On June 6, 2023, SkySat captured an image of the breached Kakhovka dam in Ukraine. This image was published by Planet, a satellite-imagery and data-analysis company. However, shares of Planet fell after the company slashed its annual revenue guidance, following its first-quarter results released on Thursday. Planet lowered its guidance for fiscal-year 2024 revenue from $248 million-$268 million to $225 million-$235 million. Additionally, the company projected a wider loss on an adjusted EBITDA basis of $58 million-$67 million, up from $37 million-$47 million. Consequently, Planet’s share price dropped by as much as 25% in midmorning trading on Friday, hitting a year-to-date low. Despite these developments, the company’s CEO Will Marshall confirmed that demand for their proprietary data solutions remains strong, propelled by global events and growing awareness of their capabilities. CFO and COO Ashley Johnson highlighted the challenging macro environment while reiterating that the company is determined to achieve profitability. Though the first quarter brought in $52.7 million in revenue, up by 31% from the previous year, the company reported a net loss of $34.4 million, or 13 cents per share. Nevertheless, the company’s customer base increased to 903, divided between defense and intelligence (44%), commercial (29%), and civil government (27%) clients. Planet’s fiscal calendar ends on January 31.
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