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In Q3 2022, the company’s gross margin rose from 34% to 50%, while its EOP increased by 16% to 864 customers.
Popular satellite imagery and data company Planet (NYSE: PL) announced its financial report for Q3 2022, outshining the previous year’s performance. The company gained a 57% year-on-year increase with record revenue of $49.7 million, reducing its EBITDA loss to $12.4 million. Following a fiscal calendar that ends on January 31st, the company hopes to generate an annual revenue ranging from $188 to $192 million. An evaluation of the percent of recurring annual contract value (ACV) for Planet in Q3 2022 resulted in 94%.
The company’s Chief Financial and Operating Officer, Ashley Johnson, stated:
“For the third quarter of fiscal year 2023, we delivered $49.7 million in revenue, a growth rate of 57% year-over-year, expanded Non-GAAP Gross Margin to 54%, and ended the quarter with $425 million of cash, cash equivalents and short-term investments. Q3 marked another great quarter for Planet and we expect to close out the year strong with the quarter ahead.”
How Planet Fared in Q3 2022
Against the previous year’s performance, the company recorded impressive figures in its gross margin and End of Period (EOP) customer count. In Q3 2022, its gross margin rose from 34% to 50%, while its EOP increased by 16% to 864 customers. A few hours after Planet released its Q3 2022 reports, its shares rose from $5.11 to $5.21. Since Planet’s shares were listed on the New York Stock Exchange (NYSE) last year, it has experienced a drawdown of approximately 15%.
Planet’s Co-Founder, Chief Executive Officer, and Chairperson, Will Marshall, expressed his excitement about the performance in a statement:
“We saw great momentum in the government segment and announced multiple exciting new strategic partnerships in the commercial sector. Planet’s growth continues to be underpinned by global, secular tailwinds that are driving demand for our solutions. Our data helps enable customers and partners to address today’s most complex issues, ranging from climate risk and adaptation to geopolitical security.”
Planet performs a primary assignment of capturing earth’s images from space. The company has over 200 imagery satellites both in operation and in production. These satellites revisit locations on the Earth up to ten times daily, capturing over 30 terabytes of data.
In a less-detailed announcement, Planet sets to acquire Salo Sciences, a popular climate technology company. The company says its acquisition will improve its services to customers by monitoring forest change, quantifying and tracking carbon stocks, and ultimately mitigating climate risks. Planet has a reliable partnership with companies like Accenture, AWS, Microsoft, and ZEP-RE, among others. The company currently offers critical response efforts in Ukraine by providing images to governments, aid, and relief organizations.