Planet Labs PBC (NYSE:PL) stock fell 17.18% (As on June 15, 11:38:13 AM UTC-4, Source: Google Finance) after the company reported a wider loss for its first quarter as operating costs more than doubled from a year ago. The company, a provider of daily data and insights about Earth, reported a loss of $44.4 million, compared with a loss of $29.3 million, a year ago. The company’s customer count increased 23% to 826 customers by the end of the period. The percent of Recurring Annual Contract Value (ACV) for the first quarter was 92%. Net dollar retention rate for the quarter was 105% with and without winbacks. First quarter Non-GAAP Gross Margin expanded to 45%, compared to 41% in the first quarter of fiscal year 2022. The company ended the quarter with $484 million in cash and cash equivalents and no debt.

PL in the first quarter of FY 23 has reported the adjusted loss per share of 17 cents, missing the analysts’ estimates for the adjusted loss per share of 16 cents. The company had reported the adjusted revenue growth of 26 percent to $40.1 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $39.5 million.

For the second quarter of fiscal year 2023, Planet expects revenue to be in the range of approximately $41 million to $43 million, representing 38% year-over-year growth at the midpoint. Non-GAAP Gross Margin is expected to be between approximately 44% to 46%. Adjusted EBITDA is expected to be between approximately ($18) million and ($16) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 12% and 14% of revenue for the second quarter.

For fiscal year 2023, Planet has updated its revenue outlook and expects it to be in the range of approximately $177 million to $187 million. Non-GAAP Gross Margin is expected to be between approximately 47% to 49%. Adjusted EBITDA is expected to be between approximately ($70) million and ($60) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 11% to 13% for the full fiscal year 2023.

On the other hand, Planet signed an expansion with Bayer AG, a global company with core competencies in the life science fields of healthcare and nutrition, to develop digital solutions to support sustainable agriculture and drive supply chain efficiency.