Satellite imaging play Planet Labs pops 50% after posting record revenue

Shares of satellite imagery company Planet Labs soared more than 50% during Thursday’s trading session on the back of its strong first-quarter earnings report.

The company on Wednesday posted its first-ever quarter of positive free cash flow, coming in at $8.0 million. Planet Labs also exceeded quarterly estimates on top and bottom lines, reporting record revenue for the period.

Planet Labs posted breakeven adjusted earnings and $66.3 million in revenue for the first quarter, while analysts polled by FactSet projected a loss of 4 cents per share on sales of $62.3 million. For the second quarter, Planet Labs expects sales to range between $65 million and $67 million. Analysts were expecting $65.2 million, per FactSet.

“We had an excellent first quarter, exceeding our expectations, demonstrating solid validation of our strategic direction and great execution,” Planet Labs CEO Will Marshall said in a press release. “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.”

Shares of Planet Labs are up more than 50% year to date, given Thursday’s jump, and have soared about 82% this quarter alone. The stock was last up roughly 54% during midday trading.

The company, which operates more than 200 satellites currently in orbit, earlier this year announced a $230 million contract with an anchor customer to further the rollout of its next-generation Pelican satellites.

Marshall told CNBC in January that the contract was its “biggest deal ever and it’s a significant step for us into this satellite services business.”