Planet Labs PBC Files Q3 2024 10-Q

TL;DR

Planet Labs 10-Q filed: Q3 FY24 financials out, check for details.

AI Summary

Planet Labs PBC filed its 10-Q for the period ending October 31, 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 crucial update on Planet Labs' financial health and operational performance for the third quarter of fiscal year 2024.

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

• 2024-10-31 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
• 2024-12-09 — Filing Date (This is the date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Planet Labs PBC (company) — Filer of the 10-Q report
• dMY Technology Group, Inc. IV (company) — Former company name of Planet Labs PBC
• 2024-10-31 (date) — End of the reporting period for the 10-Q
• 2024-12-09 (date) — Date the 10-Q was filed

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-20241031.htm (10-Q) — 1529KB
• a101q32025.htm (EX-10.1) — 11KB
• a311q32025.htm (EX-31.1) — 11KB
• a312q32025.htm (EX-31.2) — 11KB
• a321q32025.htm (EX-32.1) — 4KB
• a322q32025.htm (EX-32.2) — 4KB
• imagea.jpg (GRAPHIC) — 5KB
• 0001836833-24-000118.txt ( ) — 8865KB
• pl-20241031.xsd (EX-101.SCH) — 56KB
• pl-20241031_cal.xml (EX-101.CAL) — 95KB
• pl-20241031_def.xml (EX-101.DEF) — 329KB
• pl-20241031_lab.xml (EX-101.LAB) — 768KB
• pl-20241031_pre.xml (EX-101.PRE) — 560KB
• pl-20241031_htm.xml (XML) — 1376KB

- 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 11 Notes to Condensed Consolidated Financial Statements 12

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 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 49

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50

Signatures

Signatures 51 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 October 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

- 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) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 138,969 $ 83,866 Restricted cash and cash equivalents, current 6,525 8,360 Short-term investments 103,255 215,041 Accounts receivable, net of allowance of $ 446 and $ 1,539 , respectively 38,853 43,320 Prepaid expenses and other current assets 13,992 19,564 Total current assets 301,594 370,151 Property and equipment, net 116,920 113,429 Capitalized internal-use software, net 18,259 14,973 Goodwill 137,411 136,256 Intangible assets, net 29,231 32,448 Restricted cash and cash equivalents, non-current 4,437 9,972 Operating lease right-of-use assets 20,829 22,339 Other non-current assets 2,083 2,429 Total assets $ 630,764 $ 701,997 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 3,572 $ 2,601 Accrued and other current liabilities 43,670 44,779 Deferred revenue 66,462 72,327 Liability from early exercise of stock options 6,275 8,964 Operating lease liabilities, current 9,105 7,978 Total current liabilities 129,084 136,649 Deferred revenue 11,230 5,293 Deferred hosting costs 6,665 7,101 Public and private placement warrant liabilities 1,835 2,961 Operating lease liabilities, non-current 13,819 16,952 Contingent consideration 2,871 5,885 Other non-current liabilities 655 9,138 Total liabilities 166,159 183,979 Commitments and contingencies (Note 10) 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 October 31, 2024 and January 31, 2024, 275,274,858 and 268,117,905 Class A shares issued and outstanding at October 31, 2024 and January 31, 2024, respectively, 21,157,586 Class B shares issued and outstanding at October 31, 2024 and January 31, 2024, 0 Class C shares issued and outstanding

View Full Filing

View this 10-Q filing on SEC EDGAR