Planet Labs PBC (PL) released its second-quarter financial results after the market closed on Thursday. While the company reported a revenue increase, it fell short of analysts’ expectations. Here’s a breakdown of the key details:
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Earnings:
Planet Labs reported a quarterly loss of six cents per share, which aligned with analysts’ predictions.*
Revenue:
The company generated $61.09 million in revenue during the quarter, slightly missing the analyst consensus estimate by 1.17%. However, this represents a 13.64% increase compared to the same period last year.*
Key Metrics:
Planet Labs’ recurring annual contract value (ACV) for the second quarter reached 96%. The company also saw a 7% year-over-year increase in customer count, ending the period with 1,012 customers.*
Profitability:
The company’s Non-GAAP gross margin for the second quarter was 58%, up from 52% in the same period last year.Planet Labs CEO Will Marshall emphasized the company’s strong performance with government customers, particularly in the Defense & Intelligence sector. He also highlighted the company’s focus on restructuring its business for greater efficiency.
Looking ahead, Planet Labs expects revenue to fall between $61 million and $64 million in the third quarter of fiscal year 2025. The company also anticipates a Non-GAAP gross margin of 59% to 61%.
In after-hours trading, Planet Labs shares dropped 1.61% to $2.44 per share.
