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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________  to _______________.
Commission file number 001-40166
Planet Labs PBC
(Exact name of registrant as specified in its charter)
Delaware
85-4299396
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
645 Harrison Street, Floor 4, San Francisco, California
 94107
(Address of principal executive offices)
(Zip Code)
(415) 829-3313
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per sharePLNew York Stock Exchange
Warrants to purchase Class A common stock, at an exercise price of $11.50 per sharePL WSNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒   No  ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No  

The registrant had 266,468,366 outstanding shares of Class A common stock, and 21,157,586 shares of Class B common stock as of December 1, 2023.

2

TABLE OF CONTENTS
Page
Item 1.
7
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.49
Item 5.
Item 6.
3


Unless the context otherwise requires, the “Company”, “Planet”, “we,” “our,” “us” and similar terms refer to Planet Labs PBC, a Delaware public benefit corporation (f/k/a dMY Technology Group, Inc. IV, a Delaware corporation), and its consolidated subsidiaries.

Cautionary Note Regarding Forward Looking Information

This Quarterly Report on Form 10-Q for the quarter ended October 31, 2023 (the “Form 10-Q” or “this report”) includes statements that express Planet’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “continue,” and similar expressions or the negative thereof, or discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals, are intended to identify such forward-looking statements. Forward-looking statements appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Planet operates. Forward-looking statements contained in this report include statements about:
    
our future financial performance, including expectations regarding our revenue, cost of revenue, operating expenses, capital expenditures, cash flows and our ability to achieve profitability;
our ability to attract and retain customers, including our ability to renew existing contracts and expand our relationships with existing customers;
our expectations regarding the value of our offerings to our customers over time;
our expectations regarding market growth, including our ability to grow in existing markets and expand into new markets;
our ability to continue to improve our data and offer software and analytic solutions to improve the value of our data;
our ability to continue to invest in our sales and marketing, software platform development, machine learning and analytic tools as well as our applications and new satellite technologies;
our relationships with third-party partners, vendors and solution providers;
our ability to manage risks and challenges associated with our financial conditions and results of operations;
our expectations regarding the future impact of seasonality on our business;
our management of future growth and business operations, as well as the expected results of our workforce reduction;
our expectations regarding the realization of our U.S. and foreign deferred tax assets;
our ability to maintain, protect and enhance our intellectual property; and
the increased expenses associated with being a public company.

The foregoing list may not contain all of the forward-looking statements made in this Form 10-Q. Such forward-looking statements are based on available current market material and our current expectations, beliefs and forecasts concerning future events and their potential effects on Planet. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors, including those described in the “Risk Factors” section of our most recent Annual Report on Form 10-K, this Form 10-Q, as well as the other documents filed by us from time to time with the U.S. Securities and Exchange Commission (“SEC”). We operate in a rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

4

The forward-looking statements contained in this Form 10-Q are based on information available to us at the time of filing of this Form 10-Q and relate only to events as of the date on which the statements are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Part I. - Financial Information
Item 1. Financial Statements
Planet Labs PBC
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and par value amounts)
 
October 31, 2023January 31, 2023
Assets 
Current assets 
Cash and cash equivalents$101,547 $181,892 
Restricted cash and cash equivalents, current7,880527
Short-term investments213,347226,868
Accounts receivable, net of allowance of $1,139 and $1,289, respectively
45,14538,952
Prepaid expenses and other current assets19,61627,416
Total current assets387,535475,655
Property and equipment, net114,058108,091
Capitalized internal-use software, net14,05011,417
Goodwill135,701112,748
Intangible assets, net27,42714,831
Restricted cash and cash equivalents, non-current10,3215,657
Operating lease right-of-use assets22,09120,403
Other non-current assets2,3373,921
Total assets$713,520 $752,723 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$4,589 $6,900 
Accrued and other current liabilities (1)
41,96146,022
Deferred revenue (1)
67,22851,900
Liability from early exercise of stock options9,86012,550
Operating lease liabilities, current7,5004,885
Total current liabilities131,138122,257
Deferred revenue (1)
7,7632,882
Deferred hosting costs (1)
8,3538,679
Public and private placement warrant liabilities2,66616,670
Operating lease liabilities, non-current17,32117,145
Contingent consideration5,5887,499
Other non-current liabilities7,0931,487
Total liabilities179,922176,619
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.0001 par value, 570,000,000, 30,000,000 and 30,000,000 Class A, Class B and Class C shares authorized at October 31, 2023 and January 31, 2023, 264,375,121 and 250,625,975 Class A shares issued and outstanding at October 31, 2023 and January 31, 2023, respectively, 21,157,586 Class B shares issued and outstanding at October 31, 2023 and January 31, 2023, 0 Class C shares issued and outstanding at October 31, 2023 and January 31, 2023 (1)
2827
Additional paid-in capital1,583,5311,513,102
Accumulated other comprehensive income (loss)
(242)2,271
Accumulated deficit(1,049,719)(939,296)
Total stockholders’ equity533,598576,104
Total liabilities and stockholders’ equity$713,520 $752,723 
(1)Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 12.
See accompanying notes to unaudited condensed consolidated financial statements.
5


Planet Labs PBC
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)
 Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Revenue (1)
$55,380 $49,704 $161,844 $138,281 
Cost of revenue (1)
29,350 24,728 81,375 73,333 
Gross profit26,030 24,976 80,469 64,948 
Operating expenses
Research and development (1)
33,002 27,598 87,929 79,085 
Sales and marketing20,774 19,383 66,209 57,721 
General and administrative20,112 20,627 62,161 61,128 
Total operating expenses73,888 67,608 216,299197,934 
Loss from operations(47,858)(42,632)(135,830)(132,986)
Interest income3,445 2,853 11,753 4,276 
Change in fair value of warrant liabilities6,833 (19)14,004 5,369 
Other income (expense), net(69)1 894 123 
Total other income (expense), net10,209 2,835 26,651 9,768 
Loss before provision for income taxes(37,649)(39,797)(109,179)(123,218)
Provision for income taxes355 439 1,244 907 
Net loss$(38,004)$(40,236)$(110,423)$(124,125)
Basic and diluted net loss per share attributable to common stockholders$(0.13)$(0.15)$(0.40)$(0.47)
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders284,197,733267,947,661277,252,951266,104,962
                        
(1)Balance includes related-party transactions entered into with Google. See Note 12.
See accompanying notes to unaudited condensed consolidated financial statements.
6


Planet Labs PBC
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(In thousands)
 Three Months Ended October 31,Nine Months Ended October 31,
2023202220232022
Net loss$(38,004)$(40,236)$(110,423)$(124,125)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment(1,667)(235)(1,543)82 
Change in fair value of available-for-sale securities89 (1,538)(970)(1,235)
Other comprehensive income (loss), net of tax(1,578)(1,773)(2,513)(1,153)
Comprehensive loss$(39,582)$(42,009)$(112,936)$(125,278)

See accompanying notes to unaudited condensed consolidated financial statements.
7

Planet Labs PBC
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(In thousands, except share amounts)

 Common Stock Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Accumulated
Deficit
 
Total
Stockholders’
Equity
 Shares Amount
Balances at January 31, 2022262,175,273$27 $1,423,151 $2,096 $(777,029)$648,245 
Cumulative effect of adoption of ASU 2016-13(301)(301)
Issuance of Class A common stock from the exercise of common stock options3,524,1826,2036,203
Issuance of Class A common stock upon vesting of restricted stock units215,178
Vesting of early exercised stock options91,911896896
Class A common stock withheld to satisfy employee tax withholding obligations(75,442)(411)(411)
Stock-based compensation20,25920,259
Change in translation175175
Net loss(44,360)(44,360)
Balances at April 30, 2022265,931,102$27 $1,450,098 $2,271 $(821,690)$630,706 
Issuance of Class A common stock from the exercise of common stock options605,6901,4551,455
Issuance of Class A common stock upon vesting of restricted stock units1,061,915
Vesting of early exercised stock options91,911896896
Class A common stock withheld to satisfy employee tax withholding obligations(381,149)(1,753)(1,753)
Stock-based compensation21,03321,033
Net unrealized gain (loss) on available-for-sale securities, net of taxes303303
Other390390
Change in translation142142
Net loss(39,529)(39,529)
Balances at July 31, 2022267,309,469$27 $1,472,119 $2,716 $(861,219)$613,643 
Issuance of Class A common stock from the exercise of common stock options1,452,7774,4914,491
Issuance of Class A common stock upon vesting of restricted stock units817,320
Vesting of early exercised stock options91,911896896
Class A common stock withheld to satisfy employee tax withholding obligations(298,535)(2,164)(2,164)
Stock-based compensation19,81019,810
Net unrealized gain (loss) on available-for-sale securities, net of taxes(1,538)(1,538)
Other(500)(500)
Change in translation(235)(235)
Net loss(40,236)(40,236)
Balances at October 31, 2022269,372,942$27 $1,494,652 $943 $(901,455)$594,167 

See accompanying notes to unaudited condensed consolidated financial statements.
8

Planet Labs PBC
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(In thousands, except share amounts)
 Common Stock Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Accumulated
Deficit
 
Total
Stockholders’
Equity
 Shares Amount
Balances at January 31, 2023271,783,561$27 $1,513,102 $2,271 $(939,296)$576,104 
Issuance of Class A common stock from the exercise of common stock options1,018,3853,2953,295
Issuance of Class A common stock upon vesting of restricted stock units1,278,161
Vesting of early exercised stock options91,911896896
Class A common stock withheld to satisfy employee tax withholding obligations(472,136)(1,896)(1,896)
Stock-based compensation15,98315,983
Net unrealized gain (loss) on available-for-sale securities, net of taxes(544)(544)
Change in translation(45)(45)
Net loss— (34,444)(34,444)
Balances at April 30, 2023273,699,882$27 $1,531,380 $1,682 $(973,740)$559,349 
Issuance of Class A common stock from the exercise of common stock options1,383,4133,0633,063
Issuance of Class A common stock upon vesting of restricted stock units2,597,964
Vesting of early exercised stock options91,910896896
Class A common stock withheld to satisfy employee tax withholding obligations(827,964)(2,857)(2,857)
Stock-based compensation17,43817,438
Net unrealized gain (loss) on available-for-sale securities, net of taxes(515)(515)
Change in translation169169
Net loss— (37,975)(37,975)
Balances at July 31, 2023276,945,205$27 $1,549,920 $1,336 $(1,011,715)$539,568 
Issuance of Class A common stock from the exercise of common stock options226,505412412
Issuance of Class A common stock upon vesting of restricted stock units2,349,577
Issuance of Class A common stock related to business combination6,745,438121,62121,622
Vesting of early exercised stock options91,910896896
Class A common stock withheld to satisfy employee tax withholding obligations(825,928)(2,359)(2,359)
Stock-based compensation13,04113,041
Net unrealized gain (loss) on available-for-sale securities, net of taxes8989
Change in translation(1,667)(1,667)
Net loss— (38,004)(38,004)
Balances at October 31, 2023285,532,707$28 $1,583,531 $(242)$(1,049,719)$533,598 

See accompanying notes to unaudited condensed consolidated financial statements.
9

Planet Labs PBC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 Nine Months Ended October 31,
2023 2022
Operating activities 
Net loss$(110,423)$(124,125)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization36,033 33,997 
Stock-based compensation, net of capitalized cost of $1,851 and $1,261, respectively
44,611 59,841 
Change in fair value of warrant liabilities(14,004)(5,369)
Change in fair value of contingent consideration(923) 
Other(3,538)555 
Changes in operating assets and liabilities
Accounts receivable(3,872)15,237 
Prepaid expenses and other assets9,483 (9,472)
Accounts payable, accrued and other liabilities(20,706)(8,649)
Deferred revenue19,557 (19,382)
Deferred hosting costs(92)(1,751)
Net cash used in operating activities(43,874)(59,118)
Investing activities
Purchases of property and equipment(29,086)(9,008)
Capitalized internal-use software(3,266)(1,737)
Business acquisition(7,542) 
Maturities of available-for-sale securities142,903 13,000 
Sales of available-for-sale securities40,072  
Purchases of available-for-sale securities(166,169)(239,321)
Other(944)(412)
Net cash used in investing activities(24,032)(237,478)
Financing activities
Proceeds from the exercise of common stock options6,770 10,909 
Class A common stock withheld to satisfy employee tax withholding obligations(7,112)(4,328)
Payment of transaction costs related to the Business Combination
 (326)
Other(15)122 
Net cash provided by (used in) financing activities(357)6,377 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents(65)(1,781)
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents
(68,328)(292,000)
Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period188,076 496,814 
Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period$119,748 $204,814 


See accompanying notes to unaudited condensed consolidated financial statements.


10

Planet Labs PBC
Notes to Unaudited Condensed Consolidated Financial Statements

(1)Organization

Planet Labs PBC (“Planet,” or the “Company”) was founded to design, construct, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers via an online platform. The Company’s mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. The Company is headquartered in San Francisco, California, with operations throughout the United States (U.S.”), Canada, Asia and Europe.
On July 7, 2021, Planet Labs Inc. (“Former Planet”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY Technology Group, Inc. IV (“dMY IV”), a special purpose acquisition company (“SPAC”) incorporated in Delaware on December 15, 2020, Photon Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of dMY IV (“First Merger Sub”), and Photon Merger Sub Two, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of dMY IV (“Second Merger Sub”). Pursuant to the Merger Agreement, upon the favorable vote of dMY IV’s stockholders on December 3, 2021, on December 7, 2021, First Merger Sub merged with and into Former Planet (the “Surviving Corporation”), with Former Planet surviving the merger as a wholly owned subsidiary of dMY IV (the “First Merger”), and pursuant to Former Planet’s election immediately following the First Merger and as part of the same overall transaction as the First Merger, the Surviving Corporation merged with and into dMY IV, with dMY IV surviving the merger (the “Business Combination”). Following the completion of the Business Combination, dMY IV was renamed Planet Labs PBC.
Former Planet was incorporated in the state of Delaware on December 28, 2010. Former Planet was originally incorporated as Cosmogia Inc., and the name was subsequently changed to Planet Labs Inc. on June 24, 2013.

(2)Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management they include all normal and recurring adjustments necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements for the periods presented. Operating results for the three and nine months ended October 31, 2023 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2024 or any other future period. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation.
The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of Planet Labs PBC and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year end is January 31.
Certain notes or other information that are normally required by U.S. GAAP have been condensed or omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Form 10-K”).
Liquidity
Since its inception, the Company has incurred net losses and negative cash flows from operations. The Company expects to incur additional operating losses and negative cash flows from operations as it seeks to expand its business. As of October 31, 2023 and January 31, 2023, the Company had $101.5 million and $181.9 million of cash and cash equivalents, respectively. Additionally, as of October 31, 2023 and January 31, 2023, the Company had short-term investments of $213.3 million and $226.9 million, respectively, which are highly liquid in nature and available for current operations.
11

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The significant estimates and assumptions that affect the Company’s unaudited condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment, capitalized internal-use software and intangible assets, allowances for credit losses for available for sale debt securities and accounts receivable, estimates related to revenue recognition, including the assessment of performance obligations within a contract and the determination of standalone selling price (“SSP”) for each performance obligation, assumptions used to measure stock-based compensation, the fair value of warrants, the fair value of assets acquired, and liabilities assumed from business combinations, the impairment of long-lived assets and goodwill, the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions, and contingencies.
These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, due to the inherent uncertainties in making estimates, actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements.
Due to the current geopolitical events, including the war in Ukraine and the Israel-Hamas conflict, there is ongoing uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities. These estimates and assumptions may change in the future, as new events occur and additional information is obtained.
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
See Note 3, Revenue, for revenue by geographic region. See Note 6, Balance Sheet Components, for long-lived assets by geographic region.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The Company’s cash, cash equivalents and short-term investments are deposited with or held by financial institutions in the U.S., Canada, Germany, the Netherlands and Singapore. The Company generally does not require collateral to support the obligations of the counterparties and deposits at financial institutions may, at times, be in excess of federal or national insured limits or deposit-guarantee limits in each of the respective countries. The Company has not experienced material losses on its deposits. The maximum amount of loss at October 31, 2023 that the Company would incur if parties to cash, cash equivalents and short-term investments failed completely to perform according to the terms of the contracts is $313.0 million.
Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. One customer accounted for 10% and 15% of accounts receivable as of October 31, 2023 and January 31, 2023, respectively.
For the three and nine months ended October 31, 2023, one customer accounted for 21% and 22% of revenue, respectively. For the three months ended October 31, 2022, one customer accounted for 23% of revenue. For the nine months ended October 31, 2022, two customers accounted for 18% and 10% of revenue, respectively.
The Company’s offerings depend on continued and new approvals from the Federal Communications Commission (“FCC”), National Oceanic and Atmospheric Administration (“NOAA”), and other U.S. and international regulatory agencies for the Company to continue its operations. There can be no assurance that the Company’s operations will continue to receive the necessary approvals or that such operations will be supported by the U.S. government or other governments. If the Company was denied such approvals, if such approvals were delayed, or if the U.S. government’s or other governments’ policies change, these events may have a material adverse impact on the Company’s financial position and results of operations.
12

The Company contracts with certain third-party service providers to launch satellites. Service providers who provide these services are limited. The inability of launch service providers to contract with the Company could materially impact future operating results.
Significant Accounting Policies
The Company’s significant accounting policies are included in Note 2 of its Consolidated Financial Statements included in the 2023 Form 10-K.
Recently Issued Accounting Pronouncements
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB accounting standard codification (ASC) with the SEC's regulations. The Company is currently evaluating the impact, if any, on its condensed consolidated financial statements and disclosures.

(3)Revenue
Deferred Revenue
During the nine months ended October 31, 2023 and 2022, the Company recognized revenue of $45.7 million and $50.4 million, respectively, that had been included in deferred revenue as of January 31, 2023 and 2022, respectively.

Remaining Performance Obligations
The Company often enters into multi-year imagery licensing arrangements with its customers, whereby the Company generally invoices the amount for the first year of the contract at signing followed by subsequent annual invoices each year. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. The Company’s remaining performance obligations were $152.9 million as of October 31, 2023, which consists of both deferred revenue of $75.0 million and non-cancelable contracted revenue that will be invoiced in future periods of $77.9 million. The Company expects to recognize approximately 82% of the remaining performance obligation over the next 12 months, approximately 97% of the remaining obligation over the next 24 months, and the remainder thereafter.
Remaining performance obligations do not include unexercised contract options, firm orders where funding has not been appropriated and contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty.

Disaggregation of Revenue
The following table disaggregates revenue by major geographic region:
 Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2023202220232022
United States$23,348 $27,191 $73,513 $71,672 
Rest of world32,03222,51388,33166,609
Total revenue$55,380 $49,704 $161,844 $138,281 
No single country other than the U.S. accounted for more than 10% of revenue for the three and nine months ended October 31, 2023 and 2022.

Costs to Obtain and Fulfill a Contract
Commissions paid to the Company’s direct sales force are considered incremental costs of obtaining a contract with a customer. Accordingly, commissions are capitalized when incurred and amortized to sales and marketing expense over the period of benefit from the underlying contracts. The period of benefit from the underlying contract is consistent with the timing of transfer to the performance obligations to which the capitalized costs relate, and is generally consistent with the contract term.
13

During the three and nine months ended October 31, 2023, the Company deferred $0.6 million and $1.1 million of commission expenditures to be amortized in future periods, respectively. The Company’s amortization of commission expenditures was $0.4 million and $1.7 million for the three and nine month periods ended October 31, 2023, respectively.
During the three and nine months ended October 31, 2022, the Company deferred $0.2 million and $2.7 million of commission expenditures to be amortized in future periods, respectively. The Company’s amortization of commission expenditures was $0.5 million and $1.3 million for the three and nine month periods ended October 31, 2022, respectively.
As of October 31, 2023 and January 31, 2023, deferred commissions consisted of the following:
(in thousands)October 31, 2023January 31, 2023
Deferred commission, current$2,528 $2,405 
Deferred commission, non-current1,4722,206
Total deferred commission$4,000 $4,611 
The current portion of deferred commissions are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The non-current portion of deferred commissions are included in other non-current assets on the condensed consolidated balance sheets.

(4)Fair Value of Financial Assets and Liabilities
Assets and liabilities recognized or disclosed at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their respective fair values.
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis for recognition or disclosure purposes as of October 31, 2023 and January 31, 2023 by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and considers factors specific to the asset or liability.
 October 31, 2023
(in thousands)Level 1 Level 2 Level 3
Assets
Cash equivalents:
Money market funds$33,434 $ $ 
Restricted cash: money market funds17,653   
Short-term investments:
U.S. Treasury securities46,075 $ $ 
Commercial paper 10,968 $ 
Corporate bonds 143,326 $ 
U.S. government agency securities 11,913 $ 
Certificates of deposit 1,065 $ 
Total assets$97,162 $167,272 $ 
Liabilities
Public Warrants$1,242 $ $ 
Private Placement Warrants $ 1,424 
Contingent consideration for acquisitions $ 12,789 
Total liabilities$1,242 $ $14,213 
14

 January 31, 2023
(in thousands)Level 1Level 2Level 3
Assets
Cash equivalents:
Money market funds$72,382 $ $ 
Commercial paper999
Restricted cash equivalents: money market funds5,486
Short-term investments:
U.S. Treasury securities59,433
Commercial paper19,849
Corporate bonds139,589
U.S. government agency securities7,997
Total assets$137,301 $168,434 $ 
Liabilities
Public Warrants$6,969 $ $ 
Private Placement Warrants9,701
Contingent consideration for acquisitions  8,030 
Total liabilities$6,969 $ $17,731 
The fair value of cash held in banks and accrued liabilities approximate the stated carrying value due to the short time to maturity and are excluded from the tables above.
Money Market Funds
The fair value of the Company’s money market funds is based on quoted active market prices for the funds and is determined using the market approach. There were no realized or unrealized gains or losses on money market funds for the three and nine months ended October 31, 2023 and 2022.
Short-term Investments
The fair value of the Company’s short-term investments classified within Level 2 are valued using third-party pricing services. The pricing services utilize industry standard valuation models. Inputs utilized include market pricing based on real-time trade data for the same or similar securities and other significant inputs derived from or corroborated by observable market data.
Public and Private Placement Warrants
The Public Warrants (as defined in Note 11 below) are classified within Level 1 as they are publicly traded and had an observable market price in an active market.
The Private Placement Warrants (excluding the Private Placement Vesting Warrants) (as defined in Note 11 below) were valued based on a Black-Scholes option pricing model. Due to the market condition vesting requirements, the fair value of the Private Placement Vesting Warrants were valued using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the market condition targets may not be satisfied. The Private Placement Warrants were collectively classified as a Level 3 measurement within the fair value hierarchy because these valuation models involve the use of unobservable inputs relating to the Company’s estimate of its expected stock volatility which was developed based on the historical volatility of a publicly traded set of peer companies. The expected volatility inputs utilized for the fair value measurements of the Private Placement Warrants as of October 31, 2023 and January 31, 2023 were 70.0%. .
Contingent Consideration for Acquisitions
The Company has recorded contingent consideration liabilities in connection with its acquisition of Sinergise (see Note 5) and Salo Sciences. The Company measures the fair value of the contingent consideration liabilities based on significant inputs not observable in the market, which caused them to be classified as a Level 3 measurement within the fair value hierarchy.
The fair value of the contingent consideration liability for the Salo Sciences technical milestone payments is determined based on the present value of the probability-weighted payments for each of the milestones. The significant unobservable inputs used in the fair value measurement are management’s estimate of the probability to achieve the technical milestone criteria and the discount rate.
15

The fair value of the contingent consideration liability for Salo Sciences customer contract earnout payments is determined using a Monte Carlo simulation. The fair value estimate involves a simulation of future customer contract cash collections during the four-year performance period, the probability of entering into contracts with the named customers and discounting the probability-weighed earnout payments to present value. The significant unobservable inputs used in the fair value measurement are management’s estimate of obtaining the customer contracts, including probabilities, timing and contract values, and management’s estimate of the discount rate.
The fair value of the contingent consideration liability for the Sinergise customer consent escrow is determined based on the present value of the probability-weighted payments based on the likelihood of the customer consent being achieved. The significant unobservable input used in the fair value measurement is management’s estimate of the likelihood of the customer consent being achieved.
Level 3 Disclosures
The following is a rollforward of Level 3 liabilities measured at fair value for the three and nine months ended October 31, 2023 and 2022:
(in thousands)Private Placement WarrantsTechnical Milestone Contingent Consideration*Customer Contract Earnout Contingent Consideration*Customer Consent Escrow Contingent Consideration*
Fair value at end of year, January 31, 2022$12,460 $ $ $ 
Change in fair value(1,068)
Fair value at April 30, 2022$11,392 $ $ $ 
Change in fair value(801)
Fair value at July 31, 2022$10,591 $ $ $ 
Change in fair value(326)
Fair value at October 31, 2022$10,265 $ $ $ 
Fair value at end of year, January 31, 2023$9,701 $4,433 $3,597 $ 
Change in fair value(3,323)5(428)
Fair value at April 30, 2023$6,378 $4,438 $3,169 $ 
Change in fair value(1,364)211 (315)
Fair value at July 31, 2023$5,014 $4,649 $2,854 $ 
Additions5,842
Payments(160)
Change in fair value(3,590)6(478)76
Fair value at October 31, 2023$1,424 $4,655 $2,216 $5,918 
* The current portion of the contingent consideration liabilities balances of $7.2 million and $0.5 million as of October 31, 2023 and January 31, 2023, respectively, are included within accrued and other current liabilities. Changes in fair value of the contingent consideration liability for technical milestone payments are included within research and development expenses. Changes in fair value of the contingent consideration liability for customer contract earnout payments are included within sales and marketing expenses. Changes in fair value of the contingent consideration liability for the Sinergise acquisition escrow payments are included within general and administrative expenses.
Other
The Company measures certain non-financial assets including property and equipment, and other intangible assets at fair value on a non-recurring basis in periods after initial measurement in circumstances when the fair value of such assets are impaired below their recorded cost. As of October 31, 2023 and January 31, 2023, there were no material non-financial assets recorded at fair value.


16

(5)Acquisition
Sinergise
On March 26, 2023, the Company entered into an asset purchase agreement with Holding Sinergise d.o.o., a company existing under the laws of Slovenia (“Sinergise”), and its subsidiaries and certain shareholders of Sinergise, to acquire the cloud-based geo-spatial analysis products, platforms and solutions business from Sinergise. On August 4, 2023, the Company completed the acquisition. The acquisition is expected to expand the Company’s data analysis platform and allow customers to extract insights from earth observation data more easily.
The acquisition has been accounted for as a business combination in accordance with ASC 805, Business Combinations. The acquisition date fair value of the consideration transferred was approximately $40.0 million, and consisted of the following:
(in thousands)Fair Value
Cash$7,542 
Class A common stock issued
21,622 
Liabilities for cash consideration placed in escrow account10,842 
Total$40,006 
The common stock issued consisted of 6,745,438 shares of the Company’s Class A common stock. The fair value of the Class A common stock was determined based on the closing market price on the date of the acquisition.
Pursuant to the terms of the asset purchase agreement, the Company placed $5.0 million of cash consideration into an escrow account to secure potential indemnification obligations and any customary post-closing adjustments for working capital and indebtedness (the “Indemnity Escrow”). The amount held in the escrow account is to be released to Sinergise upon the two-year anniversary of the acquisition close date and is recorded within restricted cash and cash equivalents, non-current in the Company’s condensed consolidated balance sheets. The Company recorded a liability of $5.0 million for the Indemnity Escrow, which is recorded within other non-current liabilities in the Company’s condensed consolidated balance sheets.
Pursuant to the terms of the asset purchase agreement, the Company placed an additional $7.5 million of cash consideration into an escrow account related to obtaining customer consent for a contract acquired in connection with the acquisition (the “Customer Consent Escrow”). The amount held in the escrow account is to be released to Sinergise upon the Company receiving evidence of the customer consent. If evidence of the customer consent is not received on or prior to the two year anniversary of the acquisition close date, the amount held in the Customer Consent Escrow is to be released to the Company. Additionally, the amount held in the Customer Consent Escrow is to be released to the Company if the customer contract is terminated or suspended on or prior to the two year anniversary of the acquisition close date. The cash held in the escrow account is recorded within restricted cash and cash equivalents, current in the Company’s condensed consolidated balance sheets. The Company determined that the customer consent contingency represents contingent consideration. The fair value of the contingent consideration liability as of the acquisition date was determined to be $5.8 million. Refer to Note 4 for information relating to the valuation of the Customer Consent Escrow contingent consideration.

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The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the date of acquisition:

(in thousands)
Goodwill$23,747 
Identifiable intangible assets acquired
Developed technology11,811
Customer relationships2,208
Other110
Accounts receivable3,013
Other assets, current652
Other assets, non-current414
Total assets acquired$41,955 
Deferred revenue, current(585)
Accrued and other current liabilities(984)
Other liabilities, current(213)
Other liabilities, non-current(167)
Total liabilities assumed$(1,949)
Net assets acquired$40,006 

The fair value of the assets acquired and liabilities assumed are preliminary and may be adjusted as the Company obtains additional information, primarily related to adjustments for the true-up of acquired net working capital in accordance with the asset purchase agreement.
The identifiable intangible assets were measured at fair value. The developed technology was valued using the royalty method under the income approach. The customer relationships were valued using the excess earnings method under the income approach. The developed technology was assigned an estimated useful life of 8 years and the customer relationships were assigned an estimated useful life of 9 years.
The excess of purchase consideration over the fair value of other assets acquired and liabilities assumed was recorded as goodwill. The goodwill primarily represents the value expected from the synergies created through the operational enhancement benefits resulting from the integration of Sinergise into the Company and the combination of Sinergise’s products and solutions with the Company’s existing products. Approximately $0.7 million of the goodwill is deductible for tax purposes.
The financial results of Sinergise are included in the condensed consolidated financial statements from the date of acquisition. Pro forma results of operations have not been presented as the effect of this acquisition was not material to the condensed consolidated financial statements.
Acquisition-related costs associated with the transaction were $0.2 million and $2.1 million for the three and nine months ended October 31, 2023, respectively. The Company recognized immaterial costs for the three months ended October 31, 2022 and recognized costs of $0.6 million for the nine months ended October 31, 2022. These costs were recorded within selling, general and administrative expenses.

18

Certain employees of Sinergise, which became employees of the Company, were paid cash transaction bonuses totaling $2.3 million in connection with the closing of the acquisition. The transaction bonuses were accounted for as a transaction separate from the business combination. Accordingly, $2.3 million of the consideration paid by the Company was allocated to the transaction bonuses and was recorded within the Company’s condensed consolidated statements of operations as summarized in the table below:

(in thousands)Three and Nine Months Ended October 31, 2023
Cost of revenue$267 
Research and development1,891 
Sales and marketing41 
General and administrative118 
Total$2,317 


(6)Balance Sheet Components
Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents
Cash and cash equivalents include interest-bearing bank deposits, money market funds and other highly liquid investments with maturities of 90 days or less at the date of purchase.
The Company had restricted cash and cash equivalents balances of $18.2 million and $6.2 million as of October 31, 2023 and January 31, 2023, respectively.
The restricted cash and cash equivalents balances as of October 31, 2023 primarily consisted of $12.5 million of consideration placed in escrow in connection with the Sinergise acquisition and $4.0 million of collateral money market investments for the Company’s headquarters and other domestic office operating lease. The restricted cash and cash equivalents balances as of January 31, 2023 primarily consisted of $4.1 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases and $1.8 million of performance guarantees required for the Company’s foreign sales activities.
A reconciliation of the Company’s cash and cash equivalents and restricted cash and cash equivalents in the condensed consolidated balance sheets to total cash and cash equivalents, and restricted cash and cash equivalents in the condensed consolidated statements of cash flows as of October 31, 2023 and January 31, 2023 is as follows:
 
(in thousands)October 31, 2023January 31, 2023
Cash and cash equivalents$101,547 $181,892 
Restricted cash and cash equivalents, current7,880 527
Restricted cash and cash equivalents, non-current10,321 5,657
Total cash, cash equivalents, and restricted cash and cash equivalents$119,748 $188,076 
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Short-term Investments
Short-term investments consisted of the following as of October 31, 2023 and January 31, 2023:
October 31, 2023
Gross Unrealized
(in thousands)Cost or Amortized CostGainsLossesFair Value
U.S Treasury securities$46,342 $2 $(269)$46,075 
Commercial paper10,968   10,968 
Corporate bonds143,827 73 (574)143,326 
U.S. government agency securities11,953  (40)11,913 
Certificates of deposit1,065   1,065 
Total short-term investments$214,155 $75 $(883)$213,347 
January 31, 2023
Gross Unrealized
(in thousands)Cost or Amortized CostGainsLossesFair Value
U.S Treasury securities$59,255 $296 $(118)$59,433 
Commercial paper19,744 105  $19,849 
Corporate bonds139,644 34 (89)$139,589 
U.S. government agency securities8,063  (66)7,997 
Total short-term investments$226,706 $435 $(273)$226,868 
The following table summarizes the contracted maturities of the Company’s short-term investments as of October 31, 2023 and January 31, 2023:
October 31, 2023January 31, 2023
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in 1 year or less$143,299 $142,768 $124,068 $124,234 
Due in 1-2 years70,856 70,579 102,638 102,634 
$214,155 $213,347 $226,706 $226,868 
Property and Equipment, Net
Property and equipment, net consists of the following:
(in thousands)October 31, 2023January 31, 2023
Satellites*$329,611 $307,720 
Leasehold improvements16,867 15,389 
Ground stations and ground station equipment19,053 15,113 
Office furniture, equipment and fixtures7,579 5,787 
Computer equipment and purchased software9,062 8,638 
Total property and equipment, gross382,172 352,647 
Less: Accumulated depreciation(268,114)(244,556)
Total property and equipment, net$114,058 $108,091 
*
Satellites include $36.1 million and $13.8 million of satellites in process and not placed into service as of October 31, 2023 and January 31, 2023, respectively.
Property and equipment, net as of October 31, 2023 included $7.4 million of satellite manufacturing costs that were previously classified as prepaid expenses and other current assets as of January 31, 2023.

20

The Company’s long-lived assets by geographic region are as follows:
(in thousands)October 31, 2023January 31, 2023
United States$107,988 $103,366 
Rest of world
6,0704,725
Total property and equipment, net$114,058 $108,091 
The Company concluded that satellites in service continue to be owned by the U.S. entity and accordingly are classified as U.S. assets in the table above. No single country other than the U.S. accounted for more than 10% of total property and equipment, net, as of October 31, 2023 and January 31, 2023.
Total depreciation expense for the three and nine months ended October 31, 2023 was $11.9 million and $31.4 million, respectively, of which $11.1 million and $29.5 million, respectively, was depreciation expense specific to satellites. Total depreciation expense for the three and nine months ended October 31, 2022 was $9.4 million and $30.0 million, respectively, of which $9.0 million and $27.2 million, respectively, was depreciation expense specific to satellites.
In April 2023 and September 2023, additional information specific to two high resolution satellites became available indicating that the useful lives of the two satellites will be less than originally estimated. The changes in estimated useful lives for these satellites were accounted for prospectively, resulting in an increase of depreciation expense of $3.3 million and $5.8 million, respectively, for the three and nine months ended October 31, 2023. The changes in estimates are expected to result in a $6.4 million increase in depreciation expense for the fiscal year ended January 31, 2024.
Capitalized Internal-Use Software Development Costs
Capitalized internal-use software costs, net of accumulated amortization consists of the following:
(in thousands)October 31, 2023January 31, 2023
Capitalized internal-use software$43,603 $39,535 
Less: Accumulated amortization(29,553)(28,118)
Capitalized internal-use software, net$14,050 $11,417 
Amortization expense for capitalized internal-use software for the three and nine months ended October 31, 2023 was $0.5 million and $1.4 million, respectively. Amortization expense for capitalized internal-use software for the three and nine months ended October 31, 2022 was $0.7 million and $1.9 million, respectively.
Goodwill and Intangible Assets
Goodwill and Intangible assets consist of the following:
 October 31, 2023
January 31, 2023
(in thousands)Gross
Carrying
Amount
Accumulated
Amortization
 Foreign
Currency
Translation
 Net
Carrying
Amount
 Gross
Carrying
Amount
 Accumulated
Amortization
 Foreign
Currency
Translation
 Net
Carrying
Amount
Developed technology$30,429 $(10,348)$(402)$19,679 $18,619 $(8,871)$(8)$9,740 
Image library13,095(11,688)3081,71512,384(11,004)2311,611
Customer relationships7,143(3,453)(66)3,6244,935(2,788)72,154
Trade names and other6,090(3,717)362,4094,551(3,264)391,326
Total intangible assets$56,757 $(29,206)$(124)$27,427 $40,489 $(25,927)$269 $14,831 
Goodwill$134,692 $— $1,009 $135,701 $110,942 $— $1,806 $112,748 
Amortization expense for intangible assets for the three and nine months ended October 31, 2023 was $1.3 million and $3.3 million, respectively. Amortization expense for intangible assets for the three and nine months ended October 31, 2022 was $0.7 million and $2.1 million, respectively.
21

Estimated future amortization expense of intangible assets at October 31, 2023, is as follows:
(in thousands) 
Remainder of Fiscal Year 2024$1,450 
20254,805
20264,324
20273,678
20283,454
Thereafter9,716
Total estimated future amortization expense of intangible assets
$27,427 
The change in the carrying amount of goodwill for the nine months ended October 31, 2023 and 2022 was as follows:
October 31,
(in thousands)20232022
Beginning of period$112,748 $103,219 
Acquisition23,747  
Currency translation adjustment(