Planet Labs Stock Dips After Q2 Revenue Misses Estimates: Details

Author: Erica Kollmann | September 05, 2024 04:43pm

Planet Labs PBC (NYSE:PL) reported its second-quarter financial results after Thursday’s closing bell. Here's a look at the details from the report. 

The Details: Planet Labs reported quarterly losses of six cents per share, which met the analyst consensus estimate. Quarterly revenue of $61.09 million missed the analyst consensus estimate by 1.17% and represents a 13.64% increase over the same period last year.

• Percent of Recurring Annual Contract Value (ACV) for the second quarter was 96%.
• End of Period (EoP) Customer Count increased 7% year-over-year to 1,012 customers.
• Second quarter Non-GAAP Gross Margin was 58%, compared to 52% in the second quarter of fiscal year 2024.

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“During the second quarter, we saw continued strength with government customers, especially in the Defense & Intelligence sector where revenue grew over 30% year-over-year and we saw continued demand for our broad area monitoring solution paired with AI,” said Will Marshall, Planet’s CEO. “We restructured the business towards an industry-aligned operating model and improved overall operational efficiency across the company.”

Outlook: For the third quarter of fiscal year 2025, Planet Labs expects revenue to be in the range of approximately $61 million to $64 million. Non-GAAP gross margin is expected to be in the range of approximately 59% to 61%.

PL Price Action: According to Benzinga Pro, Planet Labs shares are down 1.61% after-hours at $2.44 at the time of publication Thursday.

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Posted In: PL