SAN FRANCISCO, CA – Shareholders of Planet Labs PBC, a leader in the field of radio and TV broadcasting and communications equipment, convened on Thursday for the company's 2024 Annual Meeting. The meeting resulted in the election and re-election of board members and the ratification of the company's independent auditor.
The San Francisco-based company reported that a significant majority of votes were cast in favor of all proposals presented during the meeting. A total of 187,006,598 shares, representing both Class A and Class B stock, were voted.
Kristen Robinson, Carl Bass, and Ita Brennan were elected as Class III directors for a three-year term. Additionally, Susan Wojcicki was elected as a Class II director for a two-year term. The election of directors saw an overwhelming number of votes in favor, with the highest number of withheld votes being 22,428,719 for Carl Bass.
In a decisive outcome, KPMG LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending January 31, 2025. This proposal received 586,179,911 votes in favor, with 1,271,739 against and 1,549,082 abstentions.
Furthermore, the compensation of the company's named executive officers for the fiscal year ended January 31, 2025, was approved on a non-binding advisory basis. The proposal received 513,085,083 votes in favor, with 16,188,616 against and 8,306,689 abstentions.
Planet Labs PBC, which operates under the trading symbols NYSE:PL for its Class A common stock and NYSE:PLWS for its warrants, confirmed the completion of the voting process without any broker non-votes affecting the outcome of the proposals related to the election of directors and the advisory vote on executive compensation.
In other recent news, Planet Labs has reported solid second-quarter earnings that align with the forecasts for the first quarter of fiscal year 2025. The satellite imaging provider announced consistent growth in government segment sales, a 27% year-over-year increase, despite a 13% decline in the commercial segment. The company secured significant new contracts with UK civil governments and the Kenya Space Agency, and also renewed a portion of its Exclusive Operating Control License (EOCL) contract. These developments highlight Planet Labs' continued expansion and governmental engagement.
In addition, the company launched its Planet Insights platform and prepared the first Tanager satellite for launch, signaling progress in its product offerings. Despite facing challenges in customer retention, as noted by Craig-Hallum, Planet Labs maintains a healthy cash balance of $276 million and a backlog worth approximately $220 million. These recent developments underline the company's focus on operational efficiency and profitability.
The company's Q1 revenue for fiscal year 2025 reported a 15% increase, reaching a record $60.4 million, primarily driven by robust performance in the government sector. According to Needham, the company's current initiatives will foster long-term growth and the financial forecasts for fiscal years 2025 and 2026 remain largely unchanged, reflecting a steady outlook for Planet Labs' future performance.
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