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Record quarter as revenue climbs

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Will Marshall, Co-Founder & CEO of Planet Inc., celebrates his company’s listing on the ground of the Latest York Stock Exchange (NYSE) in Latest York City, December 8, 2021.

Brendan McDermid | Reuters

Satellite imagery and data company Planet reported record third-quarter revenue on Wednesday, forecasting nearly $200 million in annual revenue.

“Planet’s growth continues to be underpinned by global, secular tailwinds which can be driving demand for our solutions,” cofounder and CEO Will Marshall said in a press release.

The corporate reported a third-quarter adjusted EBITDA lack of $12.4 million, just above the $12.3 million loss that Planet reported for a similar period a yr ago. But Planet reported a record revenue of $49.7 million for the third quarter, up 57% yr over yr.

Planet follows a fiscal yr 2023 calendar that ends on Jan. 31. With one quarter to go, the corporate forecast annual revenue of between $188 million and $192 million.

Shares of Planet rose 3% in after-hours trading from its close at $5.21. The stock is down about 15% this yr.

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The corporate has quite a lot of imagery satellites, each operating and in production, with about 200 in orbit. Planet’s satellites revisit locations on Earth as much as 10 times per day, capturing greater than 30 terabytes of knowledge every day.

Planet had 864 customers by the top of the third quarter, a rise of 16% from the identical period a yr ago. At the top of the quarter, Planet had $425 million in money readily available.

The corporate also announced an agreement to amass climate technology company Salo Sciences, for an undisclosed amount. Planet says Salo will “further develop its offerings to assist customers monitor forest change, quantify carbon stocks, track carbon offsets and mitigate climate risks.”

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