Delivers Record Revenue, Record GAAP and Non-GAAP Gross Margin

Increased RPOs to $407.5 Million, +179%, and Backlog to $498.5 Million, +115% Quarter-over-Quarter

Signed $230 Million Commercial Agreement with SKY Perfect JSAT for Pelican Satellites

Selected for Luno B IDIQ by the US National Geospatial-Intelligence Agency

Achieves First Light with Pelican-2 High Resolution Satellite

SAN FRANCISCO: 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 January 31, 2025.

“Last year was an exciting and transitional year for Planet. We introduced a new industry-aligned go-to-market structure and began to shift towards selling AI-enabled solutions. We took a major step forward in the satellite services market and signed a $230 million contract with our long-term partner in Japan, JSAT. We launched over 70 satellites, including our first Tanager hyperspectral satellite and our second Pelican high resolution satellite, both of which are performing well in orbit,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Looking ahead, we are focused on driving growth in our core markets with solutions, and see a clear path to at least double our revenue growth rate in FY’27 compared to FY’26, supported by the significant increase in our backlog during Q4. Given the extraordinary pace of innovation, we expect AI to be our strategic focus this coming year, as we leverage its potential to accelerate solutions and increase accessibility to our powerful data.”

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered our first quarter of Adjusted EBITDA profitability in the Company’s history and saw further improvement in the fundamentals of the business, as evident in the year-over-year and sequential improvement in margins. We continue to invest in our space systems capabilities as we build out our next generation fleets and scale our operations to meet the growing demand we see for satellite services. We are also investing in our platform and solutions, particularly in areas where AI can help speed customer time to value and increase adoption.” Ms. Johnson continued, “Our balance sheet remains strong with approximately $222.1 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we believe we have line of sight to cross over to positive cash flow in the next 24 months.”

Fiscal Fourth Quarter and Full Year 2025 Financial and Key Metric Highlights:

• Fourth quarter revenue increased 5% year-over-year to a record $61.6 million.
• Full year revenue increased 11% year-over-year to a record $244.4 million.
• Percent of Recurring Annual Contract Value (ACV) for the fourth quarter was 97%.
• End of Period (EoP) Customer Count was 976 customers.
• Fourth quarter gross margin was 62%, compared to 55% in the fourth quarter of fiscal year 2024. Fourth quarter Non-GAAP Gross Margin was 65%, compared to 58% in the fourth quarter of fiscal year 2024.
• Full year gross margin was 57%, compared to 51% in fiscal year 2024. Full year Non-GAAP Gross Margin was 60%, compared to 54% in fiscal year 2024.
• Fourth quarter net loss was ($35.2) million, compared to ($30.1) million in the fourth quarter of fiscal year 2024, which includes an approximate ($16.2) million loss from the change in fair value of warrant liabilities during the fourth quarter of fiscal 2025 related to stock price appreciation during the period.
• Full year net loss was ($123.2) million, compared to ($140.5) million in fiscal year 2024.
• Fourth quarter Adjusted EBITDA profit was $2.4 million, compared to a ($9.8) million loss in the fourth quarter of fiscal year 2024.
• Full year Adjusted EBITDA loss was ($10.6) million, compared to a ($55.3) million loss in fiscal year 2024.
• Fourth quarter GAAP net loss per share was ($0.12) and Non-GAAP net loss per share was ($0.08), each of which includes an approximate ($0.06) impact from the change in fair value of warrant liabilities related to stock price appreciation during the period.
• Full year GAAP net loss per share was ($0.42) and Non-GAAP net loss per share was ($0.20).
• Ended the year with $222.1 million in cash, cash equivalents and short-term investments.

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 in 4Q’25:

• SKY Perfect JSAT: Planet signed a $230 million multi-year commercial agreement with the US-subsidiary of JSAT Sky Perfect, Asia's largest geostationary satellite operator. Under the contract, Planet will build and operate a constellation of ten low-Earth-orbit Pelican satellites for JSAT. The satellites are expected to launch beginning in 2027. Planet expects to recognize approximately $230 million of revenue over the build and operational service period of the satellites, which is estimated to be approximately seven years. In addition to providing capacity over JSAT’s area of interest, Planet expects to leverage the global capacity of the constellation to serve government and commercial customers around the world.
• National Geospatial-Intelligence Agency: Planet was selected by the NGA as one of the vendors for the Luno B commercial data indefinite delivery, indefinite quantity (“IDIQ”) contract. Through this contract, users will have access to data and analytic services that add new context to analytic assessments by characterizing worldwide economic, environmental, and geo-political activities, as well as illegal, unregulated, and unreported activities. Luno B has a five-year base ordering period with a $200M ceiling. Vendors will compete on a full and open basis for future delivery orders.
• U.S. Department of Defense: Planet was awarded a seven-figure prototype order for the Department of Defense’s (“DoD”) Defense Innovation Unit (“DIU”). The order is part of DIU’s Hybrid Space Architecture mission to accelerate next generation commercial satellite technology. The award was won with a partner and the term is one year or less.
• U.S. Department of Defense: Planet was awarded a renewal and expansion by the DoD. The order leverages Planet’s Maritime Domain Awareness solution and was won with an AI technology partner.
• Bayer: Planet signed an expansion with long-term customer Bayer, through a multi-year enterprise license agreement. This agreement increases Bayer’s access to Planet’s satellite imagery and analytics, expanding into commercial operations and enabling enhanced decision-making across its global agricultural operations. Bayer leverages a wide range of Planet data and products, allowing them to make faster, data-driven agronomic decisions and improving efficiency across its operations.
• Syngenta: Planet signed a multi-year partnership expansion with Syngenta to support novel solutions for the agricultural sector. Through the expansion Syngenta will gain expanded access to PlanetScope near-daily data and SkySat high-resolution data as well as the Planet Insights Platform. Together, they look to enable farmers to remotely monitor crop health, detect pest infestations, and identify disease outbreaks with pinpoint accuracy.
• Hellenic Space Center: Planet signed a new contract with the Greek government through ESA to leverage PlanetScope data to support the nation’s development of future downstream services for their national satellite data program. As they look to grow their own satellite capabilities, the Greek government will employ Planet’s near-daily data to complement and inform their data sources.

New Technologies and Products

• Pelican-2 Satellite First Light: Planet shared First Light Imagery from its Pelican-2 satellite, which was successfully launched in January 2025. With this launch, Planet continues to build out its next generation high-resolution fleet. Planet has additional Pelican satellites scheduled to launch in 2025.
• Tanager: Planet’s first hyperspectral satellite, Tanager-1, is producing powerful hyperspectral data. Planet has begun making Tanager data available to select customers in Energy, Agriculture, Natural Resource Management and Government verticals under a limited availability program. Tanager-1 is made possible by the Carbon Mapper Coalition, a philanthropically-funded effort. Since the satellite’s launch, Planet partner and customer Carbon Mapper has published over 1,000 methane and CO2 plume detections.

Impact

• Energy Infrastructure: Planet, Microsoft, and The Nature Conservancy launched the next stage of the Global Renewables Watch, a digital public good which shares time-series data on change in renewable energy infrastructure worldwide. First announced in 2022, this atlas of renewable energy has now been opened to the public for viewing and analysis. Using Planet Basemaps, Microsoft’s advanced analytics, and TNC’s energy insights, the interactive map tracks growing energy infrastructure projects around the globe.

Financial Outlook

For the first quarter of fiscal year 2026, ending April 30, 2025, Planet expects revenue to be in the range of approximately $61 million to $63 million. Non-GAAP Gross Margin is expected to be in the range of approximately 58% to 60%. Adjusted EBITDA loss is expected to be in the range of approximately ($3) to ($2) million for the quarter. Capital Expenditures are expected to be in the range of approximately $11 million and $16 million for the quarter.

For fiscal year 2026, ending January 31, 2026, Planet expects revenue to be in the range of approximately $260 million to $280 million. Non-GAAP Gross Margin is expected to be between approximately 55% to 57%. Adjusted EBITDA loss is expected to be between approximately ($13) million and ($7) million. Capital Expenditures are expected to be in the range of approximately $50 million and $65 million for the year.

Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the first quarter of fiscal year 2026 and full fiscal year 2026 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts.

The foregoing forward-looking statements reflect Planet’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Webcast and Conference Call Information

Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, March 20, 2025. The webcast can be accessed at www.planet.com/investors/. The webcast replay will be available at the same location approximately 2 hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=cce9e80d&confId=77928. You will then receive your access details via email.

Additionally, a supplemental presentation has been provided on Planet’s investor relations page.

About Planet Labs PBC

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to approximately 1,000 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space’.

Channels for Disclosure of Information

Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Planet’s Use of Non-GAAP Financial Measures

This press release includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described further below, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share, Adjusted EBITDA and Backlog, which are Non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these Non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.

Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. The Company defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.

Non-GAAP Expenses: The Company defines and calculates Non-GAAP cost of revenue, Non-GAAP research and development expenses, Non-GAAP sales and marketing expenses, and Non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, employee transaction bonuses in connection with the Sinergise business combination, and certain litigation expenses, that are classified within each of the corresponding U.S. GAAP financial measures.

Non-GAAP Loss from Operations: The Company defines and calculates Non-GAAP Loss from Operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, employee transaction bonuses in connection with the Sinergise business combination, and certain litigation expenses.

Non-GAAP Net Loss and Non-GAAP Net Loss per Diluted Share: The Company defines and calculates Non-GAAP Net Loss as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, and the income tax effects of the Non-GAAP adjustments. The Company defines and calculates Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by diluted weighted-average common shares outstanding.

Adjusted EBITDA: The Company defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination.

The Company presents Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share and Adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company’s core operating performance.

Backlog: The Company defines and calculates Backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options.

An increasing and meaningful portion of the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents Backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes Backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The Non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company’s. Further, certain of the Non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy.

Other Key Metrics

ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value.

The Company also calculates EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. The Company does not annualize short-term contracts in calculating its EoP ACV Book of Business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period.

Percent of Recurring ACV: Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. The Company defines Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. The Company believes Percent of Recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV.

EoP Customer Count: The Company defines EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users.

Fonte: Business Wire