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Planet Labs PBC [PL-WT], a leading provider of satellite imagery and data, announced its financial results for the second quarter of 2023. The company reported a net loss of $37.98 million for the quarter, compared to a net loss of $39.53 million in the same period last year. Quarterly revenue reached $53.76 million, representing a year-over-year increase of 10%.
Despite the loss, Planet Labs PBC achieved solid financial performance during the quarter. The company's gross profit was $26.29 million, a significant improvement from $23.47 million in the previous year. Operating expenses amounted to $69.57 million, higher than the $66.11 million incurred in the second quarter of 2022. The loss from operations was $43.28 million, slightly narrowing compared to the $42.64 million loss in the previous year.
Planet Labs PBC experienced strong revenue growth during the quarter, driven by increased demand for its satellite imagery and data services. The company's quarterly revenue of $53.76 million marked a 10% increase over the $48.45 million reported in the second quarter of 2022. This growth can be attributed to the expanding customer base and strategic partnerships that Planet Labs PBC has established.
In terms of financial stability, Planet Labs PBC continues to maintain a strong balance sheet. As of July 31, 2023, the company had total assets of $720.42 million, including cash and cash equivalents of $118.81 million and short-term investments of $248.98 million. The company's total liabilities stood at $180.85 million.
The basic and diluted net loss per share attributable to common stockholders for the quarter was $0.14, compared to a net loss per share of $0.15 in the same period last year. The basic weighted-average common shares outstanding used in computing net loss per share were 275.05 million.
Looking ahead, Planet Labs PBC remains optimistic about its growth prospects. The company continues to invest in research and development, sales and marketing, and general administrative functions to enhance its product offerings and expand its customer base. Furthermore, the strategic partnerships and collaborations forged by Planet Labs PBC position the company for continued revenue growth in the coming quarters.
In conclusion, Planet Labs PBC reported a net loss of $37.98 million for the second quarter of 2023, accompanied by quarterly revenue of $53.76 million. The company demonstrated strong financial performance with improved gross profit despite operating expenses. With a solid balance sheet and a positive outlook for future growth, Planet Labs PBC is well-positioned in the satellite imagery and data industry.