Planet Labs PBC reported a revenue of $66.3 million for the three months ended April 30, 2025, marking a 10% increase from $60.4 million in the same period last year. The company’s gross profit also rose to $36.6 million, up 16% from $31.7 million year-over-year. Despite the revenue growth, Planet Labs recorded a net loss of $12.6 million, a significant improvement compared to a net loss of $29.3 million in the prior year, reflecting a 57% reduction in losses. The company attributed the revenue increase primarily to new customer growth, particularly within the Defense and Intelligence sector, although it faced a net contraction of existing customer contracts.
In terms of operational metrics, Planet Labs reported a decrease in its end-of-period customer count to 919 from 1,031 a year earlier, which the company attributed to a strategic focus on larger customers. The Net Dollar Retention Rate improved to 103%, up from 100% in the previous year, indicating successful expansions with existing customers. The company’s remaining performance obligations stood at $451.9 million as of April 30, 2025, with expectations to recognize approximately 45% of this amount over the next 12 months.
Strategically, Planet Labs has been active in expanding its capabilities and partnerships. In January 2025, the company entered into a multi-year $230 million commercial agreement with SKY Perfect JSAT to build and operate a constellation of ten high-resolution satellites. This agreement is expected to enhance Planet's service offerings and revenue potential. Additionally, the company has continued to invest in its software platform and machine learning capabilities to improve the value of its data for customers.
Financially, Planet Labs reported cash and cash equivalents of $133.5 million as of April 30, 2025, an increase from $118 million at the end of January 2025. The company also noted a significant increase in deferred revenue, which rose to $108.3 million from $82.3 million, indicating strong future revenue potential. Looking ahead, Planet Labs expressed optimism about its growth trajectory, driven by ongoing investments in technology and customer relationships, although it acknowledged the potential impact of macroeconomic conditions on its operations and customer spending.