Planet Labs PBC (NYSE:PL) reported a Q2 FY24 revenue increase of 11% Y/Y to $53.8 million, missing the consensus of $54.14 million.

EPS loss of $(0.14) came below the consensus of $(0.08). 

The company's End of Period (EoP) customer count rose 10% Y/Y to 944 customers, with Recurring Annual Contract Value coming in at 92%.

Adjusted gross margin remained flat Y/Y at 52% in the quarter.

The company ended the quarter with $367.8 million in cash, cash equivalents, and short-term investments.

Will Marshall, Co-Founder, CEO, and Chairperson, said, "We recently announced a restructuring of our teams to align resources behind our high priority growth opportunities and reinforce our path to profitability. We are sharpening our focus and getting more efficient as a Company, which we believe will support growth in our core markets and healthy bottom line performance going forward."

"We completed the acquisition of Sinergise, aligned our teams and resources behind our top priorities, and made significant progress on the development of our next generation satellite fleets. We continue to feel the market tailwinds and the pull from customers for the insights that our solutions enable."

Outlook: PL expects Q3 revenue of $54 million-$56 million (vs. consensus of $57.03 million), adjusted gross margin of around 50%-52%, and adjusted EBITDA loss of about $(15) million-$(13) million.

Price Action: PL shares are trading lower by 4.22% at $2.95 premarket on the last check Friday.