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On Tue, 23 Jul, 12:03 AM UTC
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Planet Signs Seven-Figure Expansion with US-allied Government Agency for SkySat High Resolution Data
Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced that it has signed a seven-figure contract expansion with a US-allied International Government Agency for SkySat high resolution satellite data. "Global customer demand for high resolution satellite data continues to grow, fueled by heightened security needs and increased climate disaster risk," said Will Marshall, Planet's Chief Executive Officer and Co-Founder. "Our SkySat fleet provides organizations with a powerful combination of high frequency, low latency, high resolution data, enabling greater understanding of critical events around the world." Planet's SkySat fleet offers multiple revisits per day of anyplace on the globe with up to 50 centimeter resolution imagery. Over time SkySats will be replenished with Planet's next-generation high-resolution fleet, Pelican, which is designed to further increase revisit rates and image resolution, while also reducing latency and speeding customer time to insights. The first Pelican tech demo, launched in November 2023, continues to perform well. "The ability to enable considerably faster alerting of various types of events around the world has the potential to unlock entirely new use cases for customers," Will Marshall added. Additionally, last month Planet announced that it is collaborating with NVIDIA on its onboard processing capabilities for its high-resolution Pelican-2 satellite. Through this collaboration, Planet will leverage the NVIDIA Jetson edge AI platform for its next-generation high-resolution mission and fly the technology on its Pelican-2 satellite, set to launch later this year. Leveraging recent advances in AI, Planet expects this collaboration to support shorter time to value for customers across government and commercial markets. About Planet Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to over 1,000 customers, comprising the world's leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter).
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Planet Labs secures contract with global agency By Investing.com
SAN FRANCISCO - Planet Labs PBC (NYSE: NYSE:PL), a prominent provider of Earth data and insights, announced today a significant contract expansion with a US-allied International Government Agency. The deal, worth over a million dollars, is for the company's SkySat high-resolution satellite data. The demand for high-resolution satellite data has been on the rise, driven by increased security concerns and the growing risk of climate-related disasters. Planet's CEO and Co-Founder, Will Marshall, highlighted that the SkySat fleet's capabilities include high-frequency and low-latency data acquisition, offering up to 50 centimeter resolution imagery. These features are crucial for organizations that need to monitor and understand critical global events. Planet Labs' SkySat satellites are expected to be succeeded by the next-generation Pelican fleet, designed to enhance revisit rates and image resolution while reducing latency. The first Pelican technology demonstration, launched in November 2023, has been reported to perform well. Marshall also noted the potential for new customer use cases, thanks to the ability to provide faster alerts for various global events. In addition to the contract expansion, Planet disclosed last month a collaboration with NVIDIA (NASDAQ:NVDA) to improve onboard processing capabilities for its Pelican-2 satellite, which is anticipated to launch later in the year. By integrating NVIDIA's Jetson edge AI platform, Planet aims to deliver quicker and more valuable insights to its customers in both government and commercial sectors. Founded in 2010 by three NASA scientists, Planet operates the largest fleet of Earth observation satellites and serves over 1,000 customers. These include leading entities in agriculture, forestry, intelligence, education, and finance, as well as government agencies. Planet's mission is to provide daily imagery of the globe, making changes visible and actionable. The company, a public benefit corporation, is listed on the New York Stock Exchange and continues to expand its services and partnerships, as evidenced by the recent contract and technological advancements. This news is based on a press release statement from Planet Labs. In other recent news, Planet Labs PBC reported a 15% increase in its Q1 revenue for fiscal year 2025, reaching a record $60.4 million, primarily driven by a robust performance in the government sector. The company also reported consistent second-quarter earnings, highlighted by a 27% year-over-year increase in government segment sales. Planet Labs has added Susan Wojcicki, former CEO of YouTube, to its Board of Directors, a move expected to contribute to the company's growth strategies. In terms of analyst ratings, Planet Labs received a reiterated Buy rating from Needham following the announcement of consistent second-quarter earnings. However, due to challenges in customer retention, Craig-Hallum lowered Planet Labs' price target from $3.00 to $2.00, maintaining a Hold rating on the stock. At the company's 2024 Annual Meeting, shareholders elected and re-elected board members and ratified the company's independent auditor, KPMG LLP. The compensation of the company's named executive officers for the fiscal year ended January 31, 2025, was also approved on a non-binding advisory basis. These are recent developments that underline Planet Labs' continued expansion and governmental engagement, as well as its focus on operational efficiency and profitability. The company maintains a healthy cash balance of $276 million and a backlog worth approximately $220 million. As Planet Labs PBC (NYSE: PL) secures a lucrative deal with an International Government Agency, the financial standing of the company provides additional context for investors. With a market capitalization of $622.25 million, Planet Labs holds a unique position in the satellite data market. Notably, the company's gross profit margin stands at an impressive 51.33% over the last twelve months as of Q1 2025, underscoring its ability to manage costs effectively while generating revenue. Despite being in a growth phase, Planet Labs has not been profitable over the past year, with a negative P/E ratio of -3.79. This is consistent with the challenges often faced by companies investing heavily in technology and expansion. Additionally, the company's strong return over the last three months, at 22.99%, reflects investor confidence in its strategic direction and the potential for its high-resolution satellite data services. Investors looking for growth opportunities may find Planet Labs' recent contract expansion and technological innovations compelling. For those considering an investment, the PRONEWS24 coupon code offers up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to additional InvestingPro Tips. Currently, there are 7 additional InvestingPro Tips available for Planet Labs, including insights on liquidity and analyst expectations, which can be found at https://www.investing.com/pro/PL.
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Planet Labs PBC has announced a significant expansion of its contract with a US-allied government agency, valued in the seven-figure range. The deal focuses on providing high-resolution satellite imagery from SkySat constellation.
Planet Labs PBC, a leading provider of daily data and insights about Earth, has secured a substantial contract expansion with a US-allied government agency. The deal, valued in the seven-figure range, represents a significant boost to Planet's operations and underscores the growing demand for high-resolution satellite imagery 1.
The expanded contract centers around Planet's SkySat constellation, which provides high-resolution imagery. This technology allows for the capture of sub-50 cm resolution images of the Earth's surface, offering detailed insights for various applications 1. The SkySat fleet's capabilities include rapid revisit times and the ability to collect multiple images of the same location within a single day, enhancing monitoring and analysis capabilities.
This contract expansion reinforces Planet's position as a key player in the Earth observation industry. The company's ability to secure deals with government agencies highlights the critical nature of its services in supporting national security, environmental monitoring, and strategic planning 2.
While the exact financial terms were not disclosed, the seven-figure valuation of the contract expansion indicates a significant revenue boost for Planet Labs. This development is likely to have a positive impact on the company's financial outlook and may contribute to increased investor confidence 2.
The expansion of this contract reflects a broader trend in the growing reliance on satellite imagery for various governmental and commercial applications. As demand for high-resolution Earth observation data continues to rise, companies like Planet Labs are well-positioned to capitalize on these opportunities 1.
Planet's success in securing this contract expansion also highlights the company's ongoing commitment to technological innovation. The SkySat constellation's capabilities, including its high resolution and frequent revisit times, demonstrate the advanced nature of Planet's satellite technology 1.
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Planet Labs PBC has expanded its partnership with French tech firm Abelio, tripling the amount of agricultural data available in France. This collaboration enhances AI-driven precision farming solutions, impacting sustainability and profitability in agriculture.
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