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Planet Reports Financial Results for First Quarter of Fiscal Year 2023

By David Bullock
Parabolic Arc
June 15, 2022
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Continued Acceleration with Record First Quarter Revenue of $40.1 Million

Received Landmark EOCL Award by the U.S. National Reconnaissance Office (NRO)

Expects Revenue Growth Rate to More than Double YoY for FY’23

SAN FRANCISCO (Planet Labs PR) –Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for its fiscal first quarter for the period ended April 30, 2022, demonstrating accelerated growth and the momentum of its unique data subscription business.

“Our results for the first quarter are strong across the board and show continued acceleration of growth. Our products are unique to the industry and we see increasing demand across a diverse set of vertical markets,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Last month, we were proud to receive a landmark award from the NRO for the EOCL contract – Planet’s largest contract to date. This award demonstrates the significant value that Planet’s commercial-first approach and unique data sets can deliver to the government and the sector more broadly. We have long held the conviction that commercial, shareable satellite imagery not only equips the government with differentiated information, but also increases transparency, promoting peace and enhancing security.”

Ashley Johnson, Planet’s Chief Financial and Operating Officer, added, “For the first quarter of fiscal year 2023, we increased our topline growth rate to 26% year-over-year, surpassed the 800 customer count milestone, and ended the quarter with $484 million of cash on the balance sheet. Our visibility for the business has increased and we are therefore tightening our guidance range for the current fiscal year. We expect revenue growth to continue to accelerate, as shown in our guidance for Q2 reflecting 38% year-over-year growth at the midpoint. Planet continues to demonstrate its ability to move quickly to meet growing market demand as it arises, and we’re incredibly pleased with how we’re executing against our plan.”

Fiscal First Quarter 2022 Financial and Key Metric Highlights:

  • First quarter revenue increased 26% year-over-year to $40.1 million.
  • Percent of Recurring Annual Contract Value (ACV) for the first quarter was 92%.
  • End of Period (EoP) Customer Count increased 23% year-over-year to 826 customers.
  • Net dollar retention rate for the quarter was 105% with and without winbacks.
  • First quarter gross margin expanded to 41%, compared to 40% in the first quarter of fiscal year 2022. First quarter Non-GAAP Gross Margin(1) expanded to 45%, compared to 41% in the first quarter of fiscal year 2022.
  • Ended the quarter with $484 million in cash and cash equivalents and no debt.

(1) Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, please find below a reconciliation to the most directly comparable U.S. GAAP financial measure.

Recent Business Highlights:

Growing Customer and Partner Relationships:

  • EOCL: Planet Labs Federal, Inc., Planet’s wholly owned subsidiary, was selected by the NRO for an award to the Electro-Optical Commercial Layer (EOCL) contract. Planet Federal’s EOCL award will enable the NRO and its partners to access Planet’s high and medium resolution, daily satellite imagery for an initial period of up to five years, with options to extend the contract up to a total contract performance period of 10 years. Through the award, users will also have access to Planet’s unequaled archive dating back to 2009.
  • Bayer: Planet signed an expansion with Bayer AG, a global company with core competencies in the life science fields of healthcare and nutrition, to develop digital solutions to support sustainable agriculture and drive supply chain efficiency. Using Planet’s Fusion data, along with high resolution SkySat data can help to better understand historical and in-season performance, and empower their data scientists to generate valuable insights that have the potential to support production globally.
  • Moody’s: Planet entered into an agreement with Moody’s, a leading global integrated risk assessment firm serving financial markets, to explore and address the growing demand for assessing and monitoring solutions on Environmental, Social and Governance (ESG) risks. Planet and Moody’s plan to address how Planet’s high-cadence geospatial data and Moody’s market-leading entity data, methodologies, and products can be leveraged to further refine Moody’s existing offerings spanning ESG, Know-Your-Customer, supply chain and commercial real estate through real-time, on-the ground insights.

Building New Technologies and Missions:

  • Pelican Next Generation High Resolution Satellites: Planet announced specifications for its next generation of high-resolution satellites. Pelican is expected to meet the evolving needs of customers who want real-time information about global events as they unfold – from floods and wildfires to conflicts and threats to human rights. Pelican is designed to image at up to 30 cm resolution and to task images of the same location 12 times per day, and up to 30 opportunities in mid-latitudes.

Supporting Ukraine Response:

  • Planet remains committed to transparency and accountability and will continue to help others to leverage its services in timely and responsible ways, including across governments, NGOs, and media.
  • Planet is working with and supplying data to nearly 30 NGOs and intergovernmental bodies who are leveraging Planet’s data to support a number of humanitarian operations in the Ukraine, such as: civilian evacuation and planned de-mining operations; conducting building damage assessments; tracking alleged human rights abuses; and trying to mitigate and measure impacts to global food security.

Impact and Education:

  • Planet’s robust Education and Research (E&R) program has led to its satellite data being used in over 2,000 publications. Planet’s E&R program often leads to new use cases of Planet’s data and better forecasts of resultant economic and geopolitical effects.
  • Planet announced that Planet’s PlanetScope and SkySat data have officially joined the European Space Agency (ESA) Third Party Mission Programme. Through the ESA Earthnet Programme, researchers, scientists and companies from around the world can apply to access Planet’s high-frequency, high-resolution satellite data for non-commercial use.

Financial Outlook

For the second quarter of fiscal year 2023, Planet expects revenue to be in the range of approximately $41 million to $43 million, representing 38% year-over-year growth at the midpoint. Non-GAAP Gross Margin is expected to be between approximately 44% to 46%. Adjusted EBITDA is expected to be between approximately ($18) million and ($16) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 12% and 14% of revenue for the second quarter.

For fiscal year 2023, Planet has updated its revenue outlook and expects it to be in the range of approximately $177 million to $187 million. Non-GAAP Gross Margin is expected to be between approximately 47% to 49%. Adjusted EBITDA is expected to be between approximately ($70) million and ($60) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 11% to 13% for the full fiscal year 2023.

Planet has not reconciled its Non-GAAP Gross Margin outlook, which is derived from Non-GAAP Gross Profit, and Adjusted EBITDA outlook to their most directly comparable GAAP measures (gross profit and net loss, respectively) because certain items that impact gross profit and net loss, such as stock-based compensation expenses and (in the case of Adjusted EBITDA) depreciation and amortization, are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the second quarter of fiscal year 2023 and fiscal year 2023 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Non-GAAP Gross Margin outlook and Adjusted EBITDA outlook to gross profit margin and net loss, respectively, 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, June 14, 2022. The webcast can be accessed at 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: You will then receive your access details via email.

Additionally, a supplemental Fiscal 1Q’23 Update presentation has been made available 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, capturing over 30 TB of data per day. Planet provides mission-critical data, advanced insights, and software solutions to over 800 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 trading on the New York Stock Exchange as PL. To learn more visit and follow us on Twitter.


(In thousands, except share and par value amounts) April 30, 2022 January 31, 2022
Current assets     
Cash and cash equivalents$484,489 $490,762
Accounts receivable, net 24,581  44,373
Prepaid expenses and other current assets 18,192  16,385
Total current assets 527,262  551,520
Property and equipment, net 125,329  133,280
Capitalized internal-use software, net 11,105  10,768
Goodwill 103,219  103,219
Intangible assets, net 13,604  14,197
Restricted cash, non-current 5,653  5,743
Operating lease right-of-use assets 7,035  
Other non-current assets 2,787  2,714
Total assets$795,994 $821,441
Liabilities and Stockholders’ Equity     
Current liabilities     
Accounts payable$3,168 $2,850
Accrued and other current liabilities 43,184  48,823
Deferred revenue 60,672  64,233
Liability from early exercise of stock options 15,239  16,135
Operating lease liabilities, current 7,188  
Total current liabilities 129,451  132,041
Deferred revenue   3,579
Deferred hosting costs 12,199  12,149
Public and private placement warrant liabilities 19,948  23,224
Deferred rent   798
Operating lease liabilities, non-current 2,271  
Other non-current liabilities 1,419  1,405
Total liabilities 165,288  173,196
Commitments and contingencies     
Stockholders’ equity     
Common stock 27  27
Additional paid-in capital 1,450,098  1,423,151
Accumulated other comprehensive income 2,271  2,096
Accumulated deficit (821,690) (777,029)
Total stockholders’ equity 630,706  648,245
Total liabilities and stockholders’ equity$795,994 $821,441


 Three Months Ended April 30, 2022  Three Months Ended April 30, 2021
(In thousands, except share and per share amounts) 
Revenue$40,127 $31,957
Cost of revenue 23,628  19,126
Gross profit 16,499  12,831
Operating expenses   
Research and development 24,750  12,130
Sales and marketing 18,855  10,653
General and administrative 20,608  8,315
Total operating expenses 64,213  31,098
Loss from operations (47,714) (18,267)
Interest expense   (2,527)
Change in fair value of convertible notes and warrant liabilities 3,276  (8,026)
Other income (expense), net 392  (177)
Total other income (expense), net 3,668  (10,730)
Loss before provision for income taxes (44,046) (28,997)
Provision for income taxes 314  258
Net loss (44,360) (29,255)
Other comprehensive loss   
Foreign currency translation adjustment, net of tax 175  274
Comprehensive loss$(44,185)$(28,981)
Basic and diluted net loss per share attributable to common stockholders$(0.17)$(0.64)
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 264,088,997  45,722,408


  Three Months Ended April 30, 2022  Three Months Ended April 30, 2021
(In thousands)  
Operating activities    
Net loss$(44,360)$(29,255)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation and amortization 11,625  11,475
Stock-based compensation, net of capitalized cost 19,822  3,102
Change in fair value of convertible notes and warrant liabilities (3,276) 8,026
Deferred income taxes 28  126
Amortization of debt discount and issuance costs   759
Other 476  (31)
Changes in operating assets and liabilities    
Accounts receivable 19,982  16,877
Prepaid expenses and other assets (403) 771
Accounts payable, accrued and other liabilities (3,712) 742
Deferred revenue (6,947) (12,050)
Deferred hosting costs 231  3,864
Deferred rent   (524)
Net cash provided by (used in) operating activities (6,534) 3,882
Investing activities    
Purchases of property and equipment (2,861) (1,847)
Capitalized internal-use software (645) (767)
Other (146) (152)
Net cash used in investing activities (3,652) (2,766)
Financing activities    
Proceeds from the exercise of common stock options 4,963  2,156
Class A common stock withheld to satisfy employee tax withholding obligations (411) 
Net cash provided by financing activities 4,552)  2,156
Effect of exchange rate changes on cash, cash equivalents and restricted cash (649) (40)
Net increase (decrease) in cash, cash equivalents and restricted cash (6,283) 3,232
Cash, cash equivalents and restricted cash at the beginning of the period 496,814  76,540
Cash, cash equivalents and restricted cash at the end of the period$490,531 $79,772


 Three Months Ended April 30, 2022   Three Months Ended April 30, 2021
 (112) (4)
 314  258
 11,625  11,475
 (3,276) 8,026
 19,822  3,102
 (280) 181


  Three Months Ended
April 30, 2022
   Three Months Ended
April 30, 2021
(in thousands)   
Reconciliation of cost of revenue:     
GAAP cost of revenue$23,628 $19,126
Less: Stock-based compensation 1,319  234
Less: Amortization of acquired intangible assets 431  
Non-GAAP cost of revenue$21,878 $18,892
Reconciliation of gross profit:     
GAAP gross profit$16,499 $12,831
Add: Stock-based compensation 1,319  234
Add: Amortization of acquired intangible assets 431  
Non-GAAP gross profit$18,249 $13,065
GAAP gross margin 41% 40%
Non-GAAP gross margin 45% 41%
Reconciliation of operating expenses:     
GAAP research and development$24,750 $12,130
Less: Stock-based compensation 8,229  1,056
Less: Amortization of acquired intangible assets   
Non-GAAP research and development$16,521 $11,074
GAAP sales and marketing$18,855 $10,653
Less: Stock-based compensation 3,637  636
Less: Amortization of acquired intangible assets 153  
Non-GAAP sales and marketing$15,065 $10,017
GAAP general and administrative$20,608 $8,315
Less: Stock-based compensation 6,637  1,176
Less: Amortization of acquired intangible assets 80  363
Non-GAAP general and administrative$13,891 $6,776

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