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Trevor James Walsh

Research Analyst at JMP Securities

Trevor James Walsh is Director of Equity Research at Citizens JMP Securities, specializing in technology and related sectors with a focus on companies such as CrowdStrike, Okta, Cloudflare, and Planet Labs. He has a strong track record, with a 66–82% success rate and average returns between 21% and 50% on stock recommendations, including notable calls like a 164% return on CrowdStrike. Walsh began his finance career after receiving his undergraduate degree from Princeton in 2001 and an MBA from the University of Southern California in 2020; he joined Citizens JMP Securities in 2023, and previously worked across equity research capacities. He is recognized for his research leadership and holds standard industry credentials including principal research roles and likely FINRA securities licenses.

Trevor James Walsh's questions to Planet Labs PBC (PL) leadership

Question · Q2 2026

Trevor James Walsh inquired about the pipeline for satellite services contracts, focusing on any ring-fencing or guardrails, the capacity to deploy Pelican satellites, and the economic viability of finding suitable large-scale customers. He also asked about the sustainability of the strong gross margins, particularly whether the 60%+ watermark can be maintained into the next fiscal year given the mix of contracts like JSAT.

Answer

Will Marshall (Co-Founder, CEO & Director, Planet Labs) highlighted strong global demand for satellite services, noting collaborations with strategic partners and the synergistic benefits for the core business by increasing satellite capacity and revisit rates. Ashley Fieglein Johnson (President & CFO, Planet Labs) attributed the Q2 gross margin upside to strong usage payments from high-margin data subscription revenue. She clarified that future gross margins would vary with the revenue mix, potentially being lower in the early build phases of satellite services contracts and expanding in later years. Mr. Marshall added that Planet's ability to build satellites quickly positions them competitively.

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Question · Q2 2026

Trevor James Walsh requested an update on the pipeline of satellite services contracts, seeking clarification on any limitations or 'guardrails' such as Pelican production capacity or the economic viability of customer scale. He also asked about the sustainability of the strong gross margin performance from Q2 and whether the +60% watermark could be maintained into the next fiscal year, considering potential variability.

Answer

Will Marshall (Chairman, Co-Founder, and CEO, Planet) highlighted strong global demand for satellite services, noting successful collaborations with strategic partners and the synergistic benefits of these deals, which enhance capacity and revisit rates for all customers. He emphasized Planet's competitive advantage in rapid satellite construction. Ashley Fieglein Johnson (President and CFO, Planet) attributed Q2's gross margin upside to strong usage payments and high-margin data subscription revenue. She indicated that future gross margins would likely vary due to revenue mix, with satellite services contracts initially having lower margins during the build phase and expanding to higher margins in later years.

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