A satellite image taken by SkySat shows the breached Kakhovka Dam in Ukraine on June 6, 2023.
Planet
Actions Planet fell after the satellite imaging and data analytics company lowered its full-year revenue forecast after it released its first-quarter results on Thursday.
The corporate lowered its revenue forecast for the present fiscal 12 months 2024 to a variety of $225 million to $235 million, down from a previous forecast of $248 million to $268 million. Planet also said it expected larger losses based on adjusted EBITDA, increasing its forecast to a variety of USD 58 million to USD 67 million from a variety of USD 37 million to USD 47 million.
Planet shares fell as much as 25% in Friday morning trading from a previous close of $4.90. The stock is on its solution to its worst one-day drop since its December 2021 IPO, offsetting its gains because the starting of the 12 months.
Despite downgraded forecasts, Planet co-founder and CEO Will Marshall said in a press release that the corporate continues to “see strong demand for our proprietary data solutions driven by global events and growing awareness of our capabilities.”
Planet’s chief financial officer and chief operating officer Ashley Johnson further highlighted the “difficult macro environment” and said the corporate remained “focused on the trail to profitability”. She added that the corporate’s balance sheet is “strong”, with $375 million in money and equivalents and no debt.
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In the primary quarter, Planet reported revenue of $52.7 million, up 31% from $40.1 million in the identical period a 12 months ago, but virtually on the extent of the previous quarter.
The corporate’s first-quarter net loss was $34.4 million, or 13 cents a share. That was down 22% from a net lack of $44.4 million, or 17 cents a share, a 12 months earlier.
Planet’s customer base grew to 903, up from 882 at the tip of the fourth quarter. Its client base is split into three parts by revenue: 44% is defense and intelligence, 29% is industrial, and 27% is civilian government.
The corporate adheres to a fiscal 12 months calendar that ends on January 31.