Planet Image Stock Price, News & Analysis

Planet Image International Limited (Nasdaq: YIBO) is an export-oriented manufacturer and seller of compatible toner cartridges in the computer hardware and printing supplies space. According to the company’s public disclosures, it develops and manufactures toner cartridges that are compatible with, and can be used in, a wide range of commonly available models of laser printers from different manufacturers. Planet Image supplies these compatible toner cartridges on a white-label or third-party brand basis and under its own brands, serving customers across multiple regions.

The company is based in Xinyu City, Jiangxi Province in the People’s Republic of China, with its principal executive office located in the city’s hi-tech development zone. It is listed on the Nasdaq Capital Market under the ticker symbol YIBO, with its Class A ordinary shares having begun trading on January 25, 2024, following the pricing and closing of its initial public offering. Planet Image describes itself as an export-oriented business with operations and sales channels in China, the United States and Europe, and it reports that its products are sold to customers in more than 48 countries, with sales in the U.S. and Europe representing the majority of its revenue.

Planet Image’s core business centers on the design, development and manufacture of compatible toner cartridges for laser printers. The company states that it produces cartridges that can be used in a wide range of commonly available printer models from different manufacturers. These cartridges are supplied on a white-label or third-party brand basis to customers, and also under Planet Image’s self-owned brands. In its Polygon profile and public press releases, the company notes that it sells branded products through online sales channels under names such as TrueImage, CoolToner, AZtech and Toner Bank, and in other disclosures it highlights three brands, True, CoolToner and AZtech, for its online channels.

In addition to its toner cartridge business, Planet Image has reported that it sells certain household supply products through online channels. In its financial results for the first half of 2024, the company explains that revenue from online sales increased partly because it sold more new household supply products, such as electric appliances and articles for daily use, which are manufactured by third parties and procured by the company for resale in the U.S. and European markets. These items are separate from its self-developed toner cartridges and are purchased from other manufacturers.

Planet Image emphasizes its role as an export-oriented company with a wide international footprint. It reports established sales channels that reach customers in over 48 countries, with North America and Europe accounting for the majority of its revenue. In its first half of 2024 financial update, the company notes that North America remained a key market, contributing a significant portion of total revenues, and that it has pursued market expansion in China and Brazil, which contributed to growth in revenue from other markets. The company also highlights that it has warehousing, logistics and IT systems that support local dealers with online sales operations, and that it works with dealers and other customers through offline and online channels.

Planet Image’s revenue is described in its disclosures as coming from several sales channels: offline sales to dealers, offline sales to original design manufacturing (ODM) customers, and online sales to retail customers. The company has reported growth in offline sales to dealers, which it attributes to expanding local sales to dealers with online sales operations and obtaining more orders by utilizing its warehousing, logistics and IT systems. It has also noted fluctuations in offline sales to ODM customers and growth in online sales to retail customers, including the contribution from third-party manufactured household supply products sold online.

From a geographic perspective, Planet Image discloses that most of its revenue is generated from North America and Europe, with additional revenue from other regions. In its first half of 2024 report, the company provides a breakdown of revenue by area, showing contributions from North America, Europe and other markets, and explaining that growth in other markets was driven by expansion in China and Brazil. The company also discusses the impact of pricing competition in Europe and its decisions around product pricing relative to competitors.

As part of its corporate and capital markets history, Planet Image completed its initial public offering of Class A ordinary shares on the Nasdaq Capital Market. The company’s press releases describe a public offering of shares at a specified price per share and note that the offering was conducted on a firm commitment basis, with an underwriter and legal counsel identified in the transaction. The company also explains that a registration statement on Form F-1 relating to the offering was filed with, and declared effective by, the U.S. Securities and Exchange Commission, and that a final prospectus was filed with the SEC.

Planet Image has also disclosed information about its capital structure and mezzanine equity. In its financial reporting, the company describes a prior issuance of ordinary shares to Xinyu High-Tech Investment Co., Ltd. in exchange for an investment, with those shares subject to certain redemption events related to the timing and conditions of the company’s initial public offering. The company accounts for these redeemable Class A ordinary shares as mezzanine equity under ASC 480, and it reports that upon the successful completion of its initial public offering on the Nasdaq Capital Market on January 25, 2024, the mezzanine equity was reclassified as equity of the company.

In addition, Planet Image has reported on its financing arrangements and guarantees. A Form 6-K filed in connection with loan agreements by Jiangxi Yibo E-Tech Co., Ltd., an indirect wholly owned subsidiary, describes a letter of guarantee executed by Planet Image in favor of Industrial and Commercial Bank of China, providing a joint liability guarantee for the obligations of Jiangxi Yibo under each loan. A later Form 6-K notes that on August 1, 2025, the company executed an amended and restated letter of guarantee, extending the term of the guarantee and reducing the aggregate guaranteed borrowing amount. These disclosures illustrate how the company supports its subsidiary’s borrowing arrangements.

Planet Image reports its financial results and corporate developments through periodic filings and press releases. For the first half of 2024, the company disclosed total revenues, gross profit, operating income, net income and other financial metrics, along with commentary on factors affecting its performance, such as material costs, ocean freight costs, tariffs, pricing decisions and changes in product mix. It also discusses operating expenses, including selling, general and administrative, and research and development expenses, and notes changes in other non-operating income, fair value loss on derivative instruments and interest expenses and income.

The company also provides information about its financial condition, including cash and cash equivalents, restricted cash, accounts receivable, inventories, prepaid expenses and other current assets, property, plant and equipment, right-of-use assets, deferred tax assets and other non-current assets. It reports current liabilities such as short-term borrowings, accounts payable, bank acceptance notes payable, amounts due to related parties, accrued expenses and other current liabilities, derivative liabilities, operating lease liabilities and taxes payable. These disclosures give investors insight into the company’s balance sheet structure and working capital.

Planet Image’s sector classification is Technology, with an industry focus on computer hardware and printing consumables. Its business model, as described in its own materials and filings, combines manufacturing of compatible toner cartridges with export-oriented sales across multiple regions, supported by offline dealer networks, ODM relationships and online retail channels. The company also notes its mission to deliver high-quality and cost-effective printing solutions to consumers around the world, referencing its proprietary technology, research and development capabilities and integrated and localized sales, logistics and service platform.

Investors and analysts reviewing Planet Image typically look at its geographic revenue mix, the performance of its different sales channels, and the impact of factors such as pricing competition, freight costs, tariffs and product mix on margins and profitability. The company’s SEC filings, including Form 6-K reports with unaudited condensed interim consolidated financial statements and management’s discussion and analysis, provide detailed information on its financial results, risk factors and corporate developments.

Business Model and Revenue Channels

According to Planet Image’s financial disclosures, revenue is generated through three main channels: offline sales to dealers, offline sales to ODM customers and online sales to retail customers. Offline sales to dealers involve supplying compatible toner cartridges to dealers, many of whom operate online sales businesses. The company notes that it has expanded local sales to such dealers and leveraged its warehousing, logistics and IT systems to support their online operations, which has contributed to growth in this channel.

Offline sales to ODM customers involve supplying products to customers that may use the cartridges under their own branding or specifications. The company has reported changes in revenue from this channel, citing factors such as customer concerns over transportation turnover and limited ocean freight capacity under an unfavorable political environment. Online sales to retail customers include both the company’s own branded compatible toner cartridges and third-party manufactured household supply products, such as electric appliances and articles for daily use, which the company procures and resells in markets such as the U.S. and Europe.

Geographic Footprint

Planet Image describes itself as having a wide international footprint, with products sold to customers in more than 48 countries. In its financial reporting, the company disaggregates revenue by area, highlighting North America, Europe and other regions. It reports that North America is a key market and that revenue from this region has grown, supported by market expansion in the U.S. and increased sales through attracting more local dealers with preferential pricing and leveraging its warehousing, logistics and IT systems.

In Europe, the company has reported a slight decrease in revenue in a recent period, attributing this to intense price competition and its decision not to significantly reduce product prices compared with other competitors, which led to some customer attrition. Revenue from other regions has increased, with the company pointing to market expansion in China and Brazil as drivers of growth in these markets.

Capital Markets and Corporate Structure

Planet Image’s Class A ordinary shares trade on the Nasdaq Capital Market under the symbol YIBO. The company completed its initial public offering after a registration statement on Form F-1 was declared effective by the U.S. Securities and Exchange Commission. The offering involved the sale of Class A ordinary shares at a specified public offering price, with an underwriter granted an option to purchase additional shares. The company has indicated that it intends to use net proceeds from the offering for constructing a comprehensive, multi-layer production center, research and development, updating software systems of its own websites, setting up additional warehouses in overseas locations and general corporate purposes.

In its financial disclosures, Planet Image also describes prior mezzanine equity related to shares issued to Xinyu High-Tech Investment Co., Ltd., subject to redemption events tied to the timing and conditions of the company’s initial public offering. The company accounts for these redeemable Class A ordinary shares in accordance with ASC 480 and notes that upon the successful completion of its Nasdaq initial public offering, the mezzanine equity was reclassified as equity.

Risk and Financing Disclosures

Through its Form 6-K filings, Planet Image provides information on financing arrangements and guarantees. In connection with loan agreements entered into by its indirect wholly owned subsidiary Jiangxi Yibo E-Tech Co., Ltd. with Industrial and Commercial Bank of China, the company executed a letter of guarantee providing a joint liability guarantee for the subsidiary’s obligations under each loan until full repayment of principal and interest. An amended and restated letter of guarantee later extended the term of the guarantee and reduced the aggregate guaranteed borrowing amount, with the full text of the guarantee filed as an exhibit to the Form 6-K.

The company’s filings also include unaudited condensed interim consolidated financial statements, management’s discussion and analysis of financial condition and results of operations, and interactive data file disclosures in Inline XBRL format. These materials provide detailed insight into Planet Image’s financial performance, balance sheet, cash flows and risk factors, as well as management’s commentary on operating conditions and strategic considerations.

Frequently Asked Questions (FAQ)

• What does Planet Image International Limited do?
  Planet Image International Limited is an export-oriented manufacturer and seller of compatible toner cartridges. It develops and manufactures toner cartridges that are compatible with a wide range of commonly available laser printer models from different manufacturers and sells them on a white-label or third-party brand basis and under its own brands.
• In which industry and sector does Planet Image operate?
  Planet Image operates in the computer hardware industry within the broader Technology sector, with a focus on printing consumables such as compatible toner cartridges.
• Where is Planet Image headquartered?
  The company’s principal executive office is located in Xinyu City, Jiangxi Province, in the People’s Republic of China, within the city’s hi-tech development zone.
• On which exchange does Planet Image’s stock trade and what is its ticker?
  Planet Image’s Class A ordinary shares trade on the Nasdaq Capital Market under the ticker symbol YIBO.
• What products does Planet Image manufacture and sell?
  The company primarily develops and manufactures compatible toner cartridges for commonly available laser printers from different manufacturers. It sells these cartridges on a white-label or third-party brand basis and under its own brands. It also sells certain household supply products, such as electric appliances and articles for daily use, which are manufactured by third parties and procured for resale through online channels.
• What brands does Planet Image use for its online sales?
  According to its public descriptions, Planet Image sells branded products through online sales channels under brands such as TrueImage, CoolToner, AZtech and Toner Bank, and in other disclosures it refers to three brands, True, CoolToner and AZtech, for its online channels.
• Which regions contribute most to Planet Image’s revenue?
  The company reports that sales in the U.S. and Europe represent the majority of its revenue. In its financial disclosures, it identifies North America and Europe as major revenue-contributing regions, with additional revenue from other markets including China and Brazil.
• How does Planet Image generate revenue across different channels?
  Planet Image reports revenue from offline sales to dealers, offline sales to original design manufacturing (ODM) customers and online sales to retail customers. Offline sales to dealers and ODM customers involve supplying compatible toner cartridges, while online sales include both its own branded cartridges and third-party manufactured household supply products sold through online platforms.
• What was the purpose of Planet Image’s initial public offering?
  In its IPO-related press releases, the company states that it intends to use net proceeds from the offering to construct a comprehensive, multi-layer production center, support research and development, update software systems of its own websites, set up additional warehouses in overseas locations and for general corporate purposes.
• Does Planet Image provide financial reports as a foreign issuer?
  Yes. Planet Image files reports on Form 6-K as a foreign private issuer, including unaudited condensed interim consolidated financial statements, management’s discussion and analysis of financial condition and results of operations, and related exhibits, which are incorporated by reference into its registration statements.