Planet (PL) Q1 2024 results

shares planet fell after the satellite imagery and data analytics company cut its annual revenue guidance after announcing first-quarter results on Thursday.

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

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Shares of Planet were down 25% at midday trading Friday, from their previous close of $4.90. The stock is on track for its lowest one-day decline since it went public in December 2021, erasing year-to-date gains.

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

Planet’s chief financial officer and chief operating officer, Ashley Johnson, 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” at $375 million in cash and cash equivalents and has no debt.

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

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

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

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