SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced its fully owned subsidiary, Planet Labs Federal Inc., was awarded a seven-figure contract by the Naval Information Warfare Center (NIWC) Pacific for vessel detection and monitoring over key areas of interest throughout the Pacific. The project will integrate both Planet’s daily, global PlanetScope data and high-resolution SkySat data into the Department of Transportation’s S ...

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE:PL), a leading provider of daily data and insights about Earth, today announced that it plans to release its fiscal fourth quarter and full year 2024 financial results for the year that ended January 31, 2024, after market close on Thursday, March 28, 2024. Planet’s management will host a conference call to discuss the financial results and business outlook at 5:00 p.m. ET / 2:00 p.m. PT the same day. Planet invites you to listen to the conference call, ...

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced that their PlanetScope satellite data is now available on Google Cloud Marketplace through the listing: PlanetScope on Google Cloud Marketplace. Through this integration, Planet, a “Google Cloud Ready Sustainability Partner,” aims to bring a new level of collaboration and convenience to users. Leveraging the scalability and reliability of Google Cloud, customers can analy ...

Penny space stocks have become remarkably increasingly prominent, mirroring the expanding horizon of space exploration itself. This burgeoning interest is fueled by Elon Musk and Jeff Bezos, who’ve gone all-in to transform what was once science fiction effectively into a tangible reality. This surge in interest positions space investments as a compelling choice for those looking to venture beyond traditional markets and take advantage of the risk-on environment in the stock market.The growth trajectory for ...

NicoElNino Investment Overview My overall take for Planet Labs (NYSE:PL) is a buy rating, as I expect growth to reaccelerate and valuation to rerate higher. Using consensus estimates, I have a price target of $3.31 for PL. The core assumption I made is that the growth runway for PL is long, supported by strong secular tailwinds in the agriculture and defense industries. While growth has slowed in the near term, I believe it was mainly due to the weak macro environment. As we go into CY2024, where the econom ...

Financial Data and Key Metrics Changes - The company generated a record revenue of $55.4 million for Q3 2024, representing an 11% year-on-year growth [8][21] - Non-GAAP gross margin was 51.5%, above the midpoint of the expected range [8][21] - Adjusted EBITDA loss for the quarter was $12 million, which was $1 million better than guidance [8][40] Business Line Data and Key Metrics Changes - Growth was driven by the Civil Government and Defense and Intelligence markets, both of which saw revenue increase by more than 20% year-over-year [9][21] - The commercial sector continued to face macro headwinds, impacting overall growth [9][21] Market Data and Key Metrics Changes - EMEA revenue growth was particularly strong, up almost 70% year-over-year, while revenue in Asia Pacific and Latin America grew more than 20% year-over-year [57] - North American revenue decreased by 11% year-over-year, primarily due to the discontinuation of a legacy contract [57] Company Strategy and Development Direction - The company is focusing on large government opportunities as a primary growth driver and is well-positioned to expand its work with U.S. government entities [11][43] - Go-to-market improvements include focusing sales efforts on large opportunities, shifting smaller commercial opportunities through partner networks, and streamlining sales processes [10][43] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the market opportunities in the commercial sector despite current macroeconomic headwinds [30][96] - The company is committed to reaching adjusted EBITDA profitability by Q4 of the next fiscal year [8][40] Other Important Information - The company ended the quarter with $315 million in cash and equivalents, providing sufficient capital for growth initiatives without needing to raise additional capital [41] - Capital expenditures for the quarter were $8.6 million, approximately 16% of revenue [23] Q&A Session Questions and Answers Question: Discussion on go-to-market strategy and large contracts - Management confirmed there are multiple eight-figure deals, primarily in defense and intelligence, with significant opportunities in the U.S. and globally [64] Question: Revenue per customer trends - Management indicated that the increase in customer count through the Sentinel Hub platform may have impacted average revenue per customer, but this is consistent with the onboarding of new customers [50] Question: Geographic revenue growth - EMEA showed strong growth, while North America faced challenges due to legacy contract discontinuation [57] Question: Future growth in the commercial market - Management believes the commercial market will eventually reaccelerate, driven by AI and partner-led opportunities [110] Question: Impact of the Pelican satellite on revenue - The Pelican satellite is expected to enhance capabilities, allowing for higher resolution and lower latency, which could lead to increased pricing [48][49]

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 October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________. Commission file number 001-40166 Planet Labs PBC | (Exact name of registrant as specified in its chart ...

Planet Labs PBC (NYSE:PL) Q2 2024 Earnings Conference Call September 7, 2023 5:00 PM ET Company Participants Chris Genualdi - Vice President of Investor Relations Will Marshall - Chief Executive Officer, Chairperson and Co-Founder Ashley Fieglein Johnson - Chief Financial and Operating Officer Conference Call Participants Michael Latimore - Northland Jason Gursky - Citigroup Trevor Walsh - JMP Securities Jeff Van Rhee - Craig-Hallum Ryan Koontz - Needham & Company Greg Mesniaeff - WestPark Capital Operator ...

FISCAL 2Q'24 UPDATE September 7, 2023 WOMEN'S WORLD CUP • SYDNEY, AUSTRALIA July 10, 2023 • 50cm SkySat planet. Disclaimers Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the future financial or operating performance of Planet Labs PBC ("Planet," the "Company," "we," " ...

[Part I - Financial Information](index=6&type=section&id=Part%20I.%20-%20Financial%20Information) [Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents unaudited condensed consolidated financial statements for Planet Labs PBC as of July 31, 2023, covering balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $720.4 million by July 31, 2023, primarily due to reduced cash and equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | July 31, 2023 | January 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $118,808 | $181,892 | | Short-term investments | $248,979 | $226,868 | | Total current assets | $427,861 | $475,655 | | Total assets | $720,417 | $752,723 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $116,259 | $122,257 | | Total liabilities | $180,849 | $176,619 | | Total stockholders' equity | $539,568 | $576,104 | | Total liabilities and stockholders' equity | $720,417 | $752,723 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew 11% in Q2 to $53.8 million and 20% in H1 to $106.5 million, with net losses narrowing Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 FY24 (Three Months Ended Jul 31, 2023) | Q2 FY23 (Three Months Ended Jul 31, 2022) | H1 FY24 (Six Months Ended Jul 31, 2023) | H1 FY23 (Six Months Ended Jul 31, 2022) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $53,761 | $48,450 | $106,464 | $88,577 | | Gross Profit | $26,292 | $23,473 | $54,439 | $39,972 | | Loss from Operations | ($43,280) | ($42,640) | ($87,972) | ($90,354) | | Net Loss | ($37,975) | ($39,529) | ($72,419) | ($83,889) | | Net Loss Per Share | ($0.14) | ($0.15) | ($0.26) | ($0.32) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $21.0 million in H1, with overall cash decreasing by $63.6 million Cash Flow Summary (in thousands) | Activity | Six Months Ended July 31, 2023 | Six Months Ended July 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($21,004) | ($28,804) | | Net cash used in investing activities | ($44,302) | ($203,186) | | Net cash provided by financing activities | $1,590 | $4,050 | | Net decrease in cash | ($63,561) | ($229,058) | | Cash at end of period | $124,515 | $267,756 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures supporting financial statements, covering accounting policies, balance sheet components, and subsequent events - As of July 31, 2023, the company had remaining performance obligations of **$153.9 million**, with approximately **74%** expected to be recognized as revenue over the next 12 months[45](index=45&type=chunk) - One customer accounted for **23%** of revenue for the three months and **22%** for the six months ended July 31, 2023[40](index=40&type=chunk) - In April 2023, a change in estimated useful lives of satellites resulted in a **$2.1 million** increase in depreciation expense for the quarter[74](index=74&type=chunk) - Subsequent to quarter end, on August 4, 2023, the company acquired Sinergise's business for approximately **$22.4 million** in cash and **6.75 million shares** of Class A common stock[119](index=119&type=chunk)[120](index=120&type=chunk) - On August 1, 2023, the company announced a headcount reduction of approximately **10%** of its workforce, expecting to incur **$7 million to $8 million** in pre-tax charges[122](index=122&type=chunk)[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance for Q2 and H1 FY2024, highlighting revenue growth, operational metrics, and liquidity [Business and Overview](index=28&type=section&id=Business%20and%20Overview) Planet uses its Earth observation satellites to provide daily global imagery and analytics, serving over 900 customers - The company's mission is to **image the entire world's landmass daily** to make global change visible, accessible, and actionable[126](index=126&type=chunk) - Planet operates the **largest Earth observation fleet of satellites** in history, with **over 2,400 images** on average for every point on Earth's landmass[128](index=128&type=chunk)[129](index=129&type=chunk) - As of July 31, 2023, the company served **944 customers**, a **10% year-over-year increase**[131](index=131&type=chunk) [Key Operational and Business Metrics](index=30&type=section&id=Key%20Operational%20and%20Business%20Metrics) Key metrics include a 102% Net Dollar Retention Rate, 944 EoP Customer Count, and increased capital expenditures for satellites Key Metrics Comparison | Metric | As of/For Six Months Ended July 31, 2023 | As of/For Six Months Ended July 31, 2022 | | :--- | :--- | :--- | | Net Dollar Retention Rate | 102% | 125% | | EoP Customer Count | 944 | 855 | | % Recurring ACV | 92% | 93% | - Capital Expenditures as a Percentage of Revenue increased to **22%** for the six months ended July 31, 2023, up from **9%** in the prior-year period, primarily due to increased investment in building high and medium resolution satellites[152](index=152&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Compares operating results for Q2 and H1 FY2024, showing revenue growth and improved gross profit with reduced operating loss Q2 2024 vs Q2 2023 Results (in thousands) | Line Item | Three Months Ended July 31, 2023 | Three Months Ended July 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $53,761 | $48,450 | 11% | | Gross Profit | $26,292 | $23,473 | 12% | | Loss from Operations | ($43,280) | ($42,640) | 2% | | Net Loss | ($37,975) | ($39,529) | (4)% | H1 2024 vs H1 2023 Results (in thousands) | Line Item | Six Months Ended July 31, 2023 | Six Months Ended July 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $106,464 | $88,577 | 20% | | Gross Profit | $54,439 | $39,972 | 36% | | Loss from Operations | ($87,972) | ($90,354) | (3)% | | Net Loss | ($72,419) | ($83,889) | (14)% | - Q2 revenue growth of **11%** was driven by a **$6.2 million** increase from total customer growth, partially offset by a **$0.9 million** reduction from existing contracts[171](index=171&type=chunk) - H1 revenue growth of **20%** was driven by a **$9.3 million** increase from customer growth and an **$8.6 million** net expansion of existing customer contracts[186](index=186&type=chunk) [Non-GAAP Information](index=38&type=section&id=Non-GAAP%20Information) Non-GAAP Gross Margin was 52% in Q2 and 54% in H1, while Adjusted EBITDA loss widened in both periods Reconciliation of Gross Profit to Non-GAAP Gross Profit (in thousands) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Gross Profit (GAAP) | $26,292 | $23,473 | $54,439 | $39,972 | | Non-GAAP Gross Profit | $27,794 | $25,196 | $57,285 | $43,445 | | Non-GAAP Gross Margin | 52% | 52% | 54% | 49% | Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Loss (GAAP) | ($37,975) | ($39,529) | ($72,419) | ($83,889) | | Adjusted EBITDA | ($14,463) | ($10,471) | ($33,551) | ($26,738) | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $118.8 million in cash and $249.0 million in short-term investments, with improved operating cash flow - The company holds **$118.8 million** in cash and cash equivalents and **$249.0 million** in highly liquid short-term investments as of July 31, 2023[206](index=206&type=chunk) - Net cash used in operating activities for the six months ended July 31, 2023 was **$21.0 million**, compared to **$28.8 million** in the prior year period[211](index=211&type=chunk)[212](index=212&type=chunk) - Principal contractual obligations include leases, satellite launch services, and a minimum purchase commitment for hosting services from Google totaling **$139.1 million** through 2028[89](index=89&type=chunk)[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure, including foreign currency and interest rate, has not materially changed since January 31, 2023 - There have been **no material changes** in the company's exposure to market risk since January 31, 2023[220](index=220&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of July 31, 2023, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of July 31, 2023[221](index=221&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[222](index=222&type=chunk) [Part II - Other Information](index=43&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is **not currently a party to any material legal proceedings**[225](index=225&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors have occurred since the 2023 Form 10-K - **No material changes** to the risk factors disclosed in the 2023 Form 10-K have occurred[226](index=226&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred, except for shares withheld for employee tax obligations on vested RSUs - **No unregistered sales** of equity securities were made, except for shares withheld for employee tax obligations on vested RSUs[227](index=227&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the last fiscal quarter - **No director or officer adopted or terminated** a Rule 10b5-1 trading plan during the last fiscal quarter[230](index=230&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL documents - Exhibits filed include **CEO/CFO certifications and XBRL data files**[232](index=232&type=chunk)