Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2022 | Dec. 09, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40166 | |
Entity Registrant Name | Planet Labs PBC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4299396 | |
Entity Address, Address Line One | 645 Harrison Street | |
Entity Address, Address Line Two | Floor 4 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 415 | |
Local Phone Number | 829-3313 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001836833 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | PL | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 250,946,458 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,157,586 | |
Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Class A common stock, at an exercise price of $11.50 per share | |
Trading Symbol | PL WS | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | ||
Income Statement [Abstract] | |||||
Revenue | [1] | $ 49,704 | $ 31,700 | $ 138,281 | $ 94,063 |
Cost of revenue | [1] | 24,728 | 20,811 | 73,333 | 59,757 |
Gross profit | 24,976 | 10,889 | 64,948 | 34,306 | |
Operating expenses | |||||
Research and development | [1] | 27,598 | 14,959 | 79,085 | 39,521 |
Sales and marketing | 19,383 | 12,441 | 57,721 | 33,691 | |
General and administrative | 20,627 | 11,800 | 61,128 | 31,939 | |
Total operating expenses | 67,608 | 39,200 | 197,934 | 105,151 | |
Loss from operations | (42,632) | (28,311) | (132,986) | (70,845) | |
Interest income | 2,853 | 8 | 4,276 | 12 | |
Interest expense | 0 | (2,612) | 0 | (7,750) | |
Change in fair value of convertible notes and warrant liabilities | (19) | (10,172) | 5,369 | (11,429) | |
Other income (expense), net | 1 | (60) | 123 | (325) | |
Total other income (expense), net | 2,835 | (12,836) | 9,768 | (19,492) | |
Loss before provision for income taxes | (39,797) | (41,147) | (123,218) | (90,337) | |
Provision for income taxes | 439 | 394 | 907 | 822 | |
Net loss | $ (40,236) | $ (41,541) | $ (124,125) | $ (91,159) | |
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (0.15) | $ (0.88) | $ (0.47) | $ (1.97) | |
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.15) | $ (0.88) | $ (0.47) | $ (1.97) | |
Basic weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 267,947,661 | 47,137,377 | 266,104,962 | 46,360,220 | |
Diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 267,947,661 | 47,137,377 | 266,104,962 | 46,360,220 | |
[1]Balance includes related-party transactions entered into with Google. See Note 12. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Oct. 31, 2022 | Jan. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 199,124,000 | $ 490,762,000 | |
Short-term investments | 226,163,000 | 0 | |
Accounts receivable, net of allowance of $1,488 and $1,031, respectively | 29,009,000 | 44,373,000 | |
Prepaid expenses and other current assets | 26,347,000 | 16,385,000 | |
Total current assets | 480,643,000 | 551,520,000 | |
Property and equipment, net | 115,385,000 | 133,280,000 | |
Capitalized internal-use software, net | 11,181,000 | 10,768,000 | |
Goodwill | 103,219,000 | 103,219,000 | |
Intangible assets, net | 12,419,000 | 14,197,000 | |
Restricted cash, non-current | 5,163,000 | 5,743,000 | |
Operating lease right-of-use assets | 15,806,000 | 0 | |
Other non-current assets | 3,412,000 | 2,714,000 | |
Total assets | 747,228,000 | 821,441,000 | |
Current liabilities | |||
Accounts payable | 2,557,000 | 2,850,000 | |
Accrued and other current liabilities | [1] | 42,629,000 | 48,823,000 |
Deferred revenue | [1] | 47,698,000 | 64,233,000 |
Liability from early exercise of stock options | 13,446,000 | 16,135,000 | |
Operating lease liabilities, current | 3,538,000 | 0 | |
Total current liabilities | 109,868,000 | 132,041,000 | |
Deferred revenue | [1] | 0 | 3,579,000 |
Deferred hosting costs | [1] | 9,853,000 | 12,149,000 |
Public and private placement warrant liabilities | 17,855,000 | 23,224,000 | |
Deferred rent | 0 | 798,000 | |
Operating lease liabilities, non-current | 14,024,000 | 0 | |
Other non-current liabilities | 1,461,000 | 1,405,000 | |
Total liabilities | 153,061,000 | 173,196,000 | |
Commitments and contingencies (Note 9) | |||
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, 2022 and January 31, 2022, 248,215,356 and 241,017,687 Class A shares issued and outstanding at October 31, 2022 and January 31, 2022, respectively, 21,157,586 Class B shares issued and outstanding at October 31, 2022 and January 31, 2022, 0 Class C shares issued and outstanding at October 31, 2022 and January 31, 2022 | [1] | 27,000 | 27,000 |
Additional paid-in capital | 1,494,652,000 | 1,423,151,000 | |
Accumulated other comprehensive income | 943,000 | 2,096,000 | |
Accumulated deficit | (901,455,000) | (777,029,000) | |
Total stockholders’ equity | 594,167,000 | 648,245,000 | |
Total liabilities and stockholders’ equity | $ 747,228,000 | $ 821,441,000 | |
[1]Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 12. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Accounts receivable, allowance | $ 1,488 | $ 1,031 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Class A | ||
Common stock, shares authorized (in shares) | 570,000,000 | 570,000,000 |
Common stock, shares issued (in shares) | 248,215,356 | 241,017,687 |
Common stock, shares outstanding (in shares) | 248,215,356 | 241,017,687 |
Common Class B | ||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 21,157,586 | 21,157,586 |
Common stock, shares outstanding (in shares) | 21,157,586 | 21,157,586 |
Common Class C | ||
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (40,236) | $ (41,541) | $ (124,125) | $ (91,159) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (235) | 139 | 82 | 335 |
Change in fair value of available-for-sale securities | (1,538) | 0 | (1,235) | 0 |
Other comprehensive income (loss), net of tax | (1,773) | 139 | (1,153) | 335 |
Comprehensive loss | $ (42,009) | $ (41,402) | $ (125,278) | $ (90,824) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Jan. 31, 2021 | 131,252,627 | 43,946,198 | ||||||
Beginning balance at Jan. 31, 2021 | $ 107,511 | $ 13 | $ 4 | $ 745,630 | $ 1,769 | $ (639,905) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 637,684 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 2,156 | 2,156 | ||||||
Stock-based compensation | 3,243 | 3,243 | ||||||
Change in translation | 274 | 274 | ||||||
Net loss | (29,255) | (29,255) | ||||||
Ending balance (in shares) at Apr. 30, 2021 | 131,252,627 | 44,583,882 | ||||||
Ending balance at Apr. 30, 2021 | 83,929 | $ 13 | $ 4 | 751,029 | 2,043 | (669,160) | ||
Beginning balance (in shares) at Jan. 31, 2021 | 131,252,627 | 43,946,198 | ||||||
Beginning balance at Jan. 31, 2021 | 107,511 | $ 13 | $ 4 | 745,630 | 1,769 | (639,905) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net unrealized gain on available-for-sale securities, net of taxes | 0 | |||||||
Net loss | (91,159) | |||||||
Ending balance (in shares) at Oct. 31, 2021 | 131,252,627 | 48,157,747 | ||||||
Ending balance at Oct. 31, 2021 | 37,193 | $ 13 | $ 4 | 766,136 | 2,104 | (731,064) | ||
Beginning balance (in shares) at Jan. 31, 2021 | 131,252,627 | 43,946,198 | ||||||
Beginning balance at Jan. 31, 2021 | $ 107,511 | $ 13 | $ 4 | 745,630 | 1,769 | (639,905) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||
Ending balance (in shares) at Jan. 31, 2022 | 262,175,273 | |||||||
Ending balance at Jan. 31, 2022 | $ 648,245 | $ (301) | $ 27 | 1,423,151 | 2,096 | (777,029) | $ (301) | |
Beginning balance (in shares) at Apr. 30, 2021 | 131,252,627 | 44,583,882 | ||||||
Beginning balance at Apr. 30, 2021 | 83,929 | $ 13 | $ 4 | 751,029 | 2,043 | (669,160) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 2,358,627 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 1,724 | 1,724 | ||||||
Stock-based compensation | 5,066 | 5,066 | ||||||
Change in translation | (78) | (78) | ||||||
Net loss | (20,363) | (20,363) | ||||||
Ending balance (in shares) at Jul. 31, 2021 | 131,252,627 | 46,942,509 | ||||||
Ending balance at Jul. 31, 2021 | 70,278 | $ 13 | $ 4 | 757,819 | 1,965 | (689,523) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 1,215,238 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 2,986 | 2,986 | ||||||
Vesting of restricted stock awards | 896 | 896 | ||||||
Issuance of recourse note to employee | (389) | (389) | ||||||
Stock-based compensation | 4,824 | 4,824 | ||||||
Net unrealized gain on available-for-sale securities, net of taxes | 0 | |||||||
Change in translation | 139 | 139 | ||||||
Net loss | (41,541) | (41,541) | ||||||
Ending balance (in shares) at Oct. 31, 2021 | 131,252,627 | 48,157,747 | ||||||
Ending balance at Oct. 31, 2021 | 37,193 | $ 13 | $ 4 | 766,136 | 2,104 | (731,064) | ||
Beginning balance (in shares) at Jan. 31, 2022 | 262,175,273 | |||||||
Beginning balance at Jan. 31, 2022 | 648,245 | (301) | $ 27 | 1,423,151 | 2,096 | (777,029) | (301) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 3,524,182 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 6,203 | 6,203 | ||||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 215,178 | |||||||
Vesting of early exercised stock options (in shares) | 91,911 | |||||||
Vesting of early exercised stock options | 896 | 896 | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (75,442) | |||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (411) | (411) | ||||||
Stock-based compensation | 20,259 | 20,259 | ||||||
Change in translation | 175 | 175 | ||||||
Net loss | (44,360) | (44,360) | ||||||
Ending balance (in shares) at Apr. 30, 2022 | 265,931,102 | |||||||
Ending balance at Apr. 30, 2022 | 630,706 | $ 27 | 1,450,098 | 2,271 | (821,690) | |||
Beginning balance (in shares) at Jan. 31, 2022 | 262,175,273 | |||||||
Beginning balance at Jan. 31, 2022 | $ 648,245 | $ (301) | $ 27 | 1,423,151 | 2,096 | (777,029) | $ (301) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 4,893,120 | |||||||
Net unrealized gain on available-for-sale securities, net of taxes | $ (1,235) | |||||||
Net loss | (124,125) | |||||||
Ending balance (in shares) at Oct. 31, 2022 | 269,372,942 | |||||||
Ending balance at Oct. 31, 2022 | 594,167 | $ 27 | 1,494,652 | 943 | (901,455) | |||
Beginning balance (in shares) at Apr. 30, 2022 | 265,931,102 | |||||||
Beginning balance at Apr. 30, 2022 | 630,706 | $ 27 | 1,450,098 | 2,271 | (821,690) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 605,690 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 1,455 | 1,455 | ||||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 1,061,915 | |||||||
Vesting of early exercised stock options (in shares) | 91,911 | |||||||
Vesting of early exercised stock options | 896 | 896 | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (381,149) | |||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (1,753) | (1,753) | ||||||
Stock-based compensation | 21,033 | 21,033 | ||||||
Net unrealized gain on available-for-sale securities, net of taxes | 303 | 303 | ||||||
Other | 390 | 390 | ||||||
Change in translation | 142 | 142 | ||||||
Net loss | (39,529) | (39,529) | ||||||
Ending balance (in shares) at Jul. 31, 2022 | 267,309,469 | |||||||
Ending balance at Jul. 31, 2022 | 613,643 | $ 27 | 1,472,119 | 2,716 | (861,219) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock from the exercise of common stock options (in shares) | 1,452,777 | |||||||
Issuance of Class A common stock from the exercise of common stock options | 4,491 | 4,491 | ||||||
Issuance of Class A common stock upon vesting of restricted stock units (in shares) | 817,320 | |||||||
Vesting of early exercised stock options (in shares) | 91,911 | |||||||
Vesting of early exercised stock options | 896 | 896 | ||||||
Class A common stock withheld to satisfy employee tax withholding obligations (in shares) | (298,535) | |||||||
Class A common stock withheld to satisfy employee tax withholding obligations | (2,164) | (2,164) | ||||||
Stock-based compensation | 19,810 | 19,810 | ||||||
Net unrealized gain 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) | ||||||
Ending balance (in shares) at Oct. 31, 2022 | 269,372,942 | |||||||
Ending balance at Oct. 31, 2022 | $ 594,167 | $ 27 | $ 1,494,652 | $ 943 | $ (901,455) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating activities | ||
Net loss | $ (124,125) | $ (91,159) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 33,997 | 33,865 |
Stock-based compensation, net of capitalized cost of $1,261 and $514, respectively | 59,841 | 12,619 |
Change in fair value of convertible notes and warrant liabilities | (5,369) | 11,429 |
Deferred income taxes | 39 | 406 |
Amortization of debt discount and issuance costs | 0 | 2,328 |
Other | 516 | 140 |
Changes in operating assets and liabilities | ||
Accounts receivable | 15,237 | 32,336 |
Prepaid expenses and other assets | (9,472) | (12,860) |
Accounts payable, accrued and other liabilities | (8,649) | 2,061 |
Deferred revenue | (19,382) | (17,401) |
Deferred hosting costs | (1,751) | 6,759 |
Deferred rent | 0 | (1,539) |
Net cash used in operating activities | (59,118) | (21,016) |
Investing activities | ||
Purchases of property and equipment | (9,008) | (6,051) |
Capitalized internal-use software | (1,737) | (2,678) |
Maturities of available-for-sale securities | 13,000 | 0 |
Purchases of available-for-sale securities | (239,321) | 0 |
Other | (412) | (454) |
Net cash used in investing activities | (237,478) | (9,183) |
Financing activities | ||
Proceeds from the exercise of common stock options | 10,909 | 6,866 |
Class A common stock withheld to satisfy employee tax withholding obligations | (4,328) | 0 |
Proceeds from the early exercise of common stock options | 0 | 17,928 |
Payment of transaction costs related to the Business Combination | (326) | (5,281) |
Other | 122 | 0 |
Net cash provided by financing activities | 6,377 | 19,513 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,781) | (807) |
Net decrease in cash, cash equivalents and restricted cash | (292,000) | (11,493) |
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 | $ 204,814 | $ 65,047 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||||
Share-based payment arrangement, capitalized costs | $ 372 | $ 181 | $ 1,261 | $ 514 |
Organization
Organization | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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. The Company has wholly-owned foreign subsidiaries in Canada, Germany, Luxembourg, Singapore and the Netherlands. 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. See Note 3 for further details of the Business Combination. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 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, 2022 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2023 or any other future period. 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. Revenue for the three months ended October 31, 2022 includes an out of period adjustment of $2.1 million. 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, 2022 (the “2022 Form 10-K”). The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP, whereby dMY IV was treated as the acquired company and Former Planet was treated as the acquirer. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Former Planet issuing stock for the net assets of dMY IV, accompanied by a recapitalization. The net assets of dMY IV were stated at historical cost, with no goodwill or other intangible assets recorded. Former Planet was determined to be the accounting acquirer based on the following predominant factors: • Former Planet’s existing stockholders have the majority voting interest in the combined entity; • Former Planet had the ability to nominate a majority of the initial members of the board of directors of the combined entity; • Former Planet’s senior management became the senior management of the combined entity; and • Former Planet is the larger entity based on historical operating activity and has the larger employee base. The consolidated assets, liabilities and results of operations prior to the Business Combination are those of Former Planet. The shares and corresponding capital amounts and losses per share, prior to the Business Combination, have been retroactively restated based on shares reflecting the exchange ratio of approximately 1.53184 (the “Exchange Ratio”) established in the Business Combination. See Note 3, Business Combination , for additional details. 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, 2022 and January 31, 2022, the Company had $199.1 million and $490.8 million of cash and cash equivalents, respectively. Additionally, as of October 31, 2022, the Company had short-term investments of $226.2 million which are highly liquid in nature and available for current operations. There were no short-term investments as of January 31, 2022. 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, 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, the fair value of common stock and other assumptions used to measure stock-based compensation, the fair value of convertible notes and 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 COVID-19 Coronavirus pandemic (“COVID-19” or “COVID-19 pandemic”), and current events involving Russia and Ukraine, 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 4, Revenue , for revenue by geographic region. See Note 7, 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 financial institutions in the U.S. and checking accounts with financial institutions in Canada, Germany, the Netherlands and Singapore that management believes are of high credit quality. 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 of cash, cash equivalents or short-term investments. The maximum amount of loss at October 31, 2022 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 $424.5 million. Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. As of October 31, 2022, two customers accounted for 16% and 12% of accounts receivable, respectively. As of January 31, 2022, four customers accounted for 23%, 14%, 12% and 10% of accounts receivable, 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. 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 2022 Form 10-K. Updates to those policies are contained herein. Short-term investments The Company’s short-term investments are designated as available-for-sale and carried at fair value, which is based on quoted market prices for such securities, if available, or is estimated on the basis of quoted market prices of financial instruments with similar characteristics. Investments with original maturities greater than 90 days and remaining maturities of less than one year are classified within short-term investments on the Company’s condensed consolidated balance sheets. In addition, investments with maturities beyond one year at the time of purchase that are highly liquid in nature and represent the investment of cash that is available for current operations are classified as short-term investments. Unrealized gains and losses of available-for-sale securities are excluded from earnings and are reported as a component of Other comprehensive income (loss), net of tax, until the security is sold, the security has matured, or the Company determines that the fair value of the security has declined below its adjusted cost basis and the decline is not due to a credit loss. Realized gains and losses on short-term investments are calculated based on the specific identification method and would be reclassified from accumulated other comprehensive income (loss) to other income (expense), net. Short-term investments are evaluated for allowances and impairment quarterly. The Company considers various factors in determining whether an allowance for expected credit losses or an impairment charge should be recognized, such as the credit quality of the issuer, the duration, severity of and the reason for the decline in value, the potential recovery period, and the Company’s intent to sell. No allowances or impairment charges were recognized during the three and nine months ended October 31, 2022 and 2021. Recently Adopted Accounting Pronouncements The following section provides information about accounting pronouncements adopted during the nine months ended October 31, 2022. In February 2016, the FASB issued ASU 2016-02, Leases (“ Topic 842 ”), which supersedes the guidance in former ASC 840, Leases . The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases under Topic 840. The Company adopted Topic 842 effective February 1, 2022 and applied the new guidance prospectively utilizing the modified retrospective approach. Comparative periods prior to the effective date were not adjusted and continue to be reported in accordance with the previous lease guidance under Topic 840. The Company elected to utilize the package of practical expedients for transition which permitted the Company to not reassess its prior conclusions regarding whether a contract is or contains a lease, lease classification and initial direct costs. Upon adoption, the Company recognized ROU assets and lease liabilities for operating leases of $8.4 million and $11.4 million, respectively. The difference between the ROU assets and lease liabilities resulted from deferred rent liability balances that were reclassified to ROU assets upon adoption. The Company currently has no finance leases. The adoption of Topic 842 did not result in a cumulative effect adjustment to accumulated deficit, did not impact the Company’s previously reported financial results and did not impact the Company’s condensed consolidated statements of operations and comprehensive loss. Additionally, the adoption of Topic 842 had no impact on cash provided by or used in operating, investing or financing activities on the Company’s condensed consolidated statements of cash flows. In June 2016, the FASB issued ASU 2016-13, Financial instruments, Credit Losses (“ Topic 326 ”): Measurement of Credit Losses on Financial Instruments , which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, available-for-sale debt securities, and other instruments that are not measured at fair value through net income. The Company adopted the new guidance effective February 1, 2022 utilizing the modified retrospective transition method and recorded a $0.3 million adjustment to the beginning accumulated deficit balance to reflect the cumulative effect of the accounting change. The adoption of the new guidance did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. The Company’s accounts receivable include amounts billed and billable to customers as of the end of the applicable period and do not bear interest. Accounts receivable are stated net of an estimated allowance for credit losses. Effective February 1, 2022, the allowance is assessed by applying a historical loss-rate methodology in accordance with Topic 326, adjusted as necessary based on the Company's review of accounts receivable, specifically reviewing factors including the age of the balances, customer payment history, creditworthiness, and other factors. The Company also considers market conditions and current and expected future economic conditions to inform adjustments to historical loss data. If it is deemed certain that an amount is uncollectible, the amount is written-off. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, a new accounting standard update to simplify the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Company adopted ASU 2017-04 effective February 1, 2022 which did not impact the Company’s condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Income Taxes ( “Topic 740” ): Simplifying the Accounting for Income Taxes, |
Business Combination
Business Combination | 9 Months Ended |
Oct. 31, 2022 | |
Reverse Recapitalization [Abstract] | |
Business Combination | Business Combination As discussed in Note 1, the Company completed the Business Combination on December 7, 2021, pursuant to the Merger Agreement. Upon the consummation of the Business Combination, the following events contemplated by the Merger Agreement occurred, based on Former Planet’s capitalization as of December 7, 2021: • all Former Planet convertible preferred stock converted into shares of Former Planet Class A common stock and all Former Planet convertible preferred stock warrants became warrants for Former Planet Class A common stock (see Note 10); • the Venture Tranche B loans and the 2020 Convertible Notes converted into shares of Former Planet Class A common stock; • each share of Former Planet capital stock (other than Former Planet Class B common stock) was converted into the right to receive shares of Planet’s Class A common stock after giving effect to the Exchange Ratio of approximately 1.53184 as calculated in accordance with the Merger Agreement; • each share of Former Planet Class B common stock was converted into the right to receive shares of Planet’s Class B common stock after giving effect to the Exchange Ratio of approximately 1.53184 as calculated in accordance with the Merger Agreement; • all granted and outstanding unexercised Former Planet stock options were converted into Planet stock options exercisable for shares of Planet’s Class A common stock with the same terms and vesting conditions except for the number of shares exercisable and the exercise price, each of which was adjusted by the Exchange Ratio; • all granted and outstanding unvested Former Planet restricted stock units were converted into Planet restricted units for shares of Planet’s Class A common stock with the same terms and vesting conditions except for the number of shares, which was adjusted by the Exchange Ratio; and • Former Planet Class A common stock warrants that remained outstanding subsequent to the closing of the Business Combination were converted into warrants for Planet’s Class A common stock with the same terms except for the number of shares exercisable and the exercise price, each of which was adjusted by the Exchange Ratio Pursuant to the Merger Agreement, Former Planet equity holders, including Former Planet equity award holders, will have the right to receive up to an additional 27,000,000 shares in earnout consideration (the “Earn-out Shares”), of which up to 24,600,000 shares may be issued as shares of Class A common stock and up to 2,400,000 may be issued to William Marshall and Robert Schingler, Jr. (the “Planet Founders”) as shares of Class B common stock. The Earn-out Shares may be earned in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 day trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00. Any right to Earn-out Shares that remains unvested on the first business day after five years from the closing of the Business Combination will be forfeited without any further consideration. Approximately 5,540,990 shares of the Earn-out Shares were allocated to Former Planet equity award holders, which are accounted for as stock-based compensation pursuant to ASC 718, Compensation—Stock Compensation because service must be provided through each market condition vesting requirement described above. The remaining Earn-out Shares are accounted for as equity classified equity instruments, were included as merger consideration as part of the Business Combination, and recorded in additional paid-in capital. Additionally, the shares of dMY IV Class B common stock automatically converted to 8,625,000 shares of the Company’s Class A common stock (the “dMY Sponsor Shares”), of which, pursuant to a lock-up agreement entered into with the dMY Sponsor in connection with the Business Combination, 862,500 shares are subject to vesting under conditions consistent with the Earn-out Shares discussed above (the “dMY Sponsor Earn-out Shares”). The dMY Sponsor Earn-out Shares are accounted for as equity classified equity instruments, were included as merger consideration as part of the Business Combination, and recorded in additional paid-in capital. On July 7, 2021, in connection with the execution of the Merger Agreement, and on September 13, 2021, following receipt of interest expressed by additional subscribers after the announcement of the Business Combination, dMY IV entered into subscription agreements (collectively, the “Subscription Agreements”) with certain parties subscribing for shares of dMY IV’s Class A common stock (such parties, the “Subscribers”), pursuant to which the Subscribers agreed to purchase, and dMY IV agreed to sell to the Subscribers, an aggregate of 25,200,000 shares of dMY IV Class A Common Stock, for a purchase price of $10.00 per share. Immediately prior to the closing of the Business Combination, the Company issued and sold 25,200,000 shares of its Class A common stock to the Subscribers for aggregate gross proceeds to the Company of $252.0 million (the “PIPE Investment”). In connection with the Business Combination transactions, the outstanding principal, accrued interest and repayment fees of $67.1 million of the credit agreement with SVB and Hercules was repaid (see Note 10). The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP, whereby dMY IV was treated as the acquired company and Former Planet was treated as the acquirer. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Former Planet issuing stock for the net assets of dMY IV, accompanied by a recapitalization. The net assets of dMY IV were stated at historical cost, with no goodwill or other intangible assets recorded. The number of shares of the Company’s common stock outstanding immediately following the consummation of the Business Combination and related transactions is as follows: 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. |
Revenue
Revenue | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Deferred Revenue During the nine months ended October 31, 2022 and 2021, the Company recognized revenue of $50.4 million and $35.3 million, respectively, that had been included in deferred revenue as of January 31, 2022 and 2021, 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 at the anniversary of 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 $130.8 million as of October 31, 2022, which consists of both deferred revenue of $47.7 million and non-cancelable contracted revenue that will be invoiced in future periods of $83.1 million. The Company expects to recognize approximately 81% of the remaining performance obligation over the next 12 months, approximately 96% 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) 2022 2021 2022 2021 United States $ 27,191 $ 14,789 $ 71,672 $ 39,293 Norway 3,226 2,100 6,780 10,914 Rest of World 19,287 14,811 59,829 43,856 Total revenue $ 49,704 $ 31,700 $ 138,281 $ 94,063 No single country in the Rest of World accounted for more than 10% of revenue for the three and nine months ended October 31, 2022 and October 31, 2021. 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. 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. Amortization of commission expenditures was $0.5 million and $1.3 million for the three and nine month periods ended October 31, 2022, respectively. During the three and nine months ended October 31, 2021, the Company deferred $0.1 million and $1.2 million of commission expenditures to be amortized in future periods, respectively. Amortization of commission expenditures was $0.4 million and $1.7 million for the three and nine month periods ended October 31, 2021, respectively. As of October 31, 2022 and January 31, 2022, deferred commissions consisted of the following: (in thousands) October 31, 2022 January 31, 2022 Deferred commission, current $ 1,867 $ 1,375 Deferred commission, non-current 1,964 1,083 Total deferred commission $ 3,831 $ 2,458 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. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities 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, 2022 and January 31, 2022 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, 2022 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 64,187 $ — $ — Repurchase securities — 5,000 — Restricted cash: money market funds 5,006 — — Short-term investments: U.S. Treasury securities 55,444 — — Commercial paper — 37,204 — Corporate bonds — 127,553 — U.S. government agency securities — 5,962 — Total assets $ 124,637 $ 175,719 $ — Liabilities Public Warrants $ 7,590 $ — $ — Private Placement Warrants — — 10,265 Total liabilities $ 7,590 $ — $ 10,265 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 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 table above. 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, 2022 and 2021. The Public Warrants are classified within Level 1 as they are publicly traded and have an observable market price in an active market. 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. Level 3 Disclosures The following is a rollforward of Level 3 liabilities measured at fair value: (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 Change in fair value — (1,439) (5,330) Fair value at July 31, 2021 $ — $ 104,464 $ 9,364 Change in fair value — 5,489 4,683 Fair value at October 31, 2021 $ — $ 109,953 $ 14,047 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 $ — $ — Private Placement Warrants The Private Placement Warrants (excluding the Private Placement Vesting Warrants) 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, 2022 and January 31, 2022 were 65.0% and 60.0%, respectively. Convertible Notes In connection with the Business Combination, the convertible notes converted into shares of Class A common stock. The Company measured the fair value of the convertible notes upon conversion based on the closing price of the Company’s Class A common stock on the date of the Business Combination and the number of Class A common stock shares into which the notes converted. As of October 31, 2021, the Company measured its convertible notes at fair value 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 convertible notes as of October 31, 2021 was estimated using a market approach. The significant unobservable inputs used in the fair value measurement of the Company’s convertible notes are the probability of conversion upon Business Combination and discount for lack of marketability. The following table provides quantitative information associated with the fair value measurement of the convertible notes as of October 31, 2021: Fair Value as of October 31, 2021 Valuation Technique Unobservable Input Input (in thousands) Convertible Notes $109,953 Market Approach Probability of Conversion upon Business Combination 100% Discount for lack of marketability 5% Preferred stock warrant liability In connection with the Business Combination, all preferred stock warrants converted into warrants for Class A common stock. A portion of such Class A common stock warrants were exercised upon the closing of the Business Combination. The Class A common stock warrants that remained outstanding were measured at fair value and classified within stockholders’ equity on the date of the Business Combination. As of October 31, 2021, the Company measured its liabilities for the preferred stock warrants at fair value 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 preferred stock warrant liabilities as of October 31, 2021 was estimated using a market approach and the Black-Scholes option pricing model. The significant unobservable inputs used in the fair value measurement of the Company’s preferred stock warrant liabilities are probability of conversion upon Business Combination, volatility, term and discount for lack of marketability The following table provides quantitative information associated with the fair value measurement of the preferred stock warrant liability as of October 31, 2021: Fair Value as of October 31, 2021 Valuation Technique Unobservable Input Input (in thousands) Preferred Stock Warrant Liability $14,047 Black-Scholes Expected Term 8.4 years Volatility 60% Risk-free interest rate 1.49% Dividend yield 0% Market approach Probability of Conversion upon Business Combination 100% Discount for lack of 5% Other |
Leases
Leases | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company’s leasing activities primarily consist of real estate leases for its operations, including office space, and certain ground station service agreements that convey the right to control the use of specified equipment and facilities. The Company assesses whether each lease is an operating or finance lease at the lease commencement date. As of October 31, 2022, the Company has no finance leases. The Company’s lease agreements do not contain residual value guarantees or material restrictive covenants. Certain of the Company’s leases include escalation clauses, options to renew and options for early termination. The Company utilizes the base, non-cancelable period as the lease term when initially recognizing right-of-use assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. Leases with an initial term of 12 months or less are not recorded on the Company’s condensed consolidated balance sheet and expense for these leases are recognized on a straight-line basis over the lease term. The Company does not separate lease and non-lease components for its operating leases. Operating lease costs were $1.8 million and $4.7 million for the three and nine months ended October 31, 2022, respectively. Variable lease expenses, short-term lease expenses and sublease income were immaterial for the three and nine months ended October 31, 2022. Operating cash flows from operating leases were $1.9 million and $5.9 million for the three and nine months ended October 31, 2022, respectively. Right of use assets obtained in exchange for operating lease liabilities were $11.7 million for the three and nine month periods ended October 31, 2022. Maturities of operating lease liabilities as of October 31, 2022 were as follows: (in thousands) Remainder of Fiscal Year 2023 $ 1,834 2024 4,069 2025 5,147 2026 5,063 2027 3,905 Thereafter 31 Total lease payments $ 20,049 Less: Imputed interest (2,487) Total lease liabilities $ 17,562 Weighted average remaining lease term (years) 3.8 Weighted average discount rate 6.8 % As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the discount rates used to determine the present value of the Company’s lease liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. To determine the incremental borrowing rate, the Company references market yield curves which are risk-adjusted to approximate a collateralized rate. In accordance with ASC Topic 840, rent expense for the three and nine months ended October 31, 2021 was $0.8 million and $2.3 million, respectively, net of sublease income. Sublease income was immaterial for the three and nine months ended October 31, 2021. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents and Restricted cash 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 balances of $5.7 million and $6.1 million as of October 31, 2022 and January 31, 2022, respectively. The restricted cash balances as of October 31, 2022 primarily consisted of $4.1 million of collateral money market accounts for the Company’s headquarters and other domestic office operating leases and $1.3 million of performance guarantees required for the Company’s foreign sales activities. The restricted cash balances as January 31, 2022 primarily consisted of $4.2 million of collateral money market accounts for the Company’s headquarters and other domestic office operating leases and $1.6 million of performance guarantees required for the Company’s foreign sales activities. A reconciliation of the Company’s cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows as of October 31, 2022 and January 31, 2022 is as follows: (in thousands) October 31, 2022 January 31, 2022 Cash and cash equivalents $ 199,124 $ 490,762 Restricted cash, current 527 309 Restricted cash, non-current 5,163 5,743 Total cash, cash equivalents and restricted cash $ 204,814 $ 496,814 The current restricted cash balances as of October 31, 2022 and January 31, 2022 are included in prepaid expenses and other current assets. Short-term Investments Short-term investments consisted of the following as of October 31, 2022: Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 55,703 $ — $ (259) $ 55,444 Commercial paper 37,124 80 — 37,204 Corporate bonds 128,536 — (983) 127,553 U.S. government agency securities 6,035 — (73) 5,962 Total short-term investments $ 227,398 $ 80 $ (1,315) $ 226,163 The following table summarizes the contracted maturities of the Company’s short-term investments as of October 31, 2022: October 31, 2022 (in thousands) Amortized Cost Fair Value Due in 1 year or less $ 139,754 $ 139,332 Due in 1-2 years 87,644 86,831 $ 227,398 $ 226,163 There were no short-term investments as of January 31, 2022. Property and Equipment, Net Property and equipment, net consists of the following: (in thousands) October 31, 2022 January 31, 2022 Satellites* $ 314,410 $ 310,861 Leasehold improvements 15,363 15,448 Ground stations and ground station equipment 15,024 12,685 Office furniture, equipment and fixtures 5,546 5,335 Computer equipment and purchased software 8,365 8,197 Total property and equipment, gross 358,708 352,526 Less: Accumulated depreciation (243,323) (219,246) Total property and equipment, net $ 115,385 $ 133,280 * Satellites include $13.6 million and $13.7 million of satellites in process and not placed into service as of October 31, 2022 and January 31, 2022, respectively. There was no interest expense associated with manufactured satellites for the three and nine months ended October 31, 2022. Interest expense associated with manufactured satellites was not material for the three and nine months ended October 31, 2021. The Company’s long-lived assets by geographic region are as follows: (in thousands) October 31, 2022 January 31, 2022 United States $ 110,834 $ 130,230 Rest of World 4,551 3,050 Total property and equipment, net $ 115,385 $ 133,280 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, 2022 and January 31, 2022. 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. Total depreciation expense for the three and nine months ended October 31, 2021 was $9.6 million and $28.1 million, respectively, of which $8.4 million and $24.5 million, respectively, was depreciation expense specific to satellites. Capitalized Internal-Use Software Development Costs Capitalized internal-use software costs, net of accumulated amortization consists of the following: (in thousands) October 31, 2022 January 31, 2022 Capitalized internal-use software $ 38,795 $ 36,453 Less: Accumulated amortization (27,614) (25,685) Capitalized internal-use software, net $ 11,181 $ 10,768 There was no interest expense associated with capitalized internal-use software costs for the three and nine months ended October 31, 2022. Interest expense associated with capitalized internal-use software costs was not material for the three and nine months ended October 31, 2021. 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. Amortization expense for capitalized internal-use software for the three and nine months ended October 31, 2021 was $1.3 million and $4.5 million, respectively. Goodwill and Intangible Assets Goodwill and Intangible assets consist of the following: October 31, 2022 January 31, 2022 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 16,557 $ (8,548) $ (8) $ 8,001 $ 16,557 $ (7,583) $ (9) $ 8,965 Image library 12,194 (10,851) 262 1,605 12,028 (10,610) 104 1,522 Customer relationships 3,951 (2,619) 7 1,339 3,951 (2,161) 8 1,798 Trade names and other 4,551 (3,117) 40 1,474 4,551 (2,678) 39 1,912 Total intangible assets $ 37,253 $ (25,135) $ 301 $ 12,419 $ 37,087 $ (23,032) $ 142 $ 14,197 Goodwill $ 101,413 $ — $ 1,806 $ 103,219 $ 101,413 $ — $ 1,806 $ 103,219 Amortization expense for the three and nine months ended October 31, 2022 was $0.7 million and $2.1 million, respectively. Amortization expense for the three and nine months ended October 31, 2021 was $0.5 million and $1.3 million, respectively. Estimated future amortization expense of intangible assets at October 31, 2022, is as follows: (in thousands) Remainder of Fiscal Year 2023 $ 775 2024 3,056 2025 2,136 2026 1,214 2027 1,108 Thereafter 4,130 $ 12,419 Accrued and Other Current Liabilities Accrued liabilities and other current liabilities consist of the following: (in thousands) October 31, 2022 January 31, 2022 Deferred R&D service liability (see Note 8) $ 22,673 $ 21,878 Payroll and related expenses 5,254 6,007 Deferred hosting costs 4,512 3,967 Deferred rent — 2,193 Withholding taxes and other taxes payable 1,803 3,731 Other accruals 8,387 11,047 Total accrued and other current liabilities $ 42,629 $ 48,823 |
Research and Development Arrang
Research and Development Arrangements | 9 Months Ended |
Oct. 31, 2022 | |
Research and Development [Abstract] | |
Research and Development Arrangements | Research and Development Arrangements Research and Development Services Agreement 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, including subsequent amendments to such agreement, provides for a fee of $45.8 million to be paid to the Company as specified milestones are achieved over a three year period. The R&D Services Agreement is unrelated to the Company’s ordinary business activities. 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 recognized over the agreement term as a reduction of research and development expenses based on a cost incurred method. During the three and nine months ended October 31, 2022, the Company recognized $4.1 million and $10.7 million of fees and incurred $4.1 million and $10.7 million of research and development expenses, respectively, in connection with the R&D Services Agreement. During the three and nine months ended October 31, 2021, the Company recognized $1.4 million and $2.7 million of fees and incurred $1.5 million and $2.8 million of research and development expenses, respectively. As of October 31, 2022 and January 31, 2022 , the Company had received a total of $36.3 million and $26.7 million, respectively, under the R&D Services Agreement. NASA Communication Services Project In connection with its Communication Services Project (“CSP”), the National Aeronautics and Space Administration (“NASA”) selected certain satellite communications providers that NASA will fund to develop and demonstrate near-Earth space communication services that may support future NASA missions using commercial technology. In June 2022 and August 2022, the Company entered into separate agreements with two of the satellite communications providers selected by NASA whereby the Company agreed to participate in the NASA CSP as a subcontractor. The agreements provide for the Company to receive aggregate funding of $40.5 million to be paid as milestones are completed. The Company determined that the agreements are in the scope of ASC 912-730, Contractors –Federal Government – Research and Development (“ASC 912-730”). In accordance with ASC 912-730, funding is recognized over the term of each agreement as a reduction of research and development expenses based on a cost incurred method. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Launch Services The Company has purchase commitments for future satellite launch services to be performed by third- parties subsequent to October 31, 2022. Future purchase commitments under noncancelable launch service contracts as of October 31, 2022 are as follows: (in thousands) Remainder of Fiscal Year 2023 $ 45 2024 1,025 Thereafter — Total purchase commitments $ 1,070 Other The Company has minimum purchase commitments for hosting services from Google through January 31, 2028 (see Note 12). Future minimum purchase commitments under the noncancelable hosting service agreement with Google as of October 31, 2022 is as follows: (in thousands) Remainder of Fiscal Year 2023 $ 4,453 2024 28,050 2025 30,120 2026 31,190 2027 32,725 Thereafter 33,427 Total purchase commitments $ 159,965 Contingencies The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims, individually or in the aggregate, that are expected to have a material adverse impact on its condensed consolidated financial statements as of each reporting period. From time to time however, the Company may have certain contingent liabilities that arise in the ordinary course of business activities including those arising from disputes and claims and events arising from revenue contracts entered into by the Company. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third-party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. |
Debt, Convertible Notes, and Wa
Debt, Convertible Notes, and Warrants | 9 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt, Convertible Notes, and Warrants | Debt, Convertible Notes, and Warrants The terms of the Company's debt, convertible notes and warrants are described in Note 9, Debt, Convertible Notes, and Warrants , in the Notes to the Consolidated Financial Statements in the 2022 Form 10-K. Venture Loan Amendment On June 21, 2019, the Company amended the 2017 loan agreements with Venture Lending & Leasing, Inc. (“ Venture ”), an affiliate of Western Technology Investment (the “ Amendment ”). Following the Amendment, Tranche B, consisting of two separate subordinated contract liability instruments of $4.3 million each, remained outstanding for which the Company elected to apply the fair value option. The Tranche B loans were classified as a current liability and were measured at a fair value of $10.9 million at issuance. Changes in fair value were subsequently recognized in the condensed consolidated statements of operations and comprehensive loss. In July 2021, the Company amended certain terms of its Venture Tranche B loans and certain terms of the warrants issued to Venture. In connection with the Business Combination (see Note 3), the Venture Tranche B loans converted into 754,378 shares of the Company’s Class A common stock, and there were no loan amounts outstanding as of October 31, 2022 or January 31, 2022 . SVB & Hercules Loan On June 21, 2019, the Company entered into a Credit Agreement with Silicon Valley Bank (“SVB”) and Hercules Capital, Inc. (“Hercules”) for a $50 million secured loan with an interest rate of 11.0% per annum (the prime rate plus 5.5%, minimum of 11%). The loan was scheduled to mature in June 2022. On June 5, 2020, the Company obtained an additional $15 million secured loan from SVB and Hercules. The loan bore an interest rate of 11.0% per annum and was scheduled to mature on June 21, 2022, or 91 days prior to the maturity date of the 2020 Convertible Notes, described below, if the outstanding 2020 Convertible Notes had not been converted into equity securities. In connection with the loans, the Company issued warrants to the lenders and their affiliates for the purchase of 1,433,956 shares of the Company’s Class A common stock, consisting of 1,049,801 with an exercise price of $0.00001 per share which expire in June 2029, and 384,155 which expire in June 2030. The Company incurred total loan fees of $0.9 million associated with its entry into the agreements and accrued $1.5 million of final loan fees payable upon maturity of the 2019 Credit Agreement. The proceeds of debt issuances were allocated between debt and the warrants based on their relative fair values. The difference between debt proceeds and the amount of those proceeds allocated to debt gave rise to total debt discounts of $5.8 million. The discount amount due to the warrant of $5.8 million along with the total loan fees of $2.4 million was being amortized as interest expense through maturity using the effective interest method. In connection with the Business Combination (see Note 3), the outstanding principal, accrued interest and repayment fees of $67.1 million relating to the Credit Agreement with SVB and Hercules was repaid. Therefore, there were no loan amounts outstanding as of October 31, 2022 or January 31, 2022. 2020 Convertible Notes During the fiscal year ended January 31, 2021, the Company entered into a Convertible Note and Warrant Purchase Agreement with certain investors, pursuant to which it issued convertible promissory notes (the “ 2020 Convertible Notes ”). The 2020 Convertible Notes bore interest at a rate of 6.0% per annum, which compounded quarterly and were scheduled to mature on June 22, 2022. The principal amount of 2020 Convertible Notes issued was $71.1 million in aggregate. The Company issued warrants for the purchase of Series D convertible preferred stock, equal to 20% of the original principal amount of the notes, with an exercise price of $9.3844. The warrants expire on the tenth anniversary of the date of issuance. The number of shares of Series D convertible preferred stock issuable under the warrants is 1,515,799 in aggregate. The Company elected to apply the fair value option to the outstanding 2020 Convertible Notes. As such, the 2020 Convertible Notes were recognized at fair value with changes in fair value recognized in the condensed consolidated statements of operations and comprehensive loss. In July 2021, the Company amended certain terms of its 2020 Convertible Notes to provide for, among other things, the automatic conversion of the outstanding principal and accrued interest under the 2020 Convertible Notes into shares of common stock immediately prior to the Business Combination. The amended terms of the 2020 Convertible Notes were not considered substantially different than the original terms of such 2020 Convertible Notes. As such, the 2020 Convertible Notes continued to be recognized at fair value pursuant to the fair value option. In connection with the Business Combination (see Note 3), the 2020 Convertible Notes converted into 9,824,143 shares of the Company’s Class A Common Stock, therefore there were no 2020 Convertible Notes outstanding as of October 31, 2022 or January 31, 2022. In connection with the Business Combination (see Note 3), 450,205 of the Series D convertible preferred stock warrants discussed above converted into warrants for Class A common stock and were exercised on a cashless basis, resulting in the issuance of 27,713 shares of Class A common stock. The remaining 1,065,594 Series D convertible preferred stock warrants that were not exercised converted into warrants for Class A common stock shares and remained outstanding and exercisable as of October 31, 2022 and January 31, 2022. As of October 31, 2022, the outstanding warrants have a weighted average remaining term of 7.4 years. The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts. Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2022 2021 2022 2021 Contractual interest coupon $ — $ 1,828 $ — $ 5,422 Amortization of debt issuance costs — 229 — 679 Amortization of debt discounts — 555 — 1,649 Total interest expense $ — $ 2,612 $ — $ 7,750 |
Public and Private Placement Wa
Public and Private Placement Warrants | 9 Months Ended |
Oct. 31, 2022 | |
Warrants [Abstract] | |
Public and Private Placement Warrants | Public and Private Placement Warrants In connection with dMY IV’s initial public offering, which occurred on March 9, 2021, dMY IV issued 34,500,000 units, each unit consisting of one share of Class A common stock of dMY IV and one-fifth of one redeemable warrant, at a price of $10.00 per unit. Each whole warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment (the “Public Warrants”). Simultaneously with the closing of its initial public offering, dMY IV completed the private sale of 5,933,333 warrants to dMY Sponsor IV, LLC (the “dMY Sponsor”) at a purchase price of $1.50 per warrant (the “Private Placement Warrants”). Each Private Placement Warrant is exercisable for one share of Class A common stock at $11.50 per share. Additionally, pursuant to a lock-up agreement entered into with the dMY Sponsor in connection with the Business Combination, 2,966,667 of the Private Placement Warrants are subject to vesting conditions (the “Private Placement Vesting Warrants”). The Private Placement Vesting Warrants vest in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 day trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00. Any right to Private Placement Vesting Warrants that remains unvested on the first business day after five years from the closing of the Business Combination will be forfeited without any further consideration. As of October 31, 2022 and January 31, 2022, there were 6,899,982 Public Warrants and 5,933,333 Private Placement Warrants, including 2,966,667 Private Placement Vesting Warrants, outstanding. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of October 31, 2022 and January 31, 2022, Google owned greater than 10% of the Company’s common shares with a total investment of 31,942,641 shares of Class A common stock. In March 2020, Google purchased $10.0 million of 2020 Convertible Notes (Note 10). Upon issuance of such 2020 Convertible Notes to Google, the Company also issued warrants to Google for the purchase of 213,119 shares of Series D preferred stock. In connection with the Business Combination, such 2020 Convertible Notes converted to shares of Class A common stock and such Series D preferred stock warrants converted to and were exercised for shares of Class A common stock. In April 2017, the Company and Google entered into a five year content license agreement pursuant to which the Company licenses imagery content to Google. In April 2022, the agreement automatically renewed for a period of one-year. The agreement will terminate in April 2023, unless it is extended for up to one year if the delivery obligations are not met by the company, or it is otherwise renewed at Google’s discretion for an additional year, in each case in accordance with its terms. Additionally, Google may terminate the agreement prior to April 2023 once the Company’s outstanding delivery obligations are completed. As of October 31, 2022 and January 31, 2022, the deferred revenue balance associated with the content license agreement was $2.5 million and $12.2 million, respectively. For the three and nine months ended October 31, 2022, the Company recognized revenue of $3.3 million and $9.7 million, respectively, related to the content license agreement. For the three and nine months ended October 31, 2021, the Company recognized revenue of $1.5 million and $5.6 million, respectively, related to the content license agreement. In addition, the Company purchases hosting and other services from Google, of which $14.4 million and $16.1 million is deferred as of October 31, 2022 and January 31, 2022, respectively. For the three and nine months ended October 31, 2022, the Company recorded hosting expense of $6.0 million and $17.7 million, respectively. For the three and nine months ended October 31, 2021, the Company recorded hosting expense of $5.0 million and $13.7 million, respectively. As of October 31, 2022 and January 31, 2022, the Company’s accounts payable and accrued liabilities balance included $2.5 million and $2.0 million related to hosting and other services provided by Google, respectively. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Prior to the Business Combination, the Company issued equity awards under the Planet Labs Inc. Amended and Restated 2011 Stock Incentive Plan (previously named the Cosmogia Inc. 2011 Stock Incentive Plan) (the “ Legacy Incentive Plans ”). In connection with the Business Combination, the Company adopted the Planet Labs PBC 2021 Incentive Award Plan (the “ Incentive Plan ”). No further awards will be granted under the Legacy Incentive Plans. Directors, employees and consultants are eligible to receive awards under the Incentive Plan; however, ISOs may only be granted to employees. The Company's plans are described in Note 13, Stock-based Compensation , in the Notes to the Consolidated Financial Statements in the 2022 Form 10-K. Stock-Based Compensation The following table summarizes stock-based compensation expense recognized related to awards granted to employees and nonemployees, as follows: Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2022 2021 2022 2021 Cost of revenue $ 1,317 $ 226 $ 3,992 $ 688 Research and development 8,282 1,901 25,903 4,582 Sales and marketing 3,221 677 10,615 1,959 General and administrative 6,990 2,020 20,592 5,904 Total expense 19,810 4,824 61,102 13,133 Capitalized to internal-use software development costs and property and equipment (372) (181) (1,261) (514) Total stock-based compensation expense $ 19,438 $ 4,643 $ 59,841 $ 12,619 Stock Options A summary of stock option activity is as follows: 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 (4,893,120) $ 2.23 Forfeited (968,342) $ 5.82 Balances at October 31, 2022 36,046,089 $ 4.93 6.33 $ 48,339 Vested and exercisable at October 31, 2022 25,820,674 $ 3.95 5.57 $ 44,025 As of October 31, 2022, total unrecognized compensation cost related to stock options was $35.4 million, which is expected to be recognized over a period of 2.3 years . Restricted Stock Units A summary of Restricted Stock Unit (“RSU”) activity is as follows: Number of RSUs Weighted Average Grant Date Fair Value Balances at January 31, 2022 5,439,736 $ 9.42 Vested (2,094,413) $ 7.16 Granted 13,962,454 $ 4.91 Forfeited (933,977) $ 5.73 Balances at October 31, 2022 16,373,800 $ 6.08 During the nine months ended October 31, 2022, the Company granted 13,962,454 RSUs, which generally vest over four years, subject to the recipient’s continued service through each applicable vesting date. Stock-based compensation expense recognized for RSUs during the three and nine months ended October 31, 2022 was $8.5 million and $26.2 million, respectively. As of October 31, 2022, total unrecognized compensation cost related to RSUs was $74.5 million which are expected to be recognized over a period of approximately 3.0 years. RSUs granted in periods prior to the Business Combination were subject to both time-based service and liquidity event vesting requirements. The liquidity event requirement was met upon the closing of the Business Combination on December 7, 2021 and recognition of stock-based compensation commenced on such date. Accordingly, there was no expense recognized for RSUs during the three and nine months ended October 31, 2021. Early Exercises of Stock Options The Legacy Incentive Plans provided for the early exercise of stock options for certain individuals as determined by the Company’s board of directors. Shares of common stock issued upon early exercises of unvested options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules and accordingly, the consideration received for early exercises is initially recorded as a liability and reclassified to common stock and additional paid-in capital as the underlying awards vest. As of October 31, 2022, the Company had a $13.4 million liability recorded for the early exercise of unvested stock options, and the related number of unvested shares subject to repurchase was 1,378,654. Earn-out Shares Pursuant to the Merger Agreement for the Business Combination, Former Planet equity award holders have the right to receive Earn-out Shares that are contingently issuable in shares of Class A common stock. The Earn-out Shares may be earned in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 day trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00. No Earn-out Shares vested during the three and nine months ended October 31, 2022. As of October 31, 2022, there were 4,469,659 Earn-out Shares outstanding relating to Former Planet equity award holders. During the three and nine months ended October 31, 2022, the Company recognized $6.3 million and $20.6 million of stock-based compensation expense related to the Earn-out Shares, respectively. As of October 31, 2022, total unrecognized compensation cost related to the Earn-out Shares was $11.4 million . These costs are expected to be recognized over a period of approximately 1 year. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded income tax expense of $0.4 million and $0.9 million for the three and nine months ended October 31, 2022. The Company recorded income tax expense of $0.4 million and $0.8 million for the three and nine months ended October 31, 2021. For the three and nine months ended October 31, 2022 and 2021, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rates for the three and nine months ended October 31, 2022 and 2021 differed from the federal statutory tax rate primarily due to the valuation allowance on the majority of the Company’s U.S. and foreign deferred tax assets and foreign rate differences. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. There are two major corporate tax provisions included in the Act. The IRA also imposes a 1% excise tax on the repurchase of stock by publicly traded US corporations. The excise tax is effective for stock repurchases after December 31, 2022. The Company does not expect the aforementioned provisions in the IRA to have any impact on the Company’s financial statements. Under the Tax Cuts and Jobs Act of 2017, qualified research expenses incurred after 2021 are no longer immediately deductible and must be amortized over 5 years for tax purposes. The Company does not expect this provision to have a material impact on the Company’s financial statements. The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. Gross unrecognized tax benefits were $6.5 million and $5.7 million as of October 31, 2022 and January 31, 2022, respectively. The gross unrecognized tax benefits, if recognized, would not affect the effective tax rate due to the valuation allowance against the deferred tax assets. The Company determined that no accrual for interest and penalties was required as of October 31, 2022 and January 31, 2022 and no such expenses were incurred in the periods presented. The Company does not anticipate the total amounts of unrecognized tax benefits to significantly increase or decrease in the next twelve months. The Company files U.S. federal, various state and foreign income tax returns. The Company is not currently under audit by any taxing authorities. All tax years remain open to examination by taxing jurisdictions to which the Company is subject. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Net loss per share calculations for all periods prior to the Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Business Combination to effect the reverse recapitalization. The Company computes net loss per share of the Class A common stock and Class B common stock using the two-class method required for participating securities. Basic and diluted net loss per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted loss per Class A common stock and Class B common stock (amounts in thousands, except share and per share amounts): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ (40,236) $ (41,541) $ (124,125) $ (91,159) Denominator: Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 267,947,661 47,137,377 266,104,962 46,360,220 Basic and diluted net loss per share attributable to common stockholders $ (0.15) $ (0.88) $ (0.47) $ (1.97) Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of October 31, 2022 2021 Convertible Preferred Stock — 131,252,627 Convertible notes — 8,096,863 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 36,046,089 44,518,179 Restricted Stock Units 16,373,800 5,338,467 Earn-out Shares 25,928,669 — 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 1,378,654 1,746,297 Shares issued in connection with acquisition, subject to future vesting 339,619 — 94,828,240 193,975,486 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | 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, 2022 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2023 or any other future period. 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. Revenue for the three months ended October 31, 2022 includes an out of period adjustment of $2.1 million. 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, 2022 (the “2022 Form 10-K”). The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP, whereby dMY IV was treated as the acquired company and Former Planet was treated as the acquirer. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Former Planet issuing stock for the net assets of dMY IV, accompanied by a recapitalization. The net assets of dMY IV were stated at historical cost, with no goodwill or other intangible assets recorded. Former Planet was determined to be the accounting acquirer based on the following predominant factors: • Former Planet’s existing stockholders have the majority voting interest in the combined entity; • Former Planet had the ability to nominate a majority of the initial members of the board of directors of the combined entity; • Former Planet’s senior management became the senior management of the combined entity; and • Former Planet is the larger entity based on historical operating activity and has the larger employee base. The consolidated assets, liabilities and results of operations prior to the Business Combination are those of Former Planet. The shares and corresponding capital amounts and losses per share, prior to the Business Combination, have been retroactively restated based on shares reflecting the exchange ratio of approximately 1.53184 (the “Exchange Ratio”) established in the Business Combination. See Note 3, Business Combination , for additional details. |
Use of estimates | 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, 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, the fair value of common stock and other assumptions used to measure stock-based compensation, the fair value of convertible notes and 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 COVID-19 Coronavirus pandemic (“COVID-19” or “COVID-19 pandemic”), and current events involving Russia and Ukraine, 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 | 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. |
Concentration of credit risk and other risks and uncertainties | 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 financial institutions in the U.S. and checking accounts with financial institutions in Canada, Germany, the Netherlands and Singapore that management believes are of high credit quality. 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 of cash, cash equivalents or short-term investments. The maximum amount of loss at October 31, 2022 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 $424.5 million. Accounts receivable are typically unsecured and are derived from revenue earned from customers across various countries. As of October 31, 2022, two customers accounted for 16% and 12% of accounts receivable, respectively. As of January 31, 2022, four customers accounted for 23%, 14%, 12% and 10% of accounts receivable, 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. |
Short-term investments | Short-term investments The Company’s short-term investments are designated as available-for-sale and carried at fair value, which is based on quoted market prices for such securities, if available, or is estimated on the basis of quoted market prices of financial instruments with similar characteristics. Investments with original maturities greater than 90 days and remaining maturities of less than one year are classified within short-term investments on the Company’s condensed consolidated balance sheets. In addition, investments with maturities beyond one year at the time of purchase that are highly liquid in nature and represent the investment of cash that is available for current operations are classified as short-term investments. Unrealized gains and losses of available-for-sale securities are excluded from earnings and are reported as a component of Other comprehensive income (loss), net of tax, until the security is sold, the security has matured, or the Company determines that the fair value of the security has declined below its adjusted cost basis and the decline is not due to a credit loss. Realized gains and losses on short-term investments are calculated based on the specific identification method and would be reclassified from accumulated other comprehensive income (loss) to other income (expense), net. |
Recently adopted accounting pronouncements | Recently Adopted Accounting Pronouncements The following section provides information about accounting pronouncements adopted during the nine months ended October 31, 2022. In February 2016, the FASB issued ASU 2016-02, Leases (“ Topic 842 ”), which supersedes the guidance in former ASC 840, Leases . The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases under Topic 840. The Company adopted Topic 842 effective February 1, 2022 and applied the new guidance prospectively utilizing the modified retrospective approach. Comparative periods prior to the effective date were not adjusted and continue to be reported in accordance with the previous lease guidance under Topic 840. The Company elected to utilize the package of practical expedients for transition which permitted the Company to not reassess its prior conclusions regarding whether a contract is or contains a lease, lease classification and initial direct costs. Upon adoption, the Company recognized ROU assets and lease liabilities for operating leases of $8.4 million and $11.4 million, respectively. The difference between the ROU assets and lease liabilities resulted from deferred rent liability balances that were reclassified to ROU assets upon adoption. The Company currently has no finance leases. The adoption of Topic 842 did not result in a cumulative effect adjustment to accumulated deficit, did not impact the Company’s previously reported financial results and did not impact the Company’s condensed consolidated statements of operations and comprehensive loss. Additionally, the adoption of Topic 842 had no impact on cash provided by or used in operating, investing or financing activities on the Company’s condensed consolidated statements of cash flows. In June 2016, the FASB issued ASU 2016-13, Financial instruments, Credit Losses (“ Topic 326 ”): Measurement of Credit Losses on Financial Instruments , which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, available-for-sale debt securities, and other instruments that are not measured at fair value through net income. The Company adopted the new guidance effective February 1, 2022 utilizing the modified retrospective transition method and recorded a $0.3 million adjustment to the beginning accumulated deficit balance to reflect the cumulative effect of the accounting change. The adoption of the new guidance did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. The Company’s accounts receivable include amounts billed and billable to customers as of the end of the applicable period and do not bear interest. Accounts receivable are stated net of an estimated allowance for credit losses. Effective February 1, 2022, the allowance is assessed by applying a historical loss-rate methodology in accordance with Topic 326, adjusted as necessary based on the Company's review of accounts receivable, specifically reviewing factors including the age of the balances, customer payment history, creditworthiness, and other factors. The Company also considers market conditions and current and expected future economic conditions to inform adjustments to historical loss data. If it is deemed certain that an amount is uncollectible, the amount is written-off. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, a new accounting standard update to simplify the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Company adopted ASU 2017-04 effective February 1, 2022 which did not impact the Company’s condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, Income Taxes ( “Topic 740” ): Simplifying the Accounting for Income Taxes, |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Reverse Recapitalization [Abstract] | |
Schedule of Business Combination Transactions | The number of shares of the Company’s common stock outstanding immediately following the consummation of the Business Combination and related transactions is as follows: 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. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue by major geographic region: Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2022 2021 2022 2021 United States $ 27,191 $ 14,789 $ 71,672 $ 39,293 Norway 3,226 2,100 6,780 10,914 Rest of World 19,287 14,811 59,829 43,856 Total revenue $ 49,704 $ 31,700 $ 138,281 $ 94,063 |
Schedule of Deferred Commissions | As of October 31, 2022 and January 31, 2022, deferred commissions consisted of the following: (in thousands) October 31, 2022 January 31, 2022 Deferred commission, current $ 1,867 $ 1,375 Deferred commission, non-current 1,964 1,083 Total deferred commission $ 3,831 $ 2,458 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 2022 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 64,187 $ — $ — Repurchase securities — 5,000 — Restricted cash: money market funds 5,006 — — Short-term investments: U.S. Treasury securities 55,444 — — Commercial paper — 37,204 — Corporate bonds — 127,553 — U.S. government agency securities — 5,962 — Total assets $ 124,637 $ 175,719 $ — Liabilities Public Warrants $ 7,590 $ — $ — Private Placement Warrants — — 10,265 Total liabilities $ 7,590 $ — $ 10,265 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 |
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a rollforward of Level 3 liabilities measured at fair value: (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 Change in fair value — (1,439) (5,330) Fair value at July 31, 2021 $ — $ 104,464 $ 9,364 Change in fair value — 5,489 4,683 Fair value at October 31, 2021 $ — $ 109,953 $ 14,047 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 Measurement Inputs and Valuation Techniques | The following table provides quantitative information associated with the fair value measurement of the convertible notes as of October 31, 2021: Fair Value as of October 31, 2021 Valuation Technique Unobservable Input Input (in thousands) Convertible Notes $109,953 Market Approach Probability of Conversion upon Business Combination 100% Discount for lack of marketability 5% Fair Value as of October 31, 2021 Valuation Technique Unobservable Input Input (in thousands) Preferred Stock Warrant Liability $14,047 Black-Scholes Expected Term 8.4 years Volatility 60% Risk-free interest rate 1.49% Dividend yield 0% Market approach Probability of Conversion upon Business Combination 100% Discount for lack of 5% |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of October 31, 2022 were as follows: (in thousands) Remainder of Fiscal Year 2023 $ 1,834 2024 4,069 2025 5,147 2026 5,063 2027 3,905 Thereafter 31 Total lease payments $ 20,049 Less: Imputed interest (2,487) Total lease liabilities $ 17,562 Weighted average remaining lease term (years) 3.8 Weighted average discount rate 6.8 % |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | A reconciliation of the Company’s cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows as of October 31, 2022 and January 31, 2022 is as follows: (in thousands) October 31, 2022 January 31, 2022 Cash and cash equivalents $ 199,124 $ 490,762 Restricted cash, current 527 309 Restricted cash, non-current 5,163 5,743 Total cash, cash equivalents and restricted cash $ 204,814 $ 496,814 |
Schedule of Short-term Investments | Short-term investments consisted of the following as of October 31, 2022: Gross Unrealized (in thousands) Cost or Amortized Cost Gains Losses Fair Value U.S Treasury securities $ 55,703 $ — $ (259) $ 55,444 Commercial paper 37,124 80 — 37,204 Corporate bonds 128,536 — (983) 127,553 U.S. government agency securities 6,035 — (73) 5,962 Total short-term investments $ 227,398 $ 80 $ (1,315) $ 226,163 |
Schedule of Short-term Investments, Contractual Maturity | The following table summarizes the contracted maturities of the Company’s short-term investments as of October 31, 2022: October 31, 2022 (in thousands) Amortized Cost Fair Value Due in 1 year or less $ 139,754 $ 139,332 Due in 1-2 years 87,644 86,831 $ 227,398 $ 226,163 |
Schedule of Property and Equipment | Property and equipment, net consists of the following: (in thousands) October 31, 2022 January 31, 2022 Satellites* $ 314,410 $ 310,861 Leasehold improvements 15,363 15,448 Ground stations and ground station equipment 15,024 12,685 Office furniture, equipment and fixtures 5,546 5,335 Computer equipment and purchased software 8,365 8,197 Total property and equipment, gross 358,708 352,526 Less: Accumulated depreciation (243,323) (219,246) Total property and equipment, net $ 115,385 $ 133,280 * Satellites include $13.6 million and $13.7 million of satellites in process and not placed into service as of October 31, 2022 and January 31, 2022, respectively. |
Schedule of Long-lived Assets by Geographic Areas | The Company’s long-lived assets by geographic region are as follows: (in thousands) October 31, 2022 January 31, 2022 United States $ 110,834 $ 130,230 Rest of World 4,551 3,050 Total property and equipment, net $ 115,385 $ 133,280 |
Schedule of Capitalized Computer Software | Capitalized internal-use software costs, net of accumulated amortization consists of the following: (in thousands) October 31, 2022 January 31, 2022 Capitalized internal-use software $ 38,795 $ 36,453 Less: Accumulated amortization (27,614) (25,685) Capitalized internal-use software, net $ 11,181 $ 10,768 |
Schedule of Intangible Assets And Goodwill | Goodwill and Intangible assets consist of the following: October 31, 2022 January 31, 2022 (in thousands) Gross Accumulated Foreign Net Gross Accumulated Foreign Net Developed technology $ 16,557 $ (8,548) $ (8) $ 8,001 $ 16,557 $ (7,583) $ (9) $ 8,965 Image library 12,194 (10,851) 262 1,605 12,028 (10,610) 104 1,522 Customer relationships 3,951 (2,619) 7 1,339 3,951 (2,161) 8 1,798 Trade names and other 4,551 (3,117) 40 1,474 4,551 (2,678) 39 1,912 Total intangible assets $ 37,253 $ (25,135) $ 301 $ 12,419 $ 37,087 $ (23,032) $ 142 $ 14,197 Goodwill $ 101,413 $ — $ 1,806 $ 103,219 $ 101,413 $ — $ 1,806 $ 103,219 |
Schedule of Intangible Assets, Future Amortization Expense | Estimated future amortization expense of intangible assets at October 31, 2022, is as follows: (in thousands) Remainder of Fiscal Year 2023 $ 775 2024 3,056 2025 2,136 2026 1,214 2027 1,108 Thereafter 4,130 $ 12,419 |
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: (in thousands) October 31, 2022 January 31, 2022 Deferred R&D service liability (see Note 8) $ 22,673 $ 21,878 Payroll and related expenses 5,254 6,007 Deferred hosting costs 4,512 3,967 Deferred rent — 2,193 Withholding taxes and other taxes payable 1,803 3,731 Other accruals 8,387 11,047 Total accrued and other current liabilities $ 42,629 $ 48,823 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Purchase Commitments | Future purchase commitments under noncancelable launch service contracts as of October 31, 2022 are as follows: (in thousands) Remainder of Fiscal Year 2023 $ 45 2024 1,025 Thereafter — Total purchase commitments $ 1,070 |
Schedule of Other Commitments | Future minimum purchase commitments under the noncancelable hosting service agreement with Google as of October 31, 2022 is as follows: (in thousands) Remainder of Fiscal Year 2023 $ 4,453 2024 28,050 2025 30,120 2026 31,190 2027 32,725 Thereafter 33,427 Total purchase commitments $ 159,965 |
Debt, Convertible Notes, and _2
Debt, Convertible Notes, and Warrants (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Expense | The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts. Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2022 2021 2022 2021 Contractual interest coupon $ — $ 1,828 $ — $ 5,422 Amortization of debt issuance costs — 229 — 679 Amortization of debt discounts — 555 — 1,649 Total interest expense $ — $ 2,612 $ — $ 7,750 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense recognized related to awards granted to employees and nonemployees, as follows: Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2022 2021 2022 2021 Cost of revenue $ 1,317 $ 226 $ 3,992 $ 688 Research and development 8,282 1,901 25,903 4,582 Sales and marketing 3,221 677 10,615 1,959 General and administrative 6,990 2,020 20,592 5,904 Total expense 19,810 4,824 61,102 13,133 Capitalized to internal-use software development costs and property and equipment (372) (181) (1,261) (514) Total stock-based compensation expense $ 19,438 $ 4,643 $ 59,841 $ 12,619 |
Summary of Stock Option Activity | A summary of stock option activity is as follows: 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 (4,893,120) $ 2.23 Forfeited (968,342) $ 5.82 Balances at October 31, 2022 36,046,089 $ 4.93 6.33 $ 48,339 Vested and exercisable at October 31, 2022 25,820,674 $ 3.95 5.57 $ 44,025 |
Summary of Restricted Stock Unit ("RSU") Activity | A summary of Restricted Stock Unit (“RSU”) activity is as follows: Number of RSUs Weighted Average Grant Date Fair Value Balances at January 31, 2022 5,439,736 $ 9.42 Vested (2,094,413) $ 7.16 Granted 13,962,454 $ 4.91 Forfeited (933,977) $ 5.73 Balances at October 31, 2022 16,373,800 $ 6.08 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted loss per Class A common stock and Class B common stock (amounts in thousands, except share and per share amounts): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ (40,236) $ (41,541) $ (124,125) $ (91,159) Denominator: Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 267,947,661 47,137,377 266,104,962 46,360,220 Basic and diluted net loss per share attributable to common stockholders $ (0.15) $ (0.88) $ (0.47) $ (1.97) |
Schedule of Antidilutive Securities | The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive: As of October 31, 2022 2021 Convertible Preferred Stock — 131,252,627 Convertible notes — 8,096,863 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 36,046,089 44,518,179 Restricted Stock Units 16,373,800 5,338,467 Earn-out Shares 25,928,669 — 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 1,378,654 1,746,297 Shares issued in connection with acquisition, subject to future vesting 339,619 — 94,828,240 193,975,486 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Basis of Presentation and Liquidity (Details) | 3 Months Ended | ||
Oct. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Dec. 07, 2021 | |
Accounting Policies [Abstract] | |||
Out of period revenue adjustment | $ 2,100,000 | ||
Recapitalization exchange ratio | 1.53184 | ||
Cash and cash equivalents | 199,124,000 | $ 490,762,000 | |
Short-term investments | $ 226,163,000 | $ 0 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Segments (Details) | 9 Months Ended |
Oct. 31, 2022 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Oct. 31, 2022 | Jan. 31, 2022 | |
Concentration Risk [Line Items] | |||
Concentration risk, credit risk, maximum exposure | $ 424.5 | ||
Customer Concentration Risk | Accounts Receivable | Customer 1 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 16% | 23% | |
Customer Concentration Risk | Accounts Receivable | Customer 2 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 12% | 14% | |
Customer Concentration Risk | Accounts Receivable | Customer 3 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 12% | ||
Customer Concentration Risk | Accounts Receivable | Customer 4 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10% | ||
Customer Concentration Risk | Revenue Benchmark | Customer 1 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 23% | 18% | |
Customer Concentration Risk | Revenue Benchmark | Customer 2 | |||
Concentration Risk [Line Items] | |||
Concentration risk | 10% |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Feb. 01, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Operating lease right-of-use assets | $ 15,806 | $ 8,400 | $ 0 | ||||||
Operating lease liabilities | 17,562 | 11,400 | |||||||
Accumulated deficit adjustment | (594,167) | $ (613,643) | $ (630,706) | (648,245) | $ (37,193) | $ (70,278) | $ (83,929) | $ (107,511) | |
Accumulated Deficit | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Accumulated deficit adjustment | $ 901,455 | $ 861,219 | $ 821,690 | 777,029 | $ 731,064 | $ 689,523 | $ 669,160 | $ 639,905 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Accumulated deficit adjustment | 301 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Accumulated deficit adjustment | $ 300 | $ 301 |
Business Combination - Addition
Business Combination - Additional Information (Details) $ / shares in Units, $ in Millions | Dec. 07, 2021 USD ($) tradingDay $ / shares shares | Jul. 07, 2021 USD ($) $ / shares shares |
Reverse Recapitalization [Line Items] | ||
Recapitalization exchange ratio | 1.53184 | |
Contingent consideration liability (in shares) | 27,000,000 | |
Threshold trading days | tradingDay | 20 | |
Threshold trading days range | tradingDay | 30 | |
Contingent consideration (in shares) | 5,540,990 | |
Credit Agreement with SVB and Hercules | Secured Debt | ||
Reverse Recapitalization [Line Items] | ||
Repayments of debt | $ | $ 67.1 | |
Common Class A | ||
Reverse Recapitalization [Line Items] | ||
Contingent consideration liability (in shares) | 24,600,000 | |
Stock converted in transaction (in shares) | 8,625,000 | |
Sponsor earnout shares subject to vesting requirements (in shares) | 862,500 | |
Number of shares issued in transaction (in shares) | 25,200,000 | |
Sale of stock, price per share (in dollars per share) | $ / shares | $ 10 | |
Sale of stock, consideration received | $ | $ 252 | |
Common Class B | ||
Reverse Recapitalization [Line Items] | ||
Contingent consideration liability (in shares) | 2,400,000 | |
Period 1 | ||
Reverse Recapitalization [Line Items] | ||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 15 | |
Period 2 | ||
Reverse Recapitalization [Line Items] | ||
Share price triggering share issuance (in dollars per share) | $ / shares | 17 | |
Period 3 | ||
Reverse Recapitalization [Line Items] | ||
Share price triggering share issuance (in dollars per share) | $ / shares | 19 | |
Period 4 | ||
Reverse Recapitalization [Line Items] | ||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 21 |
Business Combination - Schedule
Business Combination - Schedule of Common Stock (Details) - shares | Dec. 07, 2021 | Dec. 06, 2021 |
Reverse Recapitalization [Line Items] | ||
Common stock, shares outstanding (in shares) | 260,091,568 | |
Common Class A | ||
Reverse Recapitalization [Line Items] | ||
Holders of dMY IV’s sponsor shares - Class A Common Stock (in shares) | 7,762,500 | |
PIPE Investment - Class A Common Stock (in shares) | 25,200,000 | |
Shares issued upon early exercise of unvested stock options (in shares) | 1,746,296 | |
Shares redeemed during the period (in shares) | 689,670 | |
Sponsor earnout shares subject to vesting requirements (in shares) | 862,500 | |
Former Plan Stockholders | Common Class A | ||
Reverse Recapitalization [Line Items] | ||
Common stock, shares outstanding (in shares) | 172,161,152 | |
Former Plan Stockholders | Common Class B | ||
Reverse Recapitalization [Line Items] | ||
Common stock, shares outstanding (in shares) | 21,157,586 | |
dMY IV Public Stockholders | ||
Reverse Recapitalization [Line Items] | ||
Common stock, shares outstanding (in shares) | 33,810,330 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue, revenue recognized | $ 50.4 | $ 35.3 | ||
Remaining performance obligation, amount | $ 130.8 | 130.8 | ||
Deferred revenue | 47.7 | 47.7 | ||
Non-cancelable contract revenue | 83.1 | |||
Deferred commission expense | 0.2 | $ 0.1 | 2.7 | 1.2 |
Amortization of deferred commission | $ 0.5 | $ 0.4 | $ 1.3 | $ 1.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Remaining performance obligation, percentage | 81% | 81% | ||
Remaining performance obligation, expected timing of satisfaction | 12 months | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01 | ||||
Disaggregation of Revenue [Line Items] | ||||
Remaining performance obligation, percentage | 96% | 96% | ||
Remaining performance obligation, expected timing of satisfaction | 24 months | 24 months |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue | [1] | $ 49,704 | $ 31,700 | $ 138,281 | $ 94,063 |
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 27,191 | 14,789 | 71,672 | 39,293 | |
Norway | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 3,226 | 2,100 | 6,780 | 10,914 | |
Rest of World | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 19,287 | $ 14,811 | $ 59,829 | $ 43,856 | |
[1]Balance includes related-party transactions entered into with Google. See Note 12. |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Commissions (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred commission, current | $ 1,867 | $ 1,375 |
Deferred commission, non-current | 1,964 | 1,083 |
Total deferred commission | $ 3,831 | $ 2,458 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Fair Value by Balance Sheet Location (Details) - USD ($) | Oct. 31, 2022 | Jan. 31, 2022 |
Assets | ||
Restricted cash: money market funds | $ 5,700,000 | $ 6,100,000 |
Short-term investments | 226,163,000 | 0 |
Liabilities | ||
Preferred Stock Warrant Liability | 17,855,000 | 23,224,000 |
U.S. Treasury securities | ||
Assets | ||
Short-term investments | 55,444,000 | |
Commercial paper | ||
Assets | ||
Short-term investments | 37,204,000 | |
Corporate bonds | ||
Assets | ||
Short-term investments | 127,553,000 | |
U.S. government agency securities | ||
Assets | ||
Short-term investments | 5,962,000 | |
Fair Value, Recurring | Level 1 | ||
Assets | ||
Restricted cash: money market funds | 5,006,000 | 5,875,000 |
Total assets | 124,637,000 | 475,941,000 |
Liabilities | ||
Total liabilities | 7,590,000 | 10,764,000 |
Fair Value, Recurring | Level 1 | Public Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 7,590,000 | 10,764,000 |
Fair Value, Recurring | Level 1 | Private Placement Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 0 | 0 |
Fair Value, Recurring | Level 1 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 55,444,000 | |
Fair Value, Recurring | Level 1 | Commercial paper | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 1 | Corporate bonds | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 1 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents | 64,187,000 | 470,066,000 |
Fair Value, Recurring | Level 1 | Repurchase securities | ||
Assets | ||
Cash equivalents | 0 | |
Fair Value, Recurring | Level 2 | ||
Assets | ||
Restricted cash: money market funds | 0 | 0 |
Total assets | 175,719,000 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 2 | Public Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 0 | 0 |
Fair Value, Recurring | Level 2 | Private Placement Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 2 | Commercial paper | ||
Assets | ||
Short-term investments | 37,204,000 | |
Fair Value, Recurring | Level 2 | Corporate bonds | ||
Assets | ||
Short-term investments | 127,553,000 | |
Fair Value, Recurring | Level 2 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 5,962,000 | |
Fair Value, Recurring | Level 2 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair Value, Recurring | Level 2 | Repurchase securities | ||
Assets | ||
Cash equivalents | 5,000,000 | |
Fair Value, Recurring | Level 3 | ||
Assets | ||
Restricted cash: money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 10,265,000 | 12,460,000 |
Fair Value, Recurring | Level 3 | Public Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 0 | 0 |
Fair Value, Recurring | Level 3 | Private Placement Warrants | ||
Liabilities | ||
Preferred Stock Warrant Liability | 10,265,000 | 12,460,000 |
Fair Value, Recurring | Level 3 | U.S. Treasury securities | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 3 | Commercial paper | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 3 | Corporate bonds | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 3 | U.S. government agency securities | ||
Assets | ||
Short-term investments | 0 | |
Fair Value, Recurring | Level 3 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | $ 0 |
Fair Value, Recurring | Level 3 | Repurchase securities | ||
Assets | ||
Cash equivalents | $ 0 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Schedule of Liabilities with Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | |
Convertible Notes | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 104,464 | $ 105,903 | $ 101,212 |
Change in fair value | 0 | 0 | 0 | 5,489 | (1,439) | 4,691 |
Ending balance | 0 | 0 | 0 | 109,953 | 104,464 | 105,903 |
Private Placement Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 10,591 | 11,392 | 12,460 | 0 | 0 | 0 |
Change in fair value | (326) | (801) | (1,068) | 0 | 0 | 0 |
Ending balance | 10,265 | 10,591 | 11,392 | 0 | 0 | 0 |
Preferred Stock Warrant Liability | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 0 | 9,364 | 14,694 | 11,359 |
Change in fair value | 0 | 0 | 0 | 4,683 | (5,330) | 3,335 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 14,047 | $ 9,364 | $ 14,694 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities - Additional Information (Details) | Oct. 31, 2022 | Jan. 31, 2022 |
Private Placement Warrants | Discount for lack of marketability | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants, measurement input | 0.00650 | 0.00600 |
Fair Value of Financial Asset_6
Fair Value of Financial Assets and Liabilities - Measurement Inputs (Details) $ in Thousands | Oct. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Preferred Stock Warrant Liability | $ 17,855 | $ 23,224 | |
Preferred Stock Warrant Liability | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Preferred Stock Warrant Liability | $ 14,047 | ||
Preferred Stock Warrant Liability | Level 3 | Expected Term | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 8.4 | ||
Preferred Stock Warrant Liability | Level 3 | Discount for lack of marketability | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 0.60 | ||
Preferred Stock Warrant Liability | Level 3 | Risk-free interest rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 0.0149 | ||
Preferred Stock Warrant Liability | Level 3 | Dividend yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 0 | ||
Preferred Stock Warrant Liability | Level 3 | Probability of Conversion upon Business Combination | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 1 | ||
Preferred Stock Warrant Liability | Level 3 | Discount for lack of marketability | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Warrants, measurement input | 0.05 | ||
Convertible Notes | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Convertible Notes | $ 109,953 | ||
Convertible Notes | Level 3 | Probability of Conversion upon Business Combination | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt, measurement input | 1 | ||
Convertible Notes | Level 3 | Discount for lack of marketability | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt, measurement input | 0.05 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease, cost | $ 1.8 | $ 4.7 | ||
Operating lease, payments | 1.9 | 5.9 | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 11.7 | $ 11.7 | ||
Rent expense | $ 0.8 | $ 2.3 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Feb. 01, 2022 |
Leases [Abstract] | ||
Remainder of Fiscal Year 2023 | $ 1,834 | |
2024 | 4,069 | |
2025 | 5,147 | |
2026 | 5,063 | |
2027 | 3,905 | |
Thereafter | 31 | |
Total lease payments | 20,049 | |
Less: Imputed interest | (2,487) | |
Total lease liabilities | $ 17,562 | $ 11,400 |
Weighted average remaining lease term (years) | 3 years 9 months 18 days | |
Weighted average discount rate | 6.80% |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Restricted cash | $ 5,700,000 | $ 5,700,000 | $ 6,100,000 | ||
Short-term investments | 226,163,000 | 226,163,000 | 0 | ||
Depreciation | 9,400,000 | $ 9,600,000 | 30,000,000 | $ 28,100,000 | |
Capitalized computer software, amortization | 700,000 | 1,300,000 | 1,900,000 | 4,500,000 | |
Amortization of intangible assets | 700,000 | 500,000 | 2,100,000 | 1,300,000 | |
Satellites | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation | 9,000,000 | $ 8,400,000 | 27,200,000 | $ 24,500,000 | |
Money market funds | |||||
Property, Plant and Equipment [Line Items] | |||||
Restricted cash | 4,100,000 | 4,100,000 | 4,200,000 | ||
Performance Guarantees | |||||
Property, Plant and Equipment [Line Items] | |||||
Restricted cash | $ 1,300,000 | $ 1,300,000 | $ 1,600,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 199,124 | $ 490,762 | ||
Restricted cash, current | 527 | 309 | ||
Restricted cash, non-current | 5,163 | 5,743 | ||
Total cash, cash equivalents and restricted cash | $ 204,814 | $ 496,814 | $ 65,047 | $ 76,540 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Short-term Investments (Details) - USD ($) | Oct. 31, 2022 | Jan. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 227,398,000 | |
Gross Unrealized Gains | 80,000 | |
Gross Unrealized Losses | (1,315,000) | |
Fair Value | 226,163,000 | $ 0 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 55,703,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (259,000) | |
Fair Value | 55,444,000 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 37,124,000 | |
Gross Unrealized Gains | 80,000 | |
Gross Unrealized Losses | 0 | |
Fair Value | 37,204,000 | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 128,536,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (983,000) | |
Fair Value | 127,553,000 | |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,035,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (73,000) | |
Fair Value | $ 5,962,000 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Short-term Investments, Contractual Maturity (Details) - USD ($) | Oct. 31, 2022 | Jan. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Amortized Cost, Due in 1 year or less | $ 139,754,000 | |
Amortized Cost, Due in 1-2 years | 87,644,000 | |
Amortized Cost | 227,398,000 | |
Fair Value, Due in 1 year or less | 139,332,000 | |
Fair Value, Due in 1-2 years | 86,831,000 | |
Fair Value | $ 226,163,000 | $ 0 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 358,708 | $ 352,526 |
Less: Accumulated depreciation | (243,323) | (219,246) |
Property and equipment, net | 115,385 | 133,280 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 110,834 | 130,230 |
Rest of World | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 4,551 | 3,050 |
Satellites | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 314,410 | 310,861 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 15,363 | 15,448 |
Ground stations and ground station equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 15,024 | 12,685 |
Office furniture, equipment and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 5,546 | 5,335 |
Computer equipment and purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 8,365 | 8,197 |
Satellites, in process and not placed into service | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 13,600 | $ 13,700 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Capitalized Software Development (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capitalized internal-use software | $ 38,795 | $ 36,453 |
Less: Accumulated amortization | (27,614) | (25,685) |
Capitalized internal-use software, net | $ 11,181 | $ 10,768 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jan. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 37,253 | $ 37,087 |
Intangible assets, accumulated amortization | (25,135) | (23,032) |
Intangible assets, foreign currency translation | 301 | 142 |
Intangible assets, net carrying amount | 12,419 | 14,197 |
Goodwill, gross carrying amount | 101,413 | 101,413 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill, foreign currency translation | 1,806 | 1,806 |
Goodwill, net carrying amount | 103,219 | 103,219 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 16,557 | 16,557 |
Intangible assets, accumulated amortization | (8,548) | (7,583) |
Intangible assets, foreign currency translation | (8) | (9) |
Intangible assets, net carrying amount | 8,001 | 8,965 |
Image library | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 12,194 | 12,028 |
Intangible assets, accumulated amortization | (10,851) | (10,610) |
Intangible assets, foreign currency translation | 262 | 104 |
Intangible assets, net carrying amount | 1,605 | 1,522 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 3,951 | 3,951 |
Intangible assets, accumulated amortization | (2,619) | (2,161) |
Intangible assets, foreign currency translation | 7 | 8 |
Intangible assets, net carrying amount | 1,339 | 1,798 |
Trade names and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 4,551 | 4,551 |
Intangible assets, accumulated amortization | (3,117) | (2,678) |
Intangible assets, foreign currency translation | 40 | 39 |
Intangible assets, net carrying amount | $ 1,474 | $ 1,912 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Remainder of Fiscal Year 2023 | $ 775 | |
2024 | 3,056 | |
2025 | 2,136 | |
2026 | 1,214 | |
2027 | 1,108 | |
Thereafter | 4,130 | |
Intangible assets, net carrying amount | $ 12,419 | $ 14,197 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Deferred R&D service liability | $ 22,673 | $ 21,878 | |
Payroll and related expenses | 5,254 | 6,007 | |
Deferred hosting costs | 4,512 | 3,967 | |
Deferred rent | 0 | 2,193 | |
Withholding taxes and other taxes payable | 1,803 | 3,731 | |
Other accruals | 8,387 | 11,047 | |
Total accrued and other current liabilities | [1] | $ 42,629 | $ 48,823 |
[1]Balance includes related-party transactions entered into with Google, LLC (“Google”). See Note 12. |
Research and Development Arra_2
Research and Development Arrangements (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) yr | Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development expense incurred | [1] | $ 27,598 | $ 14,959 | $ 79,085 | $ 39,521 | |||
R&D Services Agreement | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development arrangement, fee provided | $ 45,800 | |||||||
Research and development arrangement, milestone period | yr | 3 | |||||||
Research and development fee recognized | 4,100 | 1,400 | 10,700 | 2,700 | ||||
Research and development expense incurred | 4,100 | $ 1,500 | 10,700 | $ 2,800 | ||||
Proceeds from feeds received | 36,300 | $ 26,700 | ||||||
NASA Communication Services Project | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Research and development fee recognized | 1,200 | 1,400 | ||||||
Research and development expense incurred | $ 1,300 | $ 1,600 | ||||||
Research and development arrangement, funding receivable | $ 40,500 | |||||||
[1]Balance includes related-party transactions entered into with Google. See Note 12. |
Commitment and Contingencies -
Commitment and Contingencies - Purchase Commitments (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of Fiscal Year 2023 | $ 45 |
2024 | 1,025 |
Thereafter | 0 |
Total purchase commitments | $ 1,070 |
Commitment and Contingencies _2
Commitment and Contingencies - Other Commitments (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of Fiscal Year 2023 | $ 4,453 |
2024 | 28,050 |
2025 | 30,120 |
2026 | 31,190 |
2027 | 32,725 |
Thereafter | 33,427 |
Total purchase commitments | $ 159,965 |
Debt, Convertible Notes, and _3
Debt, Convertible Notes, and Warrants - Venture Loan Amendment (Details) - Secured Term Loan B - Secured Debt | Dec. 07, 2021 shares | Oct. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jun. 21, 2019 USD ($) agreement |
Debt Instrument [Line Items] | ||||
Subordinated contracts outstanding | agreement | 2 | |||
Subordinated contract liability | $ 4,300,000 | |||
Debt outstanding | $ 0 | $ 0 | ||
Shares issued in debt conversion (in shares) | shares | 754,378 | |||
Estimate of Fair Value Measurement | ||||
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 10,900,000 |
Debt, Convertible Notes, and _4
Debt, Convertible Notes, and Warrants - SVB & Hercules Loan (Details) - Credit Agreement with SVB and Hercules - USD ($) | 12 Months Ended | |||||
Dec. 07, 2021 | Jun. 21, 2019 | Dec. 31, 2019 | Oct. 31, 2022 | Jan. 31, 2022 | Jun. 05, 2020 | |
Common Class A | ||||||
Debt Instrument [Line Items] | ||||||
Warrant outstanding (in shares) | 1,049,801 | 1,433,956 | ||||
Warrant exercise price (in dollars per share) | $ 0.00001 | |||||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 50,000,000 | $ 15,000,000 | ||||
Debt stated rate | 11% | 11% | ||||
Debt, variable rate floor | 11% | |||||
Warrant outstanding (in shares) | 384,155 | |||||
Loan fees associated with debt issuance | $ 900,000 | |||||
Accrued loan fees payable | 1,500,000 | |||||
Debt, unamortized discount | 5,800,000 | |||||
Repayments of debt | $ 67,100,000 | |||||
Debt outstanding | $ 0 | $ 0 | ||||
Secured Debt | Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Accrued loan fees payable | $ 2,400,000 | |||||
Secured Debt | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt, variable rate spread | 5.50% |
Debt, Convertible Notes, and _5
Debt, Convertible Notes, and Warrants - 2020 Convertible Note (Details) - 2020 Convertible Notes - USD ($) | Dec. 07, 2021 | Oct. 31, 2022 | Jan. 31, 2022 | Jan. 31, 2021 |
Debt Instrument [Line Items] | ||||
Weighted average remaining term | 7 years 4 months 24 days | |||
Series D Convertible Preferred Stock | ||||
Debt Instrument [Line Items] | ||||
Warrant outstanding (in shares) | 450,205 | 1,065,594 | 1,065,594 | |
Common Class A | ||||
Debt Instrument [Line Items] | ||||
Number of shares issued in warrant exercise (in shares) | 27,713 | |||
Convertible notes | ||||
Debt Instrument [Line Items] | ||||
Debt stated rate | 6% | |||
Debt face amount | $ 71,100,000 | |||
Convertible notes | Series D Convertible Preferred Stock | ||||
Debt Instrument [Line Items] | ||||
Warrants issued, percent of borrowings principal | 20% | |||
Warrant exercise price (in dollars per share) | $ 9.3844 | |||
Shares called by warrants (in shares) | 1,515,799 | |||
Convertible notes | Common Class A | ||||
Debt Instrument [Line Items] | ||||
Shares issued in debt conversion (in shares) | 9,824,143 | |||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 0 | $ 0 |
Debt, Convertible Notes, and _6
Debt, Convertible Notes, and Warrants - Schedule of Interest Expense and Gain (Loss) on Extinguishment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Debt Disclosure [Abstract] | ||||
Contractual interest coupon | $ 0 | $ 1,828 | $ 0 | $ 5,422 |
Amortization of debt issuance costs | 0 | 229 | 0 | 679 |
Amortization of debt discounts | 0 | 555 | 0 | 1,649 |
Total interest expense | $ 0 | $ 2,612 | $ 0 | $ 7,750 |
Public and Private Placement _2
Public and Private Placement Warrants (Details) | Dec. 07, 2021 tradingDay $ / shares shares | Mar. 09, 2021 $ / shares shares | Oct. 31, 2022 shares | Jan. 31, 2022 shares | Jul. 07, 2021 $ / shares |
Class of Warrant or Right [Line Items] | |||||
Threshold trading days | tradingDay | 20 | ||||
Period 1 | |||||
Class of Warrant or Right [Line Items] | |||||
Share price triggering share issuance (in dollars per share) | $ 15 | ||||
Period 2 | |||||
Class of Warrant or Right [Line Items] | |||||
Share price triggering share issuance (in dollars per share) | 17 | ||||
Period 3 | |||||
Class of Warrant or Right [Line Items] | |||||
Share price triggering share issuance (in dollars per share) | 19 | ||||
Period 4 | |||||
Class of Warrant or Right [Line Items] | |||||
Share price triggering share issuance (in dollars per share) | $ 21 | ||||
Public Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrant outstanding (in shares) | shares | 6,899,982 | 6,899,982 | |||
Private Placement Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrant outstanding (in shares) | shares | 2,966,667 | 5,933,333 | 5,933,333 | ||
Private Placement Warrants, Vesting | |||||
Class of Warrant or Right [Line Items] | |||||
Warrant outstanding (in shares) | shares | 2,966,667 | 2,966,667 | |||
Common Class A | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of stock, price per share (in dollars per share) | $ 10 | ||||
Common Class A | Public Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrant exercise price (in dollars per share) | $ 11.50 | ||||
dMY IV, LLC | |||||
Class of Warrant or Right [Line Items] | |||||
Equity units issued (in shares) | shares | 34,500,000 | ||||
dMY IV, LLC | Redeemable Warrant | |||||
Class of Warrant or Right [Line Items] | |||||
Equity units issued, shares called per unit (in shares) | shares | 0.2 | ||||
Warrant exercise price (in dollars per share) | $ 10 | ||||
dMY IV, LLC | Private Placement Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrant exercise price (in dollars per share) | $ 11.50 | ||||
Warrant outstanding (in shares) | shares | 5,933,333 | ||||
Sale of stock, price per share (in dollars per share) | $ 1.50 | ||||
dMY IV, LLC | Common Class A | |||||
Class of Warrant or Right [Line Items] | |||||
Equity units issued, shares called per unit (in shares) | shares | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2017 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | Dec. 07, 2021 | Jun. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 260,091,568 | |||||||||
Deferred revenue | $ 47,700 | $ 47,700 | ||||||||
Deferred revenue, revenue recognized | 50,400 | $ 35,300 | ||||||||
Deferred hosting costs | 4,512 | 4,512 | $ 3,967 | |||||||
Accounts payable and accrued liabilities | 2,500 | 2,500 | 2,000 | |||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction, agreement term | 5 years | |||||||||
Related party transaction, renewal term | 1 year | |||||||||
Purchase commitment | $ 193,000 | |||||||||
Google | Content Licensing | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Deferred revenue | 2,500 | 2,500 | $ 12,200 | |||||||
Deferred revenue, revenue recognized | 3,300 | $ 1,500 | 9,700 | 5,600 | ||||||
Google | Hosting and Other Services | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party costs and expenses | $ 6,000 | $ 5,000 | $ 17,700 | $ 13,700 | ||||||
Convertible notes | 2020 Convertible Notes | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt face amount | $ 71,100 | |||||||||
Convertible notes | Google | 2020 Convertible Notes | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt face amount | $ 10,000 | |||||||||
Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 248,215,356 | 248,215,356 | 241,017,687 | |||||||
Series D Convertible Preferred Stock | Google | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares called by warrants (in shares) | 213,119 | |||||||||
Series D Convertible Preferred Stock | Convertible notes | 2020 Convertible Notes | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares called by warrants (in shares) | 1,515,799 | |||||||||
Related Party Transaction [Line Items] | ||||||||||
Deferred hosting costs | $ 14,400 | $ 14,400 | $ 16,100 | |||||||
Google | PlanetLabs | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership percentage (greater than) | 10% | 10% | 10% | |||||||
Google | PlanetLabs | Common Class A | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Common stock, shares outstanding (in shares) | 31,942,641 | 31,942,641 | 31,942,641 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | $ 19,810 | $ 4,824 | $ 61,102 | $ 13,133 |
Capitalized to internal-use software development costs and property and equipment | (372) | (181) | (1,261) | (514) |
Total stock-based compensation expense | 19,438 | 4,643 | 59,841 | 12,619 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 1,317 | 226 | 3,992 | 688 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 8,282 | 1,901 | 25,903 | 4,582 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | 3,221 | 677 | 10,615 | 1,959 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total expense | $ 6,990 | $ 2,020 | $ 20,592 | $ 5,904 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2022 $ / shares shares | |
Number of Options | ||
Outstanding, beginning balance (in shares) | shares | 41,907,551 | |
Exercised (in shares) | shares | (4,893,120) | |
Forfeited (in shares) | shares | (968,342) | |
Outstanding, ending balance (in shares) | shares | 36,046,089 | 41,907,551 |
Vested and exercisable (in shares) | shares | 25,820,674 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 4.63 | |
Exercised (in dollars per share) | $ / shares | 2.23 | |
Forfeited (in dollars per share) | $ / shares | 5.82 | |
Outstanding, beginning balance (in dollars per share) | $ / shares | 4.93 | $ 4.63 |
Vested and exercisable (in dollars per share) | $ / shares | $ 3.95 | |
Outstanding, weighted average remaining term | 6 years 3 months 29 days | 6 years 8 months 15 days |
Vested and exercisable, weighted average remaining term | 5 years 6 months 25 days | |
Outstanding, aggregate intrinsic value | $ | $ 48,339 | |
Vested and exercisable, aggregate intrinsic value | $ | $ 44,025 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units | 9 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Number of RSUs | |
Outstanding, beginning balance (in shares) | shares | 5,439,736 |
Vested (in shares) | shares | (2,094,413) |
Granted (in shares) | shares | 13,962,454 |
Forfeited (in shares) | shares | (933,977) |
Outstanding, ending balance (in shares) | shares | 16,373,800 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 9.42 |
Vested (in dollars per share) | $ / shares | 7.16 |
Granted (in dollars per share) | $ / shares | 4.91 |
Forfeited (in dollars per share) | $ / shares | 5.73 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 6.08 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Dec. 07, 2021 tradingDay $ / shares | Oct. 31, 2022 USD ($) shares | Oct. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) shares | Oct. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Costs not yet recognized, options | $ 35,400,000 | $ 35,400,000 | ||||
Share-based compensation expense | 19,438,000 | $ 4,643,000 | 59,841,000 | $ 12,619,000 | ||
Liability from early exercise of stock options | 13,446,000 | $ 13,446,000 | $ 16,135,000 | |||
Unvested shares subject to repurchase (in shares) | shares | 1,378,654 | |||||
Threshold trading days | tradingDay | 20 | |||||
Threshold trading days range | tradingDay | 30 | |||||
Period 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 15 | |||||
Period 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price triggering share issuance (in dollars per share) | $ / shares | 17 | |||||
Period 3 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price triggering share issuance (in dollars per share) | $ / shares | 19 | |||||
Period 4 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price triggering share issuance (in dollars per share) | $ / shares | $ 21 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Costs not yet recognized, period for recognition | 2 years 3 months 18 days | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Costs not yet recognized, period for recognition | 3 years | |||||
Granted (in shares) | shares | 13,962,454 | |||||
Award vesting period | 4 years | |||||
Share-based compensation expense | 8,500,000 | $ 0 | $ 26,200,000 | $ 0 | ||
Costs not yet recognized, award other than options | 74,500,000 | $ 74,500,000 | ||||
Awards vested (in shares) | shares | 2,094,413 | |||||
Earn-out Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Costs not yet recognized, period for recognition | 1 year | |||||
Share-based compensation expense | 6,300,000 | $ 20,600,000 | ||||
Costs not yet recognized, award other than options | $ 11,400,000 | $ 11,400,000 | ||||
Awards vested (in shares) | shares | 0 | 0 | ||||
Awards outstanding (in shares) | shares | 4,469,659 | 4,469,659 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 439,000 | $ 394,000 | $ 907,000 | $ 822,000 | ||
Unrecognized tax benefits | 6,500,000 | 6,500,000 | $ 5,700,000 | |||
Income tax examination, penalties and interest accrued | $ 0 | 0 | $ 0 | |||
Income tax examination, penalties and interest expense | $ 0 | $ 0 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Numerator: | ||||||||
Net loss | $ (40,236) | $ (39,529) | $ (44,360) | $ (41,541) | $ (20,363) | $ (29,255) | $ (124,125) | $ (91,159) |
Denominator: | ||||||||
Basic weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 267,947,661 | 47,137,377 | 266,104,962 | 46,360,220 | ||||
Diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders (in shares) | 267,947,661 | 47,137,377 | 266,104,962 | 46,360,220 | ||||
Basic net loss per share attributable to common stockholders (in dollars per share) | $ (0.15) | $ (0.88) | $ (0.47) | $ (1.97) | ||||
Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.15) | $ (0.88) | $ (0.47) | $ (1.97) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 94,828,240 | 193,975,486 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 131,252,627 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 8,096,863 |
Warrants to purchase Series B Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 761,340 |
Warrants to purchase Series D Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 2,261,713 |
Warrants to purchase Class A common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,065,594 | 0 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 36,046,089 | 44,518,179 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 16,373,800 | 5,338,467 |
Earn-out Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 25,928,669 | 0 |
dMY Sponsor Earn-out Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 862,500 | 0 |
Public Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 6,899,982 | 0 |
Private Placement Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 5,933,333 | 0 |
Early exercised common stock options, subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,378,654 | 1,746,297 |
Shares issued in connection with acquisition, subject to future vesting | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 339,619 | 0 |