Planet Labs PBC has reported its financial results for the first quarter of fiscal year 2025, demonstrating significant growth and achievements. The company delivered a record quarterly revenue of $60.4 million, marking a substantial increase of 15% year-over-year.
The percent of recurring annual contract value (ACV) for the first quarter stood at an impressive 95%. Furthermore, the end of period (EOP) customer count increased by 14% year-over-year to reach 1,031 customers.
While the first quarter gross margin was reported at 52%, there was a slight decrease from 53% in the first quarter of fiscal year 2024. On a non-GAAP basis, the gross margin was 55%, down from 56% in the same period last fiscal year.
In terms of net loss, the company reported a figure of ($29.3) million for the first quarter, an improvement from the ($34.4) million loss in the first quarter of fiscal year 2024. Additionally, the first quarter adjusted EBITDA loss was ($8.4) million, showing a significant decrease from a loss of ($19.1) million in the first quarter of the previous fiscal year.
The company closed the quarter with a robust balance sheet, boasting approximately $276 million in cash, cash equivalents, and short-term investments, with no outstanding debt.
Looking at recent business highlights, Planet Labs PBC secured a renewal of its contract with the National Reconnaissance Office (NRO) under the Electro-Optical Commercial Layer (EOCL) program. The company also completed two seven-figure pilot programs for the United States Department of Defense, showcasing a growing trend toward acquiring focused insights from Planet's global data.
Moreover, Planet signed a contract for the UK EO Data Hub through its partner, Earth-i, and won a new contract with the Kenya Space Agency. The company also inked a three-year contract with Brazilian utilities company Eletrobras, effectively adding a new customer to its portfolio.
In terms of new technologies and products, Planet recently launched the Planet Insights platform, aimed at empowering an ecosystem of partners and customers to efficiently build solutions and deliver earth insights. The company also announced that its first hyperspectral satellite, Tanager-1, is ready for launch, which is expected to expand its imaging capabilities.
Planet's impact and ESG efforts were highlighted in its second annual ESG report, demonstrating the company's commitment to environmental, social, and humanitarian applications.
Looking ahead, for the second quarter of fiscal year 2025, Planet expects revenue to be in the range of approximately $59 million to $63 million, with a non-GAAP gross margin in the range of approximately 51% to 53%. The adjusted EBITDA loss is expected to be in the range of approximately ($10) million to ($7) million for the quarter.
As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $1.82. If you want to know more, read the company's complete 8-K report here.
