Planet Labs PBC(NYSE:PL) 
Planet Labs PBC is a publicly trading American Earth imaging company based in San Francisco, California. Their goal is to image the entirety of the Earth daily to monitor changes and pinpoint trends.
Website: https://www.planet.com/
Founded: 2010
Founder: Will Marshall, Chris Boshuizen, Robbie Schingler
CEO: Will Marshall
Sector: MANUFACTURING
Industry: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT
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At a glance:
- Business Model Centered on Subscription Earth-Observation Data: Planet Labs generates revenue primarily from subscriptions that provide customers frequent satellite imagery and derived analytics, positioning the company as a data-as-a-service provider for government and commercial users.
- Growth Depends on Expanding High-Value Government and Enterprise Contracts: Near-to-mid-term performance is driven by contract wins, renewals, and upsells—especially with defense, intelligence, and large enterprises—where budgets, procurement cycles, and program timing can meaningfully impact revenue visibility.
- Margins and Cash Burn Tied to Satellite Operations and Scaling Efficiency: Profitability trajectory is influenced by the cost to build, launch, and operate satellite constellations, along with ground infrastructure and R&D; improved unit economics and operating leverage are key to narrowing losses.
- Product Differentiation Requires Continued Investment in Analytics and Platform: Competitive positioning increasingly depends not just on imagery frequency, but on value-added analytics, tasking capabilities, integrations, and ease of use—areas that often require sustained software and AI investment.
- Key Risks Include Competition, Pricing Pressure, and Capital Intensity: Planet faces competition from other geospatial and defense-adjacent providers, potential pricing pressure as imagery supply expands, and ongoing capital needs for constellation refreshes—factors that can affect margins and funding requirements.
Bull Thesis:
- Unique & Comprehensive Data Asset: Planet Labs operates the largest Earth observation satellite constellation, providing daily, global, high-resolution imagery of the Earth's landmass. This unique and vast dataset serves as a significant competitive moat, enabling a wide range of applications across various industries that competitors struggle to replicate at scale.
- Expanding Market & Use Cases: The demand for geospatial intelligence is growing rapidly, and Planet's data is finding new applications beyond traditional mapping. This includes agriculture optimization, supply chain monitoring, ESG compliance, disaster response, insurance, and climate change impact assessment, significantly expanding their total addressable market (TAM) and revenue opportunities.
- Strong Government & Defense Traction: Planet has secured significant and growing contracts with government agencies, particularly in defense and intelligence (e.g., NGA, DoD). These long-term, high-value contracts provide stable, recurring revenue and validate the critical utility and reliability of their data and services for national security and strategic decision-making.
- Recurring Revenue Model: A substantial portion of Planet's revenue is derived from subscription-based services and long-term contracts. This recurring revenue model provides greater predictability and stability in their financial performance, fostering stronger customer relationships and a more resilient business model compared to transactional sales.
Bear Thesis:
- Persistent Unprofitability & Negative Free Cash Flow: Despite revenue growth, Planet Labs has consistently reported net losses and negative free cash flow. The company continues to invest heavily in R&D, satellite launches, and infrastructure, raising concerns about its path to sustainable profitability and self-sufficiency without further capital raises.
- High Capital Expenditure Requirements: Maintaining and upgrading its extensive satellite constellation (e.g., transitioning to Pelican and Tanager) requires significant ongoing capital expenditure. These substantial investments in hardware, launches, and ground infrastructure can strain financial resources and impact the company's ability to generate positive cash flow in the near to medium term.
- Increasing Competition & Pricing Pressure: While Planet has a unique scale, the satellite imagery market is becoming more competitive with established players (e.g., Maxar, Airbus) and emerging startups (e.g., BlackSky, Capella Space) offering various resolutions, revisit rates, and specialized data. This could lead to pricing pressure, slower customer acquisition, or market share erosion.
- Macroeconomic Sensitivity & Budget Cuts: A significant portion of Planet's revenue comes from enterprise and government clients. Economic downturns, budget cuts (especially in government sectors), or reduced corporate spending on discretionary data services could negatively impact customer demand, contract renewals, and the company's revenue growth trajectory.
Main Competitors:
- Maxar Technologies (now part of MDA/Advent International) (WorldView, GeoEye satellites, geospatial intelligence), Historically a leading provider of high-resolution satellite imagery and geospatial intelligence. While Planet focuses on daily global coverage, Maxar (now private) competes on superior resolution for specific areas and established government/defense contracts, particularly for detailed mapping and intelligence applications.
- BlackSky Technology Inc. ($BKSY) (Spectra AI platform, Gen-2 satellites), A direct competitor focusing on real-time, high-frequency Earth observation and AI-driven analytics for intelligence and defense. BlackSky is building its own constellation to provide rapid revisit rates and low-latency insights, directly challenging Planet's offerings in certain segments, especially for dynamic monitoring and anomaly detection.
- Satellogic S.A. ($SATL) (Aleph constellation, high-resolution imagery), Aims to provide high-resolution, high-frequency Earth observation data at a competitive price point. Satellogic is deploying a large constellation of satellites to achieve frequent revisits, directly competing with Planet's core offering of daily global monitoring and data accessibility.
- Capella Space (SAR imagery, Capella constellation), Specializes in Synthetic Aperture Radar (SAR) imagery, which can penetrate clouds and operate at night. While not optical, Capella competes for Earth observation budgets by offering unique capabilities that optical satellites lack, providing critical data for defense, maritime, and infrastructure monitoring in all weather conditions.
Moat:
Planet Labs' primary moat lies in its unparalleled scale and frequency of Earth observation, boasting the largest constellation of satellites providing daily global coverage. This extensive data archive, combined with its vertically integrated approach (from satellite design to data analytics), offers a unique value proposition for time-series analysis and rapid change detection. Competition is fierce, coming from established players like Maxar (now private) who offer higher resolution imagery for specific tasks, and a new wave of 'New Space' companies such as BlackSky and Satellogic, which are also building constellations for frequent revisit and analytics. Additionally, SAR imagery providers like Capella Space compete for Earth observation budgets by offering all-weather, day/night capabilities that optical satellites cannot match, providing complementary or alternative data solutions. Planet navigates this landscape by emphasizing its unique blend of global coverage, revisit rates, and data-driven insights.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 86,822,000 | 81,254,000 | 73,386,000 | 66,265,000 | 61,554,000 | 61,266,000 | 61,092,000 | 60,440,000 | 58,852,000 | 55,380,000 | 53,761,000 | 52,703,000 | 52,975,000 | 49,704,000 | 48,450,000 | 40,127,000 | ||||
yoy | 41.05% | 32.62% | 20.12% | 9.64% | 4.59% | 10.63% | 13.64% | 14.68% | 11.09% | 11.42% | 10.96% | 31.34% | ||||||||
qoq | 6.85% | 10.72% | 10.75% | 7.65% | 0.47% | 0.28% | 1.08% | 2.70% | 6.27% | 3.01% | 2.01% | -0.51% | 6.58% | 2.59% | 20.74% | |||||
cost of revenue | 39,792,000 | 34,670,000 | 31,118,000 | 29,662,000 | 23,339,000 | 23,749,000 | 28,782,000 | 28,757,000 | 26,371,000 | 29,350,000 | 27,469,000 | 24,556,000 | 23,915,000 | 24,728,000 | 24,977,000 | 23,628,000 | ||||
gross profit | 47,030,000 | 46,584,000 | 42,268,000 | 36,603,000 | 38,215,000 | 37,517,000 | 32,310,000 | 31,683,000 | 32,481,000 | 26,030,000 | 26,292,000 | 28,147,000 | 29,060,000 | 24,976,000 | 23,473,000 | 16,499,000 | ||||
yoy | 23.07% | 24.17% | 30.82% | 15.53% | 17.65% | 44.13% | 22.89% | 12.56% | 11.77% | 4.22% | 12.01% | 70.60% | ||||||||
qoq | 0.96% | 10.21% | 15.48% | -4.22% | 1.86% | 16.12% | 1.98% | -2.46% | 24.78% | -1.00% | -6.59% | -3.14% | 16.35% | 6.40% | 42.27% | |||||
gross margin % | 54.17% | 57.33% | 57.60% | 55.24% | 62.08% | 61.24% | 52.89% | 52.42% | 55.19% | 47.00% | 48.91% | 53.41% | 54.86% | 50.25% | 48.45% | 41.12% | NaN% | NaN% | NaN% | NaN% |
operating expenses | ||||||||||||||||||||
research and development | 32,193,000 | 27,327,000 | 24,155,000 | 23,074,000 | 22,951,000 | 25,216,000 | 27,250,000 | 25,589,000 | 28,410,000 | 33,002,000 | 26,741,000 | 28,186,000 | 31,831,000 | 27,598,000 | 26,737,000 | 24,750,000 | ||||
sales and marketing | 20,005,000 | 18,783,000 | 17,574,000 | 16,314,000 | 15,681,000 | 16,795,000 | 23,733,000 | 21,485,000 | 20,095,000 | 20,774,000 | 22,310,000 | 23,125,000 | 20,299,000 | 19,383,000 | 19,483,000 | 18,855,000 | ||||
general and administrative | 30,834,000 | 18,814,000 | 18,499,000 | 19,986,000 | 18,949,000 | 18,114,000 | 20,904,000 | 19,180,000 | 17,894,000 | 20,112,000 | 20,521,000 | 21,528,000 | 19,619,000 | 20,627,000 | 19,893,000 | 20,608,000 | 49,369,604 | 3,907,910 | 3,121,618 | |
total operating expenses | 83,032,000 | 64,924,000 | 60,228,000 | 59,374,000 | 57,581,000 | 60,125,000 | 71,887,000 | 66,254,000 | 66,399,000 | 73,888,000 | 69,572,000 | 72,839,000 | 71,749,000 | 67,608,000 | 66,113,000 | 64,213,000 | ||||
income from operations | -36,002,000 | -18,340,000 | -17,960,000 | -22,771,000 | -19,366,000 | -22,608,000 | -39,577,000 | -34,571,000 | -33,918,000 | -47,858,000 | -43,280,000 | -44,692,000 | -42,689,000 | -42,632,000 | -42,640,000 | -47,714,000 | -120,598,554 | -3,957,910 | -3,171,618 | |
yoy | 85.90% | -18.88% | -54.62% | -34.13% | -42.90% | -52.76% | -8.56% | -22.65% | -20.55% | 12.26% | 1.50% | -6.33% | -64.60% | 977.13% | 1244.42% | |||||
qoq | 96.30% | 2.12% | -21.13% | 17.58% | -14.34% | -42.88% | 14.48% | 1.93% | -29.13% | 10.58% | -3.16% | 4.69% | 0.13% | -0.02% | -10.63% | -60.44% | 2947.03% | 24.79% | ||
operating margin % | -41.47% | -22.57% | -24.47% | -34.36% | -31.46% | -36.90% | -64.78% | -57.20% | -57.63% | -86.42% | -80.50% | -84.80% | -80.58% | -85.77% | -88.01% | -118.91% | -Infinity% | -Infinity% | -Infinity% | NaN% |
interest income | 5,859,000 | 4,414,000 | 2,172,000 | 1,884,000 | 1,965,000 | 2,414,000 | 2,771,000 | 3,107,000 | 3,661,000 | 3,445,000 | 3,802,000 | 4,506,000 | 3,396,000 | 2,853,000 | ||||||
interest expense | -1,591,000 | -1,020,000 | ||||||||||||||||||
change in fair value of warrant liabilities | -122,635,000 | -43,473,000 | -5,679,000 | 10,387,000 | -16,242,000 | 198,000 | -602,000 | 1,530,000 | 3,501,000 | 6,833,000 | 1,226,000 | 5,945,000 | ||||||||
other income | 4,360,000 | 18,000 | -628,000 | -1,200,000 | -415,000 | -60,000 | -363,000 | 1,083,000 | 37,000 | -69,000 | 859,000 | 104,000 | 207,000 | 1,000 | 1,153,000 | 392,000 | ||||
total other income | -114,007,000 | -40,061,000 | -4,135,000 | 11,071,000 | -14,692,000 | 2,552,000 | 1,806,000 | 5,720,000 | 3,403,000 | 10,209,000 | 5,887,000 | 10,555,000 | 4,788,000 | 2,835,000 | 3,265,000 | 3,668,000 | -3,492,267.25 | -2,677,917 | 2,935,245 | |
income before provision for income taxes | -150,009,000 | -58,401,000 | -22,095,000 | -11,700,000 | -34,058,000 | -20,056,000 | -37,771,000 | -28,851,000 | -30,515,000 | -37,649,000 | -37,393,000 | -34,137,000 | -37,901,000 | -39,797,000 | -39,375,000 | -44,046,000 | ||||
provision for income taxes | 2,446,000 | 784,000 | 497,000 | 928,000 | 1,096,000 | 25,000 | 897,000 | 442,000 | -429,000 | 355,000 | 582,000 | 307,000 | -60,000 | 439,000 | 154,000 | 314,000 | ||||
net income | -152,455,000 | -59,185,000 | -22,592,000 | -12,628,000 | -35,154,000 | -20,081,000 | -38,668,000 | -29,293,000 | -30,086,000 | -38,004,000 | -37,975,000 | -34,444,000 | -37,841,000 | -40,236,000 | -39,529,000 | -44,360,000 | -115,702,485 | -6,635,827 | -236,373 | |
yoy | 333.68% | 194.73% | -41.57% | -56.89% | 16.85% | -47.16% | 1.82% | -14.95% | -20.49% | -5.55% | -3.93% | -22.35% | -67.29% | 506.34% | 16623.15% | |||||
qoq | 157.59% | 161.97% | 78.90% | -64.08% | 75.06% | -48.07% | 32.00% | -2.64% | -20.83% | 0.08% | 10.25% | -8.98% | -5.95% | 1.79% | -10.89% | -61.66% | 1643.60% | 2707.35% | ||
net income margin % | -175.59% | -72.84% | -30.79% | -19.06% | -57.11% | -32.78% | -63.29% | -48.47% | -51.12% | -68.62% | -70.64% | -65.35% | -71.43% | -80.95% | -81.59% | -110.55% | -Infinity% | -Infinity% | -Infinity% | NaN% |
basic and diluted net loss per share attributable to common stockholders | -0.49 | -0.19 | -0.07 | -0.04 | -0.12 | -0.07 | -0.13 | -0.1 | -0.1 | -0.13 | -0.14 | -0.13 | -0.14 | -0.15 | -0.17 | |||||
basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders | 307,799,424 | 309,248,247 | 304,129,204 | 300,267,952 | 292,124,291 | 293,338,324 | 290,364,319 | 288,268,718 | 279,585,698 | 284,197,733 | 275,053,198 | 272,347,977 | 267,126,918 | 267,947,661 | 264,088,997 | 79,610,970 | ||||
change in fair value of convertible notes and warrant liabilities | 1,185,000 | -19,000 | 2,112,000 | 3,276,000 | ||||||||||||||||
basic net loss per share attributable to common stockholders | -0.15 | |||||||||||||||||||
diluted net loss per share attributable to common stockholders | -0.15 | |||||||||||||||||||
basic weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders | 266,212,489 | |||||||||||||||||||
diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders | 266,212,489 | |||||||||||||||||||
other comprehensive loss | ||||||||||||||||||||
foreign currency translation adjustment, net of tax | 175,000 | |||||||||||||||||||
comprehensive loss | -44,185,000 | |||||||||||||||||||
franchise tax expenses | 37,512.5 | 50,000 | 50,000 | |||||||||||||||||
interest income earned in operating account | 4.5 | 4 | 10 | |||||||||||||||||
income from investments held in trust account | 24,664.5 | 40,747 | ||||||||||||||||||
loss upon issuance of private placement warrants | -3,515,500 | |||||||||||||||||||
offering costs associated with derivative warrant liabilities | -177,686.25 | |||||||||||||||||||
change in fair value of derivative warrant liabilities | 176,250 | -2,718,668 | 2,928,333 | |||||||||||||||||
weighted-average shares outstanding of class a common stock | 34,500,000 | 34,500,000 | ||||||||||||||||||
basic and diluted net income per share, class a common stock | -0.155 | -0.15 | ||||||||||||||||||
weighted-average shares outstanding of class b common stock | 8,625,000 | 8,625,000 | ||||||||||||||||||
basic and diluted net loss per share, class b common stock | -0.155 | -0.15 | -0.03 | |||||||||||||||||
gain on investments (net), dividends and interest, held in trust account | 6,902 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets | ||||||||||||||||||||
cash and cash equivalents | 229,441,000 | 443,349,000 | 181,087,000 | 133,471,000 | 118,048,000 | 138,969,000 | 148,288,000 | 107,367,000 | 83,866,000 | 101,547,000 | 118,808,000 | 140,763,000 | 181,892,000 | 199,124,000 | 262,061,000 | 484,489,000 | 490,762,000 | |||
restricted cash and cash equivalents, current | 642,000 | 906,000 | 6,316,000 | 6,607,000 | 6,598,000 | 6,525,000 | 8,802,000 | 8,802,000 | 8,360,000 | 7,880,000 | ||||||||||
short-term investments | 410,649,000 | 233,975,000 | 90,450,000 | 92,624,000 | 104,027,000 | 103,255,000 | 101,102,000 | 168,218,000 | 215,041,000 | 213,347,000 | 248,979,000 | 235,415,000 | 226,868,000 | 226,163,000 | 195,630,000 | |||||
accounts receivable | 83,528,000 | 46,332,000 | 51,633,000 | 74,663,000 | 55,833,000 | 38,853,000 | 43,926,000 | 38,527,000 | 43,320,000 | 45,145,000 | 40,349,000 | 39,072,000 | 38,952,000 | 29,009,000 | 26,116,000 | 24,581,000 | 44,373,000 | |||
inventories | 6,118,000 | |||||||||||||||||||
prepaid expenses and other current assets | 44,984,000 | 29,581,000 | 25,977,000 | 17,447,000 | 17,719,000 | 13,992,000 | 24,628,000 | 23,044,000 | 19,564,000 | 19,616,000 | 19,725,000 | 19,275,000 | 27,943,000 | 26,347,000 | 20,298,000 | 18,192,000 | 16,385,000 | |||
total current assets | 775,362,000 | 754,143,000 | 355,463,000 | 324,812,000 | 302,225,000 | 301,594,000 | 326,746,000 | 345,958,000 | 370,151,000 | 387,535,000 | 427,861,000 | 434,525,000 | 475,655,000 | 480,643,000 | 504,105,000 | 527,262,000 | 551,520,000 | 551,183 | 822,953 | 1,467,859 |
property and equipment | 150,573,000 | 145,084,000 | 131,288,000 | 122,473,000 | 121,749,000 | 116,920,000 | 113,227,000 | 111,338,000 | 113,429,000 | 114,058,000 | 120,193,000 | 118,193,000 | 108,091,000 | 115,385,000 | 120,921,000 | 125,329,000 | 133,280,000 | |||
capitalized internal-use software | 21,475,000 | 21,062,000 | 20,567,000 | 19,783,000 | 18,974,000 | 18,259,000 | 17,322,000 | 16,066,000 | 14,973,000 | 14,050,000 | 12,992,000 | 11,878,000 | 11,417,000 | 11,181,000 | 11,218,000 | 11,105,000 | 10,768,000 | |||
goodwill | 143,452,000 | 138,954,000 | 138,644,000 | 138,490,000 | 136,349,000 | 137,411,000 | 137,325,000 | 137,110,000 | 136,256,000 | 135,701,000 | 112,750,000 | 112,748,000 | 112,748,000 | 103,219,000 | 103,219,000 | 103,219,000 | 103,219,000 | |||
intangible assets | 26,633,000 | 25,537,000 | 26,624,000 | 27,764,000 | 27,452,000 | 29,231,000 | 30,405,000 | 31,403,000 | 32,448,000 | 27,427,000 | 14,867,000 | 13,999,000 | 14,831,000 | 12,419,000 | 13,077,000 | 13,604,000 | 14,197,000 | |||
restricted cash and cash equivalents, non-current | 5,471,000 | 5,367,000 | 5,527,000 | 5,526,000 | 5,348,000 | 4,437,000 | 9,539,000 | 9,564,000 | 9,972,000 | 10,321,000 | 5,707,000 | 5,660,000 | 5,657,000 | |||||||
operating lease right-of-use assets | 14,588,000 | 13,950,000 | 16,099,000 | 17,927,000 | 19,752,000 | 20,829,000 | 21,703,000 | 20,966,000 | 22,339,000 | 22,091,000 | 23,485,000 | 23,697,000 | 20,403,000 | 15,806,000 | 5,646,000 | 7,035,000 | ||||
other non-current assets | 8,132,000 | 1,963,000 | 2,213,000 | 1,615,000 | 1,947,000 | 2,083,000 | 2,084,000 | 2,199,000 | 2,429,000 | 2,337,000 | 2,562,000 | 2,757,000 | 3,921,000 | 3,412,000 | 4,060,000 | 2,787,000 | 2,714,000 | |||
total assets | 1,145,686,000 | 1,106,060,000 | 696,425,000 | 658,390,000 | 633,796,000 | 630,764,000 | 658,351,000 | 674,604,000 | 701,997,000 | 713,520,000 | 720,417,000 | 723,457,000 | 752,723,000 | 747,228,000 | 767,894,000 | 795,994,000 | 821,441,000 | 345,649,841 | 345,880,864 | 346,518,868 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities | ||||||||||||||||||||
accounts payable | 10,612,000 | 3,448,000 | 11,053,000 | 4,097,000 | 2,604,000 | 3,572,000 | 2,392,000 | 3,131,000 | 2,601,000 | 4,589,000 | 3,825,000 | 14,657,000 | 6,900,000 | 2,557,000 | 2,189,000 | 3,168,000 | 2,850,000 | 123,475 | 102,642 | 104,527 |
accrued and other current liabilities | 55,874,000 | 28,652,000 | 32,443,000 | 28,823,000 | 42,600,000 | 43,670,000 | 56,839,000 | 43,361,000 | 44,779,000 | 41,961,000 | 37,841,000 | 34,432,000 | 46,022,000 | 42,629,000 | 47,821,000 | 43,184,000 | 48,823,000 | |||
deferred revenue | 220,572,000 | 145,857,000 | 148,006,000 | 108,336,000 | 82,275,000 | 66,462,000 | 64,523,000 | 63,646,000 | 72,327,000 | 67,228,000 | 56,575,000 | 44,620,000 | 51,900,000 | 47,698,000 | 52,083,000 | 60,672,000 | 64,233,000 | |||
liability from early exercise of stock options | 1,793,000 | 2,689,000 | 3,586,000 | 4,482,000 | 5,378,000 | 6,275,000 | 7,171,000 | 8,068,000 | 8,964,000 | 9,860,000 | 10,757,000 | 11,653,000 | 12,550,000 | 13,446,000 | 14,342,000 | 15,239,000 | 16,135,000 | |||
operating lease liabilities, current | 7,296,000 | 7,943,000 | 8,403,000 | 8,816,000 | 9,221,000 | 9,105,000 | 8,755,000 | 8,175,000 | 7,978,000 | 7,500,000 | 7,261,000 | 6,320,000 | 4,885,000 | 3,538,000 | 5,845,000 | 7,188,000 | ||||
public and private placement warrant liabilities | 173,308,000 | 56,820,000 | 13,369,000 | 7,690,000 | 18,077,000 | 1,835,000 | 2,033,000 | 1,431,000 | 2,961,000 | 2,666,000 | 9,499,000 | 10,725,000 | 16,670,000 | 17,855,000 | 17,836,000 | 19,948,000 | 23,224,000 | |||
total current liabilities | 469,455,000 | 188,589,000 | 203,491,000 | 154,554,000 | 142,078,000 | 129,084,000 | 139,680,000 | 126,381,000 | 136,649,000 | 131,138,000 | 116,259,000 | 111,682,000 | 122,257,000 | 109,868,000 | 122,280,000 | 129,451,000 | 132,041,000 | 4,286,969 | 600,834 | 435,287 |
deferred hosting costs | 4,034,000 | 5,273,000 | 6,512,000 | 7,750,000 | 5,368,000 | 6,665,000 | 7,963,000 | 9,261,000 | 7,101,000 | 8,353,000 | 9,605,000 | 10,671,000 | 8,679,000 | 9,853,000 | 11,026,000 | 12,199,000 | 12,149,000 | |||
operating lease liabilities, non-current | 8,300,000 | 7,209,000 | 9,139,000 | 10,806,000 | 12,392,000 | 13,819,000 | 15,218,000 | 15,207,000 | 16,952,000 | 17,321,000 | 19,139,000 | 19,912,000 | 14,024,000 | 1,670,000 | 2,271,000 | |||||
contingent consideration | 3,601,000 | 2,774,000 | 2,697,000 | 2,883,000 | 2,871,000 | 2,491,000 | 2,915,000 | 5,885,000 | 5,588,000 | 5,926,000 | 7,142,000 | 7,499,000 | ||||||||
convertible notes | 446,884,000 | 446,201,000 | ||||||||||||||||||
other non-current liabilities | 1,060,000 | 477,000 | 438,000 | 415,000 | 530,000 | 655,000 | 5,750,000 | 5,837,000 | 9,138,000 | 7,093,000 | 2,235,000 | 1,502,000 | 1,487,000 | 1,461,000 | 1,439,000 | 1,419,000 | 1,405,000 | |||
total liabilities | 957,255,000 | 756,502,000 | 260,736,000 | 213,588,000 | 192,510,000 | 166,159,000 | 185,104,000 | 174,279,000 | 183,979,000 | 179,922,000 | 180,849,000 | 164,108,000 | 176,619,000 | 153,061,000 | 154,251,000 | 165,288,000 | 173,196,000 | 53,193,125 | 46,788,321 | 47,189,952 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
common stock, 0.0001 par value... | 34,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 27,000 | 27,000 | 27,000 | 27,000 | 27,000 | 27,000 | 27,000 | |||
additional paid-in capital | 1,631,896,000 | 1,642,478,000 | 1,670,030,000 | 1,656,709,000 | 1,645,356,000 | 1,631,077,000 | 1,619,738,000 | 1,608,847,000 | 1,596,201,000 | 1,583,531,000 | 1,549,920,000 | 1,531,380,000 | 1,513,102,000 | 1,494,652,000 | 1,472,119,000 | 1,450,098,000 | 1,423,151,000 | 19,785,719 | 19,549,351 | |
accumulated other comprehensive income | 6,362,000 | 4,458,000 | 3,852,000 | 3,694,000 | -1,097,000 | 1,347,000 | 1,247,000 | 548,000 | 1,594,000 | -242,000 | 1,336,000 | 1,682,000 | 2,271,000 | 943,000 | 2,716,000 | 2,271,000 | 2,096,000 | |||
accumulated deficit | -1,449,861,000 | -1,297,406,000 | -1,238,221,000 | -1,215,629,000 | -1,203,001,000 | -1,167,847,000 | -1,147,766,000 | -1,109,098,000 | -1,079,805,000 | -1,049,719,000 | -1,011,715,000 | -973,740,000 | -939,296,000 | -901,455,000 | -861,219,000 | -821,690,000 | -777,029,000 | -52,544,147 | -14,787,088 | -14,550,715 |
total stockholders’ equity | 188,431,000 | 349,558,000 | 435,689,000 | 444,802,000 | 441,286,000 | 464,605,000 | 473,247,000 | 500,325,000 | 518,018,000 | 533,598,000 | 539,568,000 | 559,349,000 | 576,104,000 | 594,167,000 | 613,643,000 | 630,706,000 | 648,245,000 | -52,543,284 | 5,000,003 | 5,000,006 |
total liabilities and stockholders’ equity | 1,145,686,000 | 1,106,060,000 | 696,425,000 | 658,390,000 | 633,796,000 | 630,764,000 | 658,351,000 | 674,604,000 | 701,997,000 | 713,520,000 | 720,417,000 | 723,457,000 | 752,723,000 | 747,228,000 | 767,894,000 | 795,994,000 | 821,441,000 | 345,880,864 | 346,518,868 | |
deferred rent | 798,000 | |||||||||||||||||||
operating lease liabilities | 17,145,000 | |||||||||||||||||||
restricted cash, non-current | 5,163,000 | 5,648,000 | 5,653,000 | 5,743,000 | ||||||||||||||||
convertible notes, at fair value | ||||||||||||||||||||
preferred stock warrant liability | ||||||||||||||||||||
debt, net of discount | ||||||||||||||||||||
convertible preferred stock, 0.0001 par value... | ||||||||||||||||||||
assets: | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash | 75,975 | 229,410 | 858,767 | |||||||||||||||||
prepaid expenses | 475,208 | 593,543 | 609,092 | |||||||||||||||||
investments held in trust account | 345,098,658 | 345,057,911 | ||||||||||||||||||
deferred offering costs associated with initial public offering | ||||||||||||||||||||
liabilities, class a common stock subject to possible redemption and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accrued expenses | 3,901,044 | 397,742 | 280,310 | |||||||||||||||||
franchise tax payable | 150,450 | 100,450 | 50,450 | |||||||||||||||||
due to related parties | 112,000 | |||||||||||||||||||
deferred legal fees | 2,361,156 | 2,361,155 | ||||||||||||||||||
deferred underwriting commissions | 12,075,000 | 12,075,000 | 12,075,000 | |||||||||||||||||
derivative warrant liabilities | 34,470,000 | 31,751,332 | 34,679,665 | |||||||||||||||||
class a common stock subject to possible redemption, 0.0001 par value... | 345,000,000 | |||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||
class a common stock, 0.0001 par value... | 294,092,540 | 294,328,910 | ||||||||||||||||||
class b common stock, 0.0001 par value... | 863 | 863 | 863 | |||||||||||||||||
total liabilities, class a common stock subject to possible redemption and stockholders’ equity | 345,649,841 | |||||||||||||||||||
liabilities and stockholders’ equity: | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
investment held in trust account | 345,051,009 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||
net loss | -152,455,000 | -59,185,000 | -22,592,000 | -12,628,000 | -35,154,000 | -20,081,000 | -38,668,000 | -29,293,000 | -30,086,000 | -38,004,000 | -37,975,000 | -34,444,000 | -37,841,000 | -40,236,000 | -39,529,000 | -44,360,000 | ||
adjustments to reconcile net loss to net cash from operating activities | ||||||||||||||||||
depreciation and amortization | 10,213,000 | 9,908,000 | 10,622,000 | 11,082,000 | 9,272,000 | 10,117,000 | 13,145,000 | 13,103,000 | 11,606,000 | 13,625,000 | 12,160,000 | 10,248,000 | 9,333,000 | 10,784,000 | 11,588,000 | 11,625,000 | ||
stock-based compensation, net of capitalized cost of 2,605, 2,339 and 2,344, respectively | ||||||||||||||||||
change in fair value of warrant liabilities | 122,635,000 | 43,473,000 | 5,679,000 | -10,387,000 | 16,242,000 | -198,000 | 602,000 | -1,530,000 | -6,833,000 | -1,226,000 | -5,945,000 | |||||||
change in fair value of contingent consideration | -1,606,000 | 1,395,000 | 717,000 | -41,000 | 276,000 | 1,237,000 | 2,025,000 | -101,000 | 182,000 | -396,000 | -104,000 | -423,000 | ||||||
other | -547,000 | 234,000 | 309,000 | 1,229,000 | 12,000 | 343,000 | -728,000 | -547,000 | -783,000 | -791,000 | -1,113,000 | -1,634,000 | -464,000 | -27,000 | 67,000 | 476,000 | ||
changes in operating assets and liabilities | ||||||||||||||||||
accounts receivable | -37,569,000 | 4,981,000 | 23,548,000 | -21,185,000 | -17,471,000 | 5,455,000 | -5,450,000 | 5,482,000 | 1,214,000 | -2,284,000 | -1,467,000 | -121,000 | -8,924,000 | -3,358,000 | -1,387,000 | 19,982,000 | ||
inventories | ||||||||||||||||||
prepaid expenses and other assets | -12,190,000 | 780,000 | -982,000 | 1,254,000 | -133,000 | 7,221,000 | 2,009,000 | -731,000 | 1,015,000 | 4,331,000 | 2,382,000 | 2,770,000 | -608,000 | -5,040,000 | -4,029,000 | -403,000 | ||
accounts payable, accrued and other liabilities | 24,120,000 | -5,978,000 | 4,573,000 | -8,915,000 | -5,606,000 | -11,815,000 | 9,321,000 | -5,237,000 | -4,308,000 | -3,542,000 | -6,451,000 | -10,713,000 | 5,663,000 | -6,783,000 | 1,846,000 | -3,712,000 | ||
deferred revenue | 54,431,000 | 20,810,000 | 33,741,000 | 42,072,000 | 15,501,000 | 1,220,000 | -428,000 | -721,000 | 2,680,000 | -400,000 | 27,722,000 | -7,765,000 | 4,995,000 | -4,217,000 | -8,218,000 | -6,947,000 | ||
deferred hosting costs | -1,298,000 | -1,298,000 | -1,297,000 | 2,323,000 | -1,252,000 | -1,252,000 | -1,252,000 | 2,206,000 | -1,173,000 | -1,174,000 | -988,000 | 2,070,000 | -992,000 | -991,000 | -991,000 | 231,000 | ||
net cash from operating activities | 20,649,000 | 28,593,000 | 67,774,000 | 17,346,000 | -6,295,000 | 4,076,000 | -7,858,000 | -4,297,000 | -6,837,000 | -22,870,000 | 9,597,000 | -30,601,000 | -14,815,000 | -30,314,000 | -22,270,000 | -6,534,000 | -38,748,739 | -245,436 |
capital expenditures | -22,985,000 | -27,682,000 | -21,486,000 | -9,344,000 | -12,780,000 | -8,862,000 | -16,621,000 | -11,356,000 | -10,058,000 | -8,645,000 | -16,632,000 | -7,075,000 | -2,015,000 | -2,965,000 | -4,274,000 | -3,506,000 | 0 | 0 |
free cash flows | -2,336,000 | 911,000 | 46,288,000 | 8,002,000 | -19,075,000 | -4,786,000 | -24,479,000 | -15,653,000 | -16,895,000 | -31,515,000 | -7,035,000 | -37,676,000 | -16,830,000 | -33,279,000 | -26,544,000 | -10,040,000 | -38,748,739 | -245,436 |
investing activities | ||||||||||||||||||
purchases of property and equipment | -21,600,000 | -26,704,000 | -20,291,000 | -8,119,000 | -11,603,000 | -7,633,000 | -15,123,000 | -9,938,000 | -8,905,000 | -7,377,000 | -15,373,000 | -6,336,000 | -1,432,000 | -2,499,000 | -3,648,000 | -2,861,000 | ||
capitalized internal-use software | -1,385,000 | -978,000 | -1,195,000 | -1,225,000 | -1,177,000 | -1,229,000 | -1,498,000 | -1,418,000 | -1,153,000 | -1,268,000 | -1,259,000 | -739,000 | -583,000 | -466,000 | -626,000 | -645,000 | ||
maturities of available-for-sale securities | 44,992,000 | 17,886,000 | 16,008,000 | 11,123,000 | 4,350,000 | 10,238,000 | 14,650,000 | 32,158,000 | 18,414,000 | 36,141,000 | 76,762,000 | 30,000,000 | 42,172,000 | |||||
sales of available-for-sale securities | 150,000 | 23,825,000 | 8,672,000 | 582,000 | 30,181,000 | 12,130,000 | 107,095,000 | 43,116,000 | 5,508,000 | 39,082,000 | ||||||||
purchases of available-for-sale securities | -220,870,000 | -184,777,000 | -34,658,000 | -23,926,000 | -53,613,000 | -28,043,000 | -22,973,000 | -38,466,000 | -92,474,000 | -35,229,000 | -40,976,000 | -44,208,000 | ||||||
business acquisition, net of cash acquired | 0 | 0 | 0 | -1,068,000 | ||||||||||||||
purchases of licensed imagery intangible assets | -298,000 | -261,000 | -271,000 | -621,000 | -227,000 | -266,000 | ||||||||||||
net cash from investing activities | -204,411,000 | -171,009,000 | -19,438,000 | 1,740,000 | -13,134,000 | -10,686,000 | 51,243,000 | 30,483,000 | -9,554,000 | 20,270,000 | -31,721,000 | -12,581,000 | -4,785,000 | -34,292,000 | -199,534,000 | -3,652,000 | 319,851,000 | 0 |
financing activities | ||||||||||||||||||
proceeds from the exercise of common stock options | 7,776,000 | 11,481,000 | 5,489,000 | 2,962,000 | 4,043,000 | 32,000 | 280,000 | 20,000 | 618,000 | 412,000 | 3,063,000 | 3,295,000 | 3,792,000 | 4,491,000 | 1,455,000 | 4,963,000 | ||
payments for withholding taxes related to the net share settlement of equity awards | -44,410,000 | -15,883,000 | -7,172,000 | -5,264,000 | -4,610,000 | |||||||||||||
proceeds from employee stock purchase program | 951,000 | 688,000 | 817,000 | 346,000 | 466,000 | |||||||||||||
payments of contingent consideration for business acquisitions | 0 | 773,000 | 0 | -4,820,000 | 0 | -7,500,000 | ||||||||||||
payment of indemnification holdback for business acquisition | 0 | |||||||||||||||||
proceeds from issuance of convertible notes, net of discount | 0 | |||||||||||||||||
payment of debt issuance costs | 0 | |||||||||||||||||
proceeds from the exercise of warrants | 4,781,000 | |||||||||||||||||
purchase of capped call transactions | 0 | |||||||||||||||||
net cash from financing activities | -31,040,000 | 398,255,000 | -1,004,000 | -9,159,000 | -233,000 | -10,196,000 | -2,731,000 | -2,375,000 | -1,241,000 | -1,947,000 | 191,000 | 1,399,000 | 1,483,000 | 2,327,000 | -502,000 | 4,552,000 | 140,645,764 | 92,001 |
effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents | 734,000 | 853,000 | -6,000 | 5,683,000 | -275,000 | 108,000 | 242,000 | -276,000 | 82,000 | -220,000 | -22,000 | 177,000 | ||||||
net increase in cash and cash equivalents, and restricted cash and cash equivalents | -214,068,000 | 256,692,000 | 47,326,000 | 15,610,000 | -19,937,000 | -16,698,000 | 40,896,000 | 23,535,000 | ||||||||||
cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period | 0 | 0 | 0 | 129,994,000 | 0 | 0 | 0 | 102,198,000 | 0 | 0 | 0 | 188,076,000 | ||||||
cash and cash equivalents, and restricted cash and cash equivalents at the end of the period | -214,068,000 | 256,692,000 | 47,326,000 | 145,604,000 | -19,937,000 | -16,698,000 | 40,896,000 | 125,733,000 | -17,550,000 | -4,767,000 | -21,955,000 | 146,470,000 | ||||||
supplemental disclosures of noncash investing and financing activities | ||||||||||||||||||
contingent consideration for business acquisition | ||||||||||||||||||
issuance of class a common stock for business acquisition | ||||||||||||||||||
transfers from property and equipment, net to inventories | ||||||||||||||||||
accrued purchase of property and equipment | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,892 and 1,793, respectively | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,318 and 1,292, respectively | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 673 and 673, respectively | 12,542,000 | |||||||||||||||||
stock-based compensation, net of capitalized cost of 2,339, 2,344 and 1,329, respectively | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,793 and 1,851, respectively | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,292 and 1,408, respectively | ||||||||||||||||||
shares repurchased for tax withholdings on vesting of restricted stock units | ||||||||||||||||||
proceeds from employee stock purchase plan | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 673 and 627, respectively | 13,072,000 | |||||||||||||||||
purchases of licensed imagery | -4,024,000 | |||||||||||||||||
class a common stock withheld to satisfy employee tax withholding obligations | -2,015,000 | -1,859,000 | -2,359,000 | -2,857,000 | -1,896,000 | -2,009,000 | -2,164,000 | -1,753,000 | -411,000 | |||||||||
stock-based compensation, net of capitalized cost of 2,344, 1,329 and 1,229, respectively | ||||||||||||||||||
change in fair value of convertible notes and warrant liabilities | -1,185,000 | 19,000 | -2,112,000 | -3,276,000 | ||||||||||||||
debt extinguishment loss | ||||||||||||||||||
amortization of debt discount and issuance costs | ||||||||||||||||||
impairment of capitalized internal-use software | ||||||||||||||||||
deferred rent | ||||||||||||||||||
proceeds from the early exercise of common stock options | ||||||||||||||||||
proceeds from business combination and pipe investment, net of transaction costs | ||||||||||||||||||
principal payment of debt | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,851 and 1,261, respectively | ||||||||||||||||||
business acquisition | ||||||||||||||||||
payment of transaction costs related to the business combination | 0 | |||||||||||||||||
net decrease in cash and cash equivalents, and restricted cash and cash equivalents | -4,767,000 | -21,955,000 | -41,606,000 | |||||||||||||||
stock-based compensation, net of capitalized cost of 1,408 and 889, respectively | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 627 and 437, respectively | 15,356,000 | |||||||||||||||||
stock-based compensation, net of capitalized cost of 1,329, 1,229 and 526, respectively | ||||||||||||||||||
deferred income taxes | -495,000 | 97,000 | -86,000 | 28,000 | ||||||||||||||
proceeds from issuance of debt and common stock warrants, net of issuance costs | ||||||||||||||||||
principal payment of convertible notes | ||||||||||||||||||
proceeds from issuance of convertible notes and preferred stock warrant | ||||||||||||||||||
stock-based compensation, net of capitalized cost of 1,261 and 514, respectively | ||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -663,000 | -469,000 | -649,000 | |||||||||||||||
net decrease in cash, cash equivalents and restricted cash | ||||||||||||||||||
cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 | 496,814,000 | |||||||||||||||
cash, cash equivalents and restricted cash at the end of the period | -62,942,000 | -222,775,000 | 490,531,000 | |||||||||||||||
stock-based compensation, net of capitalized cost of 889 and 333, respectively | ||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | -222,775,000 | -6,283,000 | ||||||||||||||||
stock-based compensation, net of capitalized cost of 437 and 141, respectively | 19,822,000 | |||||||||||||||||
stock-based compensation, net of capitalized cost of 1,229, 526 and 957, respectively | ||||||||||||||||||
provision for doubtful accounts | ||||||||||||||||||
proceeds from issuance of convertible preferred stock | ||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||
net income | -6,635,827 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
general and administrative expenses paid by related party under promissory note | 0 | |||||||||||||||||
income from investments held in trust account | ||||||||||||||||||
loss upon issuance of private placement warrants | 0 | |||||||||||||||||
offering costs associated with derivative warrant liabilities | 0 | |||||||||||||||||
change in fair value of derivative warrant liabilities | 2,718,668 | |||||||||||||||||
legal expenses deferred until business combination | ||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
prepaid expenses | 118,335 | |||||||||||||||||
accounts payable | 20,833 | |||||||||||||||||
accrued expenses | 3,523,302 | |||||||||||||||||
franchise tax payable | 50,000 | |||||||||||||||||
cash flows from investing activities | ||||||||||||||||||
cash deposited in trust account | 0 | |||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||
proceeds from loans from related parties | 237,286 | |||||||||||||||||
repayment of loans from related parties | -125,286 | |||||||||||||||||
proceeds received from initial public offering, gross | 0 | |||||||||||||||||
proceeds received from private placement | 0 | |||||||||||||||||
offering costs paid | -20,000 | |||||||||||||||||
net increase in cash | -153,435 | |||||||||||||||||
cash - beginning of the period | ||||||||||||||||||
cash - end of the period | ||||||||||||||||||
supplemental disclosure of noncash activities: | ||||||||||||||||||
offering costs included in accounts payable | 0 | |||||||||||||||||
offering costs included in accrued expenses | -20,000 | |||||||||||||||||
offering costs paid by related party under promissory note | 0 | |||||||||||||||||
prepaid expenses paid by related party under promissory note | 0 | |||||||||||||||||
reversal of accrued expenses | 0 | |||||||||||||||||
deferred underwriting commissions in connection with the initial public offering | 0 | |||||||||||||||||
deferred legal fees | 1 | |||||||||||||||||
• | ||||||||||||||||||
gain on investments (net), dividends and interest, held in trust account | ||||||||||||||||||
cash—beginning of the period | ||||||||||||||||||
cash—end of the period | ||||||||||||||||||
value of class a common stock subject to possible redemption |