Planet Labs PBC (PL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de l'observation de la Terre en évolution, Planet Labs PBC apparaît comme une force révolutionnaire, transformant la façon dont nous comprenons et interagissons avec la surface dynamique de notre planète. En déployant une constellation de petits satellites avancés, Planet a été le pionnier des capacités quotidiennes d'imagerie mondiale qui fournissent des informations sans précédent dans les industries - de l'agriculture et de la surveillance environnementale à la planification urbaine et à la défense. Leur modèle commercial innovant exploite la technologie de pointe, les partenariats stratégiques et les intelligences axées sur les données pour offrir des images satellites à haute résolution, presque en temps réel, qui renforcent les décideurs du monde entier.

Planet Labs PBC (PL) - Modèle commercial: partenariats clés

Partnerships de la NASA et des agences spatiales gouvernementales

Planet Labs a des accords de collaboration actifs avec la NASA grâce à plusieurs contrats, notamment:

• Contrat de la NASA Earth Science Division d'une valeur de 8,4 millions de dollars en 2023
• Programme commercial d'acquisition de données de Smallsat avec la NASA's Earth Science Technology Office

Agence	Valeur du contrat	Année
NASA	8,4 millions de dollars	2023
US Geological Survey	3,2 millions de dollars	2023

Partenaires d'imagerie satellite commerciale

Planet Labs collabore avec plusieurs fournisseurs de données géospatiaux:

• Maxar Technologies
• Défense et espace Airbus
• Spire Global

Partenariats de cloud computing

Les principaux partenariats d'infrastructure cloud comprennent:

Fournisseur de cloud	Type de service	Détails du contrat
Amazon Web Services (AWS)	Stockage / traitement des données	Contrat d'entreprise pluriannuelle
Google Cloud Platform	Ressources informatiques	Traitement des images satellites

Fabricants d'équipements aérospatiaux

• SpaceX - services de lancement
• Rocket Lab - déploiement par satellite
• Northrop Grumman - Composants satellites

Collaborations des institutions de recherche

Institution	Focus de recherche	Type de collaboration
Université de Stanford	Technologies d'observation de la Terre	Partenariat de recherche
Mit	Conception de satellite	Développement technologique

Planet Labs PBC (PL) - Modèle commercial: activités clés

Conception, fabrication et lancement de satellite

Planet Labs exploite une flotte d'environ 200 petits satellites appelés «colombes» à partir de 2024. Capacité de production par satellite annuelle: 100-150 unités.

Spécification satellite	Détails techniques
Taille de satellite	10x10x30 cm (3U Cubeat)
Poids	5-6 kg par satellite
Coût de fabrication	250 000 $ - 500 000 $ par satellite

Développement de la technologie de l'observation et de l'imagerie sur la Terre

Capacités de résolution: distance d'échantillonnage au sol de 3,7 mètres pour l'imagerie standard. Bandes spectrales: multispectrale (4-8 bandes).

• Couverture quotidienne d'imagerie mondiale d'environ 8 millions de kilomètres carrés
• Fréquence de capture d'image: plusieurs fois par jour pour la plupart des régions
• Taux de collecte de données: 20+ téraoctets d'imagerie par jour

Collecte et analyse des données géospatiales

Volume annuel de collecte de données: environ 7 pétaoctets d'imagerie géospatiale. Couverture mondiale sur 300 millions de kilomètres carrés.

Métriques de collecte de données	Détails quantitatifs
Résolution d'image	Distance d'échantillonnage au sol de 3,7 mètres
Volume d'imagerie annuel	7 pétaoctets
Couverture mondiale	Plus de 300 millions de kilomètres carrés

Développement de la plate-forme logicielle pour la visualisation des données

Planet Platform propose des outils de visualisation et d'analyse des données géospatiales en temps réel. La plate-forme prend en charge l'intégration avec les principaux systèmes SIG.

Apprentissage automatique et traitement d'image basé sur l'IA

Les capacités de traitement de l'IA comprennent la détection automatisée des changements, la classification de l'utilisation des terres et l'analyse prédictive.

• Modèles d'apprentissage automatique formés sur plus de 50 millions d'images satellites étiquetées
• Vitesse de traitement de l'IA: plus de 100 000 images par jour
• Taux de précision: 85 à 95% pour la classification automatisée des images

Planet Labs PBC (PL) - Modèle commercial: Ressources clés

Constellation avancée de Small Satellite (Satellites Planet Dove)

En 2024, Planet Labs exploite une constellation d'environ 200 petits satellites. Spécifications par satellite:

Type satellite	Caractéristiques	Quantité
Satellites de colombe	15 cm x 10 cm x 10 cm	180
Satellites SkySAT	Imagerie de résolution plus élevée	21

Technologies d'imagerie et de traitement des données propriétaires

Capacités techniques:

• Résolution quotidienne de l'imagerie mondiale: 3,7 mètres par pixel
• Vitesse de traitement des données: 1,5 million de km2 par jour
• Archive d'image: plus de 7 pétaoctets de données géospatiales

Équipes d'ingénierie et de science des données qualifiées

Composition de la main-d'œuvre:

Département	Nombre d'employés
Ingénierie	186
Science des données	72
Personnel technique total	258

Réseau de la station terrestre mondiale

Infrastructure de la station sol:

• Nombre de stations au sol: 8
• Emplacements géographiques: Amérique du Nord, Europe, Asie
• Capacité de transmission des données: 2,5 téraoctets par jour

Imagerie satellite étendue et archive de données géospatiales

Détails du référentiel de données:

Métrique de données	Quantité
Archives d'images totales	7.2 pétaoctets
Capture quotidienne de l'image	300 000 km2
Couverture d'image historique	Plus de 5 ans

Planet Labs PBC (PL) - Modèle d'entreprise: propositions de valeur

Capacités quotidiennes d'imagerie de la Terre

Planet Labs exploite une constellation d'environ 200 satellites d'observation de la Terre, capables de capturer des images mondiales quotidiennes à une résolution de 3 à 5 mètres.

Type satellite	Nombre de satellites	Capacité d'imagerie quotidienne
Satellites Superdove	180	Plus de 7 millions de m² par jour
Satellites à haute résolution SkySAT	21	Imagerie de résolution jusqu'à 1 mètre

Imagerie satellite à haute résolution, presque en temps réel,

Planet Labs fournit des images avec les spécifications techniques suivantes:

• Résolution spatiale: 3-5 mètres par pixel
• Fréquence de révision: couverture mondiale quotidienne
• Temps de collecte des données: transmission en temps quasi réel
• Bandes spectrales: multispectrale (4-8 bandes)

Surveillance environnementale et géographique complète

Secteur de la surveillance	Zone de couverture	Fréquence de surveillance
Agriculture	Terres cultivées mondiales	Imagerie quotidienne
Déboisement	Régions tropicales	Surveillance hebdomadaire
Développement urbain	Principales zones métropolitaines	Mises à jour quotidiennes

Solutions d'intelligence géospatiale rentables

Modèle de tarification de Planet Labs à partir de 2024:

• Abonnement d'imagerie de base: 5 000 $ - 10 000 $ par mois
• Enterprise Geospatial Intelligence Package: 25 000 $ - 50 000 $ par an
• Intégration des données personnalisées: prix variable en fonction des exigences

Informations exploitables pour plusieurs secteurs industriels

Secteur de l'industrie	Applications clés	Pénétration estimée du marché
Agriculture	Surveillance de la santé des cultures	35% de part de marché mondiale
Défense / intelligence	Analyse géospatiale	25% du marché gouvernemental
Recherche climatique	Suivi environnemental	Marché de la recherche scientifique à 40%

Planet Labs PBC (PL) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Planet Labs fournit une plate-forme Web permettant aux clients d'accéder et de télécharger directement les images satellites et les données géospatiales. Depuis le quatrième trimestre 2023, la plate-forme héberge plus de 500 pétaoctets de données d'observation mondiale de la Terre.

Métrique de la plate-forme	Valeur
Stockage total de données	Plus de 500 pétaoctets
Capture quotidienne de l'image	Environ 5 millions de km2
Temps d'accès moyen	Moins de 3 minutes

Équipes de réussite client dédiées

Planet Labs maintient des équipes de support client spécialisées dans plusieurs secteurs, notamment l'agriculture, la défense, la surveillance du climat et la planification urbaine.

• Taille de l'équipe du support client d'entreprise: 42 professionnels
• Temps de réponse moyen: 2,5 heures
• Évaluation de satisfaction du client: 4.7 / 5

Solutions de données et d'analyse personnalisées

Planet propose des solutions d'analyse géospatiale sur mesure avec des prix allant de 5 000 $ à 250 000 $ par an en fonction de la complexité et du volume de données.

Niveau de solution	Coût annuel	Volume de données
Basic	$5,000 - $25,000	Jusqu'à 100 m²
Professionnel	$50,000 - $125,000	500-2 500 km2
Entreprise	$150,000 - $250,000	Plus de 5 000 km2

Support et documentation en ligne

Planet fournit des ressources en ligne complètes, notamment la documentation de l'API, les guides des développeurs et les canaux de support technique.

• Pages de documentation technique: 347
• Guides d'intégration de l'API: 28
• Articles de base de connaissances en ligne: 512

Mises à jour régulières des produits et des services

Planet Labs publie des mises à jour trimestrielles de plate-forme et des cycles de rafraîchissement mensuels des images satellites.

Type de mise à jour	Fréquence	Couverture
Caractéristiques de la plate-forme	Trimestriel	Système complet
Imagerie satellite	Mensuel	Couverture mondiale
Améliorations de l'API	Bimensuel	Outils de développeur

Planet Labs PBC (PL) - Modèle commercial: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Planet Labs maintient une équipe de vente directe d'environ 87 professionnels de la vente ciblant les entreprises et les clients du gouvernement.

Segment du canal de vente	Nombre de représentants commerciaux	Marché cible
Ventes d'entreprise	52	Entreprises commerciales
Ventes gouvernementales	35	Agences fédérales et étatiques

Plate-forme et marché Web

Planet Labs exploite une plate-forme numérique avec 2 324 clients d'entreprise enregistrés en décembre 2023.

• Plateforme Utilisateurs actifs mensuels: 1 876
• Revenus récurrents annuels de la plate-forme Web: 42,3 millions de dollars
• Valeur de transaction moyenne: 18 500 $ par client

Intégrations API

Planet Labs prend en charge 47 points de terminaison d'intégration API distincts dans plusieurs industries.

Segment de l'industrie	Nombre d'intégrations d'API
Agriculture	12
Recherche climatique	9
Urbanisme	8
Défense / intelligence	7
Autres secteurs	11

Conférences et salons commerciaux de l'industrie

Planet Labs a participé à 23 grandes conférences de l'industrie en 2023, avec une portée estimée de 14 500 clients potentiels d'entreprise.

Programmes de réseau partenaire et de référence

L'écosystème des partenaires comprend 64 partenaires de technologie stratégique et de revendeurs en janvier 2024.

• Partenaires technologiques: 37
• Partenaires revendeurs: 27
• Revenu total généré par les partenaires: 12,7 millions de dollars en 2023

Planet Labs PBC (PL) - Modèle d'entreprise: segments de clientèle

Gouvernement et agences de défense

Planet Labs sert plusieurs segments gouvernementaux avec l'imagerie satellite:

• US National Geospatial-Intelligence Agency (NGA) Valeur du contrat: 26 millions de dollars en 2022
• Prochat d'imagerie satellite du ministère de la Défense: environ 15,2 millions de dollars par an

Agence gouvernementale	Dépenses d'imagerie annuelles	Type de contrat
Nga	26 millions de dollars	Contrat d'images pluriannuelle
Militaire américain	15,2 millions de dollars	Intelligence géospatiale

Organisations d'agriculture et de surveillance environnementale

Planet Labs fournit des services de surveillance agricole critiques:

• Couverture mondiale de surveillance agricole: 350 millions d'hectares
• Taille du marché de l'agriculture de précision: 12,8 milliards de dollars en 2023

Segment agricole	Valeur marchande	Couverture satellite
Surveillance des cultures	5,6 milliards de dollars	150 millions d'hectares
Suivi environnemental	7,2 milliards de dollars	200 millions d'hectares

Développeurs de planification urbaine et d'infrastructure

Capacités de surveillance des infrastructures urbaines:

• Couverture de cartographie urbaine mondiale: plus de 5 000 villes
• Marché de surveillance des infrastructures: 3,4 milliards de dollars en 2023

Segment urbain	Taille du marché	Villes couvertes
Urbanisme	1,8 milliard de dollars	2 500 villes
Développement des infrastructures	1,6 milliard de dollars	2 500 villes

Institutions de recherche climatique

Services d'imagerie par satellite de recherche climatique:

• Marché de la recherche climatique: 2,7 milliards de dollars en 2023
• Couverture mondiale de surveillance du climat: 100% surface terrestre

Domaine de recherche	Valeur marchande	Surveillance de la surveillance
Recherche sur le changement climatique	1,5 milliard de dollars	Couverture terrestre mondiale
Études environnementales	1,2 milliard de dollars	Suivi complet de l'écosystème

Les entreprises commerciales nécessitant une intelligence géospatiale

Segments commerciaux du marché de l'intelligence géospatiale:

• Marché géospatial commercial total: 8,6 milliards de dollars en 2023
• Entreprise Satellite Imagerie Utilisateurs: plus de 5 000 entreprises

Segment commercial	Valeur marchande	Utilisateurs d'entreprise
Secteur de l'énergie	2,3 milliards de dollars	1 200 entreprises
Gestion d'assurance / risque	1,9 milliard de dollars	1 500 entreprises
Technologie / logistique	4,4 milliards de dollars	2 300 entreprises

Planet Labs PBC (PL) - Modèle d'entreprise: Structure des coûts

Fabrication par satellite et dépenses de lancement

Les coûts de fabrication par satellite de Planet Labs varient de 250 000 $ à 500 000 $ par satellite. Les dépenses de lancement en moyenne 1,2 million de dollars par mission en utilisant SpaceX Falcon 9 Rockets.

Catégorie de coûts	Dépenses annuelles
Fabrication de satellites	15,6 millions de dollars
Coûts de lancement par satellite	24,0 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Planet Labs en 2023 ont totalisé 47,3 millions de dollars, ce qui représente 38% du total des dépenses d'exploitation.

• R&D matériel: 22,1 millions de dollars
• Développement de logiciels: 15,2 millions de dollars
• Recherche de l'IA et de l'apprentissage automatique: 10,0 millions de dollars

Infrastructure de cloud computing et de stockage de données

Les infrastructures cloud et les coûts annuels de stockage de données et de stockage de données sont d'environ 18,5 millions de dollars, en utilisant Amazon Web Services et Google Cloud Platform.

Composant d'infrastructure	Coût annuel
Cloud computing	12,3 millions de dollars
Stockage de données	6,2 millions de dollars

Frais d'acquisition du personnel et des talents

Le total des dépenses de personnel pour 2023 a atteint 63,7 millions de dollars, avec un salaire d'ingénierie moyen de 145 000 $.

• Total des employés: 582
• Compensation moyenne: 109 000 $
• Frais de recrutement: 2,4 millions de dollars

Opérations de marketing et de vente

Les dépenses de marketing et de vente pour 2023 étaient de 22,1 millions de dollars, axées sur la sensibilisation des entreprises et du secteur gouvernemental.

Catégorie de dépenses de marketing	Budget annuel
Marketing numérique	8,7 millions de dollars
Salons et conférences	4,2 millions de dollars
Opérations de l'équipe de vente	9,2 millions de dollars

Planet Labs PBC (PL) - Modèle d'entreprise: Strots de revenus

Accès aux données basé sur l'abonnement

Planet Labs propose des modèles d'abonnement à plusieurs niveaux pour l'accès à l'imagerie par satellite:

Niveau d'abonnement	Fourchette de prix annuelle	Résolution des données
Basic	$5,000 - $15,000	Résolution de 3 à 5 mètres
Professionnel	$25,000 - $75,000	Résolution de 1 à 3 mètres
Entreprise	$100,000 - $500,000	Résolution du sous-mètre

Services d'imagerie et d'analyse personnalisés

Revenus générés à partir de services d'analyse géospatiale spécialisés:

• Services de surveillance de l'agriculture: 50 000 $ - 250 000 $ par projet
• Évaluation des infrastructures: 75 000 $ - 350 000 $ par contrat
• Suivi des changements environnementaux: 40 000 $ - 200 000 $ par engagement

Accords de licence d'entreprise

Revenus annuels sur les licences d'entreprise par secteur:

Secteur de l'industrie	Frais de licence annuelle moyennes
Agriculture	$250,000 - $750,000
Énergie	$500,000 - $1,500,000
Assurance	$300,000 - $900,000

Revenus du gouvernement et des contrats de recherche

Segments de contrat du gouvernement majeur:

• Contrats de la NASA: 10-20 millions de dollars par an
• Contrats du ministère de la Défense: 15 à 30 millions de dollars par an
• Subventions de recherche internationale: 5 à 10 millions de dollars par an

Frais d'intégration de l'API et des données

Structure de tarification de l'API:

Niveau d'accès à l'API	Frais mensuels	Appels API / mois
Promoteur	$299	10,000
Professionnel	$999	50,000
Entreprise	$2,999	Illimité

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.