Record quarter as revenue rises

Will Marshall, Co-Founder & The CEO of Planet Inc. celebrates his company’s IPO on the New York Stock Exchange (NYSE) in New York City, Dec. 8, 2021.

Brendan McDermid | Reuters

Image and satellite data company planet reported record third-quarter revenue on Wednesday, forecasting nearly $200 million in annual revenue.

“Planeta’s growth continues to be supported by global and secular tailwinds that drive demand for our solutions,” co-founder and CEO Will Marshall said in a statement.

The company reported a third-quarter adjusted EBITDA loss of $12.4 million, just above the $12.3 million loss Planet posted in the same period a year ago. But Planet reported record revenue of $49.7 million for the third quarter, up 57% from a year earlier.

Planet follows a fiscal year 2023 calendar that ends in January. 31. With one quarter remaining, the company forecasts annual revenue of between $188 million and $192 million.

Planet shares rose 3% in after-hours trading to close at $5.21. The stock is down 15% this year.

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The company has a variety of imaging satellites, both operational and in production, with about 200 in orbit. The planet’s satellites revisit locations on Earth up to 10 times a day, capturing more than 30 terabytes of data a day.

Planet had 864 customers at the end of the third quarter, up 16% from the same period a year ago. At the end of the quarter, Planet had $425 million in cash on hand.

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

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