Shares of Planet fell after the satellite-imagery and data-analysis company cut its annual revenue guidance following when it reported first-quarter results Thursday.
The company lowered its guidance for its current fiscal-year 2024 revenue to a range of $225 million to $235 million, down from its previous forecast of between $248 million and $268 million.
She added the company's balance sheet "is strong," with $375 million in cash and equivalents and no debt.
For the first quarter, Planet reported revenue of $52.7 million, up 31% from $40.1 million in the same period a year ago, but effectively flat from the prior quarter.
Its customer base is split into three parts by revenue: 44% is defense and intelligence, 29% is commercial and 27% is civil government.
Persons:
Will Marshall, Ashley Johnson