I really hate to say this, but Planet Labs (NYSE: PL) stock is turning into a real disappointment -- and with Planet Labs stock still down 9% after its earnings report earlier this month, it seems I'm not the only one being disappointed.

If you recall, two years ago, on the cusp of its IPO, I had high hopes for Planet Labs, a tiny, then-private space company that curiously possessed for itself the world's largest fleet of Earth observation satellites in orbit. Planet, you see, had high hopes for its post-IPO lifespan, predicting that from 2021 through 2025, the company would roughly quintuple its annual sales from $130 million to nearly $700 million and nearly double its gross profit margin on those sales from 40% to 74%.

It's not working out that way in practice. By 2023, for example -- or fiscal 2024, as Planet calculates such things -- sales were supposed to tip the scales at $289 million, up 51% from the previous year, and with profitability improving, the company should be starting to generate its first positive free cash flow right about now. But here at the halfway mark in Planet's fiscal year, it's not looking likely that Planet will hit either of those goals.

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Source Fool.com