Will Marshall, co-founder & CEO of Planet Inc. celebrates his company’s listing on the trading 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 record third-quarter revenue on Wednesday, forecasting nearly $200 million in annual revenue.
“Planet’s growth continues to be supported by global secular winds driving demand for our solutions,” co-founder and CEO Will Marshall said in a statement.
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The company reported a third-quarter adjusted EBITDA loss of $12.4 million, just ahead of the $12.3 million loss Planet reported a year ago for the same period. But Planet reported record revenue of $49.7 million for the third quarter, up 57% year-over-year.
Planet follows a fiscal year 2023 calendar that ends on January 31. With one quarter to go, the company expects annual revenue between $188 million and $192 million.
Shares of Planet were up 3% in after-hours trading from the 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 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 daily.
Planet had 864 customers at the end of the third quarter, an increase of 16% compared to the same period a year ago. At the end of the quarter, Planet had $425 million in cash.
The company also announced an agreement to acquire climate technology company Salo Sciences, for an undisclosed sum. Planet says Salo will “further develop its offering to help customers monitor forest changes, quantify carbon stocks, track carbon offsets and mitigate climate risks.”