Planet Labs PBC (PL) is a Delaware public benefit corporation that operates the largest fleet of Earth observation satellites in history. The company specializes in imaging the world daily, creating a vast historical archive of Earth’s landmass, and delivering actionable insights through a cloud-native platform. Planet Labs sells satellite imagery, data analytics, and AI-ready datasets to a diverse range of industries, enabling customers to monitor global changes and integrate Earth data into their workflows.
- Satellite Imaging and Data Collection - Operates a fleet of medium- and high-resolution Earth observation satellites, capturing daily images of the Earth's landmass and maintaining a unique historical archive of over 2,700 images per point on average.
- Data and Analytics Platform - Provides a cloud-native platform that delivers Earth data and insights, supporting time-series forecasting, back-testing, and machine learning applications.
- AI-Ready Datasets - Processes satellite imagery into datasets optimized for analytics and machine learning, enabling customers to derive actionable insights.
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- Revenue growth has slowed to 11% year-over-year, and you've mentioned challenges in onboarding large customers; what specific strategies are you implementing to accelerate growth and improve revenue predictability?
- The delayed renewal of the NASA contract impacted your net dollar retention rate and revenue; how are you addressing the dependency on large government contracts to mitigate such risks in the future?
- Despite securing significant bookings and approaching adjusted EBITDA profitability, there are operational challenges in ramping up revenue from new deals; how confident are you in sustaining profitability given these hurdles?
- With the upcoming launch of the Pelican satellites, what are your expectations for their contribution to revenue, and how quickly do you anticipate reaching high utilization and monetization of this new capability?
- The shift in your go-to-market strategy has resulted in a slower rate of new customer additions; how do you plan to balance focusing on larger accounts with maintaining a healthy pipeline of new customers to drive growth?
Research analysts who have asked questions during Planet Labs PBC earnings calls.
Caleb Henry
Quilty Space
5 questions for PL
Mike Latimore
Northland Capital Markets
5 questions for PL
Ryan Koontz
Needham & Company, LLC
5 questions for PL
Trevor Walsh
Citizens JMP
4 questions for PL
Anthony Valentini
Goldman Sachs
3 questions for PL
Jason Gursky
Citigroup Inc.
3 questions for PL
Jeff Van Rhee
Craig-Hallum Capital Group LLC
3 questions for PL
Colin Canfield
Cantor Fitzgerald
2 questions for PL
Colin Michael Canfield
Cantor Fitzgerald
2 questions for PL
Kristine Liwag
Morgan Stanley
2 questions for PL
Trevor James Walsh
JMP Securities
2 questions for PL
Chris Quilty
Quilty Space
1 question for PL
Daniel
Craig-Hallum Capital Group
1 question for PL
Daniel Hibschman
Craig-Hallum Capital Group LLC
1 question for PL
Daniel Hibshman
Craig-Hallum Capital Group LLC
1 question for PL
Edison Yu
Deutsche Bank
1 question for PL
Gregory Pendi
Clear Street
1 question for PL
Gregory Pendy
Clear Street
1 question for PL
Greg Pendy
Clear Street
1 question for PL
Joshua Sullivan
The Benchmark Company
1 question for PL
Michael James Latimore
Northland
1 question for PL
Ryan Boyer Koontz
Needham
1 question for PL
Xin Yu
Deutsche Bank
1 question for PL
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Identified as an incumbent in the satellite imagery industry, typically hosting a limited number of high-cost, high-resolution satellites primarily serving national governments and traditional satellite imagery industries. | |
Maxar | Recognized as an incumbent in the satellite imagery industry, operating high-cost, high-resolution satellites that primarily serve national governments and traditional satellite imagery industries. |
Classified as a next-generation satellite imagery company that has developed lower-cost, smaller satellites with ambitions to expand their fleet presence in Earth's orbit. | |
Satellogic | Listed as a next-generation satellite imagery company focusing on lower-cost, smaller satellites and aiming to increase their fleet presence in Earth's orbit. |
CG Satellite | Mentioned as a next-generation satellite imagery company working on lower-cost, smaller satellites with plans to expand their fleet in Earth's orbit. |
ImageSat International N.V. | Included as a competitor offering satellite and aerial imagery and related products and services. |
Foreign Governments (India, South Korea, Taiwan, etc.) | Foreign governments are noted as competitors that sell their satellite data commercially, potentially reducing reliance on commercial suppliers. |
Identified as an aggregator of imagery and imagery-related products and services, competing in the geospatial data market. | |
Listed as an aggregator of imagery and imagery-related products and services, competing in the geospatial data market. | |
Recognized as an aggregator of imagery and imagery-related products and services, competing in the geospatial data market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Sinergise | 2023 | Completed on August 4, 2023, the deal was structured for an approximate $40.0 million total consideration—comprising cash, Class A common stock, and escrowed liabilities—and its key rationale was to expand the data analysis platform to simplify extraction of insights from earth observation data by acquiring assets such as developed technology and customer relationships. |
Salo Sciences, Inc. | 2023 | Acquired on January 3, 2023 for a total fair value of $11.8 million (including $3.8 million cash and $8.0 million in contingent liabilities), this acquisition was strategically aimed at enhancing Planet Labs’ climate technology offerings to measure carbon stocks and monitor ecosystem changes, bolstered by milestone-based earnouts and integration of key intangible assets. |
VanderSat | 2021 | Completed on December 13, 2021, this $28 million acquisition—comprising $10.2 million in cash and approximately 1,900,739 shares of Class A common stock—was designed to augment Planet Labs’ advanced earth data analytics capabilities, particularly in agriculture and other sectors, by integrating VanderSat’s innovative technologies and expertise. |
Recent press releases and 8-K filings for PL.
- Planet Labs Federal, a subsidiary of Planet Labs PBC, has been awarded a contract by the National Geospatial-Intelligence Agency (NGA) under the Luno B indefinite delivery, indefinite quantity (IDIQ) contract.
- The initial award is for $12.8 million for Advanced Analytics for Maritime Operations and Reconnaissance (AAMOR).
- Under this award, Planet will provide AI-enabled Maritime Domain Awareness solutions, which include vessel detections and monitoring over key areas of interest in Asia-Pacific.
- These solutions integrate Planet’s daily, global PlanetScope data and SynMax’s Theia product analytics to help detect illegal, unreported, and unregulated (IUU) fishing, illicit ship-to-ship transfers, and vessel spoofing.
- Planet announced a strategic transformation focusing on AI-enabled solutions and satellite services, which has led to positive cash flow this year, a year ahead of plan.
- The company reported a significant increase in its backlog, reaching $736,000,000 at the end of the last quarter, representing a 3x growth in twelve months. This underpins an expected acceleration in year-on-year quarterly revenue growth into next year.
- Recent financial activities include raising $460,000,000 in convertible debt and generating $54,000,000 in free cash flow in H1.
- Planet secured major new contracts, including a $230,000,000 partnership with JSAT for building 10 Pelican satellites, a €240,000,000 agreement with the German government, and an 8-figure partnership with the NGA (including a $12,800,000 win for LUNO B).
- The company aims for 20%+ long-term revenue growth and 25%+ adjusted EBITDA margins, supported by its scalable one-to-many business model and ongoing investments in space and AI innovation.
- Planet Labs PBC (NYSE: PL) has been awarded a $7.5 million contract renewal by the US Navy.
- The contract is for vessel detection and monitoring over key areas of interest in the Pacific.
- It integrates Planet's daily PlanetScope and high-resolution SkySat data into the SeaVision platform, leveraging SynMax's AI technology for detecting "dark vessels".
- Planet Labs PBC (NYSE: PL) has shipped Pelican-5 and Pelican-6 satellites along with 36 SuperDoves (Flock 4H) to Vandenberg Space Force Base in California for an upcoming launch with SpaceX.
- These new satellites will expand Planet's high-resolution imaging capabilities, with Pelicans providing 50 cm imagery and on-orbit AI processing, and SuperDoves bolstering the daily global PlanetScope monitoring mission.
- The expansion is driven by "incredible demand" for high-resolution data, with Planet planning multiple additional Pelican satellite launches over the next twelve months.
- Planet Labs is establishing its first satellite production facility outside the U.S. in Berlin, Germany, with an investment exceeding eight figures.
- This new facility will double the production capacity of the company's Pelican satellite fleet and add up to 70 new employees.
- The expansion is influenced by a recent €240 million satellite service contract with Germany and the importance of AI-enabled rapid image analysis for timely military reconnaissance.
- The Berlin satellite production facility was established without receiving any government subsidies.
- Planet Labs PBC (NYSE:PL) announced the closing of an upsized offering of $460,000,000 aggregate principal amount of 0.50% Convertible Senior Notes due 2030, which includes the full exercise of the initial purchasers' option.
- The notes have a five-year maturity and an initial conversion price of approximately $11.95 per share, representing a 32.5% premium over the $9.02 per share closing price on September 9, 2025.
- To manage potential dilution, Planet entered into capped call transactions, effectively increasing the conversion price up to $18.04 per share.
- This strategic financing is intended to strengthen the company's balance sheet and enhance its competitive position, while minimizing dilution for existing shareholders.
- Planet Labs PBC announced the pricing of an upsized offering of $400,000,000 aggregate principal amount of 0.50% Convertible Senior Notes due 2030 on September 9, 2025.
- The initial purchasers exercised their option to purchase an additional $60,000,000 in notes on September 10, 2025, bringing the total aggregate principal amount of the offering to $460,000,000.
- The notes, which mature on October 15, 2030, have an initial conversion price of approximately $11.95 per share, representing a 32.5% premium over the $9.02 closing price of Planet's Class A common stock on September 9, 2025.
- The net proceeds from the offering totaled approximately $445.8 million, with $39.6 million allocated to capped call transactions and the remainder intended for general corporate purposes.
- Planet Labs PBC has shipped its Pelican-3 and Pelican-4 satellites to Vandenberg Space Force Base for launch aboard SpaceX’s Falcon 9 rocket.
- The company announced its satellite production line is now fully ramped and operational, demonstrating its ability to rapidly manufacture large fleets of Earth-imaging satellites at scale.
- These Gen 1 Pelican satellites are designed to provide up to 40 cm class resolution imagery and are equipped with NVIDIA Jetson AI chips. Second generation Pelican satellites, expected to launch beginning next year, are projected to reach 30 cm resolution.
- The new Pelican spacecraft will supplement Planet's existing fleet, providing significant additional capacity for on-demand, high-resolution tasking for customers.
- Planet Labs' stock has experienced significant growth, with a 7% rise this week, a 62% year-to-date return, and a 200% increase over the past 12 months.
- The Earth observation and analytics company has recently secured a flurry of deals, including with Germany, NATO, and the US Defense Department, and extended another deal this week.
- CEO Will Marshall highlights that the changing geopolitical landscape and advancements in AI are driving demand, leading to increased defense and space spending in the US and Europe.
- Planet Labs possesses a unique and critical data set, including 3,000 images for every point on Earth's landmass and eight years of daily scans, which is essential for training AI to understand the real world.
- NATO and Planet Labs have launched the SINBAD initiative to deliver AI-driven, year-round satellite scans monitoring troop movements in Ukraine and along Russia’s eastern flank.
- The full SINBAD rollout is scheduled for January 2026 after completing a pilot phase.
- The program supports NATO’s goal of raising defense spending to 5% of GDP (3.5% for direct military needs, 1.5% for broader security projects) to reassure eastern members and reduce U.S. space reliance.
- At least 37 countries are involved in a “coalition of the willing,” with 15 prepared to contribute troops toward a Ukraine–Russia peace framework.