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Planet’s financial results for Q3 2023

Image: Planet Labs

Edinburgh / San Francisco, 15 December 2022. – Satellite imagery and spatial solutions provider, Planet Labs, shared its financial results for the third quarter for the period ending October 31, 2022, demonstrating continued growth and momentum, the company said.

The third quarter revenue saw a 57% year-over-year increase to US $49.7 million. Recurring Annual Contract Value was 94%, the End of Period Customer Count increased by 16% to 864 customers. The net dollar retention rate for the quarter was 123% and the same with winbacks was 125%. The gross margin expanded to 50%, while the non-GAAP Gross Margin grew to 54%. The company ended the quarter with US $425 million in cash, cash equivalents and short-term investments.

Planet’s customer and partner relationships have also grown: the company signed a collaboration agreement with Accenture, Amazon Web Services, and Microsoft. Planet also renewed its contract with and International Ministry of Defense customer, signed a new deal with ZEP-RE and continued to support the critical response efforts in Ukraine. 

The company also brought new technologies to the market and had an impact on education. It launched an offering providing access to Planet’s imagery and support services to nonprofits and non-governmental organizations. The firm also presented at COP27 and COP15.

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