Planet Labs PBC (PL): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that's successfully navigated the tricky transition from just selling satellite pictures to becoming a true, AI-enabled solutions provider, and frankly, the numbers from fiscal year 2025 show it's paying off. After generating $244.4 million in revenue, they hit a major milestone by posting their first-ever positive quarter of Adjusted EBITDA at $2.4 million in Q4, all while pouring capital-like the $49.6 million in CapEx-into next-gen assets like Pelican. This shift, heavily leaning on big government contracts and high-value insights, is what separates the players from the long-term winners in geospatial intelligence, so you'll want to see exactly how they structured this engine below.

Planet Labs PBC (PL) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that underpin Planet Labs PBC's ability to scale its data collection and deliver its intelligence solutions. These partnerships are crucial, especially as the company focuses on higher-value satellite services contracts, which provide better revenue visibility.

The Key Partnerships block shows a clear strategy: using large, dedicated service contracts to fund constellation expansion, while simultaneously integrating with specialized technology and analytics firms to enhance the final product delivered to the end-user.

Here's a breakdown of the most significant relationships as of late 2025:

• SKY Perfect JSAT: This is a major satellite-as-a-service deal. Planet Labs PBC will build and operate a constellation of new Pelican high-resolution satellites for SKY Perfect JSAT. The commercial agreement is valued at approximately $230 million. Planet expects to recognize this revenue over the build and operational service period, estimated to be about seven years. This arrangement allows Planet Labs PBC to leverage the expanded fleet capacity to serve its own global government and commercial customers too.
• Quantum Systems: This collaboration focuses on integrating Planet Labs PBC's orbital satellite imagery with Quantum Systems' high-precision reconnaissance technology. The joint effort targets the European defense market, aiming to deliver AI-enabled 'Tip & Cue' intelligence solutions for faster, more precise situational awareness.
• VITO: Planet Labs PBC has an extended long-term collaboration with the European research and technology organization VITO. VITO utilizes Planet's near-daily, global PlanetScope archive, Fusion data, Analysis-Ready PlanetScope products, and Planetary Variables. This partnership is geared toward accelerating Earth observation solutions for environment and agriculture.
• Launch Providers: Securing consistent access to space is non-negotiable for replenishment and expansion. Planet Labs PBC recently launched Pelican-3 and Pelican-4, along with 36 SuperDoves, on a SpaceX launch vehicle on August 26, 2025. This brought the operational Pelican constellation to four satellites. Furthermore, Planet Labs PBC has a partnership with NASA, including the Communications Services Project, via collaborations with Telesat and SES.
• Cloud Infrastructure Providers: Hosting the massive daily imagery archive and data platform requires significant, optimized infrastructure. Planet Labs PBC has made strategic cloud infrastructure investments to optimize cost, which contributed to a better-than-expected non-GAAP gross margin of 61% in Q2 2025. The company is also leveraging Google's Earth AI models to enhance its analysis of satellite data.

It's also worth noting the significant government contracts that reinforce these partnerships, such as the pivotal €240 million multi-year satellite services contract funded by Germany, which includes dedicated Pelican capacity and an eight-figure Annual Contract Value (ACV) renewal for PlanetScope data and AI solutions. This type of deal is what funds the next generation of capacity for everyone.

Here's a quick look at the scale of some of these key relationships and Planet Labs PBC's recent performance:

The integration with Quantum Systems and VITO is less about upfront contract value and more about expanding the utility of Planet Labs PBC's data through specialized analytics and domain expertise. For instance, the VITO collaboration focuses on leveraging Planet's data with VITO's analytics platforms for agriculture, global monitoring, and environmental resilience.

The success of these partnerships is reflected in the company's financial footing; Planet Labs PBC ended Q2 2025 with approximately $271.5 million in cash, cash equivalents, and short-term investments. Finance: draft 13-week cash view by Friday.

Planet Labs PBC (PL) - Canvas Business Model: Key Activities

You're looking at the core engine of Planet Labs PBC, the day-to-day work that actually brings in the money and keeps the satellites flying. This isn't just about launching hardware; it's about turning that hardware into actionable intelligence for major clients.

Operating and maintaining the world's largest Earth-imaging satellite constellation is the foundation. Planet Labs PBC has launched over 650 Earth observation satellites to date. The original Dove fleet achieved near-daily coverage of all landmasses back in 2017. Keeping this massive fleet operational requires constant monitoring and replenishment launches.

The company is heavily focused on developing and deploying AI-enabled data solutions and analytics platforms. This means shifting from just selling imagery to selling answers. The next-generation Pelican satellites are equipped with integrated NVIDIA Jetson AI chips to enable on-orbit edge computing, which speeds up data processing before it even hits the ground. Furthermore, the Tanager-1 satellite, which celebrated its one-year anniversary, has been leveraged by its partner Carbon Mapper to detect more than 5,500 methane and CO2 plumes from over 3,000 sources.

A major activity is designing, manufacturing, and launching next-generation satellites. The production line for Pelican and Tanager units is now fully ramped and operational. You saw Pelican-3 and Pelican-4 shipped in July 2025 for an August 26, 2025 launch, and Pelican-5 and Pelican-6 launches were also reported in late 2025. The Gen 1 Pelican satellites deliver imagery with up to 40 cm resolution, while Gen 2 Pelicans, anticipated in 2026, are expected to reach 30 cm resolution.

The sales and execution side involves securing and managing large, multi-year government and enterprise contracts. This is where the backlog has exploded, showing strong forward visibility. The backlog increased to $736.1 million at the end of Q2 2026, a year-over-year jump of 245%. Remaining Performance Obligations (RPOs) hit approximately $690 million, up about 516% year-over-year. These wins are concentrated in specific sectors:

• Secured a pivotal EUR 240 million multi-year satellite services collaboration with Germany.
• Signed a $230 million multi-year commercial agreement with SKY Perfect JSAT.
• The Defense and Intelligence sector generated $41.9 million in revenue for the three months ended July 31, 2025.
• Exercised a 7-figure option with the Defense Innovation Unit (DIU).

Finally, the continuous work of processing and delivering daily, global, high-cadence Earth data underpins the recurring revenue. For the second quarter of fiscal year 2026, the company reported record revenue of $73.4 million, a 20% increase year-over-year. The stickiness of this business is clear, with the Percent of Recurring Annual Contract Value (ACV) sitting at 98% for that quarter. Here's a quick look at the financial context driving these activities:

Finance: draft 13-week cash view by Friday.

Planet Labs PBC (PL) - Canvas Business Model: Key Resources

You're looking at the core assets that let Planet Labs PBC deliver on its promise of daily Earth intelligence. These aren't just nice-to-haves; they are the physical and digital foundations of the entire operation. Honestly, the sheer scale of the constellation and the data it generates is what sets them apart.

Satellite Constellation and Fleet Operations

The physical backbone is the fleet of satellites. Planet Labs PBC maintains a massive, operational constellation designed for near-daily global coverage. This fleet includes the workhorse Doves, the higher-resolution SkySats, and the newer, more capable Pelican and Tanager spacecraft. The company has been actively replenishing and upgrading this fleet.

Here's a look at the recent additions and scale:

• Fleet baseline mentioned as historically over 200 active satellites.
• Launched over 70 satellites in Fiscal Year 2025.
• Successfully launched the first hyperspectral satellite, Tanager-1.
• Launched the second-generation high-resolution Pelican-2 on January 14, 2025.
• Launched Pelican-3 and Pelican-4 on August 26, 2025.
• Announced shipment of two Pelican and 36 SuperDove satellites in October 2025 for an upcoming launch.

The modular, extensible smallsat platform enables these new missions, like Pelican and Tanager.

You can see the key components of the asset base here:

Proprietary Data Archive

The second critical resource is the Proprietary Data Archive. This is the massive, constantly updated, historical Earth imagery dataset built from years of daily collection. It's the foundation for training AI/ML models and providing longitudinal analysis that competitors can't easily replicate. The archive supports monitoring across the entire landmass, which was achieved with the Dove fleet.

Intellectual Property and Software

Planet Labs PBC holds Intellectual Property in the form of patented satellite design elements and, crucially, the automated mission control software. This software stack allows for the efficient management of a large, diverse constellation and the rapid processing of imagery. For instance, the integration of NVIDIA's Jetson platform in Pelican-2 shows a focus on patented or proprietary on-orbit processing capabilities.

Financial Strength and Liquidity

A company needs runway to innovate, and the balance sheet provides that. As of the end of Fiscal Year 2025 (ended January 31, 2025), the company reported approximately $222.1 million in cash, cash equivalents, and short-term investments. To be fair, by the end of the second quarter of Fiscal Year 2026 (July 31, 2025), this had grown to approximately $271.5 million. The company also generated year-to-date net cash provided by operating activities of $85.1 million as of July 31, 2025.

Geospatial and AI/ML Talent

The specialized engineering and data science teams are a key resource. This talent is focused on developing and deploying solutions that leverage the data, particularly integrating Artificial Intelligence to speed customer time to value. The company is actively investing in areas where AI can increase adoption of their powerful data.

The team is driving growth in core markets with solutions.

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:

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:

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:

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:

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.

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:

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.