Planet <\/b>increased revenue by 46% year-over-year in its 2023 fiscal year that ended January 31, 2023. The Earth observation (EO) company also announced Wednesday it is acquiring Sinergise, a developer platform for EO data. Full year revenue was a record $191.3 million. <\/p>\n
Revenue is exactly in line with what Planet projected when the company first announced its deal to go public in July 2021. <\/p>\n
Planet ended its 2023 fiscal year with 15% more customers than the prior year, reporting 882 customers. The company also improved its margins, reporting a full year gross margin of 49%, compared to 37% in fiscal year 2022. <\/p>\n
\u201cFor the full year, we nearly tripled our revenue growth rate and expanded Non-GAAP gross margin by 15 percentage points year-over-year,\u201d said Will Marshall, Planet\u2019s co-founder and CEO. \u201cThe market for our solutions remains robust, supported by our expanded product capabilities, broad go-to-market reach and the global secular tailwinds underpinning demand.\u201d<\/p>\n
Planet also provided full-year guidance for the 2024 fiscal year, expecting revenue between $248 million to $268 million, representing 35% year-over-year growth at the midpoint. <\/p>\n
Commenting on the Sinergise acquisition, Marshall said the company\u2019s Sentinel Hub will lower barriers to access for EO data and allow partners to quickly and easily build applications. <\/p>\n
Planet and Sinergise have been partners since 2016, and the transaction is expected to close during the second quarter of Planet\u2019s current fiscal year. <\/p>\n","protected":false},"excerpt":{"rendered":"
Planet increased revenue by 46% year-over-year in its 2023 fiscal year that ended January 31, 2023. The Earth observation (EO) company also announced Wednesday it is acquiring Sinergise, a developer platform for EO data. Full year revenue was a record $191.3 million. Revenue is exactly in line with what Planet projected when the company first […]<\/p>\n","protected":false},"author":1,"featured_media":52791,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-53739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/53739"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=53739"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/53739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/52791"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=53739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=53739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=53739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}