$PL Planet Labs PBC reported earnings

Q3 FY2025 results ended on October 31st 2024

- Revenue: $61.3M, +11% YoY

- Net Loss: $20.1M vs $38.0M loss in Q3 2023

- Non-GAAP EPS: -$0.02 vs -$0.05 in Q3 2023

- Gross Margin: 61% vs 47% YoY

CEO Will Marshall: "We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet's largest ever quarter of ACV bookings, helping lay the foundation for future growth."

🌱Revenue & Growth

- Subscription ACV Percent: 97%

- Total Customers: 1,015, +4% YoY

- Backlog: $232.1M vs $242.4M

- Remaining Performance Obligations: $145.9M

- Cancellable Contract Value: $86.3M

💰Profits & Financials

- GAAP Gross Margin: 61% vs 47% YoY

- Non-GAAP Gross Margin: 64% vs 52% YoY

- Operating Loss: $22.6M vs $47.9M YoY

- Adjusted EBITDA Loss: $0.2M vs $12.0M YoY

- Cash & Investments: $242M

📌Business Highlights

- Awarded contracts with NASA and US Department of Defense

- Achieved first light with Tanager hyperspectral satellite

- Delivered data on over 300 methane and CO2 emissions sites

- Pelican-2 with NVIDIA Jetson platform ready for launch

- Expanded international defense customer contracts

🔮Future Outlook

- Q4 Revenue: $61M-$63M

- Q4 Non-GAAP Gross Margin: 63%-65%

- Q4 Adjusted EBITDA: $0-$2M

- Expected to achieve adjusted EBITDA profitability next quarter

- Q4 Capital Expenditures: $8M-$11M