A Phytoplankton swirl in the Sea of Marmara in June 2021. Photo: Planet

Planet increased revenue by 46% year-over-year in its 2023 fiscal year that ended January 31, 2023. The Earth observation (EO) company also announced Wednesday it is acquiring Sinergise, a developer platform for EO data. Full year revenue was a record $191.3 million. 

Revenue is exactly in line with what Planet projected when the company first announced its deal to go public in July 2021. 

Planet ended its 2023 fiscal year with 15% more customers than the prior year, reporting 882 customers. The company also improved its margins, reporting a full year gross margin of 49%, compared to 37% in fiscal year 2022. 

“For the full year, we nearly tripled our revenue growth rate and expanded Non-GAAP gross margin by 15 percentage points year-over-year,” said Will Marshall, Planet’s co-founder and CEO. “The market for our solutions remains robust, supported by our expanded product capabilities, broad go-to-market reach and the global secular tailwinds underpinning demand.”

Planet also provided full-year guidance for the 2024 fiscal year, expecting revenue between $248 million to $268 million, representing 35% year-over-year growth at the midpoint. 

Commenting on the Sinergise acquisition, Marshall said the company’s Sentinel Hub will lower barriers to access for EO data and allow partners to quickly and easily build applications. 

Planet and Sinergise have been partners since 2016, and the transaction is expected to close during the second quarter of Planet’s current fiscal year.