Planet Labs PBC(PL) - 2025 Q2 - Quarterly Results

Financial Performance - Second quarter revenue reached a record $61.1 million, representing a 14% year-over-year increase[3] - Revenue for the three months ended July 31, 2024, was $61,092 thousand, an increase of 13.6% compared to $53,761 thousand for the same period in 2023[29] - Gross profit for the three months ended July 31, 2024, was $32,310 thousand, up from $26,292 thousand in the same period last year, reflecting a gross margin improvement[29] - Adjusted EBITDA loss improved to ($4.4) million, compared to a loss of ($14.5) million in Q2 FY 2024[3] - For the six months ended July 31, 2024, net loss was $67,961 thousand, a decrease of 6.3% from $72,419 thousand in the prior year[30] - Adjusted EBITDA for the six months ended July 31, 2024, was $(12,763) thousand, an improvement from $(33,551) thousand in the same period of 2023[32] - GAAP net loss for the three months ended July 31, 2024, was $38,668 thousand, compared to a loss of $37,975 thousand for the same period in 2023[35] - Non-GAAP net loss for the three months ended July 31, 2024, was $16,111 thousand, an improvement from a loss of $20,597 thousand in the prior year[35] Customer Growth - The number of customers increased by 7% year-over-year, totaling 1,012 customers at the end of the quarter[3] - The Company reported an EoP Customer Count, which excludes self-service users, as a key metric for tracking broader adoption of its platform[25] Cash and Investments - The company ended the quarter with approximately $249 million in cash, cash equivalents, and short-term investments, maintaining a strong balance sheet[2] - Cash and cash equivalents at the end of the period increased to $166,629 thousand from $124,515 thousand year-over-year, reflecting a net increase of $64,431 thousand[31] - The Company’s cash and cash equivalents increased to $148,288 thousand as of July 31, 2024, from $83,866 thousand as of January 31, 2024[28] - The company reported a significant increase in cash provided by investing activities, totaling $81,726 thousand for the six months ended July 31, 2024, compared to a cash used of $(44,302) thousand in the same period of 2023[31] Operating Expenses - Total operating expenses for the three months ended July 31, 2024, were $71,887 thousand, compared to $69,572 thousand for the same period in 2023, indicating a 3.3% increase[29] - Research and development expenses for the three months ended July 31, 2024, were $27,250 thousand, slightly up from $26,741 thousand in the prior year[34] - Stock-based compensation for the six months ended July 31, 2024, was $24,638 thousand, down from $32,013 thousand in the previous year[32] - Stock-based compensation for the three months ended July 31, 2024, was $11,566 thousand, compared to $16,657 thousand in the prior year[35] Future Outlook - The company expects third quarter revenue to be between $61 million and $64 million, with Non-GAAP Gross Margin projected at 59% to 61%[8] - The Company anticipates future product development and performance improvements as part of its strategic outlook[27] Contracts and Backlog - Planet secured a seven-figure contract with NATO for persistent surveillance from space, enhancing its government customer base[4] - The company reported a backlog of $213,500 thousand as of July 31, 2024, down from $242,392 thousand as of January 31, 2024[36] - Approximately 78% of remaining performance obligations of $112,093 thousand are expected to be recognized over the next 12 months[36] - The company expects to recognize approximately 65% of the backlog over the next 12 months[36] Satellite Launches and Technology - Planet launched 36 SuperDove satellites and its first hyperspectral satellite, Tanager-1, in August 2024[6] - Planet's upcoming Pelican-2 satellite will incorporate NVIDIA's Jetson platform to enhance data delivery and imaging capabilities[6] Liabilities - The total liabilities as of July 31, 2024, were $185,104 thousand, a slight increase from $183,979 thousand as of January 31, 2024[28]