A higher quarter as income goes up
Will Marshall, Co-Founder & CEO of Planet Inc., celebrates his company’s listing on the floor of the New York Stock Exchange (NYSE) in New York City, December 8, 2021.
Brendan McDermid | Reuters
Satellite imagery and data company Planet reported third-quarter earnings on Wednesday, forecasting nearly $200 million in annual revenue.
“Planetary growth continues to be bolstered by global, secular tailwinds that drive demand for our solutions,” co-founder and CEO Will Marshall said in a statement.
The company reported an adjusted EBITDA loss in the third quarter of $12.4 million, slightly higher than the $12.3 million loss that Planet reported for the same period a year ago. But Planet reported higher revenue of $49.7 million for the third quarter, up 57% year over year.
Planet follows the 2023 fiscal year calendar that ends on January 31st. With a quarter to go, the company was forecasting annual revenue between $188 million and $192 million.
Shares of Planet rose 3% in after-hours trading to close at $5.21. The stock is down about 15% this year.
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The company has a variety of imaging satellites, both operational and in production, with approximately 200 in orbit. Planet’s satellites revisit locations on Earth up to 10 times a day, capturing more than 30 terabytes of data each day.
Planet had 864 customers by the end of the third quarter, a 16% increase 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 sum. Planet says Salo will develop its offering to help customers monitor forest change, measure carbon stocks, track carbon offsets and mitigate climate risks.”