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Planet Labs drops 26% after Q1 beat, but margin guidance cut and $1.5B offering weigh
- Planet Labs shares fell 25.98% on June 5, closing at $32.22 on volume of 40.65 million shares.
- The company beat Q1 expectations with EBITDA loss of $1.0M on sales of $94.2M versus expected $5.3M loss on $90M sales.
- However, management guided for lower gross margins ahead and announced a concurrent $1.5 billion at-the-market equity offering, which together spooked investors.
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Conclusion
Price fell from $43.53 (June 4) to $32.22 (June 5), a 25.98% drop. Volume spiked on June 5 to 40,648,400. EBITDA loss was $1.0M on sales of $94.2M vs expected $5.3M loss on $90.0M sales. Company guided for adjusted EBITDA loss of $0-$5M in Q2 and lower gross margins (56% vs 59% prior year), alongside announcement of $1.5B at-the-market offering.