinaccordancewithU.S.GAAP,requiringestimatesandjudgmentsaffectingreportedamountsofassetsandliabilities[193].SeasonalTrends−Thecompanyhasexperiencedseasonalityinitsbusiness,withfluctuationsinoperatingresultsduetocustomerbehaviorandusagepatterns[132].BacklogandFutureRevenue−Backlogincreasedto1.4 million increase in employee-related costs[160]. Investment and Growth Strategy - Planet plans to invest in expanding its offerings to make data more actionable and accessible to non-geospatial experts, targeting emerging markets such as energy, infrastructure, and finance[122]. - Planet aims to establish a platform ecosystem by developing software tools and APIs to enhance user experience and accelerate growth through network effects[124]. - The company plans to make strategic investments in new sensors to capture additional data sets, enhancing its value proposition to customers[125]. - Planet's growth strategy includes scaling in existing verticals and expanding into new verticals, with a focus on civil government, agriculture, and defense[121]. Market and Economic Factors - The company is exposed to market risks including foreign currency exchange risk, interest rate risk, and inflation risk, with no material changes since January 31, 2025[195]. - The company’s financial statements are prepared in accordance with U.S. GAAP, requiring estimates and judgments affecting reported amounts of assets and liabilities[193]. Seasonal Trends - The company has experienced seasonality in its business, with fluctuations in operating results due to customer behavior and usage patterns[132]. Backlog and Future Revenue - Backlog increased to 527.0 million as of April 30, 2025, from $503.7 million as of January 31, 2025, with approximately 45% expected to be recognized over the next 12 months[178].