Planet stock drops after satellite imagery and data venture lowers annual revenue guidance

Planet stock drops after satellite imagery and data venture lowers annual revenue guidance


A satellite image captured on June 6, 2023 by a SkySat shows the breached Kakhovka dam in Ukraine.

Planet

Shares of Planet fell after the satellite-imagery and data-analysis company cut its annual revenue guidance after it reported first-quarter results on Thursday.

The company lowered its guidance for its current fiscal year 2024 revenue to a range of $225 million to $235 million, down from its previous forecast of between $248 million to $268 million. Planet also said it expected wider losses on an adjusted EBITDA basis, increasing its forecast to a range of between $58 million and $67 million from a range of between $37 million and $47 million.

Shares of Planet fell as much as 20% in after-hours trading, from their close at $4.90.

Despite the lowered guidance, Planet co-founder and CEO Will Marshall said in a statement that the company continues “to see strong demand for our proprietary data solutions, driven by global events and the growing awareness of our capabilities.”

Planet CFO and COO Ashley Johnson further emphasized the “challenging macro environment,” and said the company remains “focused on the path to profitability.” She added that the company’s balance sheet “is strong,” with $375 million in cash and equivalents and no debt.

Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

For the first quarter, Planet reported revenue of $52.7 million, up 31% from $40.1 million in the same period a year ago, but effectively flat from the prior quarter.

The company’s first-quarter net loss was $34.4 million, or 13 cents a share. That narrowed 22% from its net loss of $44.4 million, or 17 cents a share, a year prior.

Planet’s customer base increased to 903, up from 882 at the end of the fourth quarter. Its customer base is split into three parts by revenue: 44% are defense and intelligence, 29% are commercial, and 27% are civil government.

The company follows a fiscal year calendar that ends on Jan. 31.



Source

Space startup Varda raises 7 million in funding to make drugs in orbit
Business

Space startup Varda raises $187 million in funding to make drugs in orbit

Pavlo Gonchar | Lightrocket | Getty Images Space startup Varda announced on Thursday that it has raised $187 million in Series C funding, led by venture capital firms Natural Capital and Shrug Capital, to continue advancing drug manufacturing in space. The latest round included participation from Peter Thiel, Lux Capital, Khosla Ventures and Caffeinated Capital. […]

Read More
How family offices are betting on the sports boom from fantasy apps to pickleball courts
Business

How family offices are betting on the sports boom from fantasy apps to pickleball courts

Key Points A third of investment firms of the ultra-rich have invested in sports, according to a new family office survey by BNY Mellon. While billionaire sports-team buyouts get the headlines, family offices are increasingly investing in adjacent assets like live-viewing venues and betting apps. Here’s how the family offices of ultra-rich sports team owners […]

Read More
Delta’s summer travel outlook tops estimates as CEO says high-end demand is holding up
Business

Delta’s summer travel outlook tops estimates as CEO says high-end demand is holding up

A Boeing 767-332(ER) from Delta Air Lines takes off from Barcelona El Prat Airport in Barcelona on Oct. 8, 2024. Joan Valls | Nurphoto | Getty Images Delta Air Lines trimmed its 2025 profit forecast as it deals with lower-than-expected demand this year and the industry manages a glut of flights, but the carrier’s outlook […]

Read More