Planet Labs

Quarterly revenue hit a record 94.2 million dollars, up 42 percent from a year ago, and growth is speeding up rather than slowing. About 99 percent of contract value now recurs like a subscription, and management guided the full year to between 425 and 441 million dollars with next quarter pointed at 102 to 107 million.

Signed but not-yet-delivered contracts grew 81 percent to 816 million dollars, and total backlog topped 906 million dollars, up 72 percent. Defense and intelligence work is driving it, including a 21.9 million dollar maritime surveillance extension and a 7.5 million dollar Navy renewal. Planet also ended the quarter with 731 million dollars in cash, up 223 percent.

Planet posted a net loss of 138.9 million dollars this quarter, mostly from a 106.5 million dollar accounting charge tied to warrants that will not repeat. Strip that out and the business still ran a 1 million dollar adjusted loss, versus a small profit a year ago. Full-year profit guidance is only zero to 10 million dollars.

This stock swings more than twice as hard as the overall market, and gross margin slipped to 54 percent from 55 percent a year ago as Planet spends heavily on new satellites. Capital spending is guided at 80 to 95 million dollars this year. One delayed launch or slipped contract could hit the stock fast.