Delivers Record Full Year Revenue of $220.7 Million, up 15% Year-over-Year
Surpasses One Thousand Customers in Fourth Quarter FY’24

SAN FRANCISCO — (BUSINESS WIRE) — March 28, 2024 — Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended January 31, 2024.

“Planet delivered a solid fourth quarter to cap off the year. We saw strong demand in the government sector and an evolution toward selling solutions alongside our data, enabled by the revolution happening in AI. We are prioritizing investment behind these trends to capture the opportunity,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Additionally, our next generation satellite systems are taking flight. The Pelican tech demo satellite is performing well in orbit and the first Tanager satellite is planned to launch later this year.”

Ashley Johnson, Planet’s Chief Financial and Operating Officer, added, “We continue to progress on our journey to building a high margin, sustainable, cash flow generating business. We expect growth for fiscal year ‘25 will be driven by large opportunities in the government sector and delivering solutions for customers. We remain committed to achieving Adjusted EBITDA profitability by Q4 of this fiscal year. Our balance sheet remains strong with $299 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.”

Fiscal Fourth Quarter and Full Year 2024 Financial and Key Metric Highlights:

• Fourth quarter revenue increased 11% year-over-year to a record $58.9 million.
• Full year revenue increased 15% year-over-year to $220.7 million.
• Percent of Recurring Annual Contract Value (ACV) for the fourth quarter was 93%.
• End of Period (EoP) Customer Count increased 15% year-over-year to 1,018 customers.
• Fourth quarter gross margin was 55%, compared to 55% in the fourth quarter of fiscal year 2023. Fourth quarter Non-GAAP Gross Margin⁽¹⁾ was 58%, compared to 58% in the fourth quarter of fiscal year 2023.
• Full year gross margin was 51%, compared to 49% in fiscal year 2023. Full year Non-GAAP Gross Margin⁽¹⁾ was 54%, compared to 53% in fiscal year 2023.
• Ended the quarter with $298.9 million in cash, cash equivalents and short-term investments.

⁽¹⁾ 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.

Recent Business Highlights:

Growing Customer and Partner Relationships

• Naval Information Warfare Center (NIWC) Pacific: Planet was awarded a seven-figure annual contract value (ACV) contract by the Naval Information Warfare Center (NIWC) Pacific for vessel detection and monitoring over key areas of interest throughout the Pacific Ocean. NIWC Pacific will integrate Planet data and AI capabilities from SynMax, a Houston-based satellite analytics and intelligence company, into their SeaVision platform to help improve maritime domain awareness throughout the region. Planet recently expanded its strategic partnership with SynMax, enabling Planet to sell an advanced analytics tool leveraging SynMax’s proprietary artificial intelligence, for vessel monitoring and classification.
• Carbon Mapper: Planet signed an eight-figure, multi-year data-license agreement with Carbon Mapper, Inc. to provide hyperspectral core imagery to the non-profit and its partners until 2030. The contract marks an extension to an existing data-license agreement between Planet and Carbon Mapper. The extension covers the 2026 to 2030 period. Carbon Mapper, Inc. has been a key partner to Planet in developing the Tanager hyperspectral constellation, and this contract extension marks an important step in the continuation of the coalition’s shared mission to help improve understanding of and accelerate reductions in global methane and carbon dioxide (CO2) emissions.
• Swiss Re Expansion: Planet recently closed a three-year partnership expansion with Swiss Re, one of the world’s leading reinsurance companies. The contract adds Planet’s Land Surface Temperature data to Soil Water Content data, which allows Swiss Re to build innovative parametric insurance products by feeding pricing models, validating claims and credit, forecasting potential risk, and identifying opportunities within new markets.
• Canadian Insurance Company: Planet closed a multi-year deal with an agriculture-focused insurance company, who is leveraging Planet’s broad area monitoring solutions and Planetary Variables to modernize their drought insurance program and for crop insurance claim validation.
• Bolivia (INRA) Expansion: Bolivia’s Institute of National Agrarian Reform (INRA) and Planet are expanding their multi-year partnership. The expansion includes new products and support, such as Planetary Variables, Sentinel Hub, and Planet's Professional Services. INRA continues to leverage Planet’s solutions to manage public land and enforce property titling regulations.
• Google: Planet announced that through our partnership with Google, PlanetScope satellite data is available on Google Cloud Marketplace, enabling Google Cloud customers to analyze, process, and derive meaningful insights from Planet data at scale.

New Technologies and Products

• Pelican On-Orbit Performance: The first Pelican tech demo, which Planet launched in November 2023, continues to perform well. The team is gaining valuable on orbit learnings and making solid progress towards operationalizing the Pelican platform. Planet expects to launch additional Pelicans, including the first production satellites, during the next 12 months.
• Field Boundaries Analytics: Planet announced the release of Field Boundaries, the latest add in our suite of advanced data feeds known as Planetary Variables. This dataset allows for high-level analytics at scale for multiple use cases, including food security, sustainable agricultural monitoring, commodities trading, and supply chain monitoring. Field Boundaries can provide the spatial context necessary to understand planted acres for different crop types and growth throughout the season, enabling accurate yield estimation on a regional and global level. This can help support benchmarking, the tracking of farming activities, and compliance with regulations, leading to improved agricultural products, services, practices, and policies.

First Quarter Financial Outlook

For the first quarter of fiscal year 2025, ending April 30, 2024, Planet expects revenue to be in the range of approximately $58 million to $61 million, representing approximately 13% year-over-year growth at the midpoint. Non-GAAP Gross Margin is expected to be in the range of approximately 50% to 52%. Adjusted EBITDA loss is expected to be in the range of approximately ($11) million and ($9) million for the quarter. Capital Expenditures are expected to be in the range of approximately $14 million and $17 million for the quarter.

Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the first quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts.

The foregoing forward-looking statements reflect Planet’s expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Webcast and Conference Call Information

Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, March 28, 2024. The webcast can be accessed at www.planet.com/investors/. A replay will be available approximately 2 hours following the event. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=ffe26585&confId=61353 . You will then receive your access details via email.