Satellite-imagery venture Planet reports record quarterly revenue to cap strong year

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The New York Stock Exchange welcomes Planet (NYSE: PL), on Wed. Dec. 8th, in celebration of its listing. To honor the occasion, Will Marshall, Co-Founder & CEO, and Robert Schingler Jr., Co-Founder & Chief Strategy Officer, joined by Stacey Cunningham, NYSE President, ring The Opening Bell®.
NYSE

Planet on Wednesday delivered another record quarter of revenue, nearing the top end of its full-year revenue forecast.

“The fourth quarter capped off an incredible year for Planet. For the full year, we nearly tripled our revenue growth rate,” Planet co-founder and CEO Will Marshall said in a press release.

The satellite-imagery and data-analysis company reported an adjusted EBITDA loss widened to $17.7 million for the fourth quarter from $16.7 million in the year-earlier period. Its net loss narrowed to $37.8 million, or 14 cents a share, from $46 million, or 26 cents. Planet brought in $53 million in revenue during the period, a 43% increase from $37.1 million a year prior.

For the full year, Planet’s revenue came in at $191.3 million — at the top end of its previously projected range of $188 million to $192 million.

Planet follows a fiscal year calendar that ends on Jan. 31.

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Planet Chief Financial Officer Ashley Johnson noted that the company finished the quarter with $408.8 million in cash.

The company is also making its sixth acquisition to date, signing a deal to acquire Slovenian satellite data analysis platform Sinergise. Financial terms were not disclosed.

Planet said acquiring Sinergise, a long-standing partner, is expected to further its access to European markets.

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