Powin Raises the Bar with Pod Max: More Power, More Capacity, Same Footprint
PORTLAND, Ore.--(BUSINESS WIRE)-- Powin LLC, a U.S.-based global energy storage integrator, today unveiled the Pod Max, the company's most powerful and energy-dense product to date. Delivering 6.26 MWh of capacity in the same 20-foot liquid-cooled container as previous models, the Powin Pod Max offers a 25% increase in energy density over Powin's standard 5 MWh system—driving down total system costs and maximizing long-term value.
Designed with efficiency in mind, the Pod Max reduces on-site work time, requiring less cabling and fewer connections per megawatt-hour. This results in faster deployment, easier installation, and lower long-term maintenance requirements.
'Pod Max is the culmination of our relentless focus on performance, deployment costs, and scalability,' said Himanshu Khurana, Chief Technology Officer at Powin. 'By delivering higher energy density in the same proven form factor, Pod Max enables our customers to deploy more powerful systems with a lower total cost of ownership. This product represents the next evolution of our mission to optimize energy storage at every level of the system.'
The Pod Max Key Features:
6.26 MWh capacity in a 20-foot liquid-cooled enclosure
25% increase in energy density over Powin's standard 5 MWh unit
Significant reduction in on-site work time due to simplified cabling and fewer containers
Streamlined commissioning and optimized O&M over system lifetime
At the heart of every Pod Max is Powin's advanced StackOS™ platform —a fully integrated software suite that combines Energy Management System (EMS), Battery Management System (BMS), and Thermal Management System (TMS) into a single, intelligent control layer. This integration enables real-time monitoring and control down to the cell level, ensuring industry-leading system availability, optimal performance, and built-in safety.
The Pod Max marks a major milestone in Powin's commitment to advancing compact, high-performance storage solutions that strengthen grid resilience, enhance efficiency, and accelerate the transition to a new energy future. Purpose-built to meet the evolving needs of grid operators, utilities, and developers, it offers a flexible and future-ready platform that combines robust technology with scalable architecture to support a wide range of use cases and deployment environments.
ABOUT POWIN, LLC (POWIN)
Powin is a U.S.-based global energy storage integrator on a mission to become the world's most trusted energy storage provider, enabling clean and reliable energy. With data-driven software controls, proven hardware, and experienced end-to-end project execution, Powin delivers scalable systems tailored to meet the needs of modern energy demand. Supported by a globally diversified, ethically sourced supply chain, Powin bolsters energy distribution to alleviate grid congestion, reduce costs, and strengthen aging infrastructure. Relentlessly focused on innovation and lasting value, Powin optimizes energy management, mitigates risk, and ensures predictable energy throughout the lifetime of its projects.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Cargill to Invest $90 Million in Fort Morgan, Colo. Beef Plant
Move will improve operational efficiencies, increase yields and make facility even safer MINNEAPOLIS, June 05, 2025--(BUSINESS WIRE)--Cargill announced today it is investing nearly $90 million in automation and new technologies at its Fort Morgan, Colo. beef plant as part of its Factory of the Future initiative. The enhancements, which will take place over the next several years, will help Cargill continue to improve operational efficiencies, increase yields and make the Fort Morgan facility even safer and more inclusive for employees. The company has already invested nearly $24 million in technology upgrades at Fort Morgan since 2021. One of the first and most revolutionary automated solutions to be implemented at the Fort Morgan plant will be CarVe, Cargill's proprietary, patent-pending computer vision technology. CarVe measures red meat yield in real time, giving frontline managers instant insights and the ability to share feedback with employees to improve their cutting technique. CarVe helps keep more protein in the food system that otherwise would be lost in the process. According to the USDA, the U.S. produces more than 27 billion pounds of beef annually. Even a one percent yield improvement can save hundreds of millions of pounds of meat. And with the U.S. cattle supply at its lowest level in years, improving yield matters more than ever. "Before CarVe, yield data was always yesterday's news," said Jarrod Gillig, senior vice president of Cargill's North American Beef business. "Now, we're making decisions in the moment and saving product that would've been lost. By applying smart technology to the problem, we're getting more meat from every animal, reducing waste, and making protein production more efficient and sustainable from start to finish." Gillig noted that Cargill has also invested in the community of Fort Morgan and its people there. To help address a regional housing shortage, the company has backed a $40 million development project for employee housing. This includes 27 townhomes which have already been built and an apartment complex with 81 units set to open in the Fall. And Cargill has provided more than $500,000 in grants to local organizations, including the United Way, to support additional childcare options and other programs that help address the regional housing issue like first-time home buyer classes. "Fort Morgan plays an important part in Cargill's critical role as a food company to the nation and the world," said Gillig. "By partnering with local ranchers and farmers in Colorado and the region, we're working hard to produce more food with less impact there so we can move it to store shelves and ultimately family dinner tables across the country." About Cargill Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living. Our approximately 160,000 employees innovate with purpose, providing customers with life's essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit and our News Center. View source version on Contacts Media Contact: media@
Business Wire
29 minutes ago
- Business Wire
Planet Reports Financial Results for First Quarter of Fiscal Year 2026
SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL) ('Planet' or the 'Company'), a leading provider of daily data and insights about Earth, today announced financial results for the period ended April 30, 2025. 'We had an excellent first quarter, exceeding our expectations, demonstrating solid validation of our strategic direction and great execution,' said Will Marshall, Planet's Co-Founder, Chief Executive Officer and Chairperson. 'Looking ahead, we're responding to strong demand signals by prioritizing the delivery of global insights at scale via AI-enabled solutions and rapidly expanding our satellite services offering.' Ashley Johnson, Planet's President and Chief Financial Officer, added, 'We delivered record revenue, our second quarter of adjusted EBITDA profitability and our first-ever quarter of positive free cash flow.' Ms. Johnson continued, 'Our balance sheet grew to approximately $226.1 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have good visibility to meaningful revenue growth rate acceleration.' First Quarter of Fiscal Year 2026 Financial and Key Metric Highlights: First quarter revenue increased 10% year-over-year to a record $66.3 million. Percent of recurring annual contract value (ACV) for the first quarter was 97%. First quarter gross margin was 55%, compared to 52% in the first quarter of fiscal year 2025. First quarter non-GAAP gross margin was 59%, compared to 55% in the first quarter of fiscal year 2025. First quarter net loss was ($12.6) million, compared to ($29.3) million in the first quarter of fiscal year 2025. First quarter adjusted EBITDA was $1.2 million of profit, compared to a ($8.4) million loss in the first quarter of fiscal year 2025. First quarter GAAP net loss per share was ($0.04) and non-GAAP net income per share was $0.00. First quarter net cash provided by operating activities was $17.3 million, and free cash flow was $8.0 million. Ended the quarter with $226.1 million in cash, cash equivalents and short-term investments. Please see 'Planet's Use of Non-GAAP Financial Measures' below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release. Recent Business Highlights: Growing Customer and Partner Relationships European Defense & Intelligence Customer: During Q1, Planet was awarded an eight-figure ACV contract by a European defense & intelligence customer for PlanetScope and Maritime Domain Awareness (MDA) products. MDA is a high frequency, broad area solution with partner-enabled analytics for vessel identification and classification, enabling customers to monitor large areas of open ocean for mission-critical situational awareness. California Air Resource Board: Planet was selected as the primary subcontractor for the California Air Resource Board's (CARB) Satellite Data Purchase Program (SDPP). The $95M SDPP multi-year contract was awarded to Carbon Mapper with Planet as a subcontractor to provide the state of California with methane data built upon Tanager hyperspectral collections, and other Planet data products. SDPP will primarily utilize Planet data to identify and track methane emissions in California and worldwide. The German Federal Ministry of the Interior and Community (BMI) and the German Federal Agency for Cartography and Geodesy (BKG): Planet announced an expansion of our seven-figure ACV contract with the German government, which includes insights from Planetary Variables, water monitoring services from Planet's partner EOMAP and access to Planet's Insights Platform. The data will be used for monitoring water, forests, agriculture, socio-economics, and land-use, and support federal monitoring campaigns and environmental assessments. Welsh Government: During Q1, Planet expanded its business with the Welsh government to help inform agricultural policy and natural resource management. With Planet's high cadence satellite imagery, historical archive, and tasking capabilities, the Welsh government is deriving data-informed management plans for agricultural efficiency, water and land use change, and emergency response. OnX: Planet closed a multi-year expansion with onX, an outdoor digital navigation company, to inform its suite of recreation apps, with PlanetScope products. With Planet satellite data, the apps enable users to gain situational awareness of environmental change and natural hazards across the United States. New Technologies and Products Aircraft Detection: Planet released its new Aircraft Detection Analytic Feed, which automates detection of aircraft, including commercial, private, and military, at a global scale. This AI-powered product provides global insights and time series analytics to analyze patterns of life, geopolitical anomalies, and regional events based on Planet's high frequency scan of the Earth. Insights Platform Self-Serve Enhancement: Planet enhanced its self-service purchasing offering for small customers to make it easier to get started with the Planet Insights Platform. This supports Planet's strategy to efficiently support its small customers with a flexible and scalable model that grows with their operations. Tanager-1 and Pelican-2: Tanager-1 is serving a number of customers across the energy, defense, civil government, and agriculture markets and bringing down approximately 300,000 sq-km of hyperspectral data every day. Meanwhile, Pelican-2 has completed its commissioning process, has a fully validated payload and optics, and begun providing data to select customers. Financial Outlook For the second quarter of fiscal year 2026, ending July 31, 2025, Planet expects revenue to be in the range of approximately $65 million to $67 million. Non-GAAP gross margin is expected to be in the range of approximately 56% to 57%. Adjusted EBITDA loss is expected to be in the range of approximately ($4) million to ($2) million for the quarter. Capital expenditures are expected to be in the range of approximately $17 million and $22 million for the quarter. For the full fiscal year 2026, Planet expects revenue to be in the range of approximately $265 million to $280 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%. Adjusted EBITDA loss is expected to be in the range of approximately ($12) million and ($7) million. Capital expenditures are expected to be in the range of approximately $50 million and $65 million for the year. Planet has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet's control and cannot be reasonably predicted. The actual amount of these expenses during the second quarter of fiscal year 2026 and full fiscal year 2026 will have a significant impact on Planet's future GAAP financial results. Accordingly, a reconciliation of Planet's non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. The foregoing forward-looking statements reflect Planet's expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Webcast and Conference Call Information Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, June 4, 2025. The webcast can be accessed at The webcast replay will be available at the same location approximately two hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: You will then receive your access details via email. Additionally, a supplemental presentation has been provided on Planet's investor relations page. About Planet Labs PBC Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to customers comprising the world's leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit and follow us on X (formerly Twitter) or tune in to HBO's 'Wild Wild Space'. Channels for Disclosure of Information Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website ( and its blog ( in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Planet's Use of Non-GAAP Financial Measures This press release includes non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described further below, non-GAAP loss from operations, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, adjusted EBITDA, backlog and free cash flow, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these Non-GAAP financial measures because they are used by management to evaluate the Company's core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company's. Further, certain of the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy. Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP gross profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by revenue. Non-GAAP Expenses: The Company defines and calculates non-GAAP cost of revenue, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, and non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, employee transaction bonuses in connection with the Sinergise business combination, and certain litigation expenses, that are classified within each of the corresponding U.S. GAAP financial measures. Non-GAAP Loss from Operations: The Company defines and calculates non-GAAP loss from operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, employee transaction bonuses in connection with the Sinergise business combination, and certain litigation expenses. Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Diluted Share: The Company defines and calculates non-GAAP net income (loss) as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates non-GAAP net income (loss) per diluted share as non-GAAP net income (loss) divided by diluted weighted-average common shares outstanding. Adjusted EBITDA: The Company defines and calculates adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. The Company presents non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described above, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per diluted share and adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet's industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company's core operating performance. Backlog: The Company defines and calculates backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. 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. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. An increasing and meaningful portion of the Company's revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company's expected future revenues. Management uses backlog to more effectively forecast the Company's future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company's future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company's control, and as a result, the Company may fail to realize the full value of such contracts. Free Cash Flow: The Company defines and calculates free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs. The Company presents free cash flow because it believes free cash flow provides useful supplemental information to help investors understand underlying trends in the Company's business and liquidity. Management uses free cash flow, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning. Other Key Metrics ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates annual contract value ('ACV') for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company also calculates EoP ACV book of business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV book of business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV book of business. The Company does not annualize short-term contracts in calculating its EoP ACV book of business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period. Percent of Recurring ACV: Percent of recurring ACV is the portion of the total EoP ACV book of business that is recurring in nature. The Company defines EoP ACV book of business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. The Company defines percent of recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV book of business. The Company believes percent of recurring ACV is useful to investors to better understand how much of the Company's revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks percent of recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management's calculation of percent of recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV book of business, which is used as part of the calculation of percent of recurring ACV. EoP Customer Count: The Company defines EoP customer count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. For EoP customer count, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company's data or services. The Company sells directly to customers, as well as indirectly through its partner network. If a partner does not provide the end customer's name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with the Company, is counted only once. For example, if a customer utilizes multiple products of Planet, the Company only counts that customer once for purposes of EoP customer count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP customer count, the Company does not include users that only utilize the Company's self-service Planet Insights Platform web based ordering system, which the Company acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. The Company believes excluding these users from EoP customer count creates a more useful metric, as the Company views the Planet Insights Platform starter packages as entry points for smaller accounts, leading to broader awareness of the Company's solutions throughout their networks and organizations. The Company believes EoP customer count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company's platform and is a measure of the Company's success in growing its market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company's data or services. Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines capital expenditures as a percentage of revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital expenditures as a percentage of revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company's data services and related revenue, and to provide a comparable view of the Company's performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company's data to clients. As a result of the Company's strategy and business model, the Company's capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company's performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes capital expenditures as a percentage of revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company's relative capital efficiency. Net Dollar Retention Rate: The Company defines Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV. Net Dollar Retention Rate including Winbacks: The Company assesses two metrics for net dollar retention–Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. The Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company's ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements' calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'target,' 'anticipate,' 'intend,' 'develop,' 'evolve,' 'plan,' 'seek,' 'may,' 'will,' 'could,' 'can,' 'should,' 'would,' 'believes,' 'predicts,' 'potential,' 'strategy,' 'opportunity,' 'aim,' 'conviction,' 'continue,' 'positioned,' 'structured' or the negative of these words or other similar terms or expressions that concern Planet's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet's financial guidance and outlook, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet's growth opportunities, Planet's expectations regarding future product development and performance, including with respect to AI, Planet's expectations regarding the launch and operations of its satellites, including with respect to timing, and Planet's expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet's ability to forecast Planet's performance due to Planet's limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet's filings with the Securities and Exchange Commission ('SEC'), including Planet's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that Planet may make. All forward-looking statements reflect Planet's beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet's results for the quarter ended April 30, 2025, are not necessarily indicative of its operating results for any future periods. PLANET Three Months Ended April 30, (In thousands, except share and per share amounts) 2025 2024 Revenue $ 66,265 $ 60,440 Cost of revenue 29,662 28,757 Gross profit 36,603 31,683 Operating expenses Research and development 23,074 25,589 Sales and marketing 16,314 21,485 General and administrative 19,986 19,180 Total operating expenses 59,374 66,254 Loss from operations (22,771 ) (34,571 ) Interest income 1,884 3,107 Change in fair value of warrant liabilities 10,387 1,530 Other income (expense), net (1,200 ) 1,083 Total other income, net 11,071 5,720 Loss before provision for income taxes (11,700 ) (28,851 ) Provision for income taxes 928 442 Net loss (12,628 ) (29,293 ) Basic and diluted net loss per share attributable to common stockholders $ (0.04 ) $ (0.10 ) Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 300,267,952 288,268,718 Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net loss $ (12,628 ) $ (29,293 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 4,775 (534 ) Change in fair value of available-for-sale securities 16 (512 ) Other comprehensive income (loss), net of tax 4,791 (1,046 ) Comprehensive loss $ (7,837 ) $ (30,339 ) Expand PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended April 30, (In thousands) 2025 2024 Operating activities Net loss $ (12,628 ) $ (29,293 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation and amortization 11,082 13,103 Stock-based compensation, net of capitalized cost 12,542 13,072 Change in fair value of warrant liabilities (10,387 ) (1,530 ) Change in fair value of contingent consideration (41 ) (101 ) Other 1,229 (547 ) Changes in operating assets and liabilities Accounts receivable (21,185 ) 5,482 Prepaid expenses and other assets 1,254 (731 ) Accounts payable, accrued and other liabilities (8,915 ) (5,237 ) Deferred revenue 42,072 (721 ) Deferred hosting costs 2,323 2,206 Net cash provided by (used in) operating activities 17,346 (4,297 ) Investing activities Purchases of property and equipment (8,119 ) (9,938 ) Capitalized internal-use software (1,225 ) (1,418 ) Maturities of available-for-sale securities 11,123 32,158 Sales of available-for-sale securities 582 43,116 Purchases of available-for-sale securities — (28,043 ) Business acquisition, net of cash acquired — (1,068 ) Purchases of licensed imagery intangible assets (621 ) (4,024 ) Other — (300 ) Net cash provided by investing activities 1,740 30,483 Financing activities Proceeds from the exercise of common stock options 2,962 20 Payments for withholding taxes related to the net share settlement of equity awards (5,264 ) (2,015 ) Proceeds from employee stock purchase program 346 — Payments of contingent consideration for business acquisitions (4,820 ) — Other (2,383 ) (380 ) Net cash used in financing activities (9,159 ) (2,375 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 5,683 (276 ) Net increase in cash and cash equivalents, and restricted cash and cash equivalents 15,610 23,535 Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period 129,994 102,198 Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period $ 145,604 $ 125,733 Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net loss $ (12,628 ) $ (29,293 ) Interest income (1,884 ) (3,107 ) Income tax provision 928 442 Depreciation and amortization 11,082 13,103 Change in fair value of warrant liabilities (10,387 ) (1,530 ) Stock-based compensation 12,542 13,072 Restructuring costs 20 — Certain litigation expenses (1) 326 — Other (income) expense, net 1,200 (1,083 ) Adjusted EBITDA $ 1,199 $ (8,396 ) (1) Expenses relating to the Delaware class action lawsuit. Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Reconciliation of cost of revenue: GAAP cost of revenue $ 29,662 $ 28,757 Less: Stock-based compensation 1,541 876 Less: Amortization of acquired intangible assets 691 789 Less: Restructuring costs 15 — Non-GAAP cost of revenue $ 27,415 $ 27,092 Reconciliation of gross profit: GAAP gross profit $ 36,603 $ 31,683 Add: Stock-based compensation 1,541 876 Add: Amortization of acquired intangible assets 691 789 Add: Restructuring costs 15 — Non-GAAP gross profit $ 38,850 $ 33,348 GAAP gross margin 55 % 52 % Non-GAAP gross margin 59 % 55 % Reconciliation of operating expenses: GAAP research and development $ 23,074 $ 25,589 Less: Stock-based compensation 4,037 5,163 Non-GAAP research and development $ 19,037 $ 20,426 GAAP sales and marketing $ 16,314 $ 21,485 Less: Stock-based compensation 1,929 2,403 Less: Amortization of acquired intangible assets 92 217 Less: Restructuring costs 6 — Non-GAAP sales and marketing $ 14,287 $ 18,865 GAAP general and administrative $ 19,986 $ 19,180 Less: Stock-based compensation 5,035 4,630 Less: Amortization of acquired intangible assets 29 79 Less: Restructuring costs (1 ) — Less: Certain litigation expenses 326 — Non-GAAP general and administrative $ 14,597 $ 14,471 Reconciliation of loss from operations GAAP loss from operations $ (22,771 ) $ (34,571 ) Add: Stock-based compensation 12,542 13,072 Add: Amortization of acquired intangible assets 812 1,085 Add: Restructuring costs 20 — Add: Certain litigation expenses 326 — Non-GAAP loss from operations $ (9,071 ) $ (20,414 ) Expand PLANET Three Months Ended April 30, (In thousands, except share and per share amounts) 2025 2024 Reconciliation of net loss GAAP net loss $ (12,628 ) $ (29,293 ) Add: Stock-based compensation 12,542 13,072 Add: Amortization of acquired intangible assets 812 1,085 Add: Restructuring costs 20 — Add: Certain litigation expenses 326 — Income tax effect of non-GAAP adjustments — — Non-GAAP net income (loss) $ 1,072 $ (15,136 ) Reconciliation of net loss per share, diluted GAAP net loss $ (12,628 ) $ (29,293 ) Non-GAAP net income (loss) $ 1,072 $ (15,136 ) GAAP net loss per share, basic and diluted (1) $ (0.04 ) $ (0.10 ) Add: Stock-based compensation 0.04 0.05 Add: Amortization of acquired intangible assets — — Add: Restructuring costs — — Add: Certain litigation expenses — — Income tax effect of non-GAAP adjustments — — Non-GAAP net income (loss) per share, diluted (2) (3) $ — $ (0.05 ) Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) 300,267,952 288,268,718 Weighted-average shares used in computing Non-GAAP net income (loss) per share, diluted (2) 314,969,299 288,268,718 (1) Basic and diluted GAAP 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. (2) Non-GAAP net income (loss) per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for the three months ended April 30, 2024 as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data. Note: In connection with the preparation of this earnings release, we identified immaterial errors in the Non-GAAP net loss per share previously reported on December 9, 2024 and March 20, 2025. The errors related to the application of income tax effects on non-GAAP adjustments. The corrected Non-GAAP net loss per share amounts and periods impacted are as follows: – Three months ended October 31, 2024: ($0.03) (previously reported as ($0.02)) – Three months ended January 31, 2025: ($0.07) (previously reported as ($0.08)) – Fiscal year ended January 31, 2025: ($0.21) (previously reported as ($0.20)) While the corrected amounts are not presented in the tables herein, we are disclosing the corrections for transparency. The corrections had no impact on our previously reported GAAP financial results, including GAAP net loss or GAAP net loss per share. Expand PLANET The table below reconciles Backlog to remaining performance obligations for the periods indicated: (in thousands) April 30, 2025 January 31, 2025 Remaining performance obligations $ 451,928 $ 412,829 Cancelable amount of contract value 75,119 90,920 Backlog $ 527,047 $ 503,749 For remaining performance obligations and Backlog as of April 30, 2025, the Company expects to recognize approximately 45% over the next 12 months, approximately 76% over the next 24 months, and the remainder thereafter. Expand PLANET Three Months Ended April 30, (in thousands) 2025 2024 Net cash provided by (used in) operating activities $ 17,346 $ (4,297 ) Purchases of property and equipment (8,119 ) (9,938 ) Capitalized internal-use software (1,225 ) (1,418 ) Free cash flow $ 8,002 $ (15,653 ) Expand
Business Wire
38 minutes ago
- Business Wire
Mannatech Announces Results of Annual Shareholders' Meeting
FLOWER MOUND, Texas--(BUSINESS WIRE)-- Mannatech, Incorporated (Nasdaq: MTEX) ("Mannatech"), a global health and wellness company committed to transforming lives to make a better world, announced that its shareholders passed all proposals put to a vote at Mannatech's annual shareholder meeting (the "Meeting") held Tuesday, June 3, 2025. Mannatech's Chairman of the Board, J. Stanley Fredrick, chaired the Meeting, and James Clavijo, Mannatech's Chief Financial Officer, spoke to the shareholders sharing the company's financial results for 2024. There were 1,900,930 outstanding shares of Mannatech's common stock as of April 8, 2025 entitled to vote and 1,478,342 shares, or approximately 77.8% represented at the Meeting, either in person or by proxy. The following matters were submitted and voted upon at the Meeting: 1. Mannatech shareholders voted on the election of two individuals to the Board of Directors as Class II Directors to hold office until 2028 as set forth below: 2. Mannatech shareholders voted to ratify the appointment of BDO USA, P.C. as our independent registered public accounting firm for the fiscal year ended December 31, 2025 as set forth below: 3. Mannatech shareholders approved, on an advisory basis, the compensation of Mannatech's named executive officers as set forth below: 4. Mannatech shareholders approved, on an advisory basis, the frequency of future votes on compensation of Mannatech's named executive officers as set forth below: To begin improving your life and the lives of those around you, please visit About Mannatech Mannatech, Incorporated, is committed to transforming lives through the development, marketing, and sales of high-quality, proprietary nutritional supplements, topical and skin care and anti-aging products, and weight-management products distributed through its global network of independent associates and members. The company has been operating for more than 25 years of experience with operations in 25 markets^. For more information, visit ^ Mannatech operates in China under a cross-border e-commerce platform that is separate from its network marketing model. Please Note: This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as 'may,' 'will,' 'should,' "hope," 'could,' 'would,' 'expects,' 'plans,' 'intends,' 'anticipates,' 'believes,' 'estimates,' 'approximates,' 'predicts,' 'projects,' 'potential,' and 'continues' or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Mannatech's inability to attract and retain associates and members, increases in competition, litigation, regulatory changes, and its planned growth into new international markets. Although Mannatech believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
