Financial Highlights - Planet achieved record revenue of $81.3 million in Q3'26[14] - The company's Non-GAAP Gross Margin in Q3'26 was 60%[14] - Adjusted EBITDA in Q3'26 reached $5.6 million[14] - Year-to-date Free Cash Flow amounted to $55.2 million[14] - Cash, Cash Equivalents, and Short-Term Investments totaled $677.3 million at the End of Period (EoP) Q3'26[14] Customer & Contract Wins - Planet received a $12.8 million prime contractor award from the National Geospatial-Intelligence Agency under Luno B[15] - The company was awarded a $13.2 million baseline renewal by the National Reconnaissance Office under EOCL[15] - Planet secured a $13.5 million task order from NASA under CSDA[15] - A $7.5 million renewal was awarded by the U.S Navy[15] Strategic Initiatives & Product Updates - Planet launched commercial access to Tanager-1 data, detecting over 5,500 methane plumes globally[31] - The company released a new Aircraft Detection Analytic Feed, automating daily detection of aircraft globally[36, 42] - Planet is expanding its next-generation tasking fleet with the successful launch of additional Pelican satellites[41] Revenue Breakdown - In Q3'26, 34% of revenue came from North America, 16% from Asia Pacific & Japan, 43% from Europe, Middle East, and Africa, and 5% from Latin America[47] - By sector, 61% of revenue was from Defense & Intelligence, 23% from Civil Government, and 18% from Commercial[47]

Agreements and Contracts - Planet entered into a multi-year $230.0 million commercial agreement with SKY Perfect JSAT to build and operate a constellation of ten Pelican high-resolution satellites, with launches expected to begin in 2027[164]. - A multi-year €240.0 million agreement funded by the German government was established for dedicated image tasking capacity and direct downlink services on Pelican satellites, with payments based on fixed due dates[165]. - Revenue is primarily derived from licensing rights to use imagery delivered digitally, with contracts generally having annual or multi-year terms[183]. Financial Performance - Revenue increased by $20.0 million, or 33%, to $81.3 million for the three months ended October 31, 2025, compared to $61.3 million for the same period in 2024[202][201]. - Revenue for the nine months ended October 31, 2025, increased by $38.1 million, or 21%, to $220.9 million compared to $182.8 million for the same period in 2024[214]. - Net loss for the three months ended October 31, 2025, was $59.2 million, compared to a net loss of $20.1 million for the same period in 2024, representing a 195% increase in losses[201]. - Total operating expenses decreased by $13.7 million, or 7%, to $184.5 million for the nine months ended October 31, 2025[213]. - Interest income increased by $2.0 million, or 83%, to $4.4 million for the three months ended October 31, 2025, driven by higher cash equivalent and short-term investment balances[207]. Customer Metrics - The Net Dollar Retention Rate increased to 109% for the nine months ended October 31, 2025, compared to 104% for the same period in 2024, primarily due to large Defense and Intelligence contract expansions[176]. - Net Dollar Retention Rate including winbacks increased to 110% for the nine months ended October 31, 2025, compared to 105% for the same period in 2024, primarily due to large Defense and Intelligence contract expansions[177]. - EoP Customer Count decreased to 910 as of October 31, 2025, down from 1,015 as of October 31, 2024, attributed to a focus on larger customers[179]. - Percent of Recurring ACV remained stable at 97% for the nine months ended October 31, 2025, consistent with the same period in 2024[181]. Operational Strategy - Planet's business model generates revenue through fixed-price subscriptions and usage-based contracts, providing a large recurring revenue base with low incremental costs[156]. - The company plans to invest in new sensors to capture additional data sets, enhancing its value proposition and expanding its customer base[162]. - Planet aims to scale in existing verticals and expand into new markets, targeting sectors like energy, infrastructure, and finance through enhanced data accessibility[158][159]. - The company is focused on customer retention and expansion by improving data usability and offering new products, which may increase costs in the short term[169]. - Planet's operational strategy includes establishing a platform ecosystem to facilitate user and partner collaboration, potentially accelerating growth[161]. Expenses and Investments - Capital Expenditures as a Percentage of Revenue increased to 34% for the three months ended October 31, 2025, up from 14% in the same period of 2024, and to 26% for the nine months ended October 31, 2025, compared to 20% in 2024[182]. - Cost of revenue is expected to increase as the company invests in delivery organization and satellite launches, anticipating economies of scale with new customer additions[186]. - Research and development expenditures may increase in future periods as the company invests in software platform development and new satellite technologies[189]. - Sales and marketing expenses are expected to rise as the company aims to upsell new product features and expand into new market verticals[191]. - General and administrative expenses are anticipated to increase due to public company compliance and reporting obligations, but the company expects to achieve operating scale over time[194]. Cash Flow and Financing - Net cash provided by operating activities for the nine months ended October 31, 2025, was $113,713,000, compared to a cash used of $8,079,000 for the same period in 2024[247]. - The company issued $460,000,000 in Convertible Senior Notes due 2030, with net proceeds of $445,800,000 after costs[239]. - As of October 31, 2025, the company had $443,300,000 in cash and cash equivalents, and $234,000,000 in short-term investments[242]. - Net cash provided by financing activities for the nine months ended October 31, 2025, included proceeds from the issuance of the 2030 Notes totaling $448.8 million[252]. Market Risks and Accounting Policies - The company has been exposed to market risks including foreign currency exchange risk, interest rate risk, and inflation risk[256]. - The company’s critical accounting policies include revenue recognition and long-lived assets, which are essential for understanding its financial results[254].

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. • Third quarter revenue increased 33% year-over-year to a record $81.3 million. • Percent of recurring annual contract value (ACV) for the third quarter was 97%. • Third quarter gross margin was 57%, compared to ...

Group 1 - Planet Labs has been identified as a high short interest stock with a recent price target increase from $12 to $14 by Clear Street analyst Greg Pendy, maintaining a Buy rating [1] - Clear Street has raised its revenue projection for Planet Labs for FY2028 to $445 million, up from a previous estimate of $422 million, reflecting a positive outlook ahead of the company's FQ3 2026 earnings report [1] - Planet Labs Germany GmbH announced a partnership to develop AI-enabled 'Tip & Cue' intelligence solutions targeting defense customers in Europe, aiming to enhance operational efficiency [2][3] Group 2 - The joint solutions from Planet Labs and Quantum Systems are designed to support European defense priorities by providing actionable intelligence, moving beyond simple data delivery [3] - Planet Labs specializes in designing, constructing, and launching satellite constellations to deliver high cadence geospatial data through an online platform [4]

Core Insights - Planet Labs PBC has successfully released first light images from its Pelican-6 satellite, showcasing Lhasa Gonggar International Airport in Tibet, China, taken from an altitude of approximately 519 km on December 4 [1] - The company emphasizes its agile aerospace approach, which allows for rapid development and deployment of its satellite fleet to meet increasing global customer demand [2] Company Overview - Planet Labs PBC is a leading provider of global, daily satellite imagery and geospatial solutions, aiming to make change visible, accessible, and actionable [4] - Founded in 2010 by three NASA scientists, Planet operates the largest Earth observation fleet of imaging satellites, serving various sectors including agriculture, forestry, intelligence, education, and finance [4] Satellite Capabilities - The Pelican-5 and Pelican-6 satellites are part of a next-generation, high-resolution constellation, providing high-resolution imagery across six multispectral bands optimized for cross-sensor analysis [2] - These satellites are designed to deliver 50 cm products and are equipped with NVIDIA Jetson AI chips for on-orbit edge computing, with future capabilities aimed at capturing 30 cm class resolution imagery [2]

Core Insights - Planet Labs (PL) is set to announce its earnings on December 10, with the stock experiencing a significant pullback since mid-October, similar to many other stocks in the market [1] Company Overview - The company operates in the biotechnology sector, focusing on innovative drug development through unique mechanisms of action and first-in-class therapies [1] - The analysis emphasizes the importance of evaluating the science behind drug candidates, the competitive landscape, clinical trial design, and potential market opportunities [1] Investment Strategy - The approach combines scientific expertise with financial and market analysis to deliver technically sound and investment-driven research [1] - The goal is to identify promising biotechnology companies at various stages of development, from early clinical pipelines to commercial-stage biotechs [1]

Group 1 - Planet Labs successfully launched AI-enabled Pelican 5 and Pelican 6 satellites on SpaceX Transporter 15 mission, beginning commissioning after establishing contact [1] - The new high-resolution satellites expand Planet's Pelican fleet and add advanced onboard AI processing, supporting global imaging products ahead of additional launches planned for 2026 [2] - Plug Power secured an $8 million contract to supply up to 218,000 kg of liquid hydrogen to two NASA facilities in Ohio, marking its first hydrogen supply award from NASA [2] Group 2 - Stratus launched its radio matrix 3D printing material in the US, providing healthcare providers and researchers access to X-ray visible 3D printed medical models [3] - Early studies indicate that radio matrix can closely replicate real human tissue in CT imaging, enhancing training, device testing, and imaging algorithm development [3] - Spy Global launched 11 satellites on SpaceX Transporter 15 mission, including customer satellites and three new satellites to strengthen its dual-use constellation [3] Group 3 - The mission expands Spire's methane monitoring fleet, enhances the global IoT network, and boosts Spire's atmospheric and maritime data capabilities [4]

Market Overview - Equities reached a record high in Q3 2025, driven by gains in technology and declining bond yields [1] - Easing tariff rhetoric and renewed investments in AI infrastructure positively impacted large tech stocks [1] - The U.S. Federal Reserve lowered rates by 25 basis points in mid-September [1] Fund Performance - Meridian Contrarian Fund returned 6.72% (net) in Q3 2025, underperforming the Russell 2500 Index which returned 9.00% and the Russell 2500 Value Index which returned 8.18% [1] Company Highlight: Planet Labs PBC - Planet Labs PBC (NYSE:PL) specializes in satellite design, construction, and launching, providing high cadence geospatial data [2] - The stock experienced a one-month return of -9.78% but gained 163.86% over the last 52 weeks, closing at $11.90 per share with a market capitalization of $3.664 billion on November 28, 2025 [2] Investment Thesis on Planet Labs PBC - Planet Labs PBC images the entire Earth daily with proprietary satellites and has a database of over 15 years of images used in various sectors including defense, agriculture, conservation, and insurance [3] - The company was initially invested in during 2024 when its stock was undervalued due to slowing revenue growth in its commercial segment [3] - The stock performed well in Q3 2025 due to a favorable outlook for defense-related companies and growth in its defense and government business [3] - The company has significant growth potential in the earth imaging and analysis market, although the fund reduced its position during the quarter as part of risk management [3]

Core Insights - Planet Labs PBC has successfully launched its AI-enabled, high-resolution Pelican-5 and Pelican-6 satellites, along with 36 SuperDoves of Flock 4H [1] Company Developments - The satellites were launched on the Transporter-15 rideshare mission with SpaceX from Vandenberg Space Force Base in California [1] - Planet has initiated the commissioning process for Pelican-5 and Pelican-6 following the successful launch [1]

Investment in AST SpaceMobile - AST SpaceMobile received a $155 million investment in early 2024, followed by an additional $203 million in shares during Q1 2023, indicating strong confidence in its partnerships with carriers like AT&T and Vodafone, which collectively serve over 2.5 billion subscribers [1] - AST plans to offer nationwide intermittent service in the U.S. by late 2025, with expansions to Canada, Japan, and the U.K. in early 2026, suggesting explosive growth prospects [1] - Analysts predict significant revenue growth driven by these partnerships, supported by a $1.2 billion cash buffer and a recent $420 million loan for satellite launches [1] Alphabet's Investment Strategy - Alphabet's investment in AST SpaceMobile is valued at approximately $459 million, representing 18% of its equity holdings, as it aims to build a satellite-based cellular network to connect unmodified smartphones directly from space [3] - Through GV and CapitalG, Alphabet manages a portfolio of about 37 public stocks valued between $2.5 billion and $3 billion, with AST SpaceMobile, Planet Labs, and Arm Holdings as its largest positions, reflecting a strategy focused on high-growth sectors [4] - Alphabet's venture arm targets innovations that enhance connectivity for Android devices and improve geospatial data capabilities, aligning with its broader ecosystem [5] Performance and Market Outlook - AST SpaceMobile's stock has increased by 143% year-to-date, despite a recent decline after missing Q3 estimates, trading around $52 per share [7] - The company has potential for a 50% upside by 2026 if it captures a portion of the $100 billion satellite broadband market, indicating significant market disruption potential [7] Planet Labs Overview - Planet Labs holds a $356 million stake in Alphabet's portfolio, representing about 17% of its holdings, and operates over 200 satellites for daily global imagery [8] - The company’s data supports environmental analytics and integrates with Google’s Earth AI models, enhancing Alphabet's cloud services for enterprise clients [9] Arm Holdings Overview - Arm Holdings, valued at around $258 million in Alphabet's portfolio, designs energy-efficient CPU architectures used in 99% of smartphones, with a focus on supporting Google Cloud [13] - Fiscal Q2 2026 revenue for Arm topped $1 billion, reflecting a 34% year-over-year increase, with analysts forecasting 21% long-term earnings growth [14]