On June 9, Planet Labs declined 5.25% in regular trading, trading at $30.726/share with trading volume of $252 million, extending the sharp selloff that began last week.

The continued weakness follows the company's filing of an at-the-market equity distribution agreement to sell up to $1.5 billion of its common stock over time, raising significant dilution concerns among existing shareholders. This announcement came alongside the release of fiscal Q1 results on June 4, which showed revenue of $94.2 million (up 42% year-over-year) beating expectations of $90 million, and adjusted EPS loss of $0.03 beating the $0.04 consensus. The company also raised full-year revenue guidance to $425-$441 million. However, with the stock having previously surged from a 52-week low of $3.78 to above $50, resulting in a price-to-sales ratio of approximately 31x, investors chose to take profits despite the strong fundamental performance. GAAP net loss widened to $138.9 million, primarily driven by $106.5 million in non-cash warrant revaluation losses. The stock has now fallen approximately 40% from its recent highs.

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