Planet Labs PBC (PL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da observação da Terra, o Planet Labs PBC surge como uma força revolucionária, transformando como entendemos e interagimos com a superfície dinâmica do nosso planeta. Ao implantar uma constelação de pequenos satélites avançados, o Planet foi pioneiro em recursos diários de imagem global que fornecem insights sem precedentes entre as indústrias - de agricultura e monitoramento ambiental ao planejamento e defesa urbanos. Seu modelo inovador de modelos de negócios aproveita a tecnologia de ponta, parcerias estratégicas e inteligência orientada a dados para fornecer imagens de satélite de alta resolução e quase em tempo real que capacitam os tomadores de decisão em todo o mundo.

Planet Labs PBC (PL) - Modelo de Negócios: Principais Parcerias

NASA e parcerias das agências espaciais do governo

O Planet Labs possui acordos de colaboração ativos com a NASA através de vários contratos, incluindo:

• Contrato da Divisão de Ciências da Terra da NASA avaliado em US $ 8,4 milhões em 2023
• Programa comercial de aquisição de dados Smallsat com o Escritório de Tecnologia de Ciência da Terra da NASA

Agência	Valor do contrato	Ano
NASA	US $ 8,4 milhões	2023
Pesquisa geológica dos EUA	US $ 3,2 milhões	2023

Parceiros de imagens de satélite comerciais

O Planet Labs colabora com vários provedores de dados geoespaciais:

• Tecnologias Maxas
• Defesa e espaço da Airbus
• Spire Global

Parcerias de computação em nuvem

As principais parcerias de infraestrutura em nuvem incluem:

Provedor de nuvem	Tipo de serviço	Detalhes do contrato
Amazon Web Services (AWS)	Armazenamento/processamento de dados	Contrato empresarial de vários anos
Plataforma do Google Cloud	Recursos computacionais	Processamento de imagens de satélite

Fabricantes de equipamentos aeroespaciais

• SpaceX - Serviços de lançamento
• Rocket Lab - implantação de satélite
• Northrop Grumman - Componentes de satélite

Colaborações de instituições de pesquisa

Instituição	Foco na pesquisa	Tipo de colaboração
Universidade de Stanford	Tecnologias de observação da terra	Parceria de pesquisa
Mit	Design de satélite	Desenvolvimento de Tecnologia

Planet Labs PBC (PL) - Modelo de Negócios: Atividades -chave

Design de satélite, fabricação e lançamento

O Planet Labs opera uma frota de aproximadamente 200 pequenos satélites chamados 'pombas' a partir de 2024. Capacidade anual de produção de satélite: 100-150 unidades.

Especificação de satélite	Detalhes técnicos
Tamanho de satélite	10x10x30 cm (3U Cubesat)
Peso	5-6 kg por satélite
Custo de fabricação	US $ 250.000 a US $ 500.000 por satélite

Desenvolvimento de Tecnologia de Observação e Imagem da Terra

Recursos de resolução: distância de amostragem no solo de 3,7 metros para imagens padrão. Bandas espectrais: multiespectral (4-8 bandas).

• Cobertura diária de imagens globais de aproximadamente 8 milhões de quilômetros quadrados
• Frequência de captura de imagem: várias vezes por dia para a maioria das regiões
• Taxa de coleta de dados: 20+ terabytes de imagens por dia

Coleta e análise de dados geoespaciais

Volume anual de coleta de dados: aproximadamente 7 petabytes de imagens geoespaciais. Cobertura global em mais de 300 milhões de quilômetros quadrados.

Métricas de coleta de dados	Detalhes quantitativos
Resolução da imagem	Distância de amostragem no solo de 3,7 metros
Volume anual de imagens	7 petabytes
Cobertura global	Mais de 300 milhões de quilômetros quadrados

Desenvolvimento da plataforma de software para visualização de dados

A plataforma do Planet oferece ferramentas de visualização e análise de dados geoespaciais em tempo real. A plataforma suporta integração com os principais sistemas GIS.

Aprendizado de máquina e processamento de imagem acionado por IA

Os recursos de processamento da IA ​​incluem detecção de alterações automatizadas, classificação do uso da terra e análise preditiva.

• Modelos de aprendizado de máquina treinados em mais de 50 milhões de imagens de satélite rotuladas
• Velocidade de processamento da IA: mais de 100.000 imagens por dia
• Taxas de precisão: 85-95% para classificação de imagem automatizada

Planet Labs PBC (PL) - Modelo de Negócios: Recursos Principais

Constelação de satélite pequena avançada (satélites do Planet Dove)

A partir de 2024, o Planet Labs opera uma constelação de aproximadamente 200 pequenos satélites. Especificações de satélite:

Tipo de satélite	Especificações	Quantidade
Satélites pombos	15 cm x 10 cm x 10 cm	180
Satélites Skysat	Imagem de maior resolução	21

Tecnologias de imagem e processamento de dados proprietários

Capacidades técnicas:

• Resolução diária de imagem global: 3,7 metros por pixel
• Velocidade de processamento de dados: 1,5 milhão de km quadrados por dia
• Arquivo de imagem: mais de 7 petabytes de dados geoespaciais

Equipes de engenharia e ciência de dados qualificadas

Composição da força de trabalho:

Departamento	Número de funcionários
Engenharia	186
Ciência dos dados	72
Equipe técnica total	258

Rede Global de Estação Ground

Infraestrutura da estação terrestre:

• Número de estações de terra: 8
• Locais geográficos: América do Norte, Europa, Ásia
• Capacidade de transmissão de dados: 2,5 terabytes por dia

Extensas imagens de satélite e arquivo de dados geoespaciais

Detalhes do repositório de dados:

Métrica de dados	Quantidade
Arquivo total de imagens	7.2 Petabytes
Captura diária de imagens	300.000 km2
Cobertura de imagem histórica	Mais de 5 anos

Planet Labs PBC (PL) - Modelo de Negócios: Proposições de Valor

Capacidades diárias de imagem terrestre global

O Planet Labs opera uma constelação de aproximadamente 200 satélites de observação da Terra, capazes de capturar imagens globais diárias com resolução de 3-5 metros.

Tipo de satélite	Número de satélites	Capacidade diária de imagem
Satélites superdove	180	Mais de 7 milhões de km quadrados por dia
Satélites de alta resolução Skysat	21	Imagens de resolução de até 1 metro

Imagens de satélite de alta resolução, quase em tempo real

O Planet Labs fornece imagens com as seguintes especificações técnicas:

• Resolução espacial: 3-5 metros por pixel
• Frequência de revisitar: cobertura global diária
• Tempo de coleta de dados: transmissão quase em tempo real
• Bandas espectrais: multiespectral (4-8 bandas)

Monitoramento ambiental e geográfico abrangente

Setor de monitoramento	Área de cobertura	Frequência de monitoramento
Agricultura	Terras cultivadas globais	Imagens diárias
Desmatamento	Regiões tropicais	Monitoramento semanal
Desenvolvimento urbano	Principais áreas metropolitanas	Atualizações diárias

Soluções de inteligência geoespacial econômicas

Modelo de precificação do Planet Labs a partir de 2024:

• Assinatura de imagens básicas: US $ 5.000 a US $ 10.000 por mês
• Enterprise Geoespacial Intelligence Pacote: US $ 25.000 a US $ 50.000 anualmente
• Integração de dados personalizados: preços variáveis ​​com base nos requisitos

Insights acionáveis ​​para vários setores da indústria

Setor da indústria	Principais aplicações	Penetração estimada de mercado
Agricultura	Monitoramento da saúde da colheita	35% de participação de mercado global
Defesa/Inteligência	Análise geoespacial	25% do mercado governamental
Pesquisa climática	Rastreamento ambiental	40% do mercado de pesquisa científica

Planet Labs PBC (PL) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

O Planet Labs fornece uma plataforma baseada na Web, permitindo que os clientes acessem e baixem diretamente imagens de satélite e dados geoespaciais. A partir do quarto trimestre 2023, a plataforma hospeda mais de 500 petabytes de dados globais de observação da Terra.

Métrica da plataforma	Valor
Armazenamento total de dados	500+ petabytes
Captura diária de imagens	Aproximadamente 5 milhões de km2
Tempo médio de acesso ao usuário	Menos de 3 minutos

Equipes de sucesso do cliente dedicados

O Planet Labs mantém equipes especializadas de suporte ao cliente em vários setores, incluindo agricultura, defesa, monitoramento climático e planejamento urbano.

• Enterprise Customer Support Tamanho da equipe: 42 profissionais
• Tempo médio de resposta: 2,5 horas
• Classificação de satisfação do cliente: 4.7/5

Dados personalizados e soluções de análise

O Planet oferece soluções de análise geoespacial personalizada com preços que variam de US $ 5.000 a US $ 250.000 anualmente, dependendo da complexidade e do volume de dados.

Nível de solução	Custo anual	Volume de dados
Basic	$5,000 - $25,000	Até 100 km2
Profissional	$50,000 - $125,000	500-2.500 km2
Empresa	$150,000 - $250,000	5.000 mais km2

Suporte e documentação online

O Planet fornece recursos on -line abrangentes, incluindo documentação da API, guias de desenvolvedor e canais de suporte técnico.

• Páginas de documentação técnica: 347
• Guias de integração da API: 28
• Artigos da base de conhecimento on -line: 512

Atualizações regulares de produtos e serviços

O Planet Labs libera atualizações trimestrais da plataforma e ciclos mensais de atualização de imagens de satélite.

Tipo de atualização	Freqüência	Cobertura
Recursos da plataforma	Trimestral	Sistema completo
Imagens de satélite	Mensal	Cobertura global
Aprimoramentos da API	Bimensal	Ferramentas de desenvolvedor

Planet Labs PBC (PL) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, o Planet Labs mantém uma equipe de vendas direta de aproximadamente 87 profissionais de vendas direcionados a clientes corporativos e governamentais.

Segmento de canal de vendas	Número de representantes de vendas	Mercado -alvo
Vendas corporativas	52	Empresas comerciais
Vendas do governo	35	Agências federais e estaduais

Plataforma e mercado baseado na Web

O Planet Labs opera uma plataforma digital com 2.324 clientes corporativos registrados em dezembro de 2023.

• Usuários ativos mensais da plataforma: 1.876
• Receita recorrente anual da plataforma da web: US $ 42,3 milhões
• Valor médio da transação: US $ 18.500 por cliente

Integrações da API

O Planet Labs suporta 47 terminais de integração de API distintos em vários setores.

Segmento da indústria	Número de integrações da API
Agricultura	12
Pesquisa climática	9
Planejamento urbano	8
Defesa/Inteligência	7
Outros setores	11

Conferências e feiras do setor

O Planet Labs participou de 23 grandes conferências do setor em 2023, com um alcance estimado de 14.500 clientes empresariais em potencial.

Rede de parceiros e programas de referência

O ecossistema de parceiros inclui 64 parceiros estratégicos de tecnologia e revendedor em janeiro de 2024.

• Parceiros de tecnologia: 37
• Revendedor Parceiros: 27
• Receita total gerada por parceiro: US $ 12,7 milhões em 2023

Planet Labs PBC (PL) - Modelo de Negócios: Segmentos de Clientes

Agências governamentais e de defesa

O Planet Labs serve vários segmentos governamentais com imagens de satélite:

• AGENÇÃO NACIONAL GEOSPATIAL DA INTELIGÊNCIA NACIONAL (NGA) Valor: US $ 26 milhões em 2022
• Compras de imagens por satélite do Departamento de Defesa: aproximadamente US $ 15,2 milhões anualmente

Agência governamental	Gastos com imagens anuais	Tipo de contrato
Nga	US $ 26 milhões	Contrato de imagens de vários anos
Militar dos EUA	US $ 15,2 milhões	Inteligência geoespacial

Organizações de Agricultura e Monitoramento Ambiental

O Planet Labs fornece serviços críticos de monitoramento agrícola:

• Cobertura global de monitoramento agrícola: 350 milhões de hectares
• Tamanho do mercado de agricultura de precisão: US $ 12,8 bilhões em 2023

Segmento agrícola	Valor de mercado	Cobertura de satélite
Monitoramento da colheita	US $ 5,6 bilhões	150 milhões de hectares
Rastreamento ambiental	US $ 7,2 bilhões	200 milhões de hectares

Desenvolvedores de planejamento urbano e infraestrutura

Recursos de monitoramento de infraestrutura urbana:

• Cobertura global de mapeamento urbano: mais de 5.000 cidades
• Mercado de Monitoramento de Infraestrutura: US $ 3,4 bilhões em 2023

Segmento urbano	Tamanho de mercado	Cidades cobertas
Planejamento urbano	US $ 1,8 bilhão	2.500 cidades
Desenvolvimento de infraestrutura	US $ 1,6 bilhão	2.500 cidades

Instituições de Pesquisa Climática

Serviços de Imagens de Satélite de Pesquisa Climática:

• Mercado de Pesquisa Climática: US $ 2,7 bilhões em 2023
• Cobertura global de monitoramento climático: 100% superfície terrestre

Área de pesquisa	Valor de mercado	Monitoramento do escopo
Pesquisa em mudanças climáticas	US $ 1,5 bilhão	Cobertura global da terra
Estudos ambientais	US $ 1,2 bilhão	Rastreamento abrangente do ecossistema

Empresas comerciais que exigem inteligência geoespacial

Segmentos comerciais de mercado de inteligência geoespacial:

• Mercado Geoespacial Comercial Total: US $ 8,6 bilhões em 2023
• Usuários de imagens de satélite corporativo: mais de 5.000 empresas

Segmento comercial	Valor de mercado	Usuários corporativos
Setor de energia	US $ 2,3 bilhões	1.200 empresas
Seguro/Gerenciamento de Riscos	US $ 1,9 bilhão	1.500 empresas
Tecnologia/logística	US $ 4,4 bilhões	2.300 empresas

Planet Labs PBC (PL) - Modelo de Negócios: Estrutura de Custo

Despesas de fabricação e lançamento de satélite

Os custos de fabricação de satélite da Planet Labs variam de US $ 250.000 a US $ 500.000 por satélite. As despesas de lançamento têm uma média de US $ 1,2 milhão por missão usando foguetes SpaceX Falcon 9.

Categoria de custo	Despesa anual
Fabricação de satélite	US $ 15,6 milhões
Custos de lançamento de satélite	US $ 24,0 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para o Planet Labs em 2023 totalizaram US $ 47,3 milhões, representando 38% do total de despesas operacionais.

• Hardware R&D: US $ 22,1 milhões
• Desenvolvimento de software: US $ 15,2 milhões
• Pesquisa de IA e aprendizado de máquina: US $ 10,0 milhões

Computação em nuvem e infraestrutura de armazenamento de dados

A infraestrutura anual em nuvem e o armazenamento de dados custam aproximadamente US $ 18,5 milhões, utilizando os serviços da Web da Amazon e a plataforma do Google Cloud.

Componente de infraestrutura	Custo anual
Computação em nuvem	US $ 12,3 milhões
Armazenamento de dados	US $ 6,2 milhões

Custos de aquisição de pessoal e talento

As despesas totais de pessoal em 2023 atingiram US $ 63,7 milhões, com um salário médio de engenharia de US $ 145.000.

• Total de funcionários: 582
• Compensação média: US $ 109.000
• Despesas de recrutamento: US $ 2,4 milhões

Operações de marketing e vendas

As despesas de marketing e vendas para 2023 foram de US $ 22,1 milhões, com foco em divulgação do setor corporativo e do governo.

Categoria de despesa de marketing	Orçamento anual
Marketing digital	US $ 8,7 milhões
Feiras e conferências	US $ 4,2 milhões
Operações da equipe de vendas	US $ 9,2 milhões

Planet Labs PBC (PL) - Modelo de negócios: fluxos de receita

Acesso de dados baseado em assinatura

O Planet Labs oferece modelos de assinatura em camadas para acesso a imagens de satélite:

Camada de assinatura	Faixa de preço anual	Resolução de dados
Basic	$5,000 - $15,000	Resolução de 3-5 metros
Profissional	$25,000 - $75,000	Resolução de 1-3 metros
Empresa	$100,000 - $500,000	Resolução do sub-metro

Serviços personalizados de imagens e análises

Receita gerada a partir de serviços especializados de análise geoespacial:

• Serviços de monitoramento da agricultura: US $ 50.000 - US $ 250.000 por projeto
• Avaliação de infraestrutura: US $ 75.000 - US $ 350.000 por contrato
• Rastreamento de mudanças ambientais: US $ 40.000 - US $ 200.000 por engajamento

Acordos de licenciamento corporativo

Receitas anuais de licenciamento corporativo pelo setor:

Setor da indústria	Taxa média anual de licença
Agricultura	$250,000 - $750,000
Energia	$500,000 - $1,500,000
Seguro	$300,000 - $900,000

Receita do contrato de governo e de pesquisa

Principais segmentos de contrato governamental:

• Contratos da NASA: US $ 10-20 milhões anualmente
• Contratos do Departamento de Defesa: US $ 15 a 30 milhões anualmente
• Subsídios de pesquisa internacional: US $ 5 a 10 milhões anualmente

API e taxas de integração de dados

Estrutura de preços de API:

Nível de acesso à API	Taxa mensal	Chamadas da API/mês
Desenvolvedor	$299	10,000
Profissional	$999	50,000
Empresa	$2,999	Ilimitado

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.