- Delivers Record Second Quarter Revenue of $30.4 Million, Up 19% YoY
- Reiterates $130 million Revenue Outlook for Fiscal Year 2022
SAN FRANCISCO (Planet Labs PR)–Planet Labs Inc. (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for its second fiscal quarter ended July 31, 2021, highlighting the continued momentum of its unique data subscription business. Earlier this year, Planet entered into a definitive merger agreement with dMY Technology Group, Inc. IV (NYSE: DMYQ) (“dMY IV”), a special purpose acquisition company, to become a publicly traded company later this year (the “Business Combination”).
Second Quarter FY2022 Highlights
- Q2 Revenue increased 19% year-over-year to $30.4 million.
- Percent of Recurring ACV was 93%, as compared to 92% in the year ago comparable quarter
- End of Period (EoP) Customer Count increased 36% year-over-year to 732 customers
“We had a stellar Q2, delivering record second quarter revenue and surpassing 700 customers by the end of the period,” said Will Marshall, Co-Founder and Chief Executive Officer of Planet. “Our growth reflects the significant demand that we’re seeing across vertical markets. As companies and governments embrace digitization and set ESG targets, they are incorporating new data solutions into their operations, and our daily, global data and analytical products are becoming only more valuable to a greater number of customers, partners and developers.”
“The performance across our organization as we scale has been phenomenal. Our continued revenue growth and strong results are evidence of the strength of our business model and execution. We are executing effectively against our plan and remain on track for our revenue and profitability outlook for the full fiscal year ending January 31, 2022, including revenue of $130 million and non-GAAP gross margin of 40%,” said Ashley Fieglein Johnson, Chief Financial and Operating Officer of Planet.
dMY IV intends to file with the U.S. Securities and Exchange Commission (“the SEC”), an amendment to its Registration Statement on Form S-4 (the “Registration Statement”) in the coming days, which, when available will contain full Planet financial statements for the six months ended July 31, 2021, and can be viewed at the SEC’s website at www.sec.gov once filed.
Additional Recent Business Highlights
- Canada Pension Plan Investment Board (“CPP Investments”) committed to participate in the proposed Business Combination of Planet and dMY IV by purchasing $50 million in a private placement of Class A common stock of dMY IV. In connection with CPP Investments, Cypress Point Investment Management participated in a co-investment. These commitments will upsize the initial $200 million in private placement proceeds committed earlier this year to over $250 million. The initial private placement was completed by a group of investors led by funds and accounts managed by BlackRock.
- Planet announced a new three-year agreement with Corteva Agriscience to continue building and implementing joint solutions to drive farmer value through satellite-directed scouting.
- Planet signed a deal with the U.S. Department of Agriculture’s National Agricultural Statistics Service to support their 2021 Growing Season Assessment.
- NASA expanded its Planet contract to provide access to PlanetScope imagery for all U.S. Federal Civilian researchers and National Science Foundation-funded researchers – representing approximately 280,000 eligible users.
- Planet signed a multi-year, multi-launch rideshare agreement with SpaceX, assuring Planet continued, low-cost access to space.
- Ita Brenann, CFO of Arista Networks, joined the Planet Board of Directors, bringing 20 years of financial management experience as Planet prepares to go public.
Planet’s Annual Explore Conference
Planet will host its annual Planet Explore 21 conference on October 12 and 13, 2021. Explore 21 will be a virtual event. At the event, Planet will showcase how its data is being used to develop innovative solutions across sectors such as agriculture, government, and sustainability that are ultimately building a brighter, more vibrant future.
Combination with dMY Technology Group, Inc. IV (NYSE: DMYQ)
As announced on July 7, 2021, Planet entered into a definitive agreement with dMY IV, under which Planet will become a publicly-traded company. Upon closing, which is expected later this year, the combined company will retain the Planet name and be listed on the NYSE under the ticker symbol “PL.” The transaction values Planet at a post-transaction equity value of approximately $2.8 billion. Concurrently with the consummation of the transaction, additional investors committed to participate in the proposed Business Combination by purchasing shares of Class A common stock of dMY IV in a private placement (the “PIPE”). The $200 million initial PIPE investment is led by funds and accounts managed by BlackRock, with participation from Marc Benioff’s TIME Ventures, and Google. The commitments by CPP Investments and Cypress Point Investment Management bring the total size of the PIPE to over $250 million.
Planet is a leading provider of daily data and insights about Earth, committed to using space to help life on Earth. 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, capturing and compiling data from over 3 million images per day. Planet provides mission-critical data, advanced insights, and software solutions to over 600 customers, comprised of 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.
About dMY Technology Group, Inc. IV
dMY Technology Group, Inc. IV is a $345 million special purpose acquisition company founded by Niccolo de Masi and Harry You for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses. Its Class A common stock, units and warrants trade on the NYSE under the ticker symbols DMYQ, DMYQ.U and DMYQ WS, respectively. More information can be found at www.dmytechnology.com.
Planet’s Use of Non-GAAP Financial Measures
Non-GAAP Gross Profit is calculated as gross profit adjusted for stock-based compensation classified as cost of revenue. Non-GAAP Gross Profit is a supplemental measure that is not prepared in accordance with GAAP and that does not represent, and should not be considered as, an alternative to Gross Profit, as determined in accordance with GAAP. We have included non-GAAP Gross Profit because it is a financial measured used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Non-GAAP Gross Profit excludes stock-based compensation expenses that are classified as cost of revenue, which is required in accordance with U.S. GAAP. Non-GAAP gross margin, which is included in our financial outlook, was not reconciled to the comparable GAAP financial measure because the GAAP measures are not accessible on a forward-looking basis.
The foregoing forward-looking statements reflect our expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. We do not intend to update our financial outlook until our next quarterly results announcement