Planet Labs Stock Drops 40% After Earnings

Planet Labs stock fell 40% to $31.16 after June 4 earnings, driven by a $138.9M net loss from a $106.5M non-cash revaluation of warrant liabilities. First quarter revenue hit $94.2M, up 42% year over year, from defense and intelligence contracts including the $151B SHIELD IDIQ deal. The drop follows a 26% one-day plunge the day after the earnings call.