☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Class A common stock, par value $0.0001 per share | PL | |||||||||
Warrants | PL WS |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ||||||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company | ☒ |
Page No. | ||||||||||||
Item 1. | ||||||||||||
Item 2. | ||||||||||||
Item 3. | ||||||||||||
Item 4. | ||||||||||||
Item 1. | ||||||||||||
Item 1A. | ||||||||||||
Item 2. | ||||||||||||
Item 3. | ||||||||||||
Item 4. | ||||||||||||
Item 5. | ||||||||||||
Item 6. | ||||||||||||
April 30, 2022 | January 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 484,489 | $ | 490,762 | |||||||
Accounts receivable, net of allowance of $1,287 and $1,031, respectively | 24,581 | 44,373 | |||||||||
Prepaid expenses and other current assets | 18,192 | 16,385 | |||||||||
Total current assets | 527,262 | 551,520 | |||||||||
Property and equipment, net | 125,329 | 133,280 | |||||||||
Capitalized internal-use software, net | 11,105 | 10,768 | |||||||||
Goodwill | 103,219 | 103,219 | |||||||||
Intangible assets, net | 13,604 | 14,197 | |||||||||
Restricted cash, non-current | 5,653 | 5,743 | |||||||||
Operating lease right-of-use assets | 7,035 | — | |||||||||
Other non-current assets | 2,787 | 2,714 | |||||||||
Total assets | $ | 795,994 | $ | 821,441 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 3,168 | $ | 2,850 | |||||||
Accrued and other current liabilities (1) | 43,184 | 48,823 | |||||||||
Deferred revenue (1) | 60,672 | 64,233 | |||||||||
Liability from early exercise of stock options | 15,239 | 16,135 | |||||||||
Operating lease liabilities, current | 7,188 | — | |||||||||
Total current liabilities | 129,451 | 132,041 | |||||||||
Deferred revenue (1) | — | 3,579 | |||||||||
Deferred hosting costs (1) | 12,199 | 12,149 | |||||||||
Public and private placement warrant liabilities | 19,948 | 23,224 | |||||||||
Deferred rent | — | 798 | |||||||||
Operating lease liabilities, non-current | 2,271 | — | |||||||||
Other non-current liabilities | 1,419 | 1,405 | |||||||||
Total liabilities | 165,288 | 173,196 | |||||||||
Commitments and contingencies (Note 8) | 0 | 0 | |||||||||
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 April 30, 2022 and January 31, 2022, 244,773,516 and 241,017,687 Class A shares issued and outstanding at April 30, 2022 and January 31, 2022, respectively, 21,157,586 Class B shares issued and outstanding at April 30, 2022 and January 31, 2022, 0 Class C shares issued and outstanding at April 30, 2022 and January 31, 2022 (1) | 27 | 27 | |||||||||
Additional paid-in capital | 1,450,098 | 1,423,151 | |||||||||
Accumulated other comprehensive income | 2,271 | 2,096 | |||||||||
Accumulated deficit | (821,690) | (777,029) | |||||||||
Total stockholders’ equity | 630,706 | 648,245 | |||||||||
Total liabilities and stockholders’ equity | $ | 795,994 | $ | 821,441 |
(1) | Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 11. |
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 229,410 | $ | 0 | ||||
Prepaid expenses | 593,543 | 0 | ||||||
Total current assets | 822,953 | 0 | ||||||
Investments held in Trust Account | 345,057,911 | 0 | ||||||
Deferred offering costs associated with initial public offering | 0 | 85,750 | ||||||
Total Assets | $ | 345,880,864 | $ | 85,750 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 102,642 | $ | 10,000 | ||||
Accrued expenses | 397,742 | 51,000 | ||||||
Franchise tax payable | 100,450 | 400 | ||||||
Due to related parties | 0 | 750 | ||||||
Total current liabilities | 600,834 | 62,150 | ||||||
Deferred legal fees | 2,361,155 | 0 | ||||||
Deferred underwriting commissions | 12,075,000 | 0 | ||||||
Derivative warrant liabilities | 31,751,332 | 0 | ||||||
Total Liabilities | 46,788,321 | 62,150 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock, $0.0001 par value; 29,409,254 and -0- | 294,092,540 | 0 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0 | 0 | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 5,090,746 and -0- -0- | 509 | 0 | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 | 863 | 863 | ||||||
Additional paid-in capital | 19,785,719 | 24,137 | ||||||
Accumulated deficit | (14,787,088 | ) | (1,400 | ) | ||||
Total stockholders’ equity | 5,000,003 | 23,600 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 345,880,864 | $ | 85,750 | ||||
Three Months Ended April 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Revenue (1) | $ | 40,127 | $ | 31,957 | |||||||||||||||||||
Cost of revenue (1) | 23,628 | 19,126 | |||||||||||||||||||||
Gross profit | 16,499 | 12,831 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development (1) | 24,750 | 12,130 | |||||||||||||||||||||
Sales and marketing | 18,855 | 10,653 | |||||||||||||||||||||
General and administrative | 20,608 | 8,315 | |||||||||||||||||||||
Total operating expenses | 64,213 | 31,098 | |||||||||||||||||||||
Loss from operations | (47,714) | (18,267) | |||||||||||||||||||||
Interest expense | — | (2,527) | |||||||||||||||||||||
Change in fair value of convertible notes and warrant liabilities | 3,276 | (8,026) | |||||||||||||||||||||
Other income (expense), net | 392 | (177) | |||||||||||||||||||||
Total other income (expense), net | 3,668 | (10,730) | |||||||||||||||||||||
Loss before provision for income taxes | (44,046) | (28,997) | |||||||||||||||||||||
Provision for income taxes | 314 | 258 | |||||||||||||||||||||
Net loss | (44,360) | (29,255) | |||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | 175 | 274 | |||||||||||||||||||||
Comprehensive loss | $ | (44,185) | $ | (28,981) | |||||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.17) | $ | (0.64) | |||||||||||||||||||
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders | 264,088,997 | 45,722,408 |
(1) | Balance includes related-party transactions entered into with Google. See Note 11. |
For the three months ended June 30, 2021 | For the six months ended June 30, 2021 | |||||||
General and administrative expenses | $ | 3,121,618 | $ | 3,394,486 | ||||
Franchise tax expenses | 50,000 | 100,050 | ||||||
Loss from operations | (3,171,618 | ) | (3,494,536 | ) | ||||
Other income (expenses): | ||||||||
Interest income earned in operating account | 10 | 14 | ||||||
Gain on investments (net), dividends and interest, held in Trust Account | 6,902 | 57,911 | ||||||
Loss upon issuance of private placement warrants | 0 | (14,062,000 | ) | |||||
Offering costs associated with derivative warrant liabilities | 0 | (710,745 | ) | |||||
Change in fair value of derivative warrant liabilities | 2,928,333 | 3,423,668 | ||||||
Total other income (expenses) | 2,935,245 | (11,291,152 | ) | |||||
Net loss | $ | (236,373 | ) | $ | (14,785,688 | ) | ||
Weighted average shares outstanding of Class A common stock | 34,500,000 | 34,500,000 | ||||||
Basic and diluted net income per share, Class A common stock | $ | (0.00 | ) | $ | 0 | |||
Weighted average shares outstanding of Class B common stock | 8,625,000 | 8,208,564 | ||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.03 | ) | $ | (1.80 | ) | ||
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances at January 31, 2021 | 131,252,627 | $ | 13 | 43,946,198 | $ | 4 | $ | 745,630 | $ | 1,769 | $ | (639,905) | $ | 107,511 | |||||||||||||||||||||||||||||||||
Issuance of Class A common stock from the exercise of common stock options | — | — | 637,684 | — | 2,156 | — | — | 2,156 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 3,243 | — | — | 3,243 | |||||||||||||||||||||||||||||||||||||||
Change in translation | — | — | — | — | — | 274 | — | 274 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (29,255) | (29,255) | |||||||||||||||||||||||||||||||||||||||
Balances at April 30, 2021 | 131,252,627 | $ | 13 | 44,583,882 | $ | 4 | $ | 751,029 | $ | 2,043 | $ | (669,160) | $ | 83,929 |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances at January 31, 2022 | — | $ | — | 262,175,273 | $ | 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 options | — | — | 3,524,182 | — | 6,203 | — | — | 6,203 | |||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon vesting of restricted stock units | — | — | 215,178 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | 91,911 | — | 896 | — | — | 896 | |||||||||||||||||||||||||||||||||||||||
Class A common stock withheld to satisfy employee tax withholding obligations | — | — | (75,442) | — | (411) | — | — | (411) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 20,259 | — | — | 20,259 | |||||||||||||||||||||||||||||||||||||||
Change in translation | — | — | — | — | — | 175 | — | 175 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (44,360) | (44,360) | |||||||||||||||||||||||||||||||||||||||
Balances at April 30, 2022 | — | $ | — | 265,931,102 | $ | 27 | $ | 1,450,098 | $ | 2,271 | $ | (821,690) | $ | 630,706 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—December 31, 2020 | — | $ | — | 8,625,000 | $ | 863 | $ | 24,137 | $ | (1,400 | ) | $ | 23,600 | |||||||||||||||
Sale of units in initial public offering, less fair value of public warrants | 34,500,000 | 3,450 | — | — | 332,783,550 | — | 332,787,000 | |||||||||||||||||||||
Offering costs | — | — | — | — | (18,932,369 | ) | — | (18,932,369 | ) | |||||||||||||||||||
Class A common stock subject to possible redemption | (29,409,254 | ) | (2,943 | ) | — | — | (294,325,967 | ) | — | (294,328,910 | ) | |||||||||||||||||
Net loss | — | — | — | — | — | (14,549,315 | ) | (14,549,315 | ) | |||||||||||||||||||
Balance—March 31, 2021 (Unaudited) | 5,090,746 | $ | 507 | 8,625,000 | $ | 863 | $ | 19,549,351 | $ | (14,550,715 | ) | $ | 5,000,006 | |||||||||||||||
Class A common stock subject to possible redemption | 23,637 | 2 | — | — | 236,368 | — | 236,370 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (236,373 | ) | (236,373 | ) | |||||||||||||||||||
Balance—June 30, 2021 (Unaudited) | 5,090,746 | $ | 509 | 8,625,000 | $ | 863 | $ | 19,785,719 | $ | (14,787,088 | ) | $ | 5,000,003 | |||||||||||||||
Three Months Ended April 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (44,360) | $ | (29,255) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||
Depreciation and amortization | 11,625 | 11,475 | |||||||||
Stock-based compensation, net of capitalized cost of $437 and $141, respectively | 19,822 | 3,102 | |||||||||
Change in fair value of convertible notes and warrant liabilities | (3,276) | 8,026 | |||||||||
Deferred income taxes | 28 | 126 | |||||||||
Amortization of debt discount and issuance costs | — | 759 | |||||||||
Other | 476 | (31) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | 19,982 | 16,877 | |||||||||
Prepaid expenses and other assets | (403) | 771 | |||||||||
Accounts payable, accrued and other liabilities | (3,712) | 742 | |||||||||
Deferred revenue | (6,947) | (12,050) | |||||||||
Deferred hosting costs | 231 | 3,864 | |||||||||
Deferred rent | — | (524) | |||||||||
Net cash provided by (used in) operating activities | (6,534) | 3,882 | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (2,861) | (1,847) | |||||||||
Capitalized internal-use software | (645) | (767) | |||||||||
Other | (146) | (152) | |||||||||
Net cash used in investing activities | (3,652) | (2,766) | |||||||||
Financing activities | |||||||||||
Proceeds from the exercise of common stock options | 4,963 | 2,156 | |||||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (411) | — | |||||||||
Net cash provided by financing activities | 4,552 | 2,156 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (649) | (40) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (6,283) | 3,232 | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 496,814 | 76,540 | |||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 490,531 | $ | 79,772 |
For the six months ended June 30, 2021 | ||||
Cash Flows from Operating Activities: | ||||
Net loss | $ | (14,785,688 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
General and administrative expenses paid by related party under promissory note | 1,000 | |||
Gain on investments (net), dividends and interest, held in Trust Account | (57,911 | ) | ||
Loss upon issuance of private placement warrants | 14,062,000 | |||
Offering costs associated with derivative warrant liabilities | 710,745 | |||
Change in fair value of derivative warrant liabilities | (3,423,668 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (168,543 | ) | ||
Accounts payable | 53,448 | |||
Accrued expenses | 291,742 | |||
Franchise tax payable | 100,050 | |||
Net cash used in operating activities | (3,216,825 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (345,000,000 | ) | ||
Net cash used in investing activities | (345,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from loans from related parties | 125,006 | |||
Repayment of loans from related parties | (990,856 | ) | ||
Proceeds received from initial public offering, gross | 345,000,000 | |||
Proceeds received from private placement | 8,900,000 | |||
Offering costs paid | (6,949,070 | ) | ||
Deferred legal fees | 2,361,155 | |||
Net cash provided by financing activities | 348,446,235 | |||
Net increase in cash | 229,410 | |||
Cash—beginning of the period | 0 | |||
Cash—end of the period | $ | 229,410 | ||
Supplemental disclosure of noncash activities: | ||||
Offering costs included in accounts payable | $ | 39,194 | ||
Offering costs included in accrued expenses | $ | 105,000 | ||
Offering costs paid by related party under promissory note | $ | 439,100 | ||
Prepaid expenses paid by related party under promissory note | $ | 425,000 | ||
Reversal of accrued expenses | $ | 50,000 | ||
Deferred underwriting commissions in connection with the initial public offering | $ | 12,075,000 | ||
Value of Class A common stock subject to possible redemption | $ | 294,092,540 |
Number of Shares | |||||
Former Planet stockholders - Class A Common Stock (1) | 172,161,152 | ||||
Former Planet stockholders - Class B Common Stock | 21,157,586 | ||||
dMY IV’s public stockholders - Class A Common Stock (2) | 33,810,330 | ||||
Holders of dMY IV’s sponsor shares - Class A Common Stock (3) | 7,762,500 | ||||
PIPE Investment - Class A Common Stock | 25,200,000 | ||||
Total shares of common stock immediately after Business Combination | 260,091,568 |
(1) | Excludes 1,746,296 shares of Class A common stock associated with the early exercise of unvested Former Planet stock options. |
(2) | Upon the closing of the Business Combination, dMY IV’s public stockholders were offered the opportunity to redeem shares of dMY IV Class A common stock then held by them for cash equal to their pro rata share of the aggregate amount on deposit (as of two business days prior to the closing) in the trust account. The table above reflects redemptions of 689,670 shares of Class A common stock that occurred. |
(3) | Excludes 862,500 shares of Class A common associated with the dMY Sponsor Earn-out Shares that are subject to vesting requirements. |
Three Months Ended April 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||||||||
United States | $ | 18,752 | $ | 13,170 | |||||||||||||||||||
Norway | 1,785 | 6,736 | |||||||||||||||||||||
Canada | 3,976 | 2,266 | |||||||||||||||||||||
Rest of World | 15,614 | 9,785 | |||||||||||||||||||||
Total revenue | $ | 40,127 | $ | 31,957 |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
Deferred commission, current | $ | 1,412 | $ | 1,375 | |||||||
Deferred commission, non-current | 1,170 | 1,083 | |||||||||
Total deferred commission | $ | 2,582 | $ | 2,458 |
April 30, 2022 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash equivalents: money market funds | $ | 96,850 | $ | — | $ | — | |||||||||||
Restricted cash: money market funds | 5,875 | — | — | ||||||||||||||
Total assets | $ | 102,725 | $ | — | $ | — | |||||||||||
Liabilities | |||||||||||||||||
Public Warrants | 8,556 | — | — | ||||||||||||||
Private Placement Warrants | — | — | 11,392 | ||||||||||||||
Total liabilities | $ | 8,556 | $ | — | $ | 11,392 |
January 31, 2022 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Cash equivalents: money market funds | $ | 470,066 | $ | — | $ | — | |||||||||||
Restricted cash: money market funds | 5,875 | — | — | ||||||||||||||
Total assets | $ | 475,941 | $ | — | $ | — | |||||||||||
Liabilities | |||||||||||||||||
Public Warrants | 10,764 | — | — | ||||||||||||||
Private Placement Warrants | — | — | 12,460 | ||||||||||||||
Total liabilities | $ | 10,764 | $ | — | $ | 12,460 |
(in thousands) | Private Placement Warrants | Convertible Notes | Preferred Stock Warrant Liability | ||||||||||||||
Fair value at end of year, January 31, 2021 | $ | — | $ | 101,212 | $ | 11,359 | |||||||||||
Change in fair value | — | 4,691 | 3,335 | ||||||||||||||
Fair value at April 30, 2021 | $ | — | $ | 105,903 | $ | 14,694 | |||||||||||
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 | $ | — | $ | — |
Fair Value as of April 30, 2021 | Valuation Technique | Unobservable Input Description | Input | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Convertible Notes | $105,903 | Probability-weighted | Estimated time to liquidation | 0.43 years | |||||||||||||||||||
Volatility | 35.0% | ||||||||||||||||||||||
Discount Yield | 14.0% | ||||||||||||||||||||||
Risk-free interest rate | 0.1% |
Fair Value as of April 30, 2021 | Valuation Technique | Unobservable Input Description | Input | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Preferred Stock Warrant Liability | $14,694 | Option Pricing Method | Term | 0.43 - 1.5 years | |||||||||||||||||||
Volatility | 60% | ||||||||||||||||||||||
Discount for lack of marketability | 9% - 16% |
(in thousands) | |||||
Remainder of Fiscal Year 2023 | $ | 5,896 | |||
2024 | 2,576 | ||||
2025 | 737 | ||||
2026 | 514 | ||||
2027 | 12 | ||||
Thereafter | 8 | ||||
Total lease payments | $ | 9,743 | |||
Less: Imputed interest | (284) | ||||
Total lease liabilities | $ | 9,459 | |||
Weighted average remaining lease term (years) | 1.70 | ||||
Weighted average discount rate | 3.6 | % |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
Cash and cash equivalents | $ | 484,489 | $ | 490,762 | |||||||
Restricted cash, current | 389 | 309 | |||||||||
Restricted cash, non-current | 5,653 | 5,743 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 490,531 | $ | 496,814 |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
Satellites* | $ | 311,374 | $ | 310,861 | |||||||
Leasehold improvements | 15,448 | 15,448 | |||||||||
Ground stations and ground station equipment | 12,697 | 12,685 | |||||||||
Office furniture, equipment and fixtures | 5,381 | 5,335 | |||||||||
Computer equipment and purchased software | 8,176 | 8,197 | |||||||||
Total property and equipment, gross | 353,076 | 352,526 | |||||||||
Less: Accumulated depreciation | (227,747) | (219,246) | |||||||||
Total property and equipment, net | $ | 125,329 | $ | 133,280 |
* | Satellites include $6.7 million and $13.7 million of satellites in process and not placed into service as of April 30, 2022 and January 31, 2022, respectively. |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
United States | $ | 122,428 | $ | 130,230 | |||||||
Rest of World | 2,901 | 3,050 | |||||||||
Total property and equipment, net | $ | 125,329 | $ | 133,280 |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
Capitalized internal-use software | $ | 37,322 | $ | 36,453 | |||||||
Less: Accumulated amortization | (26,217) | (25,685) | |||||||||
Capitalized internal-use software, net | $ | 11,105 | $ | 10,768 |
April 30, 2022 | January 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 16,557 | $ | (7,948) | $ | (9) | $ | 8,600 | $ | 16,557 | $ | (7,583) | $ | (9) | $ | 8,965 | |||||||||||||||||||||||||||||||
Image library | 12,145 | (10,674) | 123 | 1,594 | 12,028 | (10,610) | 104 | 1,522 | |||||||||||||||||||||||||||||||||||||||
Customer relationships | 3,951 | (2,313) | 7 | 1,645 | 3,951 | (2,161) | 8 | 1,798 | |||||||||||||||||||||||||||||||||||||||
Trade names and other | 4,551 | (2,825) | 39 | 1,765 | 4,551 | (2,678) | 39 | 1,912 | |||||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | 37,204 | $ | (23,760) | $ | 160 | $ | 13,604 | $ | 37,087 | $ | (23,032) | $ | 142 | $ | 14,197 | |||||||||||||||||||||||||||||||
Goodwill | $ | 101,413 | $ | — | $ | 1,806 | $ | 103,219 | $ | 101,413 | $ | — | $ | 1,806 | $ | 103,219 |
(in thousands) | |||||
Remainder of Fiscal Year 2023 | $ | 2,138 | |||
2024 | 2,851 | ||||
2025 | 1,936 | ||||
2026 | 1,441 | ||||
2027 | 1,108 | ||||
Thereafter | 4,130 | ||||
$ | 13,604 |
(in thousands) | April 30, 2022 | January 31, 2022 | |||||||||
Deferred R&D service liability (1) | $ | 21,115 | $ | 21,878 | |||||||
Payroll and related expenses | 4,578 | 6,007 | |||||||||
Deferred hosting costs | 4,148 | 3,967 | |||||||||
Deferred rent | — | 2,193 | |||||||||
Withholding taxes and other taxes payable | 4,044 | 3,731 | |||||||||
Other accruals | 9,299 | 11,047 | |||||||||
Total accrued and other current liabilities | $ | 43,184 | $ | 48,823 |
(1) | In December 2020, the Company entered into a development services agreement, whereby the Company agreed to provide the technical knowledge and services to design and develop certain prototype satellites and deliver and test early data collected (the “R&D Services Agreement”). The R&D Services Agreement is unrelated to the Company’s ordinary business activities and originally provided for a fee of $40.2 million, to be paid to the Company as specified milestones are achieved over a 3 year period. In November 2021, the R&D Services Agreement was amended to increase the fee to $45.2 million. The Company has discretion in managing the activities under the R&D Services Agreement and retains all developed intellectual property. The Company has no obligation to repay any of the funds received regardless of the outcome of the development work; therefore, the arrangement is accounted for as funded research and development pursuant to ASC 730-20, Research and Development. As ASC 730-20 does not indicate the accounting model for research and development services, the Company determined the total transaction price is taken over the agreement term as a reduction of research and development expenses based on a cost incurred method. During the three months ended April 30, 2022, the Company recognized $2.8 million of fees and incurred $2.8 million of research and development expenses in connection with the R&D Services Agreement. The activity for the three months ended April 30, 2021 was immaterial. As of April 30, 2022 and January 31, 2022 , the Company had received a total of $28.7 million and $26.7 million, respectively, under the R&D Services Agreement. |
(in thousands) | |||||||||||
Remainder of Fiscal Year 2023 | $ | 800 | |||||||||
2024 | 1,025 | ||||||||||
Thereafter | — | ||||||||||
Total purchase commitments | $ | 1,825 |
(in thousands) | |||||
Remainder of Fiscal Year 2023 | $ | 18,595 | |||
2024 | 28,050 | ||||
2025 | 30,120 | ||||
2026 | 31,190 | ||||
2027 | 32,725 | ||||
Thereafter | 33,427 | ||||
Total purchase commitments | $ | 174,107 |
Three Months Ended April 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Contractual interest coupon | $ | — | $ | 1,768 | |||||||
Amortization of debt issuance costs | — | 221 | |||||||||
Amortization of debt discounts | — | 538 | |||||||||
Total interest expense and extinguishment (gain) loss | $ | — | $ | 2,527 |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||
Class A common stock | ||||||||
Numerator: Income allocable to Class A common stock | ||||||||
Income from investments held in Trust Account | $ | 6,902 | $ | 57,911 | ||||
Less: Company’s portion available to be withdrawn to pay taxes | (6,902 | ) | (57,911 | ) | ||||
Net income attributable to Class A common stock | $ | 0 | $ | 0 | ||||
Denominator: Weighted average Class A common stock | ||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 34,500,000 | 34,500,000 | ||||||
Basic and diluted net income per share, Class A common stock | $ | 0 | $ | 0 | ||||
Class B common stock | ||||||||
Numerator: Net loss minus net income attributable to Class A common stock | ||||||||
Net loss | $ | (236,373) | $ | (14,785,688) | ||||
Net income attributable to Class A common stock | 0 | 0 | ||||||
Net loss attributable to Class B common stock | $ | (236,373 | ) | $ | (14,785,688 | ) | ||
Denominator: Weighted average Class B common stock | ||||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 8,625,000 | 8,208,564 | ||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.03 | ) | $ | (1.80 | ) | ||
Three Months Ended April 30, | |||||||||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||||||||
Cost of revenue | $ | 1,319 | $ | 234 | |||||||||||||||||||
Research and development | 8,666 | 1,197 | |||||||||||||||||||||
Sales and marketing | 3,637 | 636 | |||||||||||||||||||||
General and administrative | 6,637 | 1,176 | |||||||||||||||||||||
Total expense | 20,259 | 3,243 | |||||||||||||||||||||
Capitalized to internal-use software development costs and property and equipment | (437) | (141) | |||||||||||||||||||||
Total stock-based compensation expense | $ | 19,822 | $ | 3,102 |
Options Outstanding | |||||||||||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Term (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Balances at January 31, 2022 | 41,907,551 | $ | 4.63 | 6.71 | |||||||||||||||||||
Exercised | (2,834,653) | $ | 1.75 | ||||||||||||||||||||
Forfeited | (148,302) | $ | 4.97 | ||||||||||||||||||||
Balances at April 30, 2022 | 38,924,596 | $ | 4.84 | 6.80 | $ | 47,513 | |||||||||||||||||
Vested and exercisable at April 30, 2022 | 24,776,770 | $ | 3.55 | 5.76 | $ | 41,675 |
Number of RSUs | Weighted Average Grant Date Fair Value | ||||||||||
Balances at January 31, 2022 | 5,439,736 | $ | 9.42 | ||||||||
Vested | (215,178) | $ | 7.78 | ||||||||
Granted | 8,893,242 | $ | 4.53 | ||||||||
Forfeited | (168,223) | $ | 7.10 | ||||||||
Balances at April 30, 2022 | 13,949,577 | $ | 6.35 |
Three Months Ended April 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (44,360) | $ | (29,255) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders | 264,088,997 | 45,722,408 | |||||||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.17) | $ | (0.64) |
Three Months Ended April 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Convertible Preferred Stock | — | 131,252,627 | |||||||||||||||||||||
Convertible notes | — | 7,366,839 | |||||||||||||||||||||
Warrants to purchase Series B Convertible Preferred Stock | — | 761,340 | |||||||||||||||||||||
Warrants to purchase Series D Convertible Preferred Stock | — | 2,261,713 | |||||||||||||||||||||
Warrants to purchase Class A common stock | 1,065,594 | — | |||||||||||||||||||||
Common stock options | 38,924,582 | 39,494,957 | |||||||||||||||||||||
Restricted Stock Units | 13,949,577 | 1,573,622 | |||||||||||||||||||||
Earn-out Shares | 26,172,277 | — | |||||||||||||||||||||
dMY Sponsor Earn-out Shares | 862,500 | — | |||||||||||||||||||||
Public Warrants | 6,899,982 | — | |||||||||||||||||||||
Private Placement Warrants | 5,933,333 | — | |||||||||||||||||||||
Early exercised common stock options, subject to future vesting | 1,562,476 | — | |||||||||||||||||||||
Shares issued in connection with acquisition, subject to future vesting | 475,467 | — | |||||||||||||||||||||
95,845,788 | 182,711,098 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account—U.S. Treasury Securities (1) | $ | 345,056,942 | $ | 0 | $ | 0 | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities | $ | 9,798,000 | $ | 0 | $ | 21,953,332 | |
Level 3—Derivative warrant liabilities at January 1, 2021 | $ | 0 | ||
Issuance of Public and Private Warrants | 35,175,000 | |||
Change in fair value of derivative warrant liabilities | (495,335 | ) | ||
Level 3—Derivative warrant liabilities at March 31, 2021 | $ | 34,679,665 | ||
Transfer to Level 1 | (12,489,000 | ) | ||
Change in fair value of derivative warrant liabilities | (237,333 | ) | ||
Level 3—Derivative warrant liabilities at June 30, 2021 | $ | 21,953,332 | ||
Three Months Ended April 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Net Dollar Retention Rate | 104.6 | % | 93.2 | % | |||||||||||||
Net Dollar Retention Rate including Winbacks | 105.0 | % | 94.7 | % | |||||||||||||
EoP Customer Count | 826 | 669 | |||||||||||||||
% Recurring | 92.0 | % | 93.0 | % | |||||||||||||
Capital Expenditures as Percentage of Revenue | 8.7 | % | 8.2 | % |
Three Months Ended April 30, | $ | % | |||||||||||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | Change | Change | |||||||||||||||||||||||||
Revenue | $ | 40,127 | $ | 31,957 | $ | 8,170 | 26 | % | |||||||||||||||||||||
Cost of revenue | 23,628 | 19,126 | 4,502 | 24 | % | ||||||||||||||||||||||||
Gross profit | 16,499 | 12,831 | 3,668 | 29 | % | ||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Research and development | 24,750 | 12,130 | 12,620 | 104 | % | ||||||||||||||||||||||||
Sales and marketing | 18,855 | 10,653 | 8,202 | 77 | % | ||||||||||||||||||||||||
General and administrative | 20,608 | 8,315 | 12,293 | 148 | % | ||||||||||||||||||||||||
Total operating expenses | 64,213 | 31,098 | 33,115 | 106 | % | ||||||||||||||||||||||||
Loss from operations | (47,714) | (18,267) | (29,447) | 161 | % | ||||||||||||||||||||||||
Interest expense | — | (2,527) | 2,527 | (100) | % | ||||||||||||||||||||||||
Change in fair value of convertible notes and warrant liabilities | 3,276 | (8,026) | 11,302 | (141) | % | ||||||||||||||||||||||||
Other income (expense), net | 392 | (177) | 569 | (321) | % | ||||||||||||||||||||||||
Total other income (expense), net | 3,668 | (10,730) | 14,398 | (134) | % | ||||||||||||||||||||||||
Loss before provision for income taxes | (44,046) | (28,997) | (15,049) | 52 | % | ||||||||||||||||||||||||
Provision for income taxes | 314 | 258 | 56 | 22 | % | ||||||||||||||||||||||||
Net loss | $ | (44,360) | $ | (29,255) | $ | (15,105) | 52 | % | |||||||||||||||||||||
Three Months Ended April 30, | ||||||||||||||||||||
(in thousands, except percentages) | 2022 | 2021 | ||||||||||||||||||
Gross Profit | $ | 16,499 | $ | 12,831 | ||||||||||||||||
Cost of revenue—Stock-based compensation | 1,319 | 234 | ||||||||||||||||||
Amortization of acquired intangible assets | 431 | — | ||||||||||||||||||
Non-GAAP Gross Profit | $ | 18,249 | $ | 13,065 | ||||||||||||||||
Gross Margin percentage | 41 | % | 40 | % | ||||||||||||||||
Non-GAAP Gross Margin percentage | 45 | % | 41 | % |
Three Months Ended April 30, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||||||||
Net loss | $ | (44,360) | $ | (29,255) | ||||||||||||||||
Interest expense | — | 2,527 | ||||||||||||||||||
Interest income | (112) | (4) | ||||||||||||||||||
Income tax provision | 314 | 258 | ||||||||||||||||||
Depreciation and amortization | 11,625 | 11,475 | ||||||||||||||||||
Change in fair value of convertible notes and warrant liabilities | (3,276) | 8,026 | ||||||||||||||||||
Stock-based compensation | 19,822 | 3,102 | ||||||||||||||||||
Other (income) expense | (280) | 181 | ||||||||||||||||||
Adjusted EBITDA | $ | (16,267) | $ | (3,690) | ||||||||||||||||
Three Months Ended April 30, | ||||||||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||||||||
Net cash provided by (used in) | ||||||||||||||||||||
Operating activities | $ | (6,534) | $ | 3,882 | ||||||||||||||||
Investing activities | $ | (3,652) | $ | (2,766) | ||||||||||||||||
Financing activities | $ | 4,552 | $ | 2,156 |
Exhibit | Description | |||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1* | ||||||||||||||
32.2* | ||||||||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because | |||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||
101.CAL | Inline XBRL Taxonomy | |||||||||||||
101.DEF | Inline XBRL Taxonomy | |||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
104 | Cover Page Interactive Data File (formatted |
By: | /s/ Ashley Johnson | |||||||
Ashley Johnson | ||||||||
Chief (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer) |