Planet Reports Record Q4 and FY2023 Earnings 

Planet ($PL) saw $191.3M in full year revenue, a 46% jump from last year, the company revealed Wednesday. This comes in at the top end of its previous projection of $188M to $192M. 

Planet’s Q4, by the numbers:

  • Revenue of $53M, up 43% YoY
  • Net loss of $37.8M, an annual improvement of ~18%
  • Cash of $408.8M
  • % ACV of 94%
  • End-of-period customer count of 882, up 15% YoY

The company expects revenue to grow 35% this year, in the range of $248M to $268M.

An acquisition announcement: Planet also announced its plans to acquire Sinergise, a Slovenian satellite data analysis platform that it has partnered with since 2016. This is Planet’s sixth acquisition and is intended to expand the company’s presence in the European market. Sinergise’s tech powers ESA-backed Sentinel Hub. The deal is expected to close in Q2. 

In the news: In Q4, a number of climate and political-related responses relied on Planet’s data, including rescue efforts after the Turkey earthquakes, drought risk protection in Kenya, and tracking the Chinese spy balloon from Hainan Island.

Planet’s Q4, by the contracts:

  • $10M+ per year in a new multi-year contract from an international defense customer
  • Multi-year, seven-figure contract from Pacific Gas & Electric Company (PG&E)
  • NRO contract to explore how hyperspectral capabilities align with the agency’s security architecture
  • Extension of Norway’s International Climate and Forest Initiative’s Satellite Data Program
  • UKSA’s NI Public Sector EO Portal pilot project

+ Market reaction: As of market close Wednesday, $PL traded up 3.8%.