Planet Labs PBC(PL) - 2026 Q1 - Quarterly Results

Financial Performance - Record revenue in Q1 of fiscal year 2026 reached $66.3 million, up 10% year-over-year[1] - First quarter gross margin was 55%, compared to 52% in the same quarter of fiscal year 2025; non-GAAP gross margin was 59%, up from 55%[6] - First quarter adjusted EBITDA was $1.2 million, a significant improvement from a loss of $8.4 million in the same quarter of fiscal year 2025[6] - The Company reported a net loss of $12,628,000 for the quarter, an improvement compared to a net loss of $29,293,000 in the prior year[44] - Net loss for the three months ended April 30, 2025, was $12,628,000, a significant improvement from a net loss of $29,293,000 in the same period of 2024, representing a reduction of approximately 57%[47] - Adjusted EBITDA for the same period was $1,199,000, compared to a loss of $8,396,000 in 2024, indicating a positive turnaround[48] - Non-GAAP net income for the three months ended April 30, 2025, was $1,072,000, contrasting with a loss of $15,136,000 in 2024[49] Cash Flow and Liquidity - The company generated $17.3 million of net cash from operating activities and achieved positive free cash flow of $8.0 million for the first time[1] - Cash and cash equivalents at the end of the period increased to $145,604,000 from $125,733,000 in the previous year, marking a year-over-year increase of approximately 16%[45] - Free cash flow for the three months ended April 30, 2025, was $8,002,000, a recovery from a negative free cash flow of $15,653,000 in 2024[53] - The Company reported a net cash provided by operating activities of $17,346,000 for the three months ended April 30, 2025, compared to a cash used of $4,297,000 in 2024, showcasing improved cash flow management[45] Backlog and Future Revenue Potential - Remaining Performance Obligations (RPOs) increased by 262% year-over-year to $451.9 million; backlog grew by 140% year-over-year to $527.0 million[1] - The company expects to recognize approximately 45% of its backlog over the next 12 months, indicating strong revenue visibility[52] - Remaining performance obligations as of April 30, 2025, totaled $451,928,000, up from $412,829,000 at the end of January 2025, indicating growth in future revenue potential[52] Customer and Market Expansion - Planet was awarded an eight-figure ACV contract by a European defense & intelligence customer for PlanetScope and Maritime Domain Awareness products[7] - The company expanded its contract with the German government to include water monitoring services and insights from Planetary Variables[13] - The Net Dollar Retention Rate is a key metric for assessing revenue growth from existing customers, reflecting the Company's ability to retain and expand its customer base[38] - The Company’s EoP ACV book of business includes only active contracts, excluding self-service paying users, which helps in accurately assessing recurring revenue potential[33] - The EoP customer count at the end of the period is a critical indicator of market penetration and customer adoption of the Company's platform[35] Operational Efficiency - Capital expenditures as a percentage of revenue are monitored to evaluate the efficiency of investments relative to revenue generation, aligning with the Company's agile space systems strategy[36] - Total assets increased to $658,390,000 as of April 30, 2025, compared to $633,796,000 at the end of January 2025[42] - The Company’s total liabilities rose to $213,588,000, up from $192,510,000, indicating a need for careful management of financial obligations[42] Guidance and Projections - For Q2 of fiscal year 2026, revenue is expected to be in the range of $65 million to $67 million, with a non-GAAP gross margin of approximately 56% to 57%[10] - For the full fiscal year 2026, revenue is projected to be between $265 million and $280 million, with an expected adjusted EBITDA loss of approximately $12 million to $7 million[11] Product Development - Planet released a new Aircraft Detection Analytic Feed, automating the detection of aircraft globally, enhancing its AI-powered product offerings[13] - Non-GAAP gross profit for the three months ended April 30, 2025, was $38,850,000, compared to $33,348,000 in 2024, reflecting an increase of approximately 16.5%[48] - GAAP gross margin improved to 55% in 2025 from 52% in 2024, demonstrating enhanced operational efficiency[48]