Planet Labs PBC Files 10-Q for July 31, 2024

TL;DR

Planet Labs 10-Q filed: Financials for July 31, 2024 period are in. Check it out.

AI Summary

Planet Labs PBC filed its 10-Q for the period ending July 31, 2024. The company reported its financial results, including details on its common stock and additional paid-in capital as of January 31, 2023. The filing also references former company name "dMY Technology Group, Inc. IV" and its date of name change on December 16, 2020.

Why It Matters

This filing provides investors with an update on Planet Labs PBC's financial performance and position for the specified period, crucial for understanding the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant new risks.

Key Numbers

• 20240731 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
• 20240905 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0131 — Fiscal Year End (The end date of Planet Labs PBC's fiscal year.)

Key Players & Entities

• Planet Labs PBC (company) — Filer of the 10-Q
• dMY Technology Group, Inc. IV (company) — Former name of Planet Labs PBC
• 20240731 (date) — End of the reporting period
• 20240905 (date) — Filing date

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-20240731.htm (10-Q) — 1323KB
• a311q22025.htm (EX-31.1) — 11KB
• a312q22025.htm (EX-31.2) — 11KB
• a321q22025.htm (EX-32.1) — 4KB
• a322q22025.htm (EX-32.2) — 4KB
• 0001836833-24-000102.txt ( ) — 7821KB
• pl-20240731.xsd (EX-101.SCH) — 51KB
• pl-20240731_cal.xml (EX-101.CAL) — 82KB
• pl-20240731_def.xml (EX-101.DEF) — 275KB
• pl-20240731_lab.xml (EX-101.LAB) — 715KB
• pl-20240731_pre.xml (EX-101.PRE) — 506KB
• pl-20240731_htm.xml (XML) — 1147KB

- 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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 42

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 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 July 31, 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 reg

- 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) July 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 148,288 $ 83,866 Restricted cash and cash equivalents, current 8,802 8,360 Short-term investments 101,102 215,041 Accounts receivable, net of allowance of $ 668 and $ 1,539 , respectively 43,926 43,320 Prepaid expenses and other current assets 24,628 19,564 Total current assets 326,746 370,151 Property and equipment, net 113,227 113,429 Capitalized internal-use software, net 17,322 14,973 Goodwill 137,325 136,256 Intangible assets, net 30,405 32,448 Restricted cash and cash equivalents, non-current 9,539 9,972 Operating lease right-of-use assets 21,703 22,339 Other non-current assets 2,084 2,429 Total assets $ 658,351 $ 701,997 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,392 $ 2,601 Accrued and other current liabilities 56,839 44,779 Deferred revenue 64,523 72,327 Liability from early exercise of stock options 7,171 8,964 Operating lease liabilities, current 8,755 7,978 Total current liabilities 139,680 136,649 Deferred revenue 11,969 5,293 Deferred hosting costs 7,963 7,101 Public and private placement warrant liabilities 2,033 2,961 Operating lease liabilities, non-current 15,218 16,952 Contingent consideration 2,491 5,885 Other non-current liabilities 5,750 9,138 Total liabilities 185,104 183,979 Commitments and contingencies (Note 9) 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 July 31, 2024 and January 31, 2024, 272,318,817 and 268,117,905 Class A shares issued and outstanding at July 31, 2024 and January 31, 2024, respectively, 21,157,586 Class B shares issued and outstanding at July 31, 2024 and January 31, 2024, 0 Class C shares issued and outstanding at July 31,

View Full Filing

View this 10-Q filing on SEC EDGAR