Planet Labs PBC Files Q1 2024 10-Q

TL;DR

Planet Labs filed its 10-Q for April 30, 2024. Check financials.

AI Summary

Planet Labs PBC filed its 10-Q for the period ending April 30, 2024. The company reported financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with a quarterly update on Planet Labs' financial health and operational performance, crucial for understanding the company's trajectory in the satellite imaging market.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance and market conditions.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-06-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Planet Labs PBC (company) — Filer of the 10-Q
• 20240430 (date) — End of the reporting period
• 20240606 (date) — Filing date
• dMY Technology Group, Inc. IV (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share PL New York Stock Exchange W
• $11.50 — A common stock, at an exercise price of $11.50 per share PL WS New York Stock Exchange

Filing Documents

• pl-20240430.htm (10-Q) — 1073KB
• a101q12025.htm (EX-10.1) — 99KB
• a102q12025.htm (EX-10.2) — 74KB
• a311q12025.htm (EX-31.1) — 11KB
• a312q12025.htm (EX-31.2) — 11KB
• a321q12025.htm (EX-32.1) — 4KB
• a322q12025.htm (EX-32.2) — 4KB
• 0001836833-24-000062.txt ( ) — 7247KB
• pl-20240430.xsd (EX-101.SCH) — 50KB
• pl-20240430_cal.xml (EX-101.CAL) — 85KB
• pl-20240430_def.xml (EX-101.DEF) — 289KB
• pl-20240430_lab.xml (EX-101.LAB) — 672KB
• pl-20240430_pre.xml (EX-101.PRE) — 488KB
• pl-20240430_htm.xml (XML) — 994KB

- Financial Information

Part I. - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Comprehensive Loss 8 Condensed Consolidated Statements of Stockholders' Equity 9 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Procee ds

Item 2. Unregistered Sales of Equity Securities and Use of Procee ds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 3 Table of Contents Unless the context otherwise requires, the "Company", "Planet", "we", "our", "us" and similar terms refer to Planet Labs PBC, a Delaware public benefit corporation (f/k/a dMY Technology Group, Inc. IV, a Delaware corporation), and its consolidated subsidiaries. Cautionary Note Regarding Forward Looking Information This Quarterly Report on Form 10-Q for the quarter ended April 30, 2024 (the "Form 10-Q" or "this report") includes statements that express Planet's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "seek," "may," "will," "could," "can," "should," "would," "believes," "predicts," "potential," "strategy," "opportunity," "aim," "continue," and similar expressions or the negative thereof, or discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals, are intended to identify such forward-looking statements. Forward-looking statements appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Planet operates. Factors that may impact such forward-looking statements include: our future financial performance, including expectations regarding our revenue, cost of revenue, operating expenses, capital expenditures, cash flows and our ability to achieve profitability; our ability to attract and retain customers, including our ability to renew existing contracts and expand our relationships with existing customers; our expectations regarding the value of our offerings to our customers over time; our expectations rega

- Financial Information

Part I. - Financial Information

Financial Statements

Item 1. Financial Statements. Planet Labs PBC Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and par value amounts) April 30, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 107,367 $ 83,866 Restricted cash and cash equivalents, current 8,802 8,360 Short-term investments 168,218 215,041 Accounts receivable, net of allowance of $ 895 and $ 1,539 , respectively 38,527 43,320 Prepaid expenses and other current assets 23,044 19,564 Total current assets 345,958 370,151 Property and equipment, net 111,338 113,429 Capitalized internal-use software, net 16,066 14,973 Goodwill 137,110 136,256 Intangible assets, net 31,403 32,448 Restricted cash and cash equivalents, non-current 9,564 9,972 Operating lease right-of-use assets 20,966 22,339 Other non-current assets 2,199 2,429 Total assets $ 674,604 $ 701,997 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 3,131 $ 2,601 Accrued and other current liabilities 43,361 44,779 Deferred revenue 63,646 72,327 Liability from early exercise of stock options 8,068 8,964 Operating lease liabilities, current 8,175 7,978 Total current liabilities 126,381 136,649 Deferred revenue 13,247 5,293 Deferred hosting costs 9,261 7,101 Public and private placement warrant liabilities 1,431 2,961 Operating lease liabilities, non-current 15,207 16,952 Contingent consideration 2,915 5,885 Other non-current liabilities 5,837 9,138 Total liabilities 174,279 183,979 Commitments and contingencies (Note 8) Stockholders' equity Common stock, $ 0.0001 par value, 570,000,000 , 30,000,000 and 30,000,000 Class A, Class B and Class C shares authorized at April 30, 2024 and January 31, 2024, 269,579,722 and 268,117,905 Class A shares issued and outstanding at April 30, 2024 and January 31, 2024, respectively, 21,157,586 Class B shares issued and outstanding at April 30, 2024 and January 31, 2024, 0 Class C shares issued and outstanding at April

View Full Filing

View this 10-Q filing on SEC EDGAR