Satellite tv for pc imaging play Planet Labs pops 50% after posting report income

Shares of satellite tv for pc imagery firm Planet Labs soared greater than 50% throughout Thursday’s buying and selling session on the again of its robust first-quarter earnings report.

The corporate on Wednesday posted its first-ever quarter of constructive free money circulate, coming in at $8.0 million. Planet Labs additionally exceeded quarterly estimates on prime and backside traces, reporting report income for the interval.

Planet Labs posted breakeven adjusted earnings and $66.3 million in income for the primary quarter, whereas analysts polled by FactSet projected a lack of 4 cents per share on gross sales of $62.3 million. For the second quarter, Planet Labs expects gross sales to vary between $65 million and $67 million. Analysts had been anticipating $65.2 million, per FactSet.

“We had a wonderful first quarter, exceeding our expectations, demonstrating stable validation of our strategic path and nice execution,” Planet Labs CEO Will Marshall mentioned in a press launch. “Wanting forward, we’re responding to robust demand indicators by prioritizing the supply of world insights at scale by way of AI-enabled options and quickly increasing our satellite tv for pc companies providing.”

Shares of Planet Labs are up greater than 50% 12 months so far, given Thursday’s soar, and have soared about 82% this quarter alone. The inventory was final up roughly 54% throughout noon buying and selling.

The corporate, which operates greater than 200 satellites at present in orbit, earlier this 12 months introduced a $230 million contract with an anchor buyer to additional the rollout of its next-generation Pelican satellites.

Marshall advised CNBC in January that the contract was its “largest deal ever and it is a vital step for us into this satellite tv for pc companies enterprise.”