Planet Labs Stock Hits All-Time High: Here's Why

Shares of Planet Labs PBC (NASDAQ:PL) are trading higher Thursday after the company shared positive third-quarter earnings results and raised guidance for the fourth quarter and full fiscal year.

• Planet Labs stock is at critical resistance. What’s driving PL to record levels?

What To Know: The satellite and data imagery company reported earnings after the market closed on Wednesday. The company brought in $81.25 million in revenue, beating market expectations of $71.99 million. For the second time this year, Planet Labs’s adjusted earnings per share was breakeven, ahead of market expectations.

Planet Labs stock reached new all-time highs following the report, according to Benzinga Pro.

"We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals. We're seeing strong traction with our AI-enabled global monitoring solutions, demonstrated by our recent award under the NGA's Luno B program and expansion with NATO," said Will Marshall, CEO of Planet Labs.

Last quarter was Planet Labs’ fourth consecutive quarter of adjusted EBITDA profitability, and its third consecutive quarter of positive free cash flow. The company’s CFO said the balance sheet is even stronger now after it raised $460 million of convertible debt.

Looking forward, the company said to expect fourth-quarter revenue to land between $76 million and $80 million, a bit higher than market expectations of $73.88 million. Updated guidance for full-year revenue also came in ahead of market expectations, with the company expecting a range of $297 million to $301 million, versus estimates of $284.11 million.

PL Price Action: Planet Labs shares were up 30.29% and trading at $16.86, according to Benzinga Pro.

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