# Planet Labs PBC (PL) Informational only - not investment advice. CIK: 0001836833 SIC: 3663 Radio & Tv Broadcasting & Communications Equipment SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3663 Radio & Tv Broadcasting & Communications Equipment](/industry/3663/) Latest 10-K filed: 2026-03-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=1836833 Filing source: https://www.sec.gov/Archives/edgar/data/1836833/000119312526119957/pl-20260131.htm ## At a glance FY2026 · period end 2026-01-31 · filed 2026-03-23 · accession 0001193125-26-119957 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001836833.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 307,727,000 USD | 2026 | verified | | Net income | -246,860,000 USD | 2026 | verified | | Assets | 1,145,686,000 USD | 2026 | verified | | Free cash flow | 57,648,000 USD | 2026 | computed | | Net margin | -80.22% | 2026 | computed | | Operating margin | -30.90% | 2026 | computed | | Revenue YoY | +25.94% | 2026 | computed | | ROE | -131.01% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | PL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -80.2% | 6.4% | 0 | 10 | | Operating margin | -30.9% | 3.9% | 12 | 9 | | Revenue growth | 25.9% | 12.5% | 70 | 11 | | FCF margin | 18.7% | 20.0% | 44 | 10 | | ROE | -131.0% | -3.7% | 0 | 10 | | ROA | -21.5% | 0.2% | 10 | 11 | | Liabilities / equity | 5.08 | 1.39 | 89 | 10 | | Current ratio | 1.65 | 2.82 | 30 | 11 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3663 Radio & Tv Broadcasting & Communications Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 307727000 | USD | 2026 | 2026-03-23 | | Net income | -246860000 | USD | 2026 | 2026-03-23 | | Assets | 1145686000 | USD | 2026 | 2026-03-23 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001836833.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 95,736,000 | 113,168,000 | 131,209,000 | 191,256,000 | 220,696,000 | 244,352,000 | 307,727,000 | | Net income | | -123,714,000 | -127,103,000 | -137,124,000 | -161,966,000 | -140,509,000 | -123,196,000 | -246,860,000 | | Operating income | | -106,460,000 | -87,442,000 | -128,051,000 | -175,675,000 | -169,748,000 | -116,122,000 | -95,073,000 | | Gross profit | | -6,657,000 | 25,785,000 | 48,222,000 | 94,008,000 | 112,950,000 | 139,725,000 | 172,485,000 | | Diluted EPS | | -2.89 | -2.87 | -1.72 | -0.61 | -0.50 | -0.42 | -0.80 | | Operating cash flow | | -33,687,000 | -4,027,000 | -42,211,000 | -73,933,000 | -50,711,000 | -14,374,000 | 134,362,000 | | Capital expenditures | | 16,665,000 | 26,096,000 | 10,313,000 | 10,440,000 | 37,991,000 | 44,297,000 | 76,714,000 | | Assets | | | 399,308,000 | 821,441,000 | 752,723,000 | 701,997,000 | 633,796,000 | 1,145,686,000 | | Liabilities | | | 291,797,000 | 173,196,000 | 176,619,000 | 183,979,000 | 192,510,000 | 957,255,000 | | Stockholders' equity | 305,835,000 | 217,637,000 | 107,511,000 | 648,245,000 | 576,104,000 | 518,018,000 | 441,286,000 | 188,431,000 | | Cash and cash equivalents | | | 71,183,000 | 490,762,000 | 181,892,000 | 83,866,000 | 118,048,000 | 229,441,000 | | Free cash flow | | -50,352,000 | -30,123,000 | -52,524,000 | -84,373,000 | -88,702,000 | -58,671,000 | 57,648,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -129.22% | -112.31% | -104.51% | -84.69% | -63.67% | -50.42% | -80.22% | | Operating margin | | -111.20% | -77.27% | -97.59% | -91.85% | -76.91% | -47.52% | -30.90% | | Return on equity | | -56.84% | -118.22% | -21.15% | -28.11% | -27.12% | -27.92% | -131.01% | | Return on assets | | | -31.83% | -16.69% | -21.52% | -20.02% | -19.44% | -21.55% | | Liabilities / equity | | | 2.71 | 0.27 | 0.31 | 0.36 | 0.44 | 5.08 | | Current ratio | | | 1.15 | 4.18 | 3.89 | 2.71 | 2.13 | 1.65 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001836833.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q2 | 2022-07-31 | | | -0.15 | reported discrete quarter | | 2023-Q3 | 2022-10-31 | | | -0.15 | reported discrete quarter | | 2024-Q1 | 2023-04-30 | | | -0.13 | reported discrete quarter | | 2024-Q2 | 2023-04-30 | | -34,444,000 | | reported discrete quarter | | 2024-Q2 | 2023-07-31 | 53,761,000 | | -0.14 | reported discrete quarter | | 2024-Q3 | 2023-07-31 | | -37,975,000 | | reported discrete quarter | | 2024-Q3 | 2023-10-31 | 55,380,000 | | -0.13 | reported discrete quarter | | 2024-Q4 | 2024-01-31 | 58,852,000 | -30,086,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-04-30 | 60,440,000 | -29,293,000 | -0.10 | reported discrete quarter | | 2025-Q2 | 2024-04-30 | | -29,293,000 | | reported discrete quarter | | 2025-Q2 | 2024-07-31 | 61,092,000 | | -0.13 | reported discrete quarter | | 2025-Q3 | 2024-07-31 | | -38,668,000 | | reported discrete quarter | | 2025-Q3 | 2024-10-31 | 61,266,000 | | -0.07 | reported discrete quarter | | 2025-Q4 | 2025-01-31 | 61,554,000 | -35,154,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-04-30 | 66,265,000 | -12,628,000 | -0.04 | reported discrete quarter | | 2026-Q2 | 2025-04-30 | | -12,628,000 | | reported discrete quarter | | 2026-Q2 | 2025-07-31 | 73,386,000 | | -0.07 | reported discrete quarter | | 2026-Q3 | 2025-07-31 | | -22,592,000 | | reported discrete quarter | | 2026-Q3 | 2025-10-31 | 81,254,000 | | -0.19 | reported discrete quarter | | 2026-Q4 | 2026-01-31 | 86,822,000 | -152,455,000 | | derived Q4 = FY annual - nine-month YTD | | 2027-Q1 | 2026-04-30 | 94,150,000 | -138,872,000 | -0.40 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from PL's latest 10-K: [/company/PL/business/](/company/PL/business/). ## Risk Factors Verbatim Item 1A Risk Factors from PL's latest 10-K: [/company/PL/risk-factors/](/company/PL/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1836833/000119312526258304/pl-20260430.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-06-05 Report date: 2026-04-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PLANET The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Planet Labs PBC. The MD&A is provided as a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in Part I, Item I of this Quarterly Report on Form 10-Q, as well as our audited annual consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “2026 Form 10-K”). This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report. Actual results may differ materially from those contained in any forward-looking statements. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Business and Overview Our mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. Our products include imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about our evolving world. In addition, our satellite services arrangements provide a broad spectrum of advanced offerings to large scale government and enterprise customers, including designing and manufacturing customer-owned satellites. We also provide critical related services in these satellite services arrangements such as reliable mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance. Separately, we provide dedicated image tasking capacity on Company owned or customer owned satellites. As a public benefit corporation, our purpose is to accelerate humanity toward a more sustainable, secure, and prosperous world, by illuminating the most important forms of environmental and social change. We deliver a differentiated data set: a new image of the entire Earth’s landmass, constantly refreshed. To collect this powerful data set, we design, build and operate over one hundred satellites. Our daily stream of proprietary data and machine learning analytics, delivered through our cloud-native platform, helps companies, governments and civil society use satellite imagery to discover insights as change happens. To help further our mission, we have developed advanced satellite technology that increases the cost performance of each satellite. This has enabled us to launch large fleets of satellites at lower cost and in turn record over 3,000 images on average for every point on Earth’s landmass, a non-replicable historical archive that can power analytics, machine learning, and insights. We have advanced data processing capabilities that enable us to produce “AI-ready” data sets and have partnered with third-parties to offer AI-enabled data solutions. As these data sets continue to grow and we continue to develop these partnerships, we believe the value of our data and analytics solutions to our customers will further increase. Our innovation in agile aerospace has also enabled us to improve the cost-performance of satellite manufacturing, ground stations, and mission operations. We currently serve customers across civil government, commercial and defense and intelligence verticals, including agriculture, mapping, energy, forestry, finance and insurance, as well as federal, civil, state, and local governments. Our customers in government and commercial markets leverage our product capabilities to monitor and manage global change over broad areas to take action. Our proprietary data set and analytics are delivered pursuant to subscription and usage-based data licensing agreements and are accessed by our customers through our online platform and subscription APIs. We believe our efficient cost structure, one-to-many business model and differentiated data set have enabled the growth of our business. 30 Table of Contents Complementing our foundational data offerings, our strategy is evolving towards delivering more integrated downstream solutions. This shift is designed to capture a broader base of customers and strengthen our market leadership by providing more direct and actionable solutions. In addition, our innovative satellite services model, as demonstrated with recent customer agreements, represents a new approach to how we fund and monetize our next-generation satellite fleets. This model is expected to further align our offerings with market demand and enhance our ability to capture value as we scale our business operations. Our Business Model We primarily generate revenue through selling licenses to our data and analytics to customers over a cloud-based platform via fixed price subscription and usage-based contracts. Data licensing subscriptions and minimum commitment usage-based contracts provide a large recurring revenue base for our business with a low incremental cost to serve each additional customer. Payment terms of our customer agreements are most commonly in advance on an either quarterly or annual basis, although a small number of large contracts have required payment terms that are monthly or quarterly in arrears. We also generate a small amount of revenue from sales of third-party imagery, professional services, and customer support. Additionally, we generate revenue through satellite services agreements in which we build and operate satellites owned by the customer. Satellite services arrangements address a broad spectrum of needs for our customers, including mission systems engineering, spacecraft design and manufacturing, launch procurement, ground station operations, satellite operations, and maintenance. Separately, we provide dedicated image tasking capacity on Company owned or customer owned satellites. We employ a “land-and-expand” go-to-market strategy with the goal to deliver increasing value to our customers and generate more revenue with each customer over time by expanding the scope of the services we offer. We work closely with our customers and partners to enable their early success, both from an account management and technical management perspective. Deeper adoption from our customers comes in many forms, including more users, more area coverage, and more advanced software analytics capabilities. Key elements of our growth strategy include: Scaling in Existing Verticals We have invested in our sales and marketing efforts to address the vertical markets in which we operate, as well as in software solutions to expand within our existing customer base. We plan to further penetrate vertical markets in which end users are early adopters of geospatial data, such as civil government, agriculture, and defense and intelligence through targeted sales and marketing activities and continued investment in new solutions for these verticals. Expansion into New Verticals and Applications We plan to invest in our offerings to make our data more actionable and accessible to a larger group of customers and users, including non-geospatial experts such as data and business analysts in government and commercial organizations. We believe this will help us address use cases in key emerging markets such as energy, infrastructure, finance, insurance, and consumer packaged goods. We also intend to partner with companies building vertical market solutions, such as independent software vendors, as well as business intelligence and analytics providers. While we have customers and partners today in many of these verticals, we believe enhancing our data to meet their needs has the potential to accelerate the proliferation of our data and analytics usage across more end users. Additionally, we currently have multiple partners with solutions that rapidly generate insights for their customers using our licensed proprietary data and Planet Analytics or their AI technology. Their capabilities include training models on our proprietary data to find any object of interest to a user over broad areas of land or sea. We believe recent and ongoing industry advancements in AI will support making our datasets more accessible to customers and users across new and existing verticals by speeding customer time to value through these capabilities. 31 Table of Contents Continued Investment in Data Products and Solutions We plan to scale and expand our existing products and solutions, by building on our machine learning and computer vision capabilities with remote sensing techniques to fuse multiple data sources. These products allow our customers to consume simple, actionable time-series data within their existing workflows. We intend to create many of these key data sets internally, as well as in collaboration with our partners who have deep vertical expertise. Establish Platform Ecosystem We plan to further develop our ecosystem of users and partners to build solutions leveraging our data and platform and to build software tools and APIs that make it even easier to do so. By developing a robust applications ecosystem, we believe we can create a network effect, potentially accelerating our growth and deepening our market penetration. New Sensors & Data Sets We plan to make strategic investments in building new sensors to capture additional data sets from space. As we grow our customer base and the use cases we can address, we believe we can better understand what additional data sets our customers are eager to access and therefore which sensors might enable us to capture additional data that is valuable to such customers. By leveraging our agile aerospace approach to space systems, we believe we are well-positioned to introduce new Earth observation sensors into orbit to capture new types of data with greater capital efficiency and speed than other satellite data providers. Having these capabilities can deepen our value proposition to customers and help us both acquire new customers and expand our offering to existing customers. Factors Affecting Our Results of Operations We believe that our financial condition and results of operations have been, and will continue to be, affected by a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below in Part II, Item 1A "Risk Factors" of this Quarterly Report. Continuing to Acquire New Customers Attracting new customers is an important factor affecting our future growth and operating performance. We believe our ability to attract customers will be driven by our agile aerospace capabilities, which allow for the rapid development and deployment of satellite hardware to ensure a consistent data supply that differentiates our offerings from traditional aerospace models. By leveraging these unique hardware advantages alongside recent advances in artificial intelligence, we are able to make our extensive data sets more accessible and actionable for customers. Our integration of AI-driven automated detection and feature extraction transforms imagery into "analytic-ready" insights, effectively lowering the barrier to entry for our customers. We have also made our data available for purchase directly through our Planet Insights Platform, which facilitates rapid user adoption by empowering users to self-service our solutions without formal sales interaction. We believe this serves as a natural entry point for some of our smaller accounts, enabling them to realize the value of Planet's offerings and leading to broader awareness of our solutions throughou [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1836833/000119312526119957/pl-20260131.htm Complete FY 2026 MD&A: /company/PL/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-23 Report date: 2026-01-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PLANET The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Planet Labs PBC. The MD&A is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included in Part II, Item 8, “Financial Statements” of this Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in Part I, Item 1A, “Risk Factors” of this Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This MD&A generally discusses fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025 items and year-to-year comparisons between fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025. Discussions of fiscal year ended January 31, 2024 items and year-to-year comparisons between the fiscal year ended January 31, 2025 and the fiscal year ended January 31, 2024 that are not included in this Form 10-K can be found in “Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 26, 2025. Business and Overview Our mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. Our products include imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about our evolving world. In addition, our satellite services arrangements provide a broad spectrum of advanced offerings to large scale government and enterprise customers, including designing and manufacturing customer-owned satellites. We also provide critical related services in these satellite services arrangements such as reliable mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance. Separately, we provide dedicated image tasking capacity on Company owned or customer owned satellites. As a public benefit corporation, our purpose is to accelerate humanity toward a more sustainable, secure, and prosperous world, by illuminating the most important forms of environmental and social change. We deliver a differentiated data set: a new image of the entire Earth’s landmass, constantly refreshed. To collect this powerful data set, we design, build and operate over one hundred satellites. Our daily stream of proprietary data and machine learning analytics, delivered through our cloud-native platform, helps companies, governments and civil society use satellite imagery to discover insights as change happens. To help further our mission, we have developed advanced satellite technology that increases the cost performance of each satellite. This has enabled us to launch large fleets of satellites at lower cost and in turn record over 3,000 images on average for every point on Earth’s landmass, a non-replicable historical archive that can power analytics, machine learning, and insights. We have advanced data processing capabilities that enable us to produce “AI-ready” data sets and have partnered with third-parties to offer AI-enabled data solutions. As these data sets continue to grow and we continue to develop these partnerships, we believe the value of our data and analytics solutions to our customers will further increase. Our innovation in agile aerospace has also enabled us to improve the cost-performance of satellite manufacturing, ground stations, and mission operations. 65 Table of Contents We currently serve customers across civil government, commercial and defense and intelligence verticals, including agriculture, mapping, energy, forestry, finance and insurance, as well as federal, civil, state, and local governments. Our customers in government and commercial markets leverage our product capabilities to monitor and manage global change over broad areas to take action. Our proprietary data set and analytics are delivered pursuant to subscription and usage-based data licensing agreements and are accessed by our customers through our online platform and subscription APIs. We believe our efficient cost structure, one-to-many business model and differentiated data set have enabled the growth of our business. Complementing our foundational data offerings, our strategy is evolving towards delivering more integrated downstream solutions. This shift is designed to capture a broader base of customers and strengthen our market leadership by providing more direct and actionable solutions. In addition, our innovative satellite services model, as demonstrated with recent customer agreements, represents a new approach to how we fund and monetize our next-generation satellite fleets. This model is expected to further align our offerings with market demand and enhance our ability to capture value as we scale our business operations. Our Business Model We primarily generate revenue through selling licenses to our data and analytics to customers over a cloud-based platform via fixed price subscription and usage-based contracts. Data licensing subscriptions and minimum commitment usage-based contracts provide a large recurring revenue base for our business with a low incremental cost to serve each additional customer. Payment terms of our customer agreements are most commonly in advance on an either quarterly or annual basis, although a small number of large contracts have required payment terms that are monthly or quarterly in arrears. Additionally, we also generate revenue through satellite services agreements in which we build and operate satellites owned by the customer. Satellite services arrangements address a broad spectrum of needs for our customers, including mission systems engineering, spacecraft design and manufacturing, launch procurement, ground station operations, satellite operations, and maintenance. We also generate a small amount of revenue from sales of third-party imagery, professional services, and customer support. Separately, we also provide dedicated image tasking capacity on Company owned or customer owned satellites. We employ a “land-and-expand” go-to-market strategy with the goal to deliver increasing value to our customers and generate more revenue with each customer over time by expanding the scope of the services we offer. We work closely with our customers and partners to enable their early success, both from an account management and technical management perspective. Deeper adoption from our customers comes in many forms, including more users, more area coverage, and more advanced software analytics capabilities. Key elements of our growth strategy include: Scaling in Existing Verticals We have invested in our sales and marketing efforts to address the vertical markets in which we operate, as well as in software solutions to expand within our existing customer base. We plan to further penetrate vertical markets in which end users are early adopters of geospatial data, such as civil government, agriculture, and defense and intelligence through targeted sales and marketing activities and continued investment in new solutions for these verticals. Expansion into New Verticals and Applications We plan to invest in our offerings to make our data more actionable and accessible to a larger group of customers and users, including non-geospatial experts such as data and business analysts in government and commercial 66 Table of Contents organizations. We believe this will help us address use cases in key emerging markets such as energy, infrastructure, finance, insurance, and consumer packaged goods. We also intend to partner with companies building vertical market solutions, such as independent software vendors, as well as business intelligence and analytics providers. While we have customers and partners today in many of these verticals, we believe enhancing our data to meet their needs has the potential to accelerate the proliferation of our data and analytics usage across more end users. Additionally, we currently have multiple partners with solutions that rapidly generate insights for their customers using our licensed proprietary data and Planet Analytics or their AI technology. Their capabilities include training models on our proprietary data to find any object of interest to a user over broad areas of land or sea. We believe recent and ongoing industry advancements in AI will support making our datasets more accessible to customers and users across new and existing verticals by speeding customer time to value through these capabilities. Continued Investment in Data Products and Solutions We plan to scale and expand our existing products and solutions, by building on our machine learning and computer vision capabilities with remote sensing techniques to fuse multiple data sources. These products allow our customers to consume simple, actionable time-series data within their existing workflows. We intend to create many of these key data sets internally, as well as in collaboration with our partners who have deep vertical expertise. Establish Platform Ecosystem We plan to further develop our ecosystem of users and partners to build solutions leveraging our data and platform and to build software tools and APIs that make it even easier to do so. By developing a robust applications ecosystem, we believe we can create a network effect, potentially accelerating our growth and deepening our market penetration. New Sensors & Data Sets We plan to make strategic investments in building new sensors to capture additional data sets from space. As we grow our customer base and the use cases we can address, we believe we can better understand what additional data sets our customers are eager to access and therefore which sensors might enable us to capture additional data that is valuable to such customers. By leveraging our agile aerospace approach to space systems, we believe we are well-positioned to introduce new Earth observation sensors into orbit to capture new types of data with greater capital efficiency and speed than other satellite data providers. Having these capabilities can deepen our value proposition to customers and help us both acquire new customers and expand our offering to existing customers. Factors Affecting Our Results of Operations We believe that our financial condition and results of operations have been, and will continue to be, affected by a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this Form 10-K titled “Risk Factors.” Recent Developments Commercial Satellite Services Agreements In December 2025, Planet entered into a multi-year low 9-figure commercial agreement with the Swedish Armed Forces ("SwAF"). Pursuant to the agreement, Planet will build and operate a constellation of Pelican high resolution satellites that will be owned by SwAF. In connection with the agreement, Planet is provided with licensing rights for certain imagery generated from the Pelicans that it will utilize to serve its customers around the world. The agreement also includes access to imagery data as well as AI-enabled solutions for enhanced situational and awareness capabilities. 67 Table of Contents Continuing to Acquire New Customers Attracting new customer [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/PL/mda/fy2026/ All MD&A years: /company/PL/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/PL/mda/fy2025/): filed 2025-03-26; accession 0001836833-25-000050 (https://www.sec.gov/Archives/edgar/data/1836833/000183683325000050/pl-20250131.htm) - [FY 2024 MD&A](/company/PL/mda/fy2024/): filed 2024-03-29; accession 0001836833-24-000037 (https://www.sec.gov/Archives/edgar/data/1836833/000183683324000037/pl-20240131.htm) - [FY 2023 MD&A](/company/PL/mda/fy2023/): filed 2023-03-30; accession 0001836833-23-000014 (https://www.sec.gov/Archives/edgar/data/1836833/000183683323000014/pl-20230131.htm) - [FY 2022 MD&A](/company/PL/mda/fy2022/): filed 2022-04-14; accession 0001836833-22-000018 (https://www.sec.gov/Archives/edgar/data/1836833/000183683322000018/pl-20220131.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3663 Radio & Tv Broadcasting & Communications Equipment) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/PL.md · JSON record: /company/PL.json · verified financials: /company/PL/financials.json / /company/PL/financials.csv · machine TOC for the whole site: /llms.txt