Planet Labs stock plummets 16% on guidance miss

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Percent of recurring annual contract value (ACV) for Q1 was 93%. End of Period (EoP) customer count grew 9% year-over-year to 903 customers.

For Q2/24, the company expects revenue in the range of $53-$55M, missing the consensus estimate of $60.7M. Non-GAAP gross margin is seen at 48%-49%

For the full year, the company expects revenue in the range of $225-$235M, below the consensus estimate of $257M. Non-GAAP gross margin is seen at 52%-54%.