Planet Labs PBC (PL) just had one of those earnings reports that makes Wall Street sit up and pay attention. The satellite and data imagery company posted third-quarter results Wednesday evening that blew past expectations, and investors responded by sending shares up over 30% Thursday to record highs.
The Numbers That Matter
Planet Labs brought in $81.25 million in revenue for the quarter, crushing analyst estimates of $71.99 million. Even more impressive: the company hit breakeven on adjusted earnings per share for the second time this year, beating expectations once again.
CEO Will Marshall highlighted what's working: "We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals. We're seeing strong traction with our AI-enabled global monitoring solutions, demonstrated by our recent award under the NGA's Luno B program and expansion with NATO."
The Profitability Story
Here's what really caught investors' attention: this marks Planet Labs' fourth consecutive quarter of adjusted EBITDA profitability and its third straight quarter generating positive free cash flow. The company's balance sheet got even stronger after raising $460 million in convertible debt, according to the CFO.
Looking Ahead
The guidance raises were equally impressive. Planet Labs expects fourth-quarter revenue between $76 million and $80 million, topping the $73.88 million analyst consensus. For the full year, the company now projects revenue of $297 million to $301 million, well above previous estimates of $284.11 million.
Price Action: Planet Labs shares surged 30.29% to trade at $16.86 Thursday, marking new all-time highs for the stock.
