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Tuesday, June 6, 2023

Planet Labs PBC (PL) Stock on a Consistent Decline, Here’s the Reason

Planet Labs PBC (PL), a company that provides daily satellite data and insights about earth, has declined by 12.47% in aftermarket trading session. As a result, PL stock is trading at $7.79 at the time of the writing. On Monday, PL closed the day at $8.90 after declining 6.02% during regular trading hours. The reason for this consistent decline is the announcement of abysmal quarterly results for the third quarter of FY 2022.

PL Q32022 Operational Resuts

On Monday, PL released the operational results for the third quarter of the fiscal year 2022. The quarter ended on 31st October. The company generated net revenue of $31.7 million during the quarter against $27.2 million for the same period of 2020. The total operating expenses for the three months were $39.2 million against $29.5 million for the same period of 2020. The company suffered a net loss of $41.5 million (or $1.35 and $1.38 per basic and diluted share) during the three months against $31.03 million (or $1.06 per basic and diluted share) during the same three month period of 2020.

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Financial Outlook for Q4 2022

Alongside the operational results, PL also reported the financial outlook for the upcoming quarter. The company expects the revenue to be in the range of $35 million and $37 million during the fourth quarter of fiscal 2022. For the same period, the non-GAAP gross margin percentage is expected to range between 37% and 39%. The adjusted EBITDA loss is expected to be in the range of $17 million and $15 million.

Executive Commentary

Ashley Johnson, Chief Financial and Operating Officer of PL, while commenting on the results said that the company is excited about its public listing and the velocity with which it has grown over the period. The company remains focused on the execution of its topline growth and capitalizing on the robust demand that could be seen in the market. Planet Labs see meaningful opportunities to continually create new markets.

What’s Ahead for PL?

During the last one month period, PL stock has declined more than 14%. Analysts however believe that the stock is in a good shape to attract potential investors in upcoming times. Hence, investors should keep a close eye on the developments associated with PL stock.

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