Planet Labs PBC (PL): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Erdbeobachtung erweist sich Planet Labs PBC als revolutionäre Kraft und verändert die Art und Weise, wie wir die dynamische Oberfläche unseres Planeten verstehen und mit ihr interagieren. Durch den Einsatz einer Konstellation kleiner, fortschrittlicher Satelliten hat Planet Pionierarbeit bei täglichen globalen Bildgebungsfunktionen geleistet, die branchenübergreifend beispiellose Erkenntnisse liefern – von der Landwirtschaft und Umweltüberwachung bis hin zu Stadtplanung und Verteidigung. Ihr innovatives Geschäftsmodell nutzt modernste Technologie, strategische Partnerschaften und datengesteuerte Informationen, um hochauflösende Satellitenbilder nahezu in Echtzeit zu liefern, die Entscheidungsträgern weltweit helfen.

Planet Labs PBC (PL) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zwischen NASA und staatlichen Raumfahrtagenturen

Planet Labs hat aktive Kooperationsvereinbarungen mit der NASA im Rahmen mehrerer Verträge, darunter:

• Auftrag der NASA Earth Science Division im Wert von 8,4 Millionen US-Dollar im Jahr 2023
• Kommerzielles Datenerfassungsprogramm für Kleinsatelliten mit dem Earth Science Technology Office der NASA

Agentur	Vertragswert	Jahr
NASA	8,4 Millionen US-Dollar	2023
US Geological Survey	3,2 Millionen US-Dollar	2023

Kommerzielle Partner für Satellitenbilder

Planet Labs arbeitet mit mehreren Geodatenanbietern zusammen:

• Maxar-Technologien
• Airbus Defence and Space
• Spire Global

Cloud-Computing-Partnerschaften

Zu den wichtigsten Cloud-Infrastrukturpartnerschaften gehören:

Cloud-Anbieter	Servicetyp	Vertragsdetails
Amazon Web Services (AWS)	Datenspeicherung/-verarbeitung	Mehrjähriger Unternehmensvertrag
Google Cloud-Plattform	Computerressourcen	Verarbeitung von Satellitenbildern

Hersteller von Luft- und Raumfahrtausrüstung

• SpaceX – Startdienste
• Rocket Lab – Satelliteneinsatz
• Northrop Grumman – Satellitenkomponenten

Kooperationen mit Forschungseinrichtungen

Institution	Forschungsschwerpunkt	Art der Zusammenarbeit
Stanford-Universität	Erdbeobachtungstechnologien	Forschungspartnerschaft
MIT	Satellitendesign	Technologieentwicklung

Planet Labs PBC (PL) – Geschäftsmodell: Hauptaktivitäten

Satellitendesign, Herstellung und Start

Planet Labs betreibt ab 2024 eine Flotte von etwa 200 Kleinsatelliten namens „Doves“. Jährliche Satellitenproduktionskapazität: 100–150 Einheiten.

Satellitenspezifikation	Technische Details
Satellitengröße	10x10x30 cm (3U CubeSat)
Gewicht	5-6 kg pro Satellit
Herstellungskosten	250.000 bis 500.000 US-Dollar pro Satellit

Entwicklung der Erdbeobachtungs- und Bildgebungstechnologie

Auflösungsmöglichkeiten: Bodenabtastentfernung von 3,7 Metern für Standardbilder. Spektralbänder: Multispektral (4–8 Bänder).

• Tägliche globale Bildabdeckung von etwa 8 Millionen Quadratkilometern
• Häufigkeit der Bilderfassung: In den meisten Regionen mehrmals täglich
• Datenerfassungsrate: 20+ Terabyte an Bildern pro Tag

Geodatenerfassung und -analyse

Jährliches Datenerfassungsvolumen: Ungefähr 7 Petabyte an Geodaten. Weltweite Abdeckung von über 300 Millionen Quadratkilometern.

Datenerfassungsmetriken	Quantitative Details
Bildauflösung	3,7 Meter Bodenprobenentfernung
Jährlicher Bildband	7 Petabyte
Globale Abdeckung	300+ Millionen Quadratkilometer

Entwicklung einer Softwareplattform für die Datenvisualisierung

Planet Platform bietet Tools zur Visualisierung und Analyse von Geodaten in Echtzeit. Die Plattform unterstützt die Integration mit wichtigen GIS-Systemen.

Maschinelles Lernen und KI-gesteuerte Bildverarbeitung

Zu den KI-Verarbeitungsfunktionen gehören automatische Änderungserkennung, Landnutzungsklassifizierung und prädiktive Analysen.

• Modelle für maschinelles Lernen, die auf über 50 Millionen beschrifteten Satellitenbildern trainiert wurden
• KI-Verarbeitungsgeschwindigkeit: 100.000+ Bilder pro Tag
• Genauigkeitsraten: 85–95 % für die automatische Bildklassifizierung

Planet Labs PBC (PL) – Geschäftsmodell: Schlüsselressourcen

Erweiterte Kleinsatellitenkonstellation (Planet Dove Satellites)

Ab 2024 betreibt Planet Labs eine Konstellation von etwa 200 Kleinsatelliten. Satellitenspezifikationen:

Satellitentyp	Spezifikationen	Menge
Taubensatelliten	15 cm x 10 cm x 10 cm	180
SkySat-Satelliten	Bildgebung mit höherer Auflösung	21

Proprietäre Bildgebungs- und Datenverarbeitungstechnologien

Technische Möglichkeiten:

• Tägliche globale Bildauflösung: 3,7 Meter pro Pixel
• Datenverarbeitungsgeschwindigkeit: 1,5 Millionen Quadratkilometer pro Tag
• Bildarchiv: Über 7 Petabyte Geodaten

Kompetente Ingenieurs- und Datenwissenschaftsteams

Zusammensetzung der Belegschaft:

Abteilung	Anzahl der Mitarbeiter
Ingenieurwesen	186
Datenwissenschaft	72
Gesamtes technisches Personal	258

Globales Bodenstationsnetzwerk

Infrastruktur der Bodenstation:

• Anzahl der Bodenstationen: 8
• Geografische Standorte: Nordamerika, Europa, Asien
• Datenübertragungskapazität: 2,5 Terabyte pro Tag

Umfangreiches Satellitenbild- und Geodatenarchiv

Details zum Datenrepository:

Datenmetrik	Menge
Gesamtbildarchiv	7,2 Petabyte
Tägliche Bilderfassung	300.000 km²
Historische Bildberichterstattung	5+ Jahre

Planet Labs PBC (PL) – Geschäftsmodell: Wertversprechen

Tägliche globale Erdbildgebungsfunktionen

Planet Labs betreibt eine Konstellation von etwa 200 Erdbeobachtungssatelliten, die täglich globale Bilder mit einer Auflösung von 3 bis 5 Metern erfassen können.

Satellitentyp	Anzahl der Satelliten	Tägliche Imaging-Kapazität
SuperDove-Satelliten	180	Über 7 Millionen Quadratkilometer pro Tag
Hochauflösende SkySat-Satelliten	21	Bilder mit einer Auflösung von bis zu 1 Meter

Hochauflösende Satellitenbilder nahezu in Echtzeit

Planet Labs stellt Bilder mit den folgenden technischen Spezifikationen zur Verfügung:

• Räumliche Auflösung: 3-5 Meter pro Pixel
• Häufigkeit erneuter Besuche: Tägliche weltweite Berichterstattung
• Datenerfassungszeit: Übertragung nahezu in Echtzeit
• Spektralbänder: Multispektral (4-8 Bänder)

Umfassende Umwelt- und geografische Überwachung

Überwachungssektor	Abdeckungsbereich	Überwachungshäufigkeit
Landwirtschaft	Globale Ackerflächen	Tägliche Bilder
Abholzung	Tropische Regionen	Wöchentliche Überwachung
Stadtentwicklung	Große Ballungsräume	Tägliche Updates

Kostengünstige Geospatial-Intelligence-Lösungen

Preismodell von Planet Labs ab 2024:

• Basisabonnement für Bilder: 5.000 bis 10.000 US-Dollar pro Monat
• Geodaten-Intelligence-Paket für Unternehmen: 25.000 bis 50.000 US-Dollar pro Jahr
• Benutzerdefinierte Datenintegration: Variable Preise basierend auf den Anforderungen

Umsetzbare Erkenntnisse für mehrere Branchen

Industriesektor	Schlüsselanwendungen	Geschätzte Marktdurchdringung
Landwirtschaft	Überwachung der Pflanzengesundheit	35 % Weltmarktanteil
Verteidigung/Geheimdienst	Geodatenanalyse	25 % Regierungsmarkt
Klimaforschung	Umweltverfolgung	40 % wissenschaftlicher Forschungsmarkt

Planet Labs PBC (PL) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Planet Labs bietet eine webbasierte Plattform, die es Kunden ermöglicht, direkt auf Satellitenbilder und Geodaten zuzugreifen und diese herunterzuladen. Ab dem vierten Quartal 2023 beherbergt die Plattform über 500 Petabyte an globalen Erdbeobachtungsdaten.

Plattformmetrik	Wert
Gesamter Datenspeicher	500+ Petabyte
Tägliche Bilderfassung	Ungefähr 5 Millionen Quadratkilometer
Durchschnittliche Benutzerzugriffszeit	Weniger als 3 Minuten

Engagierte Kundenerfolgsteams

Planet Labs unterhält spezialisierte Kundensupportteams in verschiedenen Sektoren, darunter Landwirtschaft, Verteidigung, Klimaüberwachung und Stadtplanung.

• Größe des Unternehmenskundensupport-Teams: 42 Fachleute
• Durchschnittliche Antwortzeit: 2,5 Stunden
• Kundenzufriedenheitsbewertung: 4,7/5

Maßgeschneiderte Daten- und Analyselösungen

Planet bietet maßgeschneiderte Geoanalyselösungen mit Preisen zwischen 5.000 und 250.000 US-Dollar pro Jahr, je nach Komplexität und Datenvolumen.

Lösungsebene	Jährliche Kosten	Datenvolumen
Basic	$5,000 - $25,000	Bis zu 100 km²
Professionell	$50,000 - $125,000	500-2.500 km²
Unternehmen	$150,000 - $250,000	5.000+ km²

Online-Support und Dokumentation

Planet bietet umfassende Online-Ressourcen, darunter API-Dokumentation, Entwicklerhandbücher und technische Supportkanäle.

• Seiten der technischen Dokumentation: 347
• API-Integrationsleitfäden: 28
• Online-Wissensdatenbankartikel: 512

Regelmäßige Produkt- und Service-Updates

Planet Labs veröffentlicht vierteljährliche Plattformaktualisierungen und monatliche Aktualisierungszyklen für Satellitenbilder.

Aktualisierungstyp	Häufigkeit	Abdeckung
Plattformfunktionen	Vierteljährlich	Vollständiges System
Satellitenbilder	Monatlich	Globale Abdeckung
API-Verbesserungen	Zweimonatlich	Entwicklertools

Planet Labs PBC (PL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 unterhält Planet Labs ein Direktvertriebsteam von etwa 87 Vertriebsprofis, die sich an Unternehmens- und Regierungskunden richten.

Vertriebskanalsegment	Anzahl der Vertriebsmitarbeiter	Zielmarkt
Unternehmensverkauf	52	Kommerzielle Unternehmen
Regierungsverkäufe	35	Bundes- und Landesbehörden

Webbasierte Plattform und Marktplatz

Planet Labs betreibt eine digitale Plattform mit 2.324 registrierten Unternehmenskunden (Stand Dezember 2023).

• Monatlich aktive Benutzer der Plattform: 1.876
• Jährlicher wiederkehrender Umsatz mit der Webplattform: 42,3 Millionen US-Dollar
• Durchschnittlicher Transaktionswert: 18.500 $ pro Kunde

API-Integrationen

Planet Labs unterstützt 47 verschiedene API-Integrationsendpunkte in mehreren Branchen.

Branchensegment	Anzahl der API-Integrationen
Landwirtschaft	12
Klimaforschung	9
Stadtplanung	8
Verteidigung/Geheimdienst	7
Andere Sektoren	11

Branchenkonferenzen und Messen

Planet Labs nahm im Jahr 2023 an 23 großen Branchenkonferenzen teil und erreichte eine geschätzte Reichweite von 14.500 potenziellen Unternehmenskunden.

Partnernetzwerk und Empfehlungsprogramme

Das Partner-Ökosystem umfasst ab Januar 2024 64 strategische Technologie- und Reseller-Partner.

• Technologiepartner: 37
• Reseller-Partner: 27
• Gesamter durch Partner generierter Umsatz: 12,7 Millionen US-Dollar im Jahr 2023

Planet Labs PBC (PL) – Geschäftsmodell: Kundensegmente

Regierungs- und Verteidigungsbehörden

Planet Labs versorgt mehrere Regierungsbereiche mit Satellitenbildern:

• Auftragswert der US-amerikanischen National Geospatial-Intelligence Agency (NGA): 26 Millionen US-Dollar im Jahr 2022
• Beschaffung von Satellitenbildern durch das Verteidigungsministerium: Ungefähr 15,2 Millionen US-Dollar pro Jahr

Regierungsbehörde	Jährliche Ausgaben für Bildmaterial	Vertragstyp
NGA	26 Millionen Dollar	Mehrjähriger Bildvertrag
US-Militär	15,2 Millionen US-Dollar	Geointelligenz

Organisationen zur Überwachung von Landwirtschaft und Umwelt

Planet Labs bietet wichtige landwirtschaftliche Überwachungsdienste:

• Weltweite landwirtschaftliche Überwachungsabdeckung: 350 Millionen Hektar
• Marktgröße für Präzisionslandwirtschaft: 12,8 Milliarden US-Dollar im Jahr 2023

Agrarsegment	Marktwert	Satellitenabdeckung
Pflanzenüberwachung	5,6 Milliarden US-Dollar	150 Millionen Hektar
Umweltverfolgung	7,2 Milliarden US-Dollar	200 Millionen Hektar

Stadtplanungs- und Infrastrukturentwickler

Möglichkeiten zur Überwachung der städtischen Infrastruktur:

• Globale städtische Kartenabdeckung: über 5.000 Städte
• Markt für Infrastrukturüberwachung: 3,4 Milliarden US-Dollar im Jahr 2023

Städtisches Segment	Marktgröße	Abgedeckte Städte
Stadtplanung	1,8 Milliarden US-Dollar	2.500 Städte
Infrastrukturentwicklung	1,6 Milliarden US-Dollar	2.500 Städte

Klimaforschungseinrichtungen

Satellitenbilddienste für die Klimaforschung:

• Klimaforschungsmarkt: 2,7 Milliarden US-Dollar im Jahr 2023
• Abdeckung der globalen Klimaüberwachung: 100 % Landfläche

Forschungsbereich	Marktwert	Überwachungsumfang
Klimawandelforschung	1,5 Milliarden US-Dollar	Globale Landabdeckung
Umweltstudien	1,2 Milliarden US-Dollar	Umfassende Ökosystemverfolgung

Kommerzielle Unternehmen, die Geointelligenz benötigen

Marktsegmente für kommerzielle Geointelligenz:

• Gesamter kommerzieller Geodatenmarkt: 8,6 Milliarden US-Dollar im Jahr 2023
• Nutzer von Unternehmenssatellitenbildern: über 5.000 Unternehmen

Kommerzielles Segment	Marktwert	Unternehmensbenutzer
Energiesektor	2,3 Milliarden US-Dollar	1.200 Unternehmen
Versicherung/Risikomanagement	1,9 Milliarden US-Dollar	1.500 Unternehmen
Technologie/Logistik	4,4 Milliarden US-Dollar	2.300 Unternehmen

Planet Labs PBC (PL) – Geschäftsmodell: Kostenstruktur

Kosten für die Herstellung und den Start von Satelliten

Die Herstellungskosten für Satelliten von Planet Labs liegen zwischen 250.000 und 500.000 US-Dollar pro Satellit. Die Startkosten betragen durchschnittlich 1,2 Millionen US-Dollar pro Mission mit SpaceX Falcon 9-Raketen.

Kostenkategorie	Jährliche Ausgaben
Satellitenherstellung	15,6 Millionen US-Dollar
Kosten für den Satellitenstart	24,0 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für Planet Labs beliefen sich im Jahr 2023 auf insgesamt 47,3 Millionen US-Dollar, was 38 % der gesamten Betriebskosten entspricht.

• Hardware-Forschung und -Entwicklung: 22,1 Millionen US-Dollar
• Softwareentwicklung: 15,2 Millionen US-Dollar
• KI- und maschinelle Lernforschung: 10,0 Millionen US-Dollar

Cloud-Computing- und Datenspeicherinfrastruktur

Die jährlichen Kosten für Cloud-Infrastruktur und Datenspeicherung betragen bei Nutzung von Amazon Web Services und Google Cloud Platform etwa 18,5 Millionen US-Dollar.

Infrastrukturkomponente	Jährliche Kosten
Cloud-Computing	12,3 Millionen US-Dollar
Datenspeicherung	6,2 Millionen US-Dollar

Kosten für Personal- und Talentakquise

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 63,7 Millionen US-Dollar, bei einem durchschnittlichen Ingenieursgehalt von 145.000 US-Dollar.

• Gesamtzahl der Mitarbeiter: 582
• Durchschnittliche Vergütung: 109.000 US-Dollar
• Rekrutierungskosten: 2,4 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2023 auf 22,1 Millionen US-Dollar und konzentrierten sich auf die Öffentlichkeitsarbeit im Unternehmens- und Regierungssektor.

Kategorie der Marketingausgaben	Jahresbudget
Digitales Marketing	8,7 Millionen US-Dollar
Messen und Konferenzen	4,2 Millionen US-Dollar
Betrieb des Vertriebsteams	9,2 Millionen US-Dollar

Planet Labs PBC (PL) – Geschäftsmodell: Einnahmequellen

Abonnementbasierter Datenzugriff

Planet Labs bietet abgestufte Abonnementmodelle für den Zugriff auf Satellitenbilder:

Abonnementstufe	Jährliche Preisspanne	Datenauflösung
Basic	$5,000 - $15,000	3-5 Meter Auflösung
Professionell	$25,000 - $75,000	1-3 Meter Auflösung
Unternehmen	$100,000 - $500,000	Auflösung im Submeterbereich

Benutzerdefinierte Bild- und Analysedienste

Einnahmen aus spezialisierten Geoanalysediensten:

• Überwachungsdienste für die Landwirtschaft: 50.000 bis 250.000 US-Dollar pro Projekt
• Infrastrukturbewertung: 75.000 bis 350.000 US-Dollar pro Vertrag
• Verfolgung von Umweltveränderungen: 40.000 bis 200.000 US-Dollar pro Auftrag

Unternehmenslizenzvereinbarungen

Jährliche Einnahmen aus Unternehmenslizenzen nach Sektoren:

Industriesektor	Durchschnittliche jährliche Lizenzgebühr
Landwirtschaft	$250,000 - $750,000
Energie	$500,000 - $1,500,000
Versicherung	$300,000 - $900,000

Einnahmen aus Regierungs- und Forschungsverträgen

Wichtige Regierungsauftragssegmente:

• NASA-Verträge: 10–20 Millionen US-Dollar pro Jahr
• Verträge des Verteidigungsministeriums: 15–30 Millionen US-Dollar pro Jahr
• Internationale Forschungsstipendien: 5–10 Millionen US-Dollar jährlich

API- und Datenintegrationsgebühren

API-Preisstruktur:

API-Zugriffsebene	Monatliche Gebühr	API-Aufrufe/Monat
Entwickler	$299	10,000
Professionell	$999	50,000
Unternehmen	$2,999	Unbegrenzt

Planet Labs PBC (PL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers pay Planet Labs PBC for its data and insights as of late 2025. It's not just about pretty pictures; it's about frequency, specificity, and integration into decision-making workflows. Honestly, the value proposition is built on a foundation of data volume that few can match.

Daily, Global Coverage: Imaging the entire Earth every day for persistent monitoring

The fundamental value is the persistent monitoring capability. This means you get a consistent, unmissable view of change across the globe. This isn't a one-off look; it's a continuous record. As of the second quarter of fiscal year 2026, Planet Labs was delivering daily scans covering approximately 150 million square kilometers of land and 20 million square kilometers of critical ocean territory. This daily cadence, primarily delivered via the foundational PlanetScope (Dove) constellation, is what makes their dataset unique for tracking slow-moving trends or catching sudden events.

High-Resolution and Hyperspectral Data: Offering up to 40 cm resolution (Pelican) and over 300 spectral bands (Tanager)

Planet Labs PBC layers different sensor capabilities on top of that daily global baseline. You get higher detail when you need it, and entirely new spectral information for material identification. The next-generation Pelican constellation, with satellites like Pelican-3 and -4 recently launched and undergoing commissioning, delivers imagery sampled at 50 centimeters per pixel when orthorectified. This is a significant upgrade in spatial detail for high-resolution needs. Then there is the hyperspectral layer from the Tanager constellation. Tanager-1, which celebrated its one-year anniversary since launch, provides data with up to 420 spectral channels, capturing wavelengths between 400-2500 nm simultaneously. This allows for the detection of chemical signatures invisible to the naked eye. The Tanager satellites are designed to offer this data at a 30-meter resolution. The data from Tanager-1 alone has already been used to detect more than 5,500 methane and CO2 plumes.

Here's a quick look at how the data layers stack up:

Data Product / Sensor	Key Specification	Metric Value
Pelican (High-Resolution)	Orthorectified Spatial Resolution	50 centimeters per pixel
Tanager (Hyperspectral)	Spectral Bands / Channels	Over 400 / 420
Tanager (Hyperspectral)	Spatial Resolution	30 meters
Tanager (Hyperspectral)	Daily Coverage Volume (Example)	300,000 sq km/day

Actionable AI-Enabled Insights: Translating pixels into solutions like Forest Carbon Monitoring or Maritime Domain Awareness

The shift is clearly toward selling solutions, not just pixels. This is where AI translates raw data into immediate operational value, which is driving significant contract wins. For instance, the focus on Maritime Domain Awareness (MDA) has resulted in a seven-figure expansion with the U.S. Navy for monitoring over the Pacific Ocean region. Furthermore, Planet Labs secured a $12.8 million contract with the National Geospatial-Intelligence Agency for AI-powered maritime analytics. For environmental solutions, the partnership with the California Air Resources Board for methane detection is valued at $95 million. The demand for these AI-enabled solutions is strong, with several recent contracts in the Defense & Intelligence sector having an eight-figure annual contract value.

Software-as-a-Service (SaaS) Access: Subscription-based delivery via the Planet Insights Platform

The delivery mechanism is overwhelmingly subscription-based, which creates revenue visibility. The Percent of Recurring Annual Contract Value (ACV) stood at 98% for the second quarter of fiscal year 2026. This recurring revenue model is what Wall Street rewards. As of the first quarter of fiscal year 2026, the total backlog, which represents contracted but unearned revenue, soared to $527 million, a 140% year-over-year jump. More recently, the backlog reached $736.1 Million by the second quarter of fiscal year 2026. The Remaining Performance Obligations (RPOs) were $451.9 million in Q1 FY2025, with 45% of that expected to convert within the next 12 months. The company is focusing on scaling its self-serve Insights Platform enhancements to attract more customers, though management noted a shift away from smaller accounts in late 2025.

Common Operating Picture: Unclassified, shareable data for allied government entities (e.g., NATO)

A key value proposition for government and defense customers is providing unclassified, shareable intelligence that builds a common operating picture. This is translating into major, multi-year commitments. Planet Labs secured a pivotal €240 million multi-year satellite services contract in support of European peace and security, funded by the German government. Separately, NATO selected Planet for a landmark investment to deliver persistent space-based surveillance and enhanced indications and warnings capabilities, which included a seven-figure contract for MDA functions. These government segment sales are showing robust growth, with Defense and Intelligence revenue up over 30% year-over-year in Q2 FY2025.

Finance: review the Q3 FY2026 backlog conversion forecast against the $271.5 million cash balance reported at the end of Q2 FY2026.

Planet Labs PBC (PL) - Canvas Business Model: Customer Relationships

You're looking at how Planet Labs PBC keeps its customers locked in and growing their spend-it's all about high-touch service for the big players and scalable access for everyone else. This approach is clearly driving sticky revenue streams, which is what we analysts look for.

Dedicated Account Management: High-touch, direct sales for large government and enterprise contracts

Planet Labs PBC focuses significant sales energy on government and defense, which is where the big, complex, multi-year agreements live. This isn't a self-serve model for these clients; it requires dedicated teams to manage integration and ongoing requirements. The focus is paying off, as the Defence and Intelligence sector saw revenue growth of over 30% year-over-year in the second quarter of fiscal year 2025. This high-touch approach ensures mission-critical data access, like the assured tasking capabilities for Pelican and SkySat imagery provided to an international defense customer via an 8-figure contract renewal.

Multi-Year Contracts: Securing long-term, sticky revenue with agreements like the $230 million JSAT deal

Long-term commitments are the backbone of predictable revenue here. The largest contract to date is the multi-year $230 million agreement signed to build and deliver a constellation of new Pelican satellites for a long-standing Asia-Pacific commercial partner. Planet Labs PBC expects to recognize this commercial payment as revenue over the build and operational service period, estimated to be approximately seven years. To be fair, these large deals often come with upfront capital expenditure implications, but they secure capacity for years. Another major anchor is the pivotal €240 million multi-year satellite services contract secured in support of European peace and security. Overall, over 90% of the end of period Annual Contract Value (ACV) book of business consists of annual or multi-year contracts.

Platform Self-Service: Providing API and web access for commercial developers and smaller users

For the broader commercial market, the strategy shifts to accessibility. Planet Labs PBC makes its data available via a cloud-based platform, focusing on making the data actionable through APIs and software solutions. This is supported by the launch of the Planet Insights Platform, designed to empower customers and partners to build new solutions directly with their data. This allows smaller users or developers to integrate Earth data into their own applications without needing a dedicated, high-touch account team for every query.

Partner-Led Solutions: Supporting resellers and integrators to deliver tailored solutions

Planet Labs PBC actively uses partnerships to expand its product appeal and reach into specialized markets, which is a smart way to scale without ballooning internal sales costs. This strategy is key for capturing market share where tailored integration is necessary. For instance, they have a partnership with Quantum Systems to develop AI-enabled 'Tip & Cue' intelligence solutions for European defense customers. Also, in the past, they signed a three-year contract with a Brazilian utilities company that leveraged data and alert systems from their partner SCCON.

Customer Success Programs: Focused on increasing Net Dollar Retention Rate, which was 106% in FY2025

The health of the existing customer base is measured by how much more they spend year-over-year. The company is focused on increasing its Net Dollar Retention Rate (NDRR). For the fiscal year 2025, the NDRR stood at 106% (or 107% including win-backs). This indicates that, on average, existing customers increased their spending, offsetting any churn. The company ended the full fiscal year 2025 with 976 customers. The stickiness of the revenue is also reflected in the recurring ACV, which was 98% in the second quarter of fiscal year 2026.

Here's a quick look at the key customer relationship metrics we're tracking:

Metric	Value (Latest Available/FY2025 Context)	Source Context
Largest Contract Value	$230 million	Multi-year agreement for Pelican satellites
German Government Contract Value	€240 million	Multi-year satellite services contract
Net Dollar Retention Rate (NDRR)	106%	Reported for FY2025 period
Total Customers (EoP FY2025)	976	End of Fiscal Year 2025 count
Recurring ACV Percentage	98%	Second Quarter Fiscal Year 2026
Estimated JSAT Deal Revenue Recognition Period	Approx. seven years	Build and operational service period

The high percentage of recurring revenue, sitting at 96% in Q2 FY2025, shows that the relationship is primarily subscription-based, which is what you want to see for valuation stability. Finance: calculate the implied average contract length based on the $230 million deal over seven years for a baseline comparison by Monday.

Planet Labs PBC (PL) - Canvas Business Model: Channels

You're looking at how Planet Labs PBC gets its Earth intelligence data and services into the hands of customers as of late 2025. The channels are a mix of direct enterprise sales, a self-service digital platform, and strategic capacity deals.

Direct Sales Force: Primary channel for large government and defense contracts

The direct sales force targets the largest, most complex deals, especially within government and defense. This channel is clearly driving significant revenue acceleration. For the second quarter of fiscal year 2026, which ended July 31, 2025, the defense and intelligence sector was the largest contributor, bringing in $41.9 million in revenue. This represented a year-over-year growth of approximately 41% in that sector for the quarter. Planet Labs PBC also announced an 8-figure contract renewal with a longstanding international defense and intelligence customer in November 2025, adding to the stream of high-value direct sales.

Key government and defense contract wins announced earlier in 2025 that flow through this channel include:

• Secured a pivotal multi-year satellite services contract with the German government valued at €240 million.
• Selected for a landmark investment by NATO's Allied Command Transformation.
• Exercised a seven-figure option under its Hybrid Space Architecture (HSA) pilot with the U.S. Department of Defense's Defense Innovation Unit (DIU).

Planet Insights Platform: Web-based platform and API for data access and integration

The Planet Insights Platform is key for scaling access, particularly for commercial customers and smaller government users who need self-service capabilities. The company has been focusing on enhancing this platform to speed customer time to value and increase adoption. This digital channel supports the overall revenue base, which for the full fiscal year 2025 (ending January 31, 2025) reached a record $244.4 million. The platform facilitates access to data for various use cases, including the self-service purchasing offering for small customers.

Global Partner Network: Resellers and value-added solution providers (VITO, Quantum Systems)

Planet Labs PBC uses a partner-first model to scale its reach globally and integrate its data into specialized solutions. This channel often involves reselling data or integrating it with other technologies. For instance, Planet Labs GmbH announced a strategic partnership in November 2025 with Quantum Systems, a German-based leader in Unmanned Systems, to jointly solicit customer interest in AI-enabled 'Tip & Cue' intelligence solutions. This collaboration brings together Planet's wide-area satellite change detection with drone capabilities.

The company's overall strategy is focused on enabling partners to self-serve and build solutions on top of their data, making it easier for them to test and use the data via a sandbox environment.

Satellite Services: Dedicated capacity contracts for specific international partners (e.g., JSAT)

This channel represents a shift toward selling dedicated satellite capacity and services, which locks in large, long-term revenue streams. These deals often involve building or dedicating assets for a specific partner. The total backlog, which reflects future revenue visibility, stood at $736.1 million at the end of Q2 FY2026. The largest recent deal in this category is the JSAT agreement.

Here's a look at the major dedicated capacity and services contracts that define this channel:

Partner/Agreement Type	Value (USD/EUR)	Asset Focus	Reporting Period
SKY Perfect JSAT (Commercial Agreement)	$230 million	Build/operate 10 Pelican satellites	Signed Q4 FY2025
German Government (Satellite Services Contract)	€240 million	Dedicated Pelican capacity and downlink	Announced July 2025

The JSAT agreement is a multi-year commercial deal for the build and operation of a constellation of ten low-Earth-orbit Pelican satellites, with revenue recognition estimated over approximately seven years. The German government contract is also a multi-year agreement that includes dedicated capacity on Pelican satellites.

Planet Labs PBC (PL) - Canvas Business Model: Customer Segments

You're looking at the core of Planet Labs PBC's revenue engine, and right now, it's heavily weighted toward government and defense work. This isn't just about selling imagery; it's about securing multi-year, high-value capacity contracts, which is what drives that massive backlog number we see.

Defense and Intelligence Agencies

This is the anchor segment for Planet Labs PBC. You saw the news in November 2025 about the 8-figure contract renewal with an international defense and intelligence customer, securing access to Pelican and SkySat capabilities. That segment was the largest revenue contributor for the three months ended July 31, 2025, bringing in $41.9 million. This group relies on assured tasking for timely monitoring.

The customer roster here is top-tier:

• U.S. Department of Defense
• U.S. Navy
• NATO
• German government
• U.S. National Geospatial-Intelligence Agency (NGA)

The NGA specifically secured a $12.8 million award for AI-enabled maritime solutions. To be fair, the Defense and Intelligence sector showed revenue growth of over 30% year-over-year back in Q2 Fiscal Year 2025.

Civil Government

Agencies focused on environment, disaster response, and urban planning form the second-largest revenue block as of the second quarter of fiscal year 2026. This segment also shows strong momentum, posting over 20% growth year-over-year in Q2 Fiscal Year 2025. They use the daily data for broad area monitoring and rapid situational awareness.

Agriculture and Forestry

This falls under the broader commercial umbrella, which includes ag-tech companies and large farming enterprises. While the overall commercial sector is a focus, it has seen some pressure recently. For the fourth quarter of fiscal year 2025, revenue in the commercial sector, including agriculture, was down more than 10% year-over-year.

Energy and Finance

These customers use the data for infrastructure monitoring, supply chain visibility, and increasingly, Environmental, Social, and Governance (ESG) compliance checks. The company is actively selling AI-enabled solutions to this base. A massive $230 million multi-year commercial agreement was signed with SKY Perfect JSAT, which is a major win for their satellite services offering, though JSAT is based in Japan.

Mapping and GIS Companies

These partners license Planet Labs PBC data to build their foundational map products. This revenue stream is part of the overall data licensing subscriptions that contribute to the total backlog, which hit $736 million year-over-year as of the second quarter of fiscal year 2026. The company ended fiscal year 2025 with 976 customers across all segments.

Here's a look at the scale of the contracted business supporting these segments:

Metric	Value (as of late 2025)	Context
Total Backlog	$736 million	Up 245% year-over-year
Remaining Performance Obligations (RPOs)	$690 million	Up 516% year-over-year
Q2 FY2026 Revenue	$73.4 million	Represents 20% year-over-year growth
FY2025 Total Revenue	$244.4 million	Represents 11% year-over-year growth

The company is defintely seeing its future revenue visibility improve dramatically from these contracted bookings.

Planet Labs PBC (PL) - Canvas Business Model: Cost Structure

You're looking at the major drains on Planet Labs PBC's cash flow, which is key because even with strong revenue growth, the cost to build and run a global satellite data business is substantial. Here's the quick math on where the money goes, based on the latest available full-year 2025 data and near-term guidance.

Capital Expenditures (CapEx)

Planet Labs PBC continues to treat its satellite fleet as a core asset requiring heavy, upfront investment. The company is in a growth CapEx investment cycle to build out next-generation fleets to meet accelerating market demand. For the full fiscal year 2025, the reported figure for Capital Expenditures was $49.6 million. This is a significant outlay, reflecting the cost to build and launch new satellites like the Pelican and Tanager series. Looking ahead, the company planned for CapEx in the range of approximately $50 million and $65 million for the full fiscal year 2026, showing this capital-intensive path continues. What this estimate hides, though, is the timing risk associated with launch schedules.

Research and Development (R&D)

Costs here are high because Planet Labs PBC is focused on innovation, specifically in AI/ML integration and developing the next generation of its imaging assets. The company is defintely investing heavily to make its data more accessible and actionable. For the fourth quarter of fiscal year 2025, Planet Labs PBC demonstrated cost control by cutting R&D expenses by 19.1% compared to the prior year period. This suggests a shift in focus or timing of certain projects, even as they push for AI-enabled solutions.

• Focus areas include AI/ML for data processing.
• Development costs for next-gen satellite hardware.
• Software platform enhancements for data accessibility.

Satellite Operations

This covers the ongoing costs to keep the constellation running and the data flowing. It's a mix of launch services, maintaining the ground station network, and mission control expenses. While specific line items for operations aren't always broken out separately from Cost of Revenue or R&D, the launch cadence is a clear driver. For instance, the company launched over 70 satellites in the fiscal year 2025, including the first Tanager hyperspectral satellite and the second Pelican high-resolution satellite. The successful launch of Pelican-3 and -4 in August 2025 further adds to these operational costs.

Cloud Computing Costs

Storing and processing the massive daily data volume from the fleet is a non-trivial, recurring operational expense. The company noted that operational efficiency improvements in Q1 FY2025 were partly due to efficiencies in its cloud infrastructure. This suggests that while the volume of data grows, the cost per unit of storage and processing is being actively managed, which helped contribute to a Non-GAAP Gross Margin of 55% in Q1 FY2025.

Sales and Marketing (S&M)

Securing large, complex government contracts requires a dedicated and often expensive sales effort. Planet Labs PBC showed discipline here in Q4 FY2025, cutting Sales and Marketing costs by 22% year-over-year. This cost management is happening while the company is landing major deals, such as the pivotal €240 million multi-year satellite services contract with the German government and new agreements with NATO and the U.S. Navy. The table below summarizes key financial context around these costs.

Metric	Amount/Rate (FY2025 or Latest)	Context
Full Year FY2025 Revenue	$244.4 million	Base for cost-to-revenue comparison.
Q4 FY2025 S&M Cost Change	-22%	Year-over-year reduction in Q4 FY2025.
German Government Contract Value	€240 million	Multi-year contract driving S&M focus.
FY2025 CapEx (as stated)	$49.6 million	Significant investment in new satellite fleets.
FY2026 CapEx Guidance Range	$50 million to $65 million	Forward-looking investment plan.

Planet Labs PBC (PL) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Planet Labs PBC's business, which is all about locking in predictable revenue streams. This isn't just about selling a picture; it's about selling ongoing access and dedicated capability.

Subscription Services: Recurring revenue from access to PlanetScope and SkySat imagery data

The core of the revenue model is recurring access. You see this reflected in the Annual Contract Value (ACV) percentage. For the fourth quarter of fiscal year 2025, the percent of recurring ACV was a very solid 97%. That high stickiness is what analysts like to see. By the end of fiscal year 2025, the End of Period (EoP) Customer Count stood at 976 customers, all feeding into this recurring base for PlanetScope and SkySat data access.

Satellite Services: Dedicated capacity and data delivery contracts (e.g., JSAT Pelican deal)

This is where Planet Labs PBC moves beyond just selling a slice of their existing fleet; they are building and operating capacity for specific partners. The most concrete example of this shift into space-as-a-service is the deal signed with SKY Perfect JSAT. That was a $230 million multi-year commercial agreement to build and operate a dedicated Pelican satellite constellation. That kind of contract significantly bolsters the backlog, which at the end of FY2025 was approximately $498.5 million dollars.

AI-Enabled Solutions: Selling high-margin analytics and insights products

Planet Labs PBC is actively shifting its go-to-market structure to focus on selling these higher-margin analytics and insights products, leveraging Artificial Intelligence. This strategic focus aims to accelerate customer time to value, moving the revenue mix further up the value chain from raw data to actionable intelligence.

Here's a quick look at the key financial results grounding these revenue activities for the period ending January 31, 2025:

Metric	Full Fiscal Year 2025 Amount	Q4 FY2025 Amount
Revenue	$244.4 million	$61.6 million
Adjusted EBITDA	($10.6 million) loss	$2.4 million profit
Gross Margin	57%	62%

The financial performance shows the transition is taking hold. You can see the margin expansion alongside the first-ever positive Adjusted EBITDA quarter, which is a major operational milestone.

Other relevant operational metrics supporting the revenue base include:

• Percent of Recurring Annual Contract Value (ACV) for Q4 FY2025: 97%
• End of Period (EoP) Customer Count as of FY2025 close: 976 customers
• Estimated Backlog at FY2025 close: approximately $498.5 million
• Full Year FY2025 Gross Margin: 57%

Finance: draft 13-week cash view by Friday.