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Planet Grows Revenue 15% in FY 24, Makes Changes to Executive Team

By Rachel Jewett | March 29, 2024

      Rendering of a Tanager hyperspectral satellite. Photo: Planet

      Planet Labs increased revenue by 15% year-over-year in fiscal year 2024 to $220.7 million. The satellite imagery and analytics company reported financials for the 2024 fiscal year that ended Jan. 31 on March 28, along with changes to its executive team.  

      Revenue was in line with the high end of the guidance Planet provided last quarter. A year ago, the company had expected to grow revenue 35% year-over-year in FY 24, but cut back its growth forecast throughout the year. Planet laid off 117 employees during the fiscal year. 

      Non-GAAP gross margin for the full year was 54% and adjusted EBITDA loss was $55.3 million. The company reported that it narrowed adjusted EBITDA losses quarter-over-quarter throughout the fiscal year 2024, with operational efficiency across the company. 

      The company hit the milestone of surpassing 1,000 customers in FY 24, ending the year with 1,018 customers — a 15% year-over-year increase. 

      CEO Will Marshall told investors on Thursday that Planet is making progress to reaching  adjusted EBITDA profitability by the fourth quarter of this fiscal year 25. 

      “Growth for the year was led by the Government sector,” Marshall said. “During fiscal 2024, our revenue in the Defense & Intelligence vertical grew over 30% year-over-year, while revenue in the Civil Government vertical saw solid growth as well.” 

      Marshall reported that Planet has multiple seven-figure pilot programs in flight or in procurement with defense agencies, which have the potential to scale significantly. 

      “These pilots include AI-based partner solutions sold alongside our data enabling broad area monitoring applications. These pilots are primarily focused on monitoring land-based locations. This is part of a growing trend that signals increased customer interest in purchasing insights with our data. We are pursuing many of these large pilots this year,” Marshall said. 

      Executive Team Changes

      Separately, Planet’s President of Product and Business Kevin Weil announced he is leaving his role with the company. Weil will stay on as an advisor to the executive team and join the Planet Federal board. Weil, a former Twitter, Instagram, and Facebook executive, led Planet’s go-to market strategy. 

      Marshall said that CFO Ashley Johnson will assume the role of president in addition to CFO. 

      In addition, Robert Cardillo, chair of Planet Federal and the former head of the National Geospatial-Intelligence Agency, will now oversee strategy for Planet’s Defense and Intelligence business globally.

      Johnson told investors that Planet is holding off on giving full-year guidance for fiscal year 2025 until it gains further clarity on the timing, size and structure of potential large contracts. 

      Planet provided guidance for the first quarter of fiscal 2025, expecting revenue to be between $58 million and $61 million, representing growth of approximately 10% to 16% year-over-year. Planet expects non-GAAP gross margin for Q1 to be between 50% and 52%.