Awarded Contracts with NASA, US Department of Defense and Multiple International Governments

Delivers Record GAAP Gross Margin of 61%, Up Over 1,400 bps YoY, and Record Non-GAAP Gross Margin of 64%, Up Over 1,200 bps YoY

Achieves First Light with Tanager Hyperspectral Satellite; Delivers Data on Over 300 Methane and CO2 Emissions Sites; Enables First Mitigation Success

Pelican-2 with NVIDIA Jetson Platform is Shipped and Ready to Launch

SAN FRANCISCO — (BUSINESS WIRE) — December 9, 2024 — 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, 2024.

"We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet’s largest ever quarter of ACV bookings, helping lay the foundation for future growth," said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. "We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions. We also saw first light from our Tanager satellite, released the first set of over 300 CO2 and methane detections, and are progressing towards commercializing its hyperspectral data. The success of this program has led us to actively pursue other opportunities that similarly advance our technology roadmap while enhancing our financial position. Ultimately, we believe Planet is well positioned for growth going forward."

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We saw significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins, as well as the continued progress on our path to profitability. I’m pleased to confirm that we’re on track to achieve our target of Adjusted EBITDA profitability next quarter. Meanwhile, we’re reducing our cash burn and our balance sheet remains strong with approximately $242 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.”

Third Quarter of Fiscal 2025 Financial and Key Metric Highlights:

• Third quarter revenue increased 11% year-over-year to a record $61.3 million.
• Percent of Recurring Annual Contract Value (ACV) for the third quarter was 97%.
• End of Period (EoP) Customer Count increased 4% year-over-year to 1,015 customers.
• Third quarter gross margin was a record 61%, compared to 47% in the third quarter of fiscal year 2024. Third quarter Non-GAAP Gross Margin was a record 64%, compared to 52% in the third quarter of fiscal year 2024.
• Third quarter net loss was ($20.1) million, compared to ($38.0) million in the third quarter of fiscal year 2024.
• Third quarter Adjusted EBITDA loss was ($0.2) million, compared to a ($12.0) million loss in the third quarter of fiscal year 2024.
• Third quarter GAAP EPS was ($0.07) and Non-GAAP EPS was ($0.02).
• Ended the quarter with $242 million in cash, cash equivalents and short-term investments.

Recent Business Highlights:

Growing Customer and Partner Relationships

• International Defense Customer: Planet won an eight-figure expansion with an International Defense Customer during the third quarter to provide PlanetScope, Skysat, Maritime Domain Awareness and other analytics.
• US Department of Defense: Planet was selected to complete a seven-figure pilot with the US Department of Defense. This is Planet’s third such pilot program with the US Department of Defense this year. Under the 3-month project, Planet will provide satellite imagery in key areas of interest with analytics-powered insights supported by a Planet partner.
• NASA: In early September, NASA announced that Planet was selected for the NASA Commercial SmallSat Data Acquisition (CSDA) contract. The fixed-price, indefinite-delivery/indefinite-quantity, multiple-award contract has a performance period through November 15, 2028. On November 25, 2024, Planet received an order under the new contract vehicle valued at approximately $19.95 million for a one-year period of performance. Planet has been a proud member of the scientific CSDA program since its inception. Through this order, Planet will continue providing NASA researchers with its industry-leading imagery and archive products.
• Federal Police of Brazil: Planet renewed its seven-figure ACV contract with the Federal Police of Brazil through its partner SCCON Geospatial. With the aid of daily satellite imagery, SCCON and Brazilian public agents have reported collecting the equivalent of nearly $3 billion from fines, seized goods, and frozen assets related to illegal logging and mining. Through the country’s Brasil MAIS Program, the renewed contract will enable more than 100,000 users and more than 500 public institutions to continue monitoring 8.6 million square kilometers of Brazilian territory and marine coast areas.
• German Space Agency: Planet GmbH signed a multi-year contract with the German Space Agency at German Aerospace Center (DLR) to provide data access and development support for the German Space Agency’s Earth observation data platform (EO-Lab), integrating Planet data into the system and offering advanced services.
• Laconic: Planet signed a seven-figure multi-year deal with Laconic, a company leading a global shift in climate finance. Under this contract, Laconic will receive Planet’s AI-powered 3 meter Forest Carbon Monitoring product and 30 meter Forest Carbon product. Leveraging these data feeds, Laconic plans to offer their customers accurate trends and verifications to instill trusted trading confidence and empower informed carbon credit decision-making.

New Technologies and Products

• Pelican-2 Satellite: Planet announced that its next Pelican satellite, Pelican-2, is ready for launch. The spacecraft departed for Vandenberg Space Force Base on December 9 in preparation for launch early next year. Pelican-2 will be Planet’s first satellite to incorporate NVIDIA’s Jetson platform. With this launch, Planet continues to build out its next generation high-resolution fleet.
• Tanager First Light & Methane and CO2 Detections: Planet’s first hyperspectral satellite, Tanager-1, has achieved first light and begun enabling methane and CO2 emissions data. Tanager-1 is made possible by the Carbon Mapper Coalition, a philanthropically-funded effort. Following the satellite’s final commissioning and calibration period, partners and customers such as Carbon Mapper are expected to use the data to monitor and mitigate point-source methane and CO2 emissions. Planet also plans to make the hyperspectral data commercially available for a variety of use cases including security applications, biodiversity assessments, mineral mapping, water quality assessments, and more.
• Forest Carbon Monitoring: Planet released its AI-powered Forest Carbon Monitoring product — the world’s first global scale forest structure monitoring system at 3-meter resolution. This new product offers partners and customers a powerful dataset to support voluntary carbon markets, regulatory compliance, and deforestation mitigation.
• Analysis-Ready PlanetScope: Planet released its Analysis-Ready PlanetScope (ARPS) product for time-series analysis and machine learning models. ARPS harnesses a proprietary algorithm to create harmonized and spatially consistent near-daily stacks of images that enable time-series analysis and machine learning applications. The result is a more precise dataset that’s readily-available for manipulation, analysis, and visualization in the Planet Insights Platform.

Impact and ESG

• Project Centinela: Planet launched Project Centinela, which equips the world’s leading biodiversity scientists and conservationists with the latest satellite-derived tools and insights. As part of Planet’s mission, over the next three years the program will help support teams working at the forefront of the biodiversity crisis to monitor and safeguard up to 50 of the world’s vulnerable biodiversity hotspots.