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]

Core Viewpoint - Planet Labs PBC plans to release its fiscal third quarter 2026 financial results on December 10, 2025, after market close [1] Financial Results Announcement - The financial results will cover the quarter that ended on October 31, 2025 [1] - A conference call will be hosted by Planet's management to discuss the financial results and business outlook at 5:00 p.m. ET / 2:00 p.m. PT on the same day [1]

Core Insights - The Aerospace Index has surged 45% over the past year, outperforming the Semiconductors Index which gained 41% [1] - Key players in the aerospace sector include Rocket Lab Corp (+250%), Planet Labs PBC (+374%), and Archer Aviation Inc (+92%) [1] - Investors are shifting focus from semiconductor companies to aerospace, betting on the potential of the space economy [1][5] Aerospace Sector Performance - Rocket Lab has transformed from a "mini SpaceX" into a highly watched stock due to its steady launch cadence and defense work [6] - Planet Labs has seen its satellite imaging services triple in value this year, impacting various sectors including climate analytics and national security [6] - Archer Aviation is leveraging the hype around electric vertical takeoff and landing (eVTOL) vehicles and recent FAA approvals to advance electric air taxi developments [6] Market Trends - The space economy is growing faster than the semiconductor cycle, indicating a potential shift in investment focus [5] - Aerospace stocks are beginning to exhibit characteristics similar to early-stage AI winners, suggesting a new wave of innovation [5] - Nvidia's recent partnership with Palantir Technologies reflects a strategic pivot towards building an ecosystem for AI, indicating a broader industry trend [4]

Core Insights - Planet Labs PBC has announced an 8-figure contract renewal with a long-term international defense and intelligence customer for high-resolution imagery [1] - The renewed agreement will provide the customer with access to Planet's Pelican and SkySat assured tasking capabilities [1] - This contract is aimed at enabling critical and timely monitoring and intelligence gathering in key areas of interest [1]

Core Insights - Planet Labs (PL) stock has experienced significant bullish momentum this year, driven primarily by ongoing global conflicts and the AI bubble [1] Company Analysis - The company is positioned within the biotechnology sector, focusing on innovative drug development through unique mechanisms of action and first-in-class therapies [1] - The analyst emphasizes the importance of combining scientific expertise with financial analysis to evaluate drug candidates and market opportunities [1] Industry Context - The biotechnology sector is characterized by the potential for breakthrough science to yield substantial returns, necessitating careful scrutiny of both opportunities and risks [1]

Business Development - Planet Labs is pursuing more contracts with the US government [1]

Business Overview - Planet Labs 通过最大的地球成像卫星群，每日记录地球陆地上每个地点过去八年的变化 [3] - Planet Labs 利用人工智能分析这些变化，帮助政府和大型公司基于数据和分析做出决策 [3] - Planet Labs 的客户包括美国政府以及国际客户，例如日本和德国 [9][10] - Planet Labs 的商业客户包括农业公司、保险公司和能源公司 [11] Technological Innovation - Planet Labs 专注于机器对图像的理解，而非传统的人工判读 [7] - Planet Labs 的卫星可以捕捉 400 个光谱带，用于检测伪装、甲烷数据、地表温度和土壤湿度等 [8] - Planet Labs 通过硅谷创新，将卫星制造成本大幅降低，单颗卫星的生产和发射成本仅为 30 万美元 [13] - Planet Labs 已经发射了 600 多颗卫星，总成本远低于传统行业单颗卫星的成本 [14] Financial Performance - Planet Labs 采用“一对多”的商业模式，将同一数据出售给多个客户，从而获得高毛利率 [15][16] - Planet Labs 通过创新的卫星服务模式，在今年上半年实现了超过 5000 万美元的自由现金流 [16] Market Focus - Planet Labs 通过 Lunob 合同获得 NGA 项目奖项，该项目旨在追踪船只，识别虚假信号和非法运输活动 [4] - Planet Labs 为国际客户提供情报能力，以应对不断变化的地缘政治局势 [10][11]

Core Insights - Planet Labs is experiencing significant stock performance, attributed to its innovative Earth Intelligence business model that leverages a large fleet of earth imaging satellites to provide critical data for national security and commercial applications [1][16]. Company Overview - Planet Labs operates with the largest fleet of earth imaging satellites, providing daily records of the planet's land mass for the past eight years, utilizing AI to analyze data for decision-making by governments and large companies [3][11]. - The company has diversified its customer base beyond the US government, securing large contracts with international clients, including Japan and Germany, reflecting a growing demand for intelligence capabilities in the geopolitical landscape [10][11]. Financial Performance - Planet Labs has innovated in satellite production, with costs significantly lower than traditional models; many satellites cost around $300,000, compared to the billion-dollar costs of previous generations [12][14]. - The company has adopted a one-to-many sales model, allowing it to sell the same data to multiple customers, resulting in high gross margins and a shift in cash flow profile, achieving over $50 million in free cash flow in the first half of the year [15][16].