Planet Labs PBC (NYSE:PL) stock fell 0.78% (As on March 29, 8:00:00 PM UTC-4, Source: Google Finance) after the company beats the topline expectations for the first quarter of FY 24. Percent of Recurring Annual Contract Value (ACV) for the fourth quarter was 93%. End of Period (EoP) Customer Count increased 15% year-over-year to 1,018 customers. Fourth quarter Non-GAAP Gross Margin was 58%, compared to 58% in the fourth quarter of fiscal year 2023. The company has ended the quarter with $298.9 million in cash, cash equivalents and short-term investments.

PL in the fourth quarter of FY 24 has reported the adjusted earnings per share of  $-0.06, which is inline with the analysts’ estimates for the adjusted earnings per share of  $-0.06. The company had reported the adjusted revenue growth of 11 percent to $58.9 million in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $58.19 million.

For the first quarter of fiscal year 2025, ending April 30, 2024, Planet expects revenue to be in the range of approximately $58 million to $61 million, representing approximately 13% year-over-year growth at the midpoint versus the analyst consensus of $60.28M. Non-GAAP Gross Margin is expected to be in the range of approximately 50% to 52%. Adjusted EBITDA loss is expected to be in the range of approximately ($11) million and ($9) million for the quarter. Capital Expenditures are expected to be in the range of approximately $14 million and $17 million for the quarter.

Additionally, Planet has recently closed a three-year partnership expansion with Swiss Re, one of the world’s leading reinsurance companies. Planet closed a multi-year deal with an agriculture-focused insurance company, who is leveraging Planet’s broad area monitoring solutions and Planetary Variables to modernize their drought insurance program and for crop insurance claim validation. Bolivia’s Institute of National Agrarian Reform (INRA) and Planet are expanding their multi-year partnership. The expansion includes new products and support, such as Planetary Variables, Sentinel Hub, and Planet’s Professional Services. Planet announced that through the partnership with Google, PlanetScope satellite data is available on Google Cloud Marketplace, enabling Google Cloud customers to analyze, process, and derive meaningful insights from Planet data at scale. Planet signed an eight-figure, multi-year data-license agreement with Carbon Mapper, Inc. to provide hyperspectral core imagery to the non-profit and its partners until 2030. The contract marks an extension to an existing data-license agreement between Planet and Carbon Mapper. The extension covers the 2026 to 2030 period.