On Monday, Planet Labs PBC (PL) shares fell a further 12.36% in the after-hours following the company’s Q3 fiscal 2022, earnings. Moreover, the company also announced the completion of its VanderSat acquisition on Monday.
In regular trading, the stock lost 6.02%, closing the session at $8.90 with 3.84 million shares exchanging. Following the earnings report, the stock plunged further down to $7.80 in the after-hours on December 13.
About PL stock
The satellite data and insights provider, Planet Labs PBC (PL) recently completed its business combination with dMY Technology Group Inc. IV. After closing the business combination on December 07, it started trading on the NYSE under “PL” on December 08. As a result of the business combination with the SPAC, Planet received $590 million in gross proceeds. Further, the name of the company shows its status as a Public Benefit Corporation (PBC).
Currently, 238.36 million shares of the company are outstanding with a market capitalization of $2.26 billion.
Q3 Fiscal 2022 Financials
On December 13, the company announced its third-quarter financials for the fiscal year 2022, which ended on October 31, 2021. According to the third quarter of fiscal 2022, PL had revenue of $31.7 million. This shows an increase of 16% year-over-year.
Moreover, the quarter incurred a net loss of $41.5 million against $31.0 million in the year-ago quarter. Subsequently, the diluted net loss per share was $1.38 in the Q3 of fiscal 2022, against $1.06 in the Q3 of last year.
In addition, the non-GAAP Gross margin was 35% in the Q3 of fiscal 2022, against 28% in the same quarter of fiscal 2021.
Future Outlook of PL
Along with the earnings, PL also provided its future guidance for its fourth quarter of fiscal 2022. Accordingly, the company expects revenue of $35-$37 million and a non-GAAP gross margin of 37%-39%.
PL’s Acquisition of VanderSat
Planet Labs announced the completion of its VanderSat acquisition on the same day as its financial earnings report. The advanced earth data and analytics provider, VanderSat is based in Haarlem, Netherlands.
According to the transaction, the company acquired VanderSat for $28 million approx. This includes PL’s Class A common stock shares of $18 million and cash of $10 million. Moreover, PL intends to provide clear, actionable information through this acquisition to industries, non-profits, and governments worldwide.
In addition, this acquisition also strengthens the company’s position in the agriculture market.
