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| Statement |
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| In addition, we are encouraged by the diverse global pipeline of opportunities that we've been cultivating particularly with several government customers |
| Growth in the third quarter was driven by strength in the Civil Government and Defense and Intelligence markets, both of which saw revenue increase more than 20% year-over-year, partially offset by continued macro headwinds in the commercial sector |
| EMEA revenue growth was especially strong in Q3, up almost 70% year-over-year, while revenue in both Asia Pacific and Latin America grew more than 20% year-over-year |
| So, yeah, feeling good about that program as well |
| As I said in the prepared remarks, we ticked up quarter-over-quarter and I feel very good about where we are on overall retention rates |
| Maybe that's one or two that were added, but we have -- they have been progressing, use cases and showing early demand there are real deals there and, yeah, so we feel good about that program as well and it's great that we've, we had this JPL instrument in the lab and integrated into the spacecraft, it's very exciting to see the developments downstairs as well |
| Our adjusted EBITDA loss for the quarter was $12 million, $1 million better than our guidance range driven by cost discipline and reflecting our commitment to reaching adjusted EBITDA profitability by Q4 of next year |
| We've seen solid year-over-year growth in the civil government verticals throughout this year |
| We've continued to add large seven and eight-figure government opportunities across several government and defense and intelligence markets to our qualified sales pipeline and while they take longer to close, large government contracts can provide a reliable foundation of long-term revenue streams with significant potential for expansion |
| Will Marshall Overall, we feel very positive about the acquisition and how that team is performing |
| I mean it takes normally of order months to fully understand these spacecraft in orbit and we're feeling very good about where we're at on that right now as I mentioned earlier |
| Obviously, it's an incredible talent pool and a great platform |
| This was driven by strength in the civil government and defense and intelligence markets, both of which grew more than 20% year-over-year, partially offset by the continued headwinds we've seen in the commercial market |
| I'd say that, very pleased so far |
| These opportunities remain active and our go-to-market changes are focused on capturing this business and improving our sales cycles |
| government has never been stronger and we believe we are well-positioned to significantly expand our work with this important customer in this next fiscal year |
| From a geographic perspective, we continued to see a strong diversification of our customer base |
| We feel good about the multiple product milestones we mentioned, including the 37 satellites, the Pelican we've be speaking a fair bit about, Forest Carbon, and getting low-touch access to Planet's data via the Sentinel Hub system, the new platform that we acquired from Sinergise over the summer |
| Overall, I feel very good about the pace of that program right now |
| Finally, in spite of the current macroeconomic headwinds, we continue to see the market opportunity in the commercial sector as a significant growth driver over the longer term |
| We're in a transition, But we feel really good about what we've implemented so far and the early results we're seeing |
| So we really -- again, believe overall in the long term, in the commercial market, it's a huge opportunity to go after |
| The pace of innovation and development of Planet is truly incredible and we're doing all this while maintaining disciplined spending to support our path to adjusted EBITDA profitability |
| In summary, during Q3, we saw a solid growth in our civil government and defense and intelligence markets |
| We're seeing strong interest in the carbon -- in project developers', carbon marketplaces, standard-setting bodies, and others across the carbon value chain |
| It was great to see the customers' data consumption grow as we had expected |
| Adjusted EBITDA loss was $12 million for the quarter, better than our guidance and marking another consecutive quarter of narrowing losses driven by cost management and our commitment to reaching adjusted EBITDA profitability by Q4 of next fiscal year |
| We're pleased with the early demand building for this new product and we were very excited to win our first customer, BeZero Carbon |
| So firstly, we're very, very happy with the Pelican spacecraft |
| The relationship is very good and the other is on the civil side with NASA, which is called CSDA, and you can track that and the budgets are very healthy going into that |
| Statement |
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| North American revenue decreased by 11% on a year-over-year basis, primarily impacted by the discontinuation of the legacy contract we've discussed previously |
| We talked about in the commercial market, that also was a secondary headwind coming into the year and commercial is continuing to see headwinds in terms of expanding those businesses |
| This impacted Q3 non-GAAP gross margin by approximately 6 percentage points |
| We did see softness in some of the renewals a year ago |
| We expect our adjusted EBITDA loss for the fourth quarter to be between negative $12 million and negative $9 million |
| Since in Q4, the implied is 6% to 11%, do you think that represents perhaps the bottom given that some of the headwinds go away in the first quarter, do we see that sort of a bottom in terms of year-over-year growth? Ashley Fieglein Johnson I think it's important to understand that one of the biggest headwinds that we had |
| Sorry, I think I have a little [Technical Difficulty] problem |
| Further, the terms of these contracts can vary and we may not realize all expected revenue |
| We've been very pleasantly surprised by the amount of initial demand amongst both the sort of regulation side of this |
| Similar to the prior quarter, non-GAAP gross margin during Q3 was impacted by the accelerated depreciation of two SkySat satellites |
| No worries |
| As far as I'm concerned, because that means there is the demand and pull |
| Will Marshall No problem |
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