Part I [Business](index=6&type=section&id=Item%201.%20Business) Planet Labs PBC operates the largest Earth observation satellite fleet, providing daily global imaging data and analytics through a cloud-native subscription service - Planet's mission is to image the entire Earth's landmass daily using its fleet of approximately **200 satellites**, the largest in history, to make global change visible and actionable[16](index=16&type=chunk)[17](index=17&type=chunk) - The company generates revenue primarily through fixed-price subscription and usage-based licenses for its data and analytics, delivered via a cloud-based platform, allowing each captured image to be sold multiple times[21](index=21&type=chunk) - Planet operates as a Delaware public benefit corporation, aligning its business model with its mission to accelerate humanity toward a more sustainable, secure, and prosperous world[22](index=22&type=chunk)[85](index=85&type=chunk) Fiscal Year 2022 Key Metrics | Metric | Value | | :--- | :--- | | Revenue | **$131.2 million** | | Satellites in Orbit | Approximately **200** | | Customer Count | Over **700** | [Industry Overview](index=7&type=section&id=Item%201.%20Business-Industry%20Overview) The Earth Observation industry is shifting to commercial, product-driven data platforms, driven by lower launch costs and technological innovation - The Earth Observation market is projected to grow from approximately **$5.5 billion** in 2019 to an estimated **$19 billion** in 2027, driven by lower launch costs and technological innovation[25](index=25&type=chunk) - Two key global trends are fueling demand for Earth observation data: the digital transformation of the economy (leveraging data and AI) and the sustainability transformation (focusing on ESG goals and environmental impact)[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Our Operations](index=9&type=section&id=Item%201.%20Business-Our%20Operations) Planet's operations encompass its satellite fleet, global sales, multi-channel marketing, and continuous R&D in software and agile space missions - The company's global sales organization operates directly and through a network of over **250 partners** across **72 countries**, focusing on acquiring new customers, expanding existing relationships, and ensuring contract renewals[39](index=39&type=chunk)[40](index=40&type=chunk) - R&D efforts are focused on software (AI, machine learning) and agile space missions, including advancing spacecraft technologies and automated operations for its satellite fleet and ground stations[44](index=44&type=chunk) - Planet partners with the non-profit Carbon Mapper to build and launch advanced hyperspectral satellites for identifying and tracking methane and CO2 emissions[48](index=48&type=chunk) [Our Technology Platform](index=10&type=section&id=Item%201.%20Business-Our%20Technology%20Platform) Planet's platform uses agile aerospace for rapid satellite deployment, building a vast proprietary data archive accessible via diverse data solutions and analytics - The company pioneers "agile aerospace," applying agile software principles to rapidly develop and deploy compact, powerful satellites at a lower cost than traditional methods[50](index=50&type=chunk) - Planet collects over **30 terabytes** of Earth data daily, contributing to a deep historical archive used for training AI models and providing unique insights[54](index=54&type=chunk) Proprietary Data Solutions | Solution | Description | | :--- | :--- | | **Planet Monitoring** | Daily imaging of the entire Earth's landmass at up to 3.5m resolution | | **Planet Tasking** | High-resolution (up to 50cm) rapid revisit capability, capturing a location up to ten times per day | | **Planet Archive** | Historical data dating back to 2009, with daily global scans since 2017 | [Our Growth Strategy](index=13&type=section&id=Item%201.%20Business-Our%20Growth%20Strategy) Planet's growth strategy focuses on scaling existing verticals, expanding into new markets, investing in data products, building a partner ecosystem, and strategic acquisitions - Scaling in existing verticals by investing in sales, marketing, and software solutions for civil government, agriculture, defense & intelligence, and mapping[72](index=72&type=chunk) - Expanding into new verticals like energy, finance, and insurance by making data more accessible to non-geospatial experts and partnering with independent software vendors[73](index=73&type=chunk) - Continuing strategic acquisitions to complement existing offerings, following past acquisitions of BlackBridge, Terra Bella, Boundless Spatial, and VanderSat[77](index=77&type=chunk) [Our Competition](index=14&type=section&id=Item%201.%20Business-Our%20Competition) Planet competes with both incumbent and next-generation satellite imagery providers, as well as data analytics platforms, some of which are also partners - Competitors in satellite imagery are divided between incumbents (e.g., Airbus, Maxar) with few high-cost satellites and next-generation players (e.g., BlackSky, Satellogic) with smaller, lower-cost satellites[79](index=79&type=chunk)[80](index=80&type=chunk) - The company also competes with data analytics platforms such as Orbital Insights and Descartes Labs, which use geospatial data from various sources, with Planet partnering with some of these companies to provide data for their platforms[81](index=81&type=chunk)[82](index=82&type=chunk) [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from its limited operating history, net losses, market adoption uncertainty, operational failures, cyber-attacks, intense competition, and capital needs - The company has a limited operating history at its current scale and a history of operating losses (**$137.1 million** in FY2022), making future results difficult to predict and profitability uncertain[108](index=108&type=chunk)[110](index=110&type=chunk) - Market adoption for Planet's unique daily scan data is not guaranteed; if the market fails to grow as expected or customers do not adopt the platform, the business could be harmed[112](index=112&type=chunk)[113](index=113&type=chunk) - Significant operational risks include satellite failures, launch delays or failures, cyber-attacks on infrastructure and data, and potential interruptions from weather or other external factors[123](index=123&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) - The business is capital-intensive and may require additional financing for its strategies, which may not be available on favorable terms[179](index=179&type=chunk) - The multi-class stock structure concentrates over **63%** of voting power with the two co-founders, limiting other investors' ability to influence major corporate transactions[232](index=232&type=chunk) [Properties](index=52&type=section&id=Item%202.%20Properties) Planet's corporate headquarters, including satellite manufacturing and R&D, is a 65,000 sq. ft. leased facility in San Francisco, with additional leased offices in Europe and D.C - The corporate headquarters is a ~**65,000 sq. ft.** leased facility in San Francisco, CA, which houses satellite manufacturing, testing, and R&D[283](index=283&type=chunk) - European offices are located in Berlin, Germany and Haarlem, Netherlands, while a Washington, D.C. office serves as the headquarters for Planet Federal[283](index=283&type=chunk) [Legal Proceedings](index=52&type=section&id=Item%203.%20Legal%20Proceedings) The company is not a party to any material legal proceedings, though it is involved in ordinary course litigation not expected to have a material adverse impact - The company is not currently a party to any material legal proceedings[285](index=285&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[286](index=286&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=53&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Planet's Class A common stock and warrants are listed on the NYSE, with no cash dividends paid or anticipated, as earnings are retained for business growth - Class A common stock and warrants are listed on the New York Stock Exchange under the symbols "PL" and "PL WS," respectively[287](index=287&type=chunk) - The company has never declared or paid cash dividends and does not intend to in the foreseeable future, retaining funds for business development and growth[289](index=289&type=chunk) - On December 13, 2021, the company issued **1,900,739 shares** of Class A common stock as part of the acquisition of VanderSat in an unregistered sale[295](index=295&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2022, revenue grew **16%** to **$131.2 million**, gross profit improved, but net loss widened to **$137.1 million** due to increased operating expenses post-Business Combination [Key Operational and Business Metrics](index=59&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations-Key%20Operational%20and%20Business%20Metrics) For FY2022, Planet reported a Net Dollar Retention Rate of **108%**, **770** customers, and **92%** recurring ACV, with capital expenditures decreasing to **11%** of revenue Key Metrics Comparison (Year Ended January 31) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net Dollar Retention Rate | **108%** | 113% | 102% | | Net Dollar Retention Rate including Winbacks | **116%** | 117% | 103% | | EoP Customer Count | **770** | 618 | 442 | | % Recurring ACV | **92%** | 92% | 88% | | Capital Expenditures as % of Revenue | **11%** | 27% | 25% | [Results of Operations](index=64&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations-Results%20of%20Operations) In FY2022, revenue increased **16%** to **$131.2 million**, gross profit improved, but net loss grew to **$137.1 million** due to a **56%** rise in operating expenses Consolidated Results of Operations (FY2022 vs. FY2021) | (in thousands) | FY 2022 | FY 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | **$131,209** | $113,168 | $18,041 | **16%** | | Gross profit | **$48,222** | $25,785 | $22,437 | **87%** | | Loss from operations | (**$128,051**) | ($87,442) | ($40,609) | **46%** | | Net loss | (**$137,124**) | ($127,103) | ($10,021) | **8%** | Consolidated Results of Operations (FY2021 vs. FY2020) | (in thousands) | FY 2021 | FY 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $113,168 | $95,736 | $17,432 | **18%** | | Gross profit (loss) | $25,785 | ($6,657) | $32,442 | (**487%**) | | Loss from operations | ($87,442) | ($106,460) | $19,018 | (**18%**) | | Net loss | ($127,103) | ($123,714) | ($3,389) | **3%** | [Liquidity and Capital Resources](index=70&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations-Liquidity%20and%20Capital%20Resources) As of January 31, 2022, Planet had **$490.8 million** in cash, primarily from the Business Combination, and believes it has sufficient liquidity for the next twelve months Cash and Cash Equivalents | Date | Amount (in millions) | | :--- | :--- | | January 31, 2022 | **$490.8** | | January 31, 2021 | $71.2 | Summary of Cash Flows (Year Ended January 31) | (in thousands) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash used in Operating activities | (**$42,211**) | ($4,027) | ($33,687) | | Net cash used in Investing activities | (**$25,149**) | ($30,800) | ($27,172) | | Net cash provided by Financing activities | **$489,184** | $83,940 | $8,728 | - As of January 31, 2022, the company had total principal commitments of **$194.8 million**, with the largest portion (**$180.9 million**) related to a non-cancelable hosting service agreement with Google through January 2028[394](index=394&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Planet faces foreign currency risk (**20%** of FY2022 revenue in foreign currencies), but interest rate risk is minimal, and inflation has not materially affected operations - Approximately **20%** of revenue for the fiscal year ended January 31, 2022, was in foreign currencies, primarily the Euro and Norwegian Krone, exposing the company to foreign currency exchange risk[457](index=457&type=chunk) - Interest rate risk is low as the company had no borrowings as of January 31, 2022, and its cash and cash equivalents are held in depository accounts not significantly affected by interest rate changes[459](index=459&type=chunk) - The company does not believe inflation has had a material effect on its business but notes that an inability to offset higher costs through price increases could harm future results[461](index=461&type=chunk) [Financial Statements](index=80&type=section&id=Item%208.%20Financial%20Statements) This section presents the company's audited consolidated financial statements for FY2022, FY2021, and FY2020, with accompanying notes and an unqualified auditor's opinion [Consolidated Balance Sheets](index=82&type=section&id=Item%208.%20Financial%20Statements-Consolidated%20Balance%20Sheets) As of January 31, 2022, total assets significantly increased to **$821.4 million**, driven by a rise in cash to **$490.8 million** from the Business Combination Consolidated Balance Sheet Summary (in thousands) | | Jan 31, 2022 | Jan 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | **$490,762** | $71,183 | | Total current assets | **$551,520** | $125,427 | | Property and equipment, net | **$133,280** | $159,855 | | **Total assets** | **$821,441** | $399,308 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | **$132,041** | $108,814 | | Total liabilities | **$173,196** | $291,797 | | Total stockholders' equity | **$648,245** | $107,511 | | **Total liabilities and stockholders' equity** | **$821,441** | $399,308 | [Consolidated Statements of Operations and Comprehensive Loss](index=83&type=section&id=Item%208.%20Financial%20Statements-Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For FY2022, revenue was **$131.2 million**, gross profit improved, but increased operating expenses led to a **$137.1 million** net loss Consolidated Statement of Operations Summary (in thousands, except per share data) | | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Revenue | **$131,209** | $113,168 | $95,736 | | Gross profit (loss) | **$48,222** | $25,785 | ($6,657) | | Loss from operations | (**$128,051**) | ($87,442) | ($106,460) | | Net loss | (**$137,124**) | ($127,103) | ($123,714) | | Basic and diluted net loss per share | (**$1.72**) | ($2.87) | ($2.89) | [Notes to Consolidated Financial Statements](index=87&type=section&id=Item%208.%20Financial%20Statements-Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the reverse recapitalization of the Business Combination, revenue recognition, acquisitions, debt, equity, and related-party transactions - The Business Combination with dMY IV was accounted for as a reverse recapitalization, with Former Planet as the accounting acquirer, resulting in **$533.2 million** in net proceeds[481](index=481&type=chunk)[485](index=485&type=chunk) - In February 2021, the company changed its accounting estimate for the useful life of certain satellites from **6 to 9 years**, resulting in a **$17.6 million** net decrease in depreciation expense for fiscal year 2022[510](index=510&type=chunk)[512](index=512&type=chunk) - As of January 31, 2022, the company had remaining performance obligations of **$153.4 million**, with approximately **72%** expected to be recognized as revenue over the next **12 months**[592](index=592&type=chunk) - The company has a significant relationship with Google, a >**10%** shareholder, recognizing **$8.6 million** in revenue from Google and incurring **$19.4 million** in hosting expenses to Google in FY2022[686](index=686&type=chunk)[688](index=688&type=chunk)[689](index=689&type=chunk) [Controls and Procedures](index=131&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of January 31, 2022, and prior material weaknesses from the SPAC were remediated post-Business Combination - Management concluded that as of January 31, 2022, the company's disclosure controls and procedures were effective[722](index=722&type=chunk) - Material weaknesses in internal controls identified by the predecessor SPAC (dMY IV) were determined to be remediated and no longer existed as of January 31, 2022, following the Business Combination[724](index=724&type=chunk)[725](index=725&type=chunk) - The company is not yet required to provide a management report or auditor attestation on internal control over financial reporting due to its status as a newly public and emerging growth company[723](index=723&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=132&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section lists Planet's directors and executive officers, detailing the board's three standing committees and adopted code of business conduct Key Directors and Executive Officers | Name | Position | | :--- | :--- | | William Marshall | Chairperson, Co-Founder and CEO | | Robert Schingler, Jr. | Director, Co-Founder and Chief Strategy Officer | | Ashley Johnson | Chief Financial and Operating Officer | | Kevin Weil | President, Product & Business | | Carl Bass | Director | | Ita Brennan | Director | - The Board of Directors has three standing committees: an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee[747](index=747&type=chunk) - The company has adopted a code of business conduct and ethics applicable to all directors, officers, and employees[745](index=745&type=chunk) [Executive Compensation](index=136&type=section&id=Item%2011.%20Executive%20Compensation) This section details FY2022 executive compensation, including base salary, bonuses, and significant stock and option awards, with a new policy for non-employee directors FY 2022 Summary Compensation Table | Name and Principal Position | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Comp. ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | William Marshall, CEO | **275,000** | **4,050,217** | **6,328,801** | **200,000** | **10,863,643** | | Ashley Johnson, CFO & COO | **367,500** | **2,004,346** | **3,214,726** | **185,000** | **5,798,319** | | Kevin Weil, President, Product & Business | **49,545** | **12,361,690** | **6,339,338** | — | **18,751,976** | - Executive compensation includes earn-out shares contingent on achieving specific stock price milestones post-Business Combination, which are accounted for as stock-based compensation[759](index=759&type=chunk)[773](index=773&type=chunk) - The company adopted a new Outside Director Compensation Policy in connection with the Business Combination, effective for the fiscal year ending January 31, 2023, which includes annual cash retainers and equity awards[791](index=791&type=chunk) [Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](index=144&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owner%20and%20Management%20and%20Related%20Stockholder%20Matters) Significant beneficial owners include Google LLC and Draper Fisher Jurvetson, while co-founders Marshall and Schingler retain significant voting control via Class B stock Security Ownership of 5% Holders (as of April 7, 2022) | Name of Beneficial Owner | Class A Shares | % of Class A | Class B Shares | % of Class B | | :--- | :--- | :--- | :--- | :--- | | Google LLC | **31,942,641** | **12.95%** | — | — | | Entities affiliated with Draper Fisher Jurvetson | **23,474,504** | **9.52%** | — | — | | William Marshall | **13,661,703** | **5.25%** | **10,578,793** | **50.0%** | | Robert Schingler, Jr. | **11,413,653** | **4.42%** | **10,578,793** | **50.0%** | - All directors and executive officers as a group beneficially own **9.95%** of Class A common stock and **100%** of the high-vote Class B common stock[799](index=799&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=147&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) All directors are independent except for the CEO and CSO; significant related-party transactions with Google include content license revenue and substantial hosting service commitments - The board has determined that all directors are independent under NYSE and SEC rules, with the exception of CEO William Marshall and CSO Robert Schingler, Jr[808](index=808&type=chunk) - Planet has a significant commercial relationship with Google, a major shareholder, including a Content License Agreement (revenue for Planet) and a Google Cloud Platform License Agreement (expense for Planet)[811](index=811&type=chunk) - Under its agreement with Google for cloud services, Planet has aggregate purchase commitments of **$193 million** from August 1, 2021, through January 31, 2028[811](index=811&type=chunk) [Principal Accounting Fees and Services](index=149&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) This section details fees billed by Ernst & Young LLP for FY2022 and FY2021, categorized into Audit, Audit-Related, and Tax fees, under an audit committee pre-approval policy Accounting Fees Paid to Ernst & Young LLP | Fee Category | Fiscal Year 2022 | Fiscal Year 2021 | | :--- | :--- | :--- | | Audit fees | **$2,300,000** | $3,359,845 | | Audit-related fees | **$257,900** | — | | Tax fees | **$871,987** | $357,800 | | All other fees | — | — | | **Total fees** | **$3,429,887** | $3,717,645 | Part IV [Exhibits, Financial Statement Schedules](index=150&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including corporate governance documents and material contracts - This section provides an index of all financial statements and exhibits filed with the Form 10-K[826](index=826&type=chunk)[828](index=828&type=chunk) [Form 10-K Summary](index=153&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - None[833](index=833&type=chunk)

Planet Labs PBC (NYSE:PL) Q4 2022 Earnings Conference Call March 31, 2022 5:00 PM ET Company Participants Chris Genualdi - VP, IR Will Marshall - Co-Founder, CEO and Chairperson Ashley Fieglein Johnson - Chief Financial and Operating Officer Conference Call Participants Weston Twigg - Piper Sandler Ryan Koontz - Needham & Co. Mike Latimore - Northland Noah Poponak - Goldman Sachs Jeff Van Rhee - Craig-Hallum Caleb Henry - Quilty Analytics John Katsingris - Wedbush Operator Good evening. My name is Selina an ...

FISCAL 4Q'22 & FY'22 UPDATE MARCH 31, 2022 planet. Disclaimers Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this presentation are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the ability of Planet Labs PBC (the "Company") to capture market opportunity; whether and when the Company will be able to execute on its growth initiati ...

Business Combination and Listing - Planet completed its business combination with dMY Technology Group IV and listed on the NYSE, raising over $590 million in gross proceeds[6, 21] - The SPAC trust contributed $338 million, complemented by a $252 million upsized PIPE, with less than 2% redemption from SPAC cash in trust[6] Financial Performance - Planet reported Q3 FY2022 revenue of $31.7 million[20] - The company reiterated its full-year outlook of approximately $130 million for FY2022[20] - Recurring Annual Contract Value (ACV) represents 94% of revenue, derived from predictable subscription and usage-based models[26] - The company achieved sales pipeline growth of +46% year-over-year for the third quarter of FY22[26] - The company's Non-GAAP Gross Margin % increased from (6%) in FY20 to 37% in YTD Q3 FY22, a 43 percentage point expansion[31, 38] Growth and Strategy - Planet is positioned at the center of two multi-trillion dollar global economic shifts: Digital Transformation ($100 trillion cumulative value by 2025) and Sustainability Transformation ($53 trillion global ESG assets by 2025)[12] - The company is expanding into "Planetary Variables" to make Earth data more accessible[13, 14] - Planet is investing in Sales & Marketing and Software Engineering to scale in established verticals and expand into new markets, with M&A as a potential accelerant[35] - The company's Expected FY2022 Net Dollar Retention Rate (NDRR) including Winbacks is +110%[29]

Financial Data and Key Metrics Changes - The company reported a record revenue of $31.7 million for Q3 2022, representing a 16% year-over-year growth [13][43] - The customer count increased to 742, reflecting a 32% year-over-year growth [13][44] - The sales pipeline grew by 46% year-over-year, indicating strong market demand [14][46] - Non-GAAP gross margins expanded to 35% compared to 28% in Q3 of fiscal 2021 [50] - The adjusted EBITDA loss for Q3 was $12.3 million, with expectations of a full-year EBITDA loss between $39 million and $41 million [54][57] Business Line Data and Key Metrics Changes - The company emphasized its unique data offerings, including a fleet of approximately 180 scanning Doves and 21 high-resolution SkySats, which cover over 300 million square kilometers daily [16][17] - Significant customer wins included partnerships with FEMA for disaster response data and contract extensions with the U.S. National Reconnaissance Office [19][20] Market Data and Key Metrics Changes - The company noted a significant uptick in interest from civil government sectors, particularly in land use and water monitoring [74] - The agriculture vertical saw expansions with existing customers, indicating strong demand for data to improve crop yields and efficiency [24][68] Company Strategy and Development Direction - The company plans to invest in expanding its sales force and marketing efforts to capture market opportunities [46][54] - A focus on software development to enhance analytics capabilities and democratize access to geospatial data was highlighted [30][31] - The acquisition of VanderSat aims to enhance offerings in agriculture and other verticals, bridging complex remote sensing science to practical applications [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing significant momentum in commercial business and sustainability trends as tailwinds [41][42] - The company aims to leverage its unique data capabilities to address global challenges, particularly in sustainability and environmental monitoring [35][38] Other Important Information - The company completed a merger with dMY Technology Group, raising over $519 million in gross proceeds [10][11] - The company operates as a Public Benefit Corporation, emphasizing its commitment to sustainability and social responsibility [39][40] Q&A Session Summary Question: Sales cycles and close rates trends - Management indicated that sales cycles and close rates are in line with prior periods, with some geographies showing improvement [65] Question: Dynamics behind agricultural vertical expansions - The primary driver for expansions is geographic growth where there is a clear product-market fit, along with demand for value-added services [68] Question: Confirmation of sales headcount hiring - The company confirmed that the number of sales representatives continues to grow quarter-over-quarter, with strong candidates being attracted to the mission [69] Question: Pipeline growth across key target markets - Management noted that pipeline growth is broad-based, with significant interest in civil government applications [74] Question: Revenue guidance for Q4 and impact of usage revenue unpredictability - The guidance for Q4 was adjusted due to unpredictability in usage revenue, with expectations of more predictable revenue recognition in the future [76] Question: Impact of VanderSat acquisition on Q4 EBITDA - There were shifts between OpEx and CapEx related to the Pelican fleet, but overall spending remains consistent with previous guidance [77] Question: Usage versus subscription revenue mix for new verticals - The company is shifting towards more predictable subscription-like revenue structures, moving away from pure consumption contracts [82] Question: Exciting markets for investment - Management indicated that most growth will come from existing markets, with significant opportunities in agriculture, civil government, and defense intelligence mapping [84]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR DMY TECHNOLOGY GROUP, INC. IV (Exact name of registrant as specified in its charter) Delaware 001-40166 85-2992192 (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to DMY TECHNOLOGY GROUP, INC. IV (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or orga ...

PART I. FINANCIAL INFORMATION This section presents the unaudited condensed financial statements and management's analysis of the company's financial condition and operations [Item 1. Condensed Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Financial%20Statements) This section presents the company's unaudited condensed financial statements, including balance sheets, statements of operations, and cash flows, along with explanatory notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) The balance sheet as of March 31, 2021, shows total assets of $346.5 million, primarily trust investments, and total liabilities of $47.2 million Condensed Balance Sheet Data (Unaudited) | | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $858,767 | $— | | Investment held in Trust Account | $345,051,009 | $— | | **Total Assets** | **$346,518,868** | **$85,750** | | **Liabilities** | | | | Total current liabilities | $435,287 | $62,150 | | Deferred underwriting commissions | $12,075,000 | $— | | Derivative warrant liabilities | $34,679,665 | $— | | **Total Liabilities** | **$47,189,952** | **$62,150** | | **Stockholders' Equity** | | | | Class A common stock subject to possible redemption | $294,328,910 | $— | | Total stockholders' equity | $5,000,006 | $23,600 | [Unaudited Condensed Statement of Operations](index=5&type=section&id=Unaudited%20Condensed%20Statement%20of%20Operations) The statement of operations for the three months ended March 31, 2021, reports a net loss of $14.5 million, mainly due to warrant-related charges Statement of Operations Highlights (For the three months ended March 31, 2021) | Metric | Amount | | :--- | :--- | | Loss from operations | $(322,918) | | Loss upon issuance of private placement warrants | $(14,062,000) | | Change in fair value of derivative warrant liabilities | $495,335 | | **Net loss** | **$(14,549,315)** | [Unaudited Condensed Statement of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Statement%20of%20Cash%20Flows) The cash flow statement for the three months ended March 31, 2021, shows a net increase in cash of $858,767, driven by IPO proceeds and trust account investments Cash Flow Summary (For the three months ended March 31, 2021) | Activity | Net Cash Flow | | :--- | :--- | | Net cash used in operating activities | $(261,333) | | Net cash used in investing activities | $(345,000,000) | | Net cash provided by financing activities | $346,120,100 | | **Net increase in cash** | **$858,767** | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes provide details on the company's blank check nature, IPO proceeds, key accounting policies for warrants and equity, and related party transactions - The company is a blank check company formed to effect a business combination and has **24 months** from its March 9, 2021 IPO to do so[21](index=21&type=chunk)[33](index=33&type=chunk) - The company consummated its IPO of **34,500,000 units at $10.00 per unit**, generating gross proceeds of **$345.0 million**[23](index=23&type=chunk)[70](index=70&type=chunk) - The company identified a misstatement in its initial accounting for warrants, reclassifying them from equity to derivative liabilities, with the impact deemed immaterial[42](index=42&type=chunk) - The fair value of derivative warrant liabilities was determined using **Level 3 inputs** (Black-Scholes and Monte Carlo simulation models)[102](index=102&type=chunk)[107](index=107&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's post-IPO status, financial condition, and results of operations, highlighting a net loss, going concern risk, and critical accounting policies - The company is a blank check company formed to effect a business combination, with a **24-month period** from March 9, 2021, to complete a transaction[113](index=113&type=chunk)[117](index=117&type=chunk) - For the three months ended March 31, 2021, the company had a net loss of approximately **$14.5 million**, mainly from warrant-related expenses[125](index=125&type=chunk) - Management believes the company will not have sufficient working capital to meet its needs through the earlier of a business combination or one year from the filing, raising **going concern considerations**[119](index=119&type=chunk)[122](index=122&type=chunk) - Critical accounting policies include classifying warrants as **derivative liabilities** and Class A common stock subject to redemption as **temporary equity**[134](index=134&type=chunk)[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is not required to provide quantitative and qualitative disclosures about market risk[144](index=144&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective due to a material weakness in internal control over financial reporting related to warrant accounting - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2021[145](index=145&type=chunk) - The ineffectiveness was attributed to a **material weakness in internal control over financial reporting**, stemming from the change in accounting treatment for the company's warrants[145](index=145&type=chunk) PART II. OTHER INFORMATION This section provides other information, including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings - There are no legal proceedings to report[148](index=148&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) A material risk factor is the accounting treatment of warrants as derivative liabilities, which may cause financial volatility and impact business combination efforts - A key risk is the accounting of warrants as liabilities, which requires re-measurement at fair value each period, potentially causing **material fluctuations in financial results**[151](index=151&type=chunk)[152](index=152&type=chunk) - This accounting treatment may have an adverse effect on the market price of the company's shares and could make it more difficult to find a target business for a combination[152](index=152&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) This section details the unregistered sale of Founder Shares and confirms the use of IPO proceeds, with $345.0 million placed in the Trust Account - The Sponsor purchased **7,187,500 Class B common shares for $25,000**, which became **8,625,000 shares** after a stock split[153](index=153&type=chunk) - From the IPO and Private Placement, **$345.0 million** was placed in the Trust Account[155](index=155&type=chunk) [Item 3. Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[157](index=157&type=chunk) [Item 4. Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[158](index=158&type=chunk) [Item 5. Other Information](index=26&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None[159](index=159&type=chunk) [Item 6. Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the SEC, including officer certifications and XBRL data files - Exhibits filed include certifications from the Principal Executive Officer and Principal Financial Officer, as well as XBRL data files[161](index=161&type=chunk)