Mon, Dec 9, 9:28 PM (222 days ago)
Planet Labs PBC (PL) reported its Q3 2024 financial results, showing a revenue increase of 11% year-over-year to $61.3 million, driven by customer growth in the Civil Government and Defense sectors. Gross profit rose significantly by 44% to $37.5 million, while cost of revenue decreased by 19% to $23.7 million, primarily due to reduced depreciation and employee costs from headcount reductions. Operating expenses fell 19% to $60.1 million, leading to a narrower loss from operations of $22.6 million, down 53% from the previous year. For the nine-month period, revenue increased by 13% to $182.8 million, with a similar trend in gross profit, which rose by 26%. The net loss for this period was $88 million, a 20% improvement from the prior year. Cash and cash equivalents stood at $139 million, with short-term investments of $103 million. The company anticipates continued investment in R&D and marketing, which may impact profitability in the short term. Overall, Planet Labs is focused on expanding its customer base and enhancing its data offerings while managing operational costs effectively.