Shares of Planet fell after the satellite-imagery and data-analysis company cut its annual revenue guidance following when it reported first-quarter results Thursday.

The company lowered its guidance for its current fiscal-year 2024 revenue to a range of $225 million to $235 million, down from its previous forecast of between $248 million and $268 million. Planet also said it expected wider losses on an adjusted EBITDA basis, increasing its forecast to a range of between $58 million and $67 million from a range of between $37 million and $47 million.

Shares of Planet fell as much as 20% in after-hours trading, from its close at $4.90.

Despite the lowered guidance, Planet co-founder and CEO Will Marshall said in a statement that the company continues “to see strong demand for our proprietary data solutions, driven by global events and the growing awareness of our capabilities.”

Planet Chief Financial Officer and Chief Operating Officer Ashley Johnson further emphasized the “challenging macro environment,” and said the company remains “focused on the path to profitability.” She added the company’s balance sheet “is strong,” with $375 million in cash and equivalents and no debt.

For the first quarter, Planet reported revenue of $52.7 million, up 31% from $40.1 million in the same period a year ago, but effectively flat from the prior quarter.

The company’s first-quarter net loss was $34.4 million, or 13 cents a share. That narrowed 22% from its net loss of $44.4 million, or 17 cents a share, a year prior.

Planet’s customer base increased to 903, up from 882 at the end of the fourth quarter. Its customer base is split into three parts by revenue: 44% is defense and intelligence, 29% is commercial and 27% is civil government.

The company follows a fiscal-year calendar that ends Jan. 31.