Record quarter as revenue climbs

Satellite imagery and data company Planet reported record third-quarter revenue on Wednesday, forecasting nearly $200 million in annual revenue.

“Planet’s growth continues to be underpinned by global, secular tailwinds that are driving demand for our solutions,” cofounder and CEO Will Marshall said in a statement.

The company reported a third-quarter adjusted EBITDA loss of $12.4 million, just above the $12.3 million loss that Planet reported for the same period a year ago. But Planet reported a record revenue of $49.7 million for the third quarter, up 57% year over year.

Planet follows a fiscal year 2023 calendar that ends on Jan. 31. With one quarter to go, the company forecast annual revenue of between $188 million and $192 million.

Shares of Planet rose 3% in after-hours trading from its close at $5.21. The stock is down about 15% this year.

The company has a variety of imagery satellites, both operating and in production, with about 200 in orbit. Planet’s satellites revisit locations on Earth up to 10 times per day, capturing more than 30 terabytes of data daily.

Planet had 864 customers by the end of the third quarter, an increase of 16% from the same period a year ago. At the end of the quarter, Planet had $425 million in cash on hand.

The company also announced an agreement to acquire climate technology company Salo Sciences, for an undisclosed amount. Planet says Salo will “further develop its offerings to help customers monitor forest change, quantify carbon stocks, track carbon offsets and mitigate climate risks.”