Delivers Record Quarterly Revenue of $55.4 Million
Launched 36 SuperDove Satellites and First Pelican Tech Demo Satellite
Released Groundbreaking Global Forest Carbon Product

SAN FRANCISCO — (BUSINESS WIRE) — December 7, 2023 — Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended October 31, 2023, that demonstrated continued growth and momentum of its unique data subscription business.

“Growth in the third quarter was driven by strength in the Civil Government and Defense & Intelligence markets,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “We focused on sharpening our go-to-market execution and we recently achieved multiple important product milestones, including successfully launching 37 satellites, enabling low touch sales of Planet data on our Sentinel Hub platform and releasing the new Forest Carbon product to market.”

Ashley Johnson, Planet’s Chief Financial and Operating Officer, added, “We’re also pleased with the cost discipline and focus on operational efficiency that we’re seeing across the business, which support our path to profitability. Our balance sheet remains strong with $315 million of cash, cash equivalents, and short-term investments as of the end of the quarter and we continue to have no debt.”

Fiscal Third Quarter 2024 Financial and Key Metric Highlights:

• Third quarter revenue increased 11% year-over-year to $55.4 million.
• Percent of Recurring Annual Contract Value (ACV) for the third quarter was 94%.
• End of Period (EoP) Customer Count increased 13% year-over-year to 976 customers.
• Third quarter gross margin was 47%, compared to 50% in the third quarter of fiscal year 2023.
• Third quarter Non-GAAP Gross Margin⁽¹⁾ was 52%, compared to 54% in the third quarter of fiscal year 2023.
• Ended the quarter with $315 million in cash, cash equivalents and short-term investments.

⁽¹⁾ Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release.

Recent Business Highlights:

Growing Customer and Partner Relationships

• BASF Expansion: Planet recently expanded its seven-figure contract with BASF Digital Farming GmbH, a subsidiary of BASF, the large European-based multinational company and large chemical producer. BASF Digital Farming offers precision digital farming products through its Xarvio Digital Farming Solutions platform. Xarvio FIELD MANAGER, its crop optimization platform, uses PlanetScope and Planetary Variables solutions for broad area management to deliver targeted and timely agronomic advice that supports more efficient, profitable, and sustainable agricultural practices.
• Instituto Geográfico Agustín Codazzi (IGAC): Planet recently closed a seven-figure ACV contract with the Cartographic Agency for Colombia, IGAC. This entity regulates, produces, and articulates high-quality geographic, cadastral, and agronomical information of the country, contributing to its development for decision-making and definition of public policies in Colombia. They’re using PlanetScope and SkySat data to support geographic studies, professional training, and education in GIS technology and improve land-use planning and risk management across Colombia.
• USDA Foreign Agricultural Service: Planet recently added the USDA Foreign Agricultural Service as a new customer. The USDA FAS links U.S. agriculture to the world to enhance export opportunities and global food security. The USDA FAS is using PlanetScope’s broad area management to support the production of crop type maps and area estimates in areas overseas.
• BeZero Carbon: Planet recently added BeZero Carbon, a global carbon ratings agency, as a new partner. BeZero is using Planet’s Forest Carbon product to help market participants continue to make more informed carbon credit investments. Planet’s 30 meter global time series of forest height, tree cover, and carbon is seen as an invaluable addition to BeZero’s cutting-edge geospatial analysis and methodologies.
• SI Analytics: Planet closed a new contract with South Korea-based AI company, SI Analytics, to provide imagery data for anomaly analysis of North Korea. SI Analytics is a provider for satellite image analytics based on deep learning technology and GEO-information solutions. SI Analytics is using PlanetScope to run analytics for defense and intelligence customers.
• NGIS: Planet expanded its contract with Australian-based partner, NGIS who provides critical geospatial services using Planet data to Australian civil governments, supporting resource management and natural disaster response for wildfires and floods.
• on-X Maps: Planet recently added on-X Maps as a new customer. on-X’s Recent Imagery product uses Planet’s bi-weekly Basemaps to provide outdoor enthusiasts with up-to-date imagery of outdoor recreation sites. on-X was recently recognized on the TIME’s Best Innovations list of 2023.

New Technologies and Products

• Pelican Tech Demo and 36 SuperDoves Launch: On November 11, 2023, Planet successfully launched its first Pelican technology demonstration, Pelican-1, and 36 SuperDoves to orbit on SpaceX’s Transporter-9 mission. The Planet Team quickly established contact with all 37 satellites and began commissioning the new satellites to join its fleet of roughly 200 currently on-orbit. This launch marks a momentous milestone for the Company, especially for Planet’s next-generation high-resolution mission. Over time, the Pelican constellation is expected to offer a more capable and cost-effective upgrade to the Company’s current high-resolution satellites, the SkySats.
• Planet Data Available on Sentinel Hub: During Q3, Planet data and services were launched on the Sentinel Hub platform with transparent pricing and APIs, enabling low touch or self-service sales for small customers and giving partners what they need to more rapidly and flexibly build solutions on top of our data.
• Global Forest Carbon Product Release: Planet released its Forest Carbon product, a global, 30 meter historical time series of forest carbon, tree height, and cover. This groundbreaking data product aims to provide unprecedented insights into forest change and carbon stocks and is already being used by customers to inform their carbon credit investments. The 10-year archive of global forest carbon is highly accurate, affordable, and scalable, helping to solve long-standing challenges associated with measuring forest carbon stocks.

Global Sustainability and Impact

• First PBC Report: Planet published its first Public Benefit Corporation (“PBC”) Report, which can be found at planet.com/esg. As a PBC, Planet is required under Delaware law to publish this report once every two years, highlighting the objectives, standards and metrics used by the Company’s Board of Directors to determine that the Company continues to perform in accordance with its PBC mission.

Financial Outlook

For the fourth quarter of fiscal year 2024, ending January 31, 2023, Planet expects revenue to be in the range of approximately $56 million to $59 million, representing approximately 9% year-over-year growth at the midpoint. Non-GAAP Gross Margin is expected to be in the range of approximately 52% to 56%. Adjusted EBITDA loss is expected to be in the range of approximately ($12) million and ($9) million. Capital Expenditures as a Percentage of Revenue is expected to be in the range of approximately 25% to 27% for the quarter.

For fiscal year 2024, ending January 31, 2024, Planet expects revenue to be in the range of approximately $218 million to $221 million, representing approximately 15% year-over-year growth at the midpoint. Non-GAAP Gross Margin is expected to be in the range of approximately 53% to 54%. Adjusted EBITDA loss is expected to be in the range of approximately ($58) million and ($55) million. Capital Expenditures as a Percentage of Revenue is expected to be in the range of approximately 21% to 22% for the full fiscal year 2024.