Earth Labs PBC( NYSE PL)( “ Earth ” or the “ Company ”), a leading provider of diurnal data and perceptivity about Earth, moment blazoned fiscal results for the period ended October 31, 2023, that demonstrated uninterrupted growth and instigation of its unique data subscriptionbusiness.Growth in the third quarter was driven by strength in the Civil Government and Defense & Intelligence requests, ” said Will Marshall, Planet’sCo-Founder, Chief Executive Officer and Chairperson. “ We concentrated on stropping our go- to- request prosecution and we lately achieved multiple important product mileposts, including successfully launching 37 satellites, enabling low touch deals of Planet data on our Sentinel Hub platform and releasing the new timber Carbon product to request. ”
Ashley Johnson, Planet’s Chief Financial and Operating Officer, added, “ We ’re also pleased with the cost discipline and concentrate on functional effectiveness that we ’re seeing across the business, which support our path to profitability. Our balance distance remains strong with$ 315 million of cash, cash coequals, and short- term investments as of the end of the quarter and we continue to have no debt. ”
financial Third Quarter 2024 Financial and Key Metric Highlights
Third quarter profit increased 11 time-over-year to$55.4 million.
Percent of Recreating Annual Contract Value( ACV) for the third quarter was 94.
End of Period( EoP) client Count increased 13 time-over-year to 976 guests.
Third quarter gross periphery was 47, compared to 50 in the third quarter of financial time 2023.
Third quarterNon-GAAP Gross periphery( 1) was 52, compared to 54 in the third quarter of financial time 2023.
Ended the quarter with$ 315 million in cash, cash coequals and short- term investments.
1) Please see “ Planet’s Use ofNon-GAAP Financial Measures ” below for a discussion on how Planet calculates thenon-GAAP fiscal measures presented herein. In addition, rapprochements to the most directly similarU.S. GAAP fiscal measures are handed in the tables at the end of this release.
Recent Business Highlights
Growing client and Partner connections
BASF Expansion Planet lately expanded its seven- figure contract with BASF Digital Farming GmbH, a attachment of BASF, the large European- grounded transnational company and large chemical patron. BASF Digital Farming offers perfection digital husbandry products through its Xarvio Digital Farming results platform. Xarvio FIELD director, its crop optimization platform, uses PlanetScope and Planetary Variables results for broad area operation to deliver targeted and timely agronomic advice that supports more effective, profitable, and sustainable agrarian practices.
Instituto Geográfico Agustín Codazzi( IGAC) Planet lately closed a seven- figure ACV contract with the Cartographic Agency for Colombia, IGAC. This reality regulates, produces, and articulates high- quality geographic, cadastral, and agronomical information of the country, contributing to its development for decision- timber and description of public programs in Colombia. They ’re using PlanetScope and SkySat data to support geographic studies, professional training, and education in Civilians technology and ameliorate land- use planning and threat operation across Colombia.
USDA Foreign Agricultural Service Planet lately added the USDA Foreign Agricultural Service as a new client. The USDA FAS linksU.S. husbandry to the world to enhance import openings and global food security. The USDA FAS is using PlanetScope’s broad area operation to support the product of crop type charts and area estimates in areas overseas.
BeZero Carbon Planet lately added BeZero Carbon, a global carbon conditions agency, as a new mate. BeZero is using Planet’s Forest Carbon product to help request actors continue to make further informed carbon credit investments. Planet’s 30 cadence global time series of timber height, tree cover, and carbon is seen as an inestimable addition to BeZero’s slice- edge geospatial analysis and methodologies.
SI Analytics Planet closed a new contract with South Korea- grounded AI company, SI Analytics, to give imagery data for anomaly analysis of North Korea. SI Analytics is a provider for satellite image analytics grounded on deep literacy technology and GEO- information results. SI Analytics is using PlanetScope to run analytics for defense and intelligence guests.
NGIS Planet expanded its contract with Australian- grounded mate, NGIS who provides critical geospatial services using Earth data to Australian civil governments, supporting resource operation and natural disaster response for backfires and cataracts.
on- X Charts Planet lately added on- X Charts as a new client. on- X’s Recent Imagery product uses Planet’sbi-weekly Basemaps to give out-of-door suckers with over- to- date imagery of out-of-door recreation spots. on- X was lately honored on the TIME’s Stylish inventions list of 2023.
New Technologies and Products
Pelican Tech Demo and 36 SuperDoves Launch On November 11, 2023, Planet successfully launched its first Pelican technology demonstration, Pelican- 1, and 36 SuperDoves to circumvent on SpaceX’s Transporter- 9 charge. The Planet Team snappily established contact with all 37 satellites and began commissioning the new satellites to join its line of roughly 200 presently on- route. This launch marks a momentous corner for the Company, especially for Planet’s coming- generation high- resolution charge. Over time, the Pelican constellation is anticipated to offer a further able and cost-effective upgrade to the Company’s current high- resolution satellites, the SkySats.
Planet Data Available on Sentinel Hub During Q3, Planet data and services were launched on the Sentinel Hub platform with transparent pricing and APIs, enabling low touch or tone- service deals for small guests and giving mates what they need to more fleetly and flexibly make results on top of our data.
Global timber Carbon Product Release Planet released its timber Carbon product, a global, 30 cadence literal time series of timber carbon, tree height, and cover. This groundbreaking data product aims to give unknown perceptivity into timber change and carbon stocks and is formerly being used by guests to inform their carbon credit investments. The 10- time library of global timber carbon is largely accurate, affordable, and scalable, helping to break long- standing challenges associated with measuring timber carbon stocks.
