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What changed in Planet Labs PBC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Planet Labs PBC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+523 added−582 removedSource: 10-K (2025-03-26) vs 10-K (2024-03-29)

Top changes in Planet Labs PBC's 2025 10-K

523 paragraphs added · 582 removed · 436 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThrough our platform and analytics products, we offer customers a variety of capabilities, including the following: (1) Planet APIs: We provide APIs for hosting, analyzing, and streaming our satellite data archive, including data from government-operated fleets like LandSat and Sentinel. With Planet APIs, developers can quickly and efficiently do raster and statistical analysis, and stream the results into GIS software.
Biggest changeEssentially, we believe enhanced derived product solutions can speed up the mission utility and business value for our customers and partners. 6 Table of Contents We offer customers a variety of capabilities, including the following: (1) Planet APIs: We provide APIs for hosting, analyzing, and streaming our satellite data archive, including data from government-operated fleets like LandSat and Sentinel.
Our partner ecosystem bolsters our global presence with regional and domain-specific expertise, as well as expands our market access to more industries, geographies and users. In addition, our sales organization includes industry account and channel sales representatives as well as dedicated customer success and technology support teams.
Our partner ecosystem bolsters our global presence with regional and domain-specific expertise and expands our market access to more industries, geographies and users. In addition, our sales organization includes industry account and channel sales representatives as well as dedicated customer success and technology support teams.
Our Intellectual Property Our IP portfolio includes patents covering novel features of our spacecraft, trademarks identifying the Company and various products, copyright ownership of the imagery archive, and trade secrets related to manufacturing and operations. We own the copyrights for the imagery captured by our spacecraft. These images measure in the millions per day and are unregistered.
Our Intellectual Property Our IP portfolio includes patents covering novel features of our spacecraft, trademarks identifying our company and various products, copyright ownership of the imagery archive, and trade secrets related to manufacturing and operations. We own the copyrights for the imagery captured by our spacecraft. These images measure in the millions per day and are unregistered.
These satellites are typically very high cost with very high resolution, primarily serving national governments and other traditional satellite imagery industries. Next generation satellite imagery companies have developed satellites that are lower cost and smaller in size, and have a stated ambition to increase the presence of their fleets within Earth’s orbit.
These satellites are typically very high cost with very high resolution, primarily serving national governments and other traditional satellite imagery industries. In contrast, next generation satellite imagery companies have developed satellites that are lower cost and smaller in size and have a stated ambition to increase the presence of their fleets within Earth’s orbit.
Our People We are a diverse, passionate team of creative individuals that solve hard problems and strive to make an impact every day. We invest in a culture of learning, teaching, and dialogue, work together to deliver insight to our customers, bring our all, own our mistakes, and build for the future.
Our People We are a passionate team of creative individuals that solve hard problems and strive to make an impact every day. We invest in a culture of learning, teaching, and dialogue, work together to deliver insight to our customers, bring our all, own our mistakes, and build for the future.
Sustainability Monitoring and Supply Chain: We see sustainability and ESG-related regulations, risk assessments, consumer expectations, and brand reputation pressures as significant factors requiring companies to identify, monitor, track and publish sustainability targets and related infrastructure. Other significant drivers of this opportunity may include carbon footprint management and air and water pollution monitoring.
Sustainability Monitoring and Supply Chain: We see climate and sustainability-related regulations, risk assessments, consumer expectations, and brand reputation pressures as significant factors requiring companies to identify, monitor, track and publish sustainability targets and related infrastructure. Other significant drivers of this opportunity may include carbon footprint management and air and water pollution monitoring.
Our Competition Competition in Satellite Imagery: We see the satellite imagery industry as mainly divided between incumbents, such as Airbus and Maxar, and next generation players, such as BlackSky, Satellogic, and CG Satellite. Incumbents have typically hosted a limited number of active satellites which operate on a one-to-one tasking system.
Our Competition Competition in Earth Observation Satellites: We see the satellite imagery industry as mainly divided between incumbents, such as Airbus and Maxar, and next generation players, such as BlackSky, Satellogic, and CG Satellite. Incumbents have typically hosted a limited number of active satellites which operate on a one-to-one tasking system.
Competition in Data Analytics: We also compete and see co-opetition with some data analytics platforms that use geospatial data from a variety of sources to provide analytics services to their customers. Many data analytics providers rely on partnerships with satellite imagery companies in order to source the data necessary to run their analytics platforms.
Competition in Data Analytics: We also compete and see competition with some data analytics platforms that use geospatial data from a variety of sources to provide analytics services to their customers. Many data analytics providers rely on partnerships with satellite imagery companies in order to source the data necessary to run their analytics platforms.
We believe enabling major industries to make data-driven decisions by simplifying access to remote sensing data is central to the transition of the existing geospatial sector and creates a large market opportunity to advance the digital transformation and sustainability trends in society, business, and in the public sector.
We believe enabling major industries to make data-driven decisions by simplifying access to remote sensing data is central to the evolution of the existing geospatial sector and creates a large market opportunity to advance the digital transformation and sustainability trends in society, business, and in the public sector.
Our Technology Platform Since our founding, we have built capabilities across three deep core competencies, each operating together to accelerate the digitization and sustainability transitions. These include (1) Agile Aerospace; (2) Proprietary Big Data; and (3) Our Platform and Analytics.
Our Technology Since our founding, we have built capabilities across three deep core competencies, each operating together to accelerate the digitization and sustainability transformations. These include (1) Agile Aerospace; (2) Proprietary Big Data; and (3) Our Platform and Analytics.
Information about risks related to our satellite operations appears in the “Risk Factors” section of this report. Sales: Our global sales organization operates directly and indirectly via our extensive network of hundreds of partners around the world.
Information about risks related to our satellite development, manufacturing and operations appears in the “Risk Factors” section of this report. Sales: Our global sales organization operates directly and indirectly via our extensive network of hundreds of partners around the world.
For example, we have experienced, and expect to 10 Table of Contents continue to experience fluctuations in our operating results due to the timing of contract awards and renewals and the timing of global events that may increase customer usage of our data services such as weather changes, natural disasters or other global events, or when commodity prices are at certain levels.
For example, we have experienced, and expect to continue to experience fluctuations in our operating results due to the timing of contract awards and renewals and the timing of global events that may increase customer usage of our data services such as weather changes, natural disasters or other global events, or when commodity prices are at certain levels.
On December 7, 2021, we consummated a business combination transaction (the “Business Combination”) with Planet Labs Inc. (“Former Planet”), as a result of which Former Planet merged with and into dMY IV, and we changed our name to Planet Labs PBC and became a Delaware public benefit corporation. Available Information Our internet address is www.planet.com .
On December 7, 2021, we consummated a business combination transaction (the “Business Combination”) with Planet Labs Inc. (“Former Planet”), as a result of which Former Planet merged with and into dMY IV, and we changed our name to Planet Labs PBC and became a Delaware public benefit corporation. 10 Table of Contents Available Information Our internet address is www.planet.com .
Our communications team also works with targeted influencers and media outlets to drive interest and thought leadership through earned and owned media channels, including blogs, social media, and video. Research and Development: Our research and development (“R&D”) team consists of software and hardware R&D for product discovery, technology incubation, and go-to-market planning.
Our communications team also works with targeted influencers and media outlets to drive interest and thought leadership through earned and owned media channels, including blogs, social media, and video. 4 Table of Contents Research and Development: Our research and development (“R&D”) team consists of software and hardware R&D for product discovery, technology incubation, and go-to-market planning.
We partner with a number of these companies to provide data for their platforms for certain use cases while also providing analytical tools and services directly to our own customers. We believe these relationships are advantageous to us over the long-term, as they enable new opportunities.
We partner with a number of these companies to provide data for their platforms for certain use 8 Table of Contents cases while also providing analytical tools and services directly to our own customers. We believe these relationships are advantageous to us over the long-term, as they enable new opportunities.
Prior to Planet, specially trained technical imagery analysts typically had to hand-process satellite data that was months out-of-date. We are able to deliver powerful capabilities including both data and analytics directly to customer and partner workflows daily through automated interfaces.
Historically, specially trained technical imagery analysts typically had to hand-process satellite data that was months out-of-date. We are able to deliver powerful capabilities including both data and analytics directly to customer and partner workflows daily through automated interfaces.
We collect this powerful data set from the hundreds of satellites we have in orbit, making our fleet the largest fleet of Earth observation satellites in history, which we design, build, and operate. We have collected over 2,700 images on average for every point on Earth’s landmass, creating a non-replicable historical archive for analytics, machine learning, and insights.
We collect this powerful data set from the hundreds of satellites we have in orbit, making our fleet the largest fleet of Earth observation satellites in history, which we design, build, and operate. We have collected over 3,000 images on average for every point on Earth’s landmass, creating a non-replicable historical archive for analytics, machine learning, and insights.
The team drives our overall market positioning and messaging across our key audiences and vertical markets, as well as provides 4 Table of Contents strategic go-to-market assessments of use cases that emerge from new and existing competitors that are part of the market landscape.
The team drives our overall market positioning and messaging across our key audiences and vertical markets, as well as provides strategic go-to-market assessments of use cases that emerge from new and existing competitors that are part of the market landscape.
Our goal with these products is to capture and quantify the changes in dynamic systems such as soil water content, land surface temperature and vegetation biomass and forest structure, and render that information to the people on the ground tasked with making decisions. Our Customers Our customers may subscribe to daily data feeds covering their areas of interest.
Our goal with these products is to capture and quantify the changes in dynamic systems such as soil water content, land surface temperature, crop biomass and forest carbon and structure, and render that information to the people on the ground tasked with making decisions. Our Customers Our customers frequently subscribe to daily data feeds covering their areas of interest.
We have a proven record of building customer relationships, with over 1,000 customers across the globe, including leading agriculture, mapping, energy, forestry, finance and insurance companies, and government agencies.
We have a proven record of building customer relationships, with customers across the globe, including leading agriculture, mapping, energy, forestry, finance and insurance companies, and government agencies.
To help our employees navigate their careers, we also maintain a job architecture program, which we believe creates transparency about career development within our organization and helps facilitate discussions around career growth.
To help our employees navigate their careers, we also maintain a job architecture program, 9 Table of Contents which we believe creates transparency about career development within our organization and helps facilitate discussions around career growth.
By providing this analytic ready data to our partner ecosystem as well as our end customers, we believe we can expand the use cases we can address across industries at scale. We believe globally consistent and reliable satellite imagery data is a critical component that can fuel the impact of these economic transitions in every major vertical sector.
By providing this analytic ready data to our partner ecosystem as well as our end customers, we believe we can expand the use cases we can address across industries at scale. We believe globally consistent and reliable satellite imagery data is a critical component that can fuel the impact of these economic transitions across sectors.
We create global basemaps monthly and deliver custom basemaps to our customers for selected areas and times. 6 Table of Contents (4) Analytics: We have built automated, cloud-native, global-scale analytics on top of our data set and made them accessible by APIs and web applications.
We create global basemaps monthly and deliver custom basemaps to our customers for selected areas and times. (4) Planet Analytic Feeds: We have built automated, cloud-native, global-scale analytics on top of our data set and made them accessible by APIs and web applications.
Our partner network consists of solution providers, OEM platform partners, systems integrators and GIS companies that broaden the earth data ecosystem and have deep expertise in building last-mile industry solutions using satellite imagery and geospatial data.
Our partner network consists of solution providers, OEM platform partners, systems integrators and geographical information system (“GIS”) software companies that broaden the earth data ecosystem and have deep expertise in building last-mile industry solutions using satellite imagery and geospatial data.
Finance and Insurance: We believe there are broad opportunities in this segment including investment research, portfolio risk assessment and management, and insurance and reinsurance products. For example, improvements in measuring and predicting outputs from the world’s natural resources has the potential to help optimize the efficiency of commodity trading markets, which could have significant macroeconomic implications.
Finance and Insurance: We believe there are broad opportunities including investment research, portfolio risk assessment and management, and insurance and reinsurance products. For example, improvements in measuring and predicting outputs from the world’s natural resources has the potential to help optimize the efficiency of commodity trading markets.
The laws and regulations governing our business and operations, including the distribution of satellite imagery, may change in the future.
The laws and regulations governing our business and operations, including the distribution of satellite imagery, and the development, production, and deployment of our satellite systems, may change in the future.
This pre-processing and data harmonization often eliminates the need for additional processing before a customer can run advanced analytics on the data, which helps make satellite imagery analysis easier and practical for a wider audience.
This pre-processing and data harmonization often eliminates the need for additional data preparation before a customer can run advanced analytics on the data, which helps make satellite imagery analysis easier and practical, particularly for machine learning applications.
Technology Partnerships: We engage in partnership programs and strategic efforts to embrace open innovation, technology infusion and market-shaping opportunities. These programs include initiatives such as our Education and Research Program, our partnership with Carbon Mapper, our partnerships with Telesat and SES as part of the NASA Communications Services Project (“CSP”), among others.
Technology Partnerships: We engage in partnership programs and strategic efforts to embrace open innovation, technology infusion and market-shaping opportunities. These efforts include our technologies partnerships, such as with Carbon Mapper and NASA Jet Propulsion Laboratory; and our partnerships with Telesat and SES as part of the NASA Communications Services Project (“CSP”).
Digital Transformation: Organizations across industries are driving operational improvements and taking advantage of new growth opportunities by leveraging third-party data, their own proprietary data, and Artificial Intelligence (“AI”) technologies, all of which is driving a digital economic shift across many sectors.
Digital Transformation: Organizations across industries are driving operational improvements and taking advantage of new growth opportunities by leveraging third-party data, their own proprietary data, and artificial intelligence technologies, including generative artificial intelligence technology (“GenAI”) and large language models (LLMs) (collectively, “AI”), all of which are driving a digital economic shift across many sectors.
It has further allowed us to rapidly innovate — resulting in more and better data for our customers, as compared with historical data satellite services. We believe this model helps to drive the expansion of our platform and customer base and inform what future data sets to collect, creating a virtuous cycle.
It has further allowed us to rapidly innovate — resulting in more and better data for our customers, as compared with historical data satellite services, allowing us to drive the expansion of our platform and customer base and inform what future data sets to collect.
We aim to identify, recruit, retain, incentivize and integrate our existing and new employees, advisors and consultants, because we believe our people are our most important assets. 9 Table of Contents As of January 31, 2024, we had a total of approximately 1180 employees, including approximately 1020 full time employees, working across 27 countries worldwide.
We aim to identify, recruit, retain, incentivize and integrate our existing and new employees, advisors and consultants, because we believe our people are our most important assets. As of January 31, 2025, we had a total of approximately 970 employees, including approximately 810 full time employees, working across 30 countries worldwide.
They include our Analytics products, which leverage computer vision to detect objects and highlight attention on certain occurrences, and our Planetary Variables, which provide measurements of key phenomena occurring on the Earth’s surface.
Core to making this data more impactful are our Analytics products, which leverage computer vision to detect objects and highlight attention on certain occurrences, and our Planetary Variables, which provide measurements of key phenomena occurring on the Earth’s surface.
Our competitive moats include agile space mission capabilities, proprietary big data, and platform analytics. Our advanced space systems enable the capture of comprehensive, high quality, proprietary data, which power our platform, enhanced by advanced analytics that utilize AI and machine learning to provide solutions to our customers.
Our advanced space systems enable the capture of comprehensive, high quality, proprietary data, which power our platform, enhanced by advanced analytics that utilize both Planet and partner AI and machine learning to provide solutions to our customers.
We believe we can capitalize on these economic shifts by providing valuable Earth data that businesses and governments can utilize to better measure and monitor change in physical assets, and facilitate and accelerate these transformations. 2 Table of Contents Peace & Security: Organizations such as governments, Non-Governmental Organizations (“NGOs”), media and think tanks are tackling growing global challenges on a daily basis.
We believe that we can accelerate this transformation by providing valuable Earth data that businesses and governments can utilize to better measure and monitor change in physical assets. Peace & Security: Organizations such as governments, Non-Governmental Organizations (“NGOs”), media and think tanks are tackling increasingly complex global challenges on a daily basis.
With our fleet of satellites, we are able to collect unique and proprietary global data every day and high-resolution data of a specified location several times per day with agile tasking.
This has enabled us to generate a proprietary, vast data archive that grows daily. With our fleet of satellites, we are able to collect unique and proprietary global data every day and high-resolution data of a specified location several times per day with agile tasking.
We also combine Planet Monitoring with other scientific-grade radiometric data from public satellite data programs, including NASA/USGS-Landsat and ESA/EU Copernicus, to provide customers with a stream of consistent Earth data, using a predictive algorithm to fill gaps and remove clouds, the result of which enables valuable time-series analyses.
We also combine Planet Monitoring with other scientific-grade radiometric data from public satellite data programs, including NASA/USGS-Landsat and ESA/EU Copernicus, to provide customers with a stream of consistent Earth data, using an algorithm that corrects variability in sensors to produce a consistent feed of data for valuable time-series analyses.
In addition to the increasing call for global peace and security, we believe two global economic shifts are fueling a need for a greater volume of and more rapidly delivered Earth observation data: the digital transformation and sustainability transformation of the global economy.
Industry Trends We believe that the increasing call for global peace and security, as well as the digital and sustainability transformations of the global economy, are fueling a need for a greater volume of and more rapidly delivered Earth observation data.
Energy & Utilities: We view infrastructure and asset monitoring, proof of permit and code enforcement, air and water pollution monitoring, spill and disaster management, and earth data for geo-mapping services associated with these use cases, among others, as significant drivers of this market opportunity.
In addition, we believe geo-mapping foundation data, maritime domain awareness, humanitarian and disaster recovery, and natural resource monitoring are examples of the many potential drivers of this opportunity. 3 Table of Contents Energy & Utilities: We view infrastructure and asset monitoring, proof of permit and code enforcement, air and water pollution monitoring, spill and disaster management, and earth data for geo-mapping services associated with these use cases, among others, as significant drivers of this market opportunity.
Additional information about the regulations affecting our business and the related risks appears in the “Risk Factors” section of this report. Corporate Information We were incorporated under the laws of the state of Delaware on December 15, 2020, under the name dMY Technology Group, Inc. IV, a blank check company (“dMY IV”).
For more information about the regulations affecting our business and the related risks, see "Risks Related to Legal and Regulatory Matters" in Item 1A, "Risk Factors". Corporate Information We were incorporated under the laws of the state of Delaware on December 15, 2020, under the name dMY Technology Group, Inc. IV, a blank check company (“dMY IV”).
Our Opportunity Our founding team built Planet on the concept of agile aerospace methodology. This has enabled us to leverage parallel innovations in AI, computing, and cloud-based storage to house and analyze a distinctive data set of daily Earth changes, and to build market-leading tools to help customers and partners extract value.
This has enabled us to leverage industry innovations in AI, computing, and cloud-based storage to house and analyze a distinctive data set of daily Earth changes, and to build market-leading tools to help customers and partners extract value from those data sets.
Many customers use Planet data and APIs to power web applications and large data pipelines. (2) Planet Apps: We have developed proprietary web applications that make it easy to work with our geospatial data.
With Planet APIs, developers can quickly and efficiently do raster and statistical analysis, and stream the results into GIS software. Many customers use Planet data and APIs to power web applications and large data pipelines. (2) Planet Apps: We have developed proprietary web applications that make it easy to work with our geospatial data.
Descriptions of each follow. Planet Monitoring: Our satellites work together to create an always-online scanner for the planet with the goal to image the Earth every day at a resolution (Ground Sampling Distance, “GSD”) of up to 3.5 meters.
Our fleet of satellites enables us to provide proprietary data solutions, including: (1) Planet Monitoring, (2) Planet Tasking, and (3) Planet Hyperspectral. Planet Monitoring: Our SuperDove satellites work together to create an always-online scanner for the planet with the goal to image the Earth every day at a resolution (Ground Sampling Distance, “GSD”) of up to 3.5 meters.
We aim to continuously acquire, integrate and partner with new capabilities and tools, thereby improving the user experience of our platform as well as providing tools that simplify the use of earth observation data. Essentially, we believe enhanced derived product solutions can speed up the mission utility and business value for our customers and partners.
We aim to continuously acquire, integrate and partner with new capabilities and tools, thereby improving the user experience of our platform as well as providing tools that simplify the use of earth observation data.
We believe the issues facing the world are becoming increasingly more complex, and that our satellite imagery and tools can help enable unbiased, factual, and real-time reporting and decision making by governments, NGOs, media and think tanks. Further, we believe the near real-time pictures from space that we provide are critical to global transparency and encourage increased peace and security.
We believe that our satellite imagery, satellite hardware development capabilities, and tools can help enable unbiased, factual, and timely reporting and decision making by governments, NGOs, media and think tanks. Further, we believe the data from space that we provide is critical to global transparency and to encourage peace and security.
Additionally, we believe our archive of historical Earth data and analytics capabilities also set us apart from our competitors, allowing us to speed up the mission utility and business value for our customers and partners. Scalable Business Model: We have recurring subscription- and usage-based revenue contracts, which provide visibility into potential future growth.
Additionally, we believe our archive of historical Earth data and analytics capabilities also set us apart from our competitors by allowing us to speed up the mission utility and business value for our customers and partners.
In addition, as more organizations digitize their workflows, it is increasingly important to deliver solutions that are cloud-native to take advantage of the cost savings and scale derived from cloud technologies.
In addition, as more organizations digitize their workflows, it is increasingly important to deliver solutions that are cloud-native to take advantage of the cost savings and scale derived from cloud technologies. Overall, we believe these transformational shifts are driving demand for near real-time understanding of the impact of global changes across the Earth.
Inclusion We believe that a strong, dynamic workplace only exists where people with diverse backgrounds and experiences are empowered to share their values and perspectives, challenge themselves with new ideas, and think critically on difficult questions.
We believe that a strong, dynamic workplace only exists under these circumstances, and where our resources are empowered to share their values and perspectives, challenge themselves with new ideas, and think critically on difficult questions. We advance open communication and other creative strategies across our company.
We believe as customers derive more value from the platform, they increase their usage by incorporating insight from our data into their workflows and analyses. This creates a feedback loop that drives our technology roadmap, from the high-level analytics and end-user applications all the way down the stack to new sensors in space to capture valuable information for our customers.
This creates a feedback loop that drives our technology roadmap, from the high-level analytics and end-user applications all the way down the stack to new sensors in space to capture valuable information for our customers. Differentiated Offering: We believe our offerings set us apart from other companies in the geospatial data industry.
This immense historical archive is impossible to go back in time to re-collect, and represents a significant competitive advantage. Our deep data archive is used to train our models, an important asset for delivering useful insights. Our fleet of satellites enables us to provide proprietary data solutions, including: (1) Planet Monitoring, (2) Planet Tasking, and (3) Derived Products.
Because this immense historical archive is impossible to go back in time to re-collect, we believe it represents a significant competitive advantage. Our deep data archive is used to train our models, an important asset for delivering useful insights.
This has also enabled major improvements to the cost-performance of satellite manufacturing, ground stations, and mission operations. We believe we are well-positioned to help power the digital and sustainability transformations with our extensive Earth data set and robust analytic capabilities which are optimized to measure ongoing activity and its environment all delivered through our cloud-native platform.
Our innovation in agile aerospace has also enabled us to improve the cost-performance of satellite manufacturing, ground stations, and mission operations. Our extensive Earth data set and robust analytic capabilities which are optimized to monitor ongoing activity, are delivered through our cloud-native platform.
We believe making powerful satellites in small packages has enabled us to launch many more satellites than our nearest competitor. It enables us to design missions that were unheard of until recently, such as our daily data set delivered via our satellite fleet.
It enables us to design missions that were unheard of until recently, such as our daily data set delivered via our satellite fleet.
Differentiated Offering: We believe our offerings set us apart from other companies in the geospatial data industry. We combine our daily scanning capabilities, which enable broad area monitoring at a significant scale, with our complimentary high-resolution satellites, which customers can task to capture a higher resolution image of specific areas of interest.
We combine our daily scanning capabilities, which enable broad area monitoring at a significant scale, with our complementary high-resolution and hyperspectral satellites, which customers can task to capture a higher resolution image or additional spectral bands of specific areas of interest.
Civil Government: Our data can enable forest health monitoring, agriculture monitoring and food security, protection of biodiversity, ecosystems and parks, water conservation and efficiency, permitting and code enforcement, disaster management, geo-mapping, and smart city planning. 3 Table of Contents Defense & Intelligence: Governments are strategically engaging with commercial space and remote sensing companies to leverage sharable, unclassified subscription products to complement more traditional defense and security industrial solutions.
Civil Government: Our data can enable forest health monitoring, agriculture monitoring and food security, protection of biodiversity, ecosystems and parks, water conservation and efficiency, permitting and code enforcement, disaster management, geo-mapping, and smart city planning.
Planet Tasking: With high-resolution satellites in orbit and our rapid revisit capability, we can capture a specified location several times per day to achieve a resolution (Ground Sampling Distance, “GSD”) of up to 50 centimeters after processing..
Planet Tasking: With high-resolution satellites in orbit and our rapid revisit capability, we can capture a specified location several times per day to achieve a resolution (GSD) of up to 50 centimeters after processing. The agile tasking satellites, all powered by an application programming interface (“API”), can perform multiple imaging modes, including points, long strips, stereo collects, and video.
Our aerospace innovation has enabled us to maintain the world’s largest fleet of imaging satellites in history, with the capability to image the world every day. This has enabled us to generate a proprietary, vast data archive that grows daily.
Proprietary Big Data: Our technology is designed to put the power of knowledge about the Earth into the hands of more people. Our aerospace innovation has enabled us to maintain the world’s largest fleet of imaging satellites in history, with the capability to image the world every day.
Agile Aerospace: We are a pioneer in “agile aerospace” — the rapid development and deployment of new space-based hardware and related software systems. This is similar to the agile software approach of releasing early and often to rapidly iterate capabilities, but applied to space.
Our Opportunity Our founding team built Planet on the concept of “agile aerospace” methodology: the rapid development and deployment of new space-based hardware and related software systems, similar to the “agile software” approach of releasing early and often to rapidly iterate capabilities.
With our one-to-many business model, our margins improve with economies of scale, as there is low marginal cost to sell incremental access to our data. Because we can sell our imagery data 7 Table of Contents and analytics to multiple end customers, we believe our solutions enable us to capture market share across broad vertical markets.
Because we can sell our imagery data and analytics to multiple end customers, we believe our solutions enable us to capture market share across broad vertical markets.
Some of our derived products leverage data from third party sources, such as those produced by the government-operated fleets like Sentinel and LandSat, which enhance the value of our derived products.
Some of our derived products leverage data from third party sources, such as those produced by the government-operated fleets like Sentinel and LandSat, which enhance the value of our derived products. We also work closely with partners, particularly those focused on leveraging Generative AI technology (GenAI) and Large Language Models (LLMs) to derive actionable insights from Planet’s Earth Observation data.
For more details, please read the section entitled “Risk Factors.” Our Competitive Position We believe we have a differentiated offering, offering high-cadence imaging of the whole Earth’s landmass, a scalable business model enabled by a one-to-many use of imagery and the industry experience that sets us apart from our competitors.
For more details, please read the section entitled “Risk Factors.” 7 Table of Contents Our Competitive Position We believe our cutting edge technology, our industry experience, and our scalable business model, enabled by the one-to-many use of our data, set us apart from our competitors. Our competitive moats include agile aerospace mission capabilities, proprietary big data, and platform analytics.
Key responsibilities for our sales organization include acquiring new customers, maintaining relationships and expanding business with our existing customers, and ensuring contract renewals.
Our sales team is primarily organized by customer industry to support customer adoption and growth within each sector that we serve. Key responsibilities for our sales organization include acquiring new customers, maintaining relationships and expanding business with our existing customers, and driving contract renewals.
Sustainability Transformation: Organizations globally are increasingly focused on reducing their environmental impact and operating more sustainably. We believe this has increased opportunities in early-stage venture funding for clean tech companies and climate tech investments.
Sustainability Transformation: Organizations globally are focused on proactively managing their environmental impact and operating more sustainably.
(5) Planetary Variables : We produce and offer Planetary Variables by combining observations from Planet’s satellites and broader observations from a range of public satellite constellations.
(5) Planetary Variables : We produce and offer Planetary Variables advanced algorithms that process satellite data from Planet’s satellites and broader observations from a range of public satellite constellations, including NASA LandSat and ESA Sentinel satellites, among others. These programs capture different but complementary data sets, such as passive microwave data, other spectral bands, and more.
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Industry Overview For decades, legacy commercial satellite data providers and governments captured Earth imagery via large high-cost satellites that took years to design and manufacture and resulted in complex data sets that only governments and large enterprises could afford or interpret.
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While regulations overseeing environmental impact and sustainability are 2 Table of Contents subject to policy makers’ priorities in each country or region, we believe the shift toward monitoring and managing environmental outcomes and responding to natural disasters will continue; and that satellite imagery and capabilities are a critical component of effective and broad-scale sustainability solutions.
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In the last decade or so, a global increase in space investment has resulted in lower average launch costs, technological innovations in electronics, new market entrants, and product-driven entrepreneurial companies leveraging the commoditization of cloud computing to grow data platform businesses.
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Defense & Intelligence: Governments are strategically engaging with commercial space and remote sensing companies to leverage sharable, unclassified subscription products to complement more traditional defense and security industrial solutions.
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Further, driven by public sentiment and a growing focus on sustainability by investors and stakeholders with evolving views on fiduciary duties, regulators have recently begun imposing Environmental, Social & Governance (“ESG”) goals on select large companies, and we believe formal legislation to more strictly enforce sustainable business practices may be adopted in the future.
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We also go to market with analytics partners focused on leveraging GenAI and LLMs to derive valuable and actionable information from our Earth Observation data. Finally, we encourage product experimentation by users via initiatives such as our Education and Research Program, among others.
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Overall, we believe these transformational shifts are driving organizations to better manage these risks and drive new growth strategies by having near real-time understanding of the impact of global changes across the Earth.
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Agile Aerospace: We are a pioneer in “agile aerospace” — the rapid development and deployment of new space-based hardware and related software systems. We believe making powerful satellites in small packages has enabled us to launch more satellites than our nearest competitor.
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In addition, we believe geo-mapping foundation data, maritime domain awareness, humanitarian and disaster recovery, and natural resource monitoring are examples of the many potential drivers of this opportunity.
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We also believe it enables us to quickly address emerging market requirements ahead of other providers. We have engaged in strategic partnerships leveraging our agile aerospace approach and differentiated technology. Examples of this include our Tanager hyperspectral satellite, made possible by the philanthropically funded Carbon Mapper Coalition, and the satellite services agreement with SKY Perfect JSAT announced in January 2025.
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We also believe it enables us to quickly address emerging market requirements ahead of other providers. Proprietary Big Data: Our technology is designed to put the power of knowledge about the Earth into the hands of more people.
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Under the JSAT agreement, Planet expects to build, launch, and operate 10 Pelican high-resolution tasking satellites for JSAT. Planet intends to leverage the increased capacity of the expanded fleet to serve government and commercial customers around the world. We may engage in similar satellite services engagements in the future.
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The agile tasking satellites, all powered by an application programming interface (“API”), can perform multiple imaging modes, including points, long strips, stereo collects, and video. Derived Products: Our automated, cloud-native platform processes and manages our proprietary data catalog and extracts useful information to deliver to our customers and partners.
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Planet Hyperspectral : Our hyperspectral imaging satellite, Tanager, is designed to deliver full-spectrum imagery across the visible and shortwave infrared regions, capturing over 400 spectral bands at a resolution (GSD) of 30 meters. Tanager was developed in collaboration with NASA’s Jet Propulsion Laboratory and sponsored by Carbon Mapper, a philanthropically-funded effort to detect and track methane and CO2 super-emitters.
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Our analytic feeds use the latest AI and machine learning techniques for a broad range of land-classification, object-detection, and automated change detection capabilities, from road and building detection, ships, planes, oil well pads, and more.
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Tanager-1, the first satellite in this offering, was launched in August 2024. Platform and Analytics: Our cloud-native Earth Observation platform enables customers and partners to access, analyze, and act on our proprietary data catalog by discovering relevant data layers, extracting useful information, and delivering insights through custom-build solutions or GIS workflows via APIs and browser-based applications.
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Our Growth Strategy We seek to unlock and maximize the value of our data for organizations globally by making it easier to use and consume by more users: from data scientists to analysts, policy makers, and decision makers — by integrating critical geospatial data directly into their own workflows and analytic models and to drive favorable outcomes.
Added
We have recently made Planet data available for purchase more simply and directly through our Planet Insights Platform (which has integrated the former Sentinel Hub platform), which facilitates rapid user adoption, particularly by empowering users to self-service our solutions without formal sales interaction.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

236 edited+47 added−48 removed332 unchanged
Biggest changeAlternatively, if a court were to find these provisions of our Charter inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors. 49 Table of Contents As a public benefit corporation, our focus on a specific public benefit purpose and producing a positive effect for society may negatively impact our financial performance and may subject us to increased derivative litigation concerning our and our directors’ duty to balance stockholder and public benefit interest, the occurrence of which may have an adverse impact on our financial condition and results of operations.
Biggest changeSection 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. 49 Table of Contents Alternatively, if a court were to find these provisions of our Charter inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.
We have spent, and intend to keep spending, considerable resources to educate potential customers about analytics products and services in general and our platform in 13 Table of Contents particular. However, we cannot be sure that these expenditures will help our platform achieve any additional market acceptance.
We have spent, and intend to keep spending, considerable resources to educate potential customers about analytics products and services in general and our platform in particular. However, we cannot be sure that 13 Table of Contents these expenditures will help our platform achieve any additional market acceptance.
Any launch failure, underperformance, delay, or increase in the cost of satellite launches or related services, could have a material adverse effect on our results of operations, business prospects and financial condition.
Any launch failure, underperformance, delay, or increase in the cost of satellite launches or related services, could have a material and adverse effect on our results of operations, business prospects and financial condition.
Disruptions in U.S. government operations and funding could have a material adverse effect on our revenues, earnings and cash flows and otherwise adversely affect our financial condition. A meaningful portion of our revenue is generated from U.S. and other government customers.
Disruptions in U.S. government operations and funding could have a material and adverse effect on our revenues, earnings and cash flows and otherwise adversely affect our financial condition. A meaningful portion of our revenue is generated from U.S. and other government customers.
We depend on a limited number of suppliers for critical supplies and services, for research, development, manufacturing and launch of our satellites, which could in turn harm our business, prospects, financial condition and results of operations.
We depend on a limited number of suppliers for critical supplies and services, and for research, development, manufacturing and launch of our satellites, which could in turn harm our business, prospects, financial condition and results of operations.
Any delays in the design, construction or launch of our satellites could have a material adverse effect on our business, financial condition and results of operations.
Any delays in the design, construction or launch of our satellites could have a material and adverse effect on our business, financial condition and results of operations.
The availability of our products and services depends on the continuing operation of our satellites, satellites operations infrastructure, archived data, information technology and communications systems, and other related systems.
The availability of our products and services depends on the continuing operation and availability of our satellites, satellites operations infrastructure, archived data, information technology and communications systems, and other related systems.
Further, any security breach or other security incident, or the perception that one has occurred, could result in a loss of customer confidence in the security of our platform, the reliability of our imagery, and damage to our brand, reduce demand for our products and services, disrupt our platform and other aspects of our business operations, cause us to fail to meet our service level commitments, require us to spend material resources in efforts to investigate or correct the breach or incident and to prevent future security breaches and incidents, expose us to legal proceedings and liabilities, including litigation, regulatory enforcement, and indemnity obligations, result in our customers terminating contracts with us, and adversely affect our business, financial condition, and results of operations.
Further, any security breach or other security incident, or the perception that one has occurred, could result in a loss of customer confidence in the security of our platform, the reliability of our imagery, and damage to our brand, reduce demand for our products and services, disrupt our platform and other aspects of our business operations, cause us to fail to meet our service level commitments, require us to spend material resources in efforts to investigate or correct the breach or incident and in efforts to prevent future security breaches and incidents, expose us to legal proceedings and liabilities, including litigation, regulatory enforcement, and indemnity obligations, result in our customers terminating contracts with us, and adversely affect our business, financial condition, and results of operations.
Any of these events would have a material adverse effect on our business, financial condition and results of operations. A significant portion of our revenue is generated by licensing our intellectual property rights in our images to customers.
Any of these events would have a material and adverse effect on our business, financial condition and results of operations. A significant portion of our revenue is generated by licensing our intellectual property rights in our images to customers.
Changes to tax laws or regulations in the jurisdictions in which we operate, or in the interpretation of such laws or regulations, could significantly increase our effective tax rate and reduce our cash flow from operating activities, and otherwise have a material adverse effect on our financial condition.
Changes to tax laws or regulations in the jurisdictions in which we operate, or in the interpretation of such laws or regulations, could significantly increase our effective tax rate and reduce our cash flow from operating activities, and otherwise have a material and adverse effect on our financial condition.
To the extent we are not able to offset future taxable income with our net operating losses, our net income and cash flows may be adversely affected. 38 Table of Contents We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics could adversely affect our reputation and our business.
To the extent we are not 38 Table of Contents able to offset future taxable income with our net operating losses, our net income and cash flows may be adversely affected. We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics could adversely affect our reputation and our business.
Although we believe our current investment portfolio 39 Table of Contents has little risk of material impairment, we cannot predict future market conditions, market liquidity or credit availability, and can provide no assurance that our investment portfolio will remain materially unimpaired. We may face exposure to foreign currency exchange rate fluctuations.
Although we believe our current investment portfolio has little risk of material impairment, we cannot predict future market conditions, market liquidity or credit availability, and can provide no assurance that our investment portfolio will remain materially unimpaired. 39 Table of Contents We may face exposure to foreign currency exchange rate fluctuations.
If our employees are unable to obtain or retain security clearances or if our employees who hold security clearances terminate employment with us, our ability to perform classified work may be negatively affected, including the potential termination of a classified contract. 42 Table of Contents We cannot guarantee that we will be able to maintain our facility security clearance.
If our employees are unable to obtain or retain security clearances or if our employees who hold security clearances 42 Table of Contents terminate employment with us, our ability to perform classified work may be negatively affected, including the potential termination of a classified contract. We cannot guarantee that we will be able to maintain our facility security clearance.
Failure to comply with the NISPOM or other security requirements may subject us to civil or criminal penalties, loss of the facility clearance, loss of U.S. government contracts, or potential suspension or debarment as a government contractor, any of which could have a material adverse effect on our business, financial condition and operating results.
Failure to comply with the NISPOM or other security requirements may subject us to civil or criminal penalties, loss of the facility clearance, loss of U.S. government contracts, or potential suspension or debarment as a government contractor, any of which could have a material and adverse effect on our business, financial condition and operating results.
There is no assurance that we will achieve our public benefit purpose or that the expected positive impact from being a public benefit corporation will be realized, which could have a material adverse effect on our reputation, which in turn may have a material adverse effect on our business, results of operations and financial condition.
There is no assurance that we will achieve our public benefit purpose or that the expected positive impact from being a public benefit corporation will be realized, which could have a material and adverse effect on our reputation, which in turn may have a material and adverse effect on our business, results of operations and financial condition.
Accordingly, being a public benefit corporation and complying with our related obligations could have a material adverse effect on our business, results of operations and financial condition, which in turn could cause our stock price to decline.
Accordingly, being a public benefit corporation and complying with our related obligations could have a material and adverse effect on our business, results of operations and financial condition, which in turn could cause our stock price to decline.
If we fail to maintain effective internal controls over financial reporting at a reasonable assurance level, we may not be able to accurately report our financial results, which could have a material adverse effect on our operations, investor confidence in our business and the trading prices of our securities.
If we fail to maintain effective internal controls over financial reporting at a reasonable assurance level, we may not be able to accurately report our financial results, which could have a material and adverse effect on our operations, investor confidence in our business and the trading prices of our securities.
Any failure or perceived failure by us to comply with laws, regulations, our privacy policies, contractual or other actual or asserted obligations, including industry standards or codes of conduct, relating to privacy, data protection, or the storage, use, retention, capture, or other processing of data, including personal information or other data relating to individuals, may result in claims, demands, and litigation by private parties, governmental inquiries, enforcement actions, and other proceedings, fines, penalties, or other liabilities, public statements against us by consumer advocacy groups or others, a loss of trust in us by our customers, reduction in demand for our products and services, and other harm to our reputation and market position, any of which could have a material adverse effect on our reputation, business, financial condition, and results of operations.
Any failure or perceived failure by us to comply with laws, regulations, our privacy policies, contractual or other actual or asserted obligations, including industry standards or codes of conduct, relating to privacy, data protection, cybersecurity, or the protection, storage, use, retention, capture, or other processing of data, including personal information or other data relating to individuals, may result in claims, demands, and litigation by private parties, governmental inquiries, enforcement actions, and other proceedings, fines, penalties, or other liabilities, public statements against us by consumer advocacy groups or others, a loss of trust in us by our customers, reduction in demand for our products and services, and other harm to our reputation and market position, any of which could have a material and adverse effect on our reputation, business, financial condition, and results of operations.
These provisions provide for, among other things: • the ability of our board of directors to issue one or more series of preferred stock; • the fact that we are a public benefit corporation, as discussed below; • certain limitations on convening special stockholder meetings; • advance notice for nominations of directors by stockholders and for stockholders to include matters to be considered at our annual meetings; and • a multi-class common stock structure with 20 votes per share of our Class B common stock, providing the Planet Founders the ability to control the outcome of matters requiring stockholder approval, even though the Planet Founders own less than a majority of the outstanding shares of our capital stock.
These provisions provide for, among other things: • the ability of our board of directors to issue one or more series of preferred stock; • the fact that we are a public benefit corporation, as discussed below; • certain limitations on convening special stockholder meetings; • advance notice for nominations of directors by stockholders and for stockholders to include matters to be considered at our annual meetings; and • a multi-class common stock structure with 20 votes per share of our Class B common stock, providing the Planet Founders the ability to control the outcome of many matters requiring stockholder approval, even though the Planet Founders own less than a majority of the outstanding shares of our capital stock.
Numerous factors, however, may impede our ability to add new customers, including our failure to attract, effectively train, retain, and motivate sales and marketing personnel, our failure to develop or expand relationships with third parties, our inability to convert initial usage into ongoing utilization of our platform and services, and our failure to successfully deliver our services and provide quality customer support once delivered.
Numerous factors, however, may impede our ability to add new customers, including our failure to attract, effectively train, retain, and motivate sales and marketing personnel, our failure to develop or expand relationships with third parties, our inability to convert initial usage into ongoing utilization of our platform, products and services, and our failure to successfully deliver our products or services and provide quality customer support once delivered.
In particular, we intend to continue to expend significant funds to further develop our platform, launch additional satellites, expand our data analytics capabilities, increase our sales force to enter into new verticals, and expand use cases and integrations, amongst other things, and to consider strategic acquisitions, which may cause us to incur significant acquisition costs.
In particular, we intend to continue to expend significant funds to further develop our platform, build and launch additional satellites, expand our data analytics capabilities, increase our sales force to enter into new verticals, and expand use cases and integrations, amongst other things, and to consider strategic acquisitions, which may cause us to incur significant acquisition costs.
Further, we have in the past, and may in future, lose a number of employees as a result of one or more employees leaving and encouraging others to join them. If this were to occur again, it could seriously harm our business. As we become a larger company, we may find our recruiting efforts more challenging.
We have in the past, and may in future, lose a number of employees as a result of one or more employees leaving and encouraging others to join them. If this were to occur again, it could seriously harm our business. As we become a larger company, we may find our recruiting efforts more challenging.
If we or our third-party partners enable or offer AI solutions that are controversial because of their purported or real impact on society, governments, the socio-political climate, our financial condition and operations or the financial condition and operations of our customers, we may experience competitive harm, legal liability and brand or reputational harm.
If we or our third-party partners enable or offer AI solutions that are controversial or illegal because of their purported or real impact on society, governments, the socio-political climate, our financial condition and operations or the financial condition and operations of our customers, we or our customers may experience competitive harm, legal liability and brand or reputational harm.
With larger organizations, the decision to subscribe to our platform frequently requires the approvals of multiple management personnel and more technical personnel than would be typical of a smaller organization and, accordingly, sales to larger organizations may require us to invest more time educating and preparing offer for these potential customers.
With larger organizations, the decision to subscribe to our platform frequently requires the approvals of multiple management personnel and more technical personnel than would be typical of a smaller organization and, accordingly, sales to larger organizations may require us to invest more time educating and preparing for these potential customers.
Because many different security vulnerabilities exist and exploits of such vulnerabilities continue to evolve, we may be unable to anticipate cyberattacks and other means of attempting or effectuating security breaches or incidents, identify or detect any breach or incident, react in a timely manner, or implement adequate preventative measures.
Many different security vulnerabilities exist and exploits of such vulnerabilities continue to evolve, and we may be unable to anticipate cyberattacks and other means of attempting or effectuating security breaches or incidents, identify or detect any breach or incident, react in a timely manner, or implement adequate preventative measures.
Our future success will depend in large part on our ability to further penetrate the existing market for Earth imaging and related data analytics. Our ability to further penetrate this market depends on a number of factors, including the cost, performance, and perceived value associated with our platform and our proprietary data.
Our future success will depend in large part on our ability to further penetrate the existing market for satellites, Earth imaging and related data analytics. Our ability to further penetrate this market depends on a number of factors, including the cost, performance, and perceived value associated with our satellites, our platform and our proprietary data.
Additionally, any such derivative litigation may be costly, which may have an adverse impact on our financial condition and results of operations. The obligations associated with being a public company involve significant expenses and require significant resources and management attention, which may divert from our business operations.
Additionally, any such litigation may be costly, which may have an adverse impact on our financial condition and results of operations. The obligations associated with being a public company involve significant expenses and require significant resources and management attention, which may divert from our business operations.
Accordingly, the results of any one quarter should not be relied upon as an indication of future performance. Our quarterly financial results and metrics may fluctuate as a result of a variety of factors, many of which are outside of our control and may not fully reflect the underlying performance of our business.
Accordingly, the results of any one quarter should not be relied upon as an indication of future performance. Our quarterly and annual financial results and metrics may fluctuate as a result of a variety of factors, many of which are outside of our control and may not fully reflect the underlying performance of our business.
This potential liability does not exist for traditional corporations. Therefore, we may be subject to the possibility of increased derivative litigation, which would require the attention of our management, and, as a result, may adversely impact our management’s ability to effectively execute our strategy.
This potential liability does not exist for traditional corporations. Therefore, we may be subject to the possibility of increased litigation, which would require the attention of our management, and, as a result, may adversely impact our management’s ability to effectively execute our strategy.
We also are subject to the terms of our own privacy policies and certain obligations to third parties, and may seek to comply with, or be asserted to be subject to, certain industry standards, industry codes of conduct, and other actual or asserted obligations, relating to privacy and data protection.
We also are subject to the terms of our own privacy policies and certain obligations to third parties, and may seek to comply with, or be asserted to be subject to, certain industry standards, industry codes of conduct, and other actual or asserted obligations, relating to privacy, data protection, and cybersecurity.
If the analyses that AI applications assist in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational harm. Some AI scenarios present ethical issues.
If the analyses that AI applications assist in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational harm. Some AI scenarios present ethical or regulatory issues.
We cannot be sure that we will be able to convert interest in our analytics products and services into sales, that these markets will continue to grow or, even if they do grow, that businesses will adopt our platform.
We cannot be sure that we will be able to convert interest in our satellites, analytics products and services into sales, that these markets will continue to grow or, even if they do grow, that businesses will adopt our platform.
If we do not help our customers quickly resolve issues and provide effective ongoing support, our ability to maintain and expand our subscriptions to existing and new customers could suffer, and our reputation with existing or potential customers could suffer.
If we do not help our customers quickly resolve issues and provide effective ongoing support, our ability to maintain and expand our subscriptions and products to existing and new customers could suffer, and our reputation with existing or potential customers could suffer.
Furthermore, potential customers could have made significant investments in alternative platforms or services, or may not be persuaded that our proprietary data is needed for their business or operations.
Furthermore, potential customers could have made significant investments in alternative satellites, platforms or services, or may not be persuaded that our proprietary data is needed for their business or operations.
As a public benefit corporation, we are less attractive as a takeover target than a traditional company would be and, therefore, your ability to realize your investment through an acquisition may be limited.
As a public benefit corporation, we may be less attractive as a takeover target than a traditional company would be and, therefore, your ability to realize your investment through an acquisition may be limited.
Any downtime, damage to or failure of our systems as a result of a natural disaster or man-made problem could result in interruptions in our service, which could reduce our revenue and profits.
Any downtime, damage to or disruption or failure of our systems as a result of a natural disaster or man-made problem could result in interruptions in our service, which could reduce our revenue and profits.
Security breaches or incidents or unauthorized access to our systems, platform, or products, or the systems of our third-party service providers, could lead to interruptions and other disruptions to our platform and other aspects of our operations, damage or unauthorized access to, or the loss, destruction, unavailability, or unauthorized alteration, disclosure, or other processing of, our or our customers’ data, and claims, demands, disputes, and litigation made or initiated by governmental authorities and private parties, investigations and other proceedings initiated by governmental authorities indemnity obligations, fines, penalties, and other liabilities.
Security breaches or incidents, cyber-attacks or unauthorized access to our systems, platform, or products, or the systems of our third-party service providers, could lead to interruptions and other disruptions to our platform and other aspects of our operations, damage or unauthorized access to, or the loss, destruction, unavailability, or unauthorized alteration, disclosure, or other processing of, our or our customers’ data, and claims, demands, disputes, and litigation made or initiated by governmental authorities and private parties, investigations and other proceedings initiated by governmental authorities indemnity obligations, fines, penalties, and other liabilities.
Among other things, our applications, systems, networks, software, or physical facilities could be breached or otherwise compromised, or the personal or confidential information that we store or otherwise process could be subject to unauthorized acquisition or other processing or otherwise compromised, due to employee error or malfeasance, if, for example, third parties fraudulently induce our employees or our members to disclose information or user names and/or passwords, or otherwise compromise the security of our networks, systems and/or physical facilities.
Among other things, our applications, systems, networks, software, or physical facilities could be breached or otherwise compromised, or the personal, confidential, or export-controlled information that we store or otherwise process could be subject to unauthorized acquisition or other processing or otherwise compromised, due to employee error or malfeasance, if, for example, third parties fraudulently induce our employees or our members to disclose information or user names and/or passwords, or otherwise compromise the security of our networks, systems and/or physical facilities.
Our ability to sell our products and services on a global basis may also be reduced or restricted due to increased U.S., E.U. or other government regulations.
Our ability to sell our products and services on a global basis may also be reduced or restricted due to increased U.S., E.U. or other government regulations or other government actions.
We do not intend to pay cash dividends for the foreseeable future. We currently intend to retain our future earnings, if any, to finance the further development and expansion of our business and do not intend to pay cash dividends in the foreseeable future.
We currently intend to retain our future earnings, if any, to finance the further development and expansion of our business and do not intend to pay cash dividends in the foreseeable future.
Furthermore, some of our customers may seek bankruptcy protection or other similar relief, including as a result of the impacts and disruptions caused by nationals and global health concerns or other global events, and fail to pay amounts due to us, or pay those amounts more slowly, either of which could adversely affect our business, results of operations and financial condition.
Furthermore, some of our customers may seek bankruptcy protection or other similar relief, including as a result of the impacts and disruptions caused by national and global health concerns or other global events, and fail to pay amounts due to us, or pay those amounts more slowly, either of which could adversely affect our business, results of operations and financial condition.
In the event that our service agreements with our third-party hosting services are terminated, or there is a lapse of service, elimination of services or features that we utilize, interruption of internet service provider connectivity or damage to such facilities, we could experience interruptions in access to our platform as well as significant delays and additional expense in arranging or creating new facilities and services and/or re-architecting our cloud solution for deployment on a different cloud infrastructure service provider, which could adversely affect our business, financial condition and results of operations.
In the event that our service agreements with our third-party hosting services are terminated, or there is a lapse of service, elimination of services or features that we utilize, interruption of internet service provider connectivity or 27 Table of Contents damage to such facilities, we could experience interruptions in access to our platform as well as significant delays and additional expense in arranging or creating new facilities and services and/or re-architecting our cloud solution for deployment on a different cloud infrastructure service provider, which could adversely affect our business, financial condition and results of operations.
Additionally, we conduct business in countries where due to the global political and economic climate, such business relationships maybe viewed as negative or such business relationships may become difficult to maintain, all of which could adversely affect our brand and our reputation and, as a result, could harm our business, financial condition, and results of operations.
Additionally, we conduct business in countries where due to the global political and economic climate, such business relationships may be viewed as negative or such business relationships may become difficult to maintain, all of which could adversely affect our brand and our reputation and, as a result, could harm our business, financial condition, and results of operations.
Although we intend to obtain and maintain insurance for our inventory, operating satellites and certain launches, any determination we make as to whether to obtain insurance coverage will depend on a variety of factors, including the availability of insurance in the market, the cost of available insurance and the redundancy of our operating satellites.
Although we intend to obtain and maintain insurance for our inventory, operating satellites and certain launches, any determination we make as to whether to obtain insurance coverage will depend on a variety of factors, including the availability of insurance in the market, regulatory requirements, the cost of available insurance and the redundancy of our operating satellites.
In addition, if one of our satellite launches fail or if our satellites need to be replaced, there is no assurance of insurance recovery or the timing thereof and we may need to exhaust or significantly draw upon our available debt facilities or obtain additional financing.
In addition, if one of our satellite launches fails or if our satellites need to be replaced, there is no assurance of insurance recovery or the timing thereof and we may need to exhaust or significantly draw upon our available debt facilities or obtain additional financing.
Even if obtained, our on-orbit operations insurance will not cover any loss in revenue incurred as a result of a partial or total satellite loss. Our quarterly results may fluctuate significantly and may not fully reflect the underlying performance of our business.
Even if obtained, our on-orbit operations insurance will not cover any loss in revenue incurred as a result of a partial or total satellite loss. Our financial results may fluctuate significantly and may not fully reflect the underlying performance of our business.
If the protection of our intellectual property and proprietary rights is inadequate to prevent use or appropriation by third parties, the value of our brand and other intangible assets may be diminished and competitors may be able to more effectively mimic our service and methods of operations.
If the protection of our intellectual property and proprietary rights is inadequate to prevent use or appropriation by third parties, the value of our brand and other intangible assets may be diminished and competitors may be able to more effectively mimic our services and methods of operations.
The market for satellite imagery and related analytics products and services, in particular, continues to evolve, and the market for our data may not be as significant as we expect. Further, the number of customers that we believe may be interested in our analytics products and services may be less than we anticipate.
The market for satellites, satellite imagery and related analytics products and services, in particular, continues to evolve, and the market for our data or our satellites may not be as significant as we expect. Further, the number of customers that we believe may be interested in our satellites analytics products and services may be less than we anticipate.
The U.S. government, European Commission, and other governments have developed, constructed, launched and begun to operate their own imagery satellites, and may further enhance such imagery satellites, which could reduce their need to rely on commercial suppliers.
In addition, the U.S. government, the European Commission, and other governments have developed, constructed, launched and begun to operate their own imagery satellites, and may further enhance such imagery satellites, which could reduce their need to rely on commercial suppliers.
The FAR governs all aspects of government contracting, including contractor qualifications and acquisition procedures, and also contain provisions that give the government many rights and remedies which are unfavorable to contractors and not typically found in commercial contracts.
The FAR governs all aspects of government contracting, including contractor qualifications and acquisition procedures, and also contains provisions that give the government many rights and remedies which are unfavorable to contractors and not typically found in commercial contracts.
For example, to the extent catastrophic events become more frequent, it may adversely impact the availability or cost of insurance. 27 Table of Contents Additionally, we expect to be subject to risks associated with societal efforts to mitigate or otherwise respond to climate change, including but not limited to increased regulations, evolving stakeholder expectations, and changes in market demand.
For example, to the extent catastrophic events become more frequent, it may adversely impact the availability or cost of insurance. Additionally, we expect to be subject to risks associated with societal efforts to mitigate or otherwise respond to climate change, including but not limited to increased regulations, evolving stakeholder expectations, and changes in market demand.
We could be required to fundamentally change our business activities and practices in response to a security breach or incident or related regulatory actions or claims, demands, or litigation (or in anticipation of a potential claim of breach or violation of laws, regulations, or other actual or asserted obligations, or of regulatory action or litigation), any of which could have an adverse effect on our business.
We could be required to fundamentally change our business activities and practices in response to a security breach or incident or related regulatory actions or claims, 33 Table of Contents demands, or litigation (or in anticipation of a potential claim of breach or violation of laws, regulations, or other actual or asserted obligations, or of regulatory action or litigation), any of which could have an adverse effect on our business.
Further, these risks are heightened by the geopolitical relevance of our data, which may expose globally the sensitive operations of individuals, companies, rogue groups, terrorist organizations, governments, or affiliated actors. This is especially true with respect to countries known or suspected to have actively carried out offensive operations on their own.
Further, these risks are heightened by the geopolitical relevance of our data, which may expose globally the sensitive operations of individuals, companies, rogue groups, terrorist organizations, governments, or affiliated actors. This is especially true with respect to countries known or suspected to have actively carried out offensive operations.
Third parties, including nation-state actors or their agents, may also conduct attacks designed to gain control over our systems, data and satellites. These and other cybersecurity risks we face may be heightened by conflicts, including the wars between Russia and Ukraine, and Israel and Hamas, respectively, and other geopolitical events.
Third parties, including nation-state actors or their agents, may also conduct attacks designed to gain control over our systems, data and satellites. These and other cybersecurity risks we face may be heightened by conflicts, including the war between Russia and Ukraine and the conflict between Israel and Hamas, respectively, and other geopolitical events.
The costs to respond to and otherwise address a security breach or incident and/or mitigate any security vulnerabilities that may be identified could be significant, our efforts to address these matters may not be successful, and these matters could result in interruptions, delays, disruptions, cessation of service, negative publicity, harm to our reputation, and other harm to our business and our competitive position.
The costs to respond to and otherwise address a security breach or incident and/or mitigate any security vulnerabilities that may be identified could be significant, our efforts to address these matters may not be successful, and these matters could result in interruptions, delays, disruptions, and cessation of systems and our services, negative publicity, harm to our reputation, and other harm to our business and our competitive position.
FCC Approvals . Our operation of satellites and U.S. ground terminals also requires licenses from the Federal Communications Commission (the “FCC”), and we currently hold various active licenses issued by the FCC for the operation of these facilities.
Our operation of satellites and U.S. ground terminals requires licenses from the Federal Communications Commission (the “FCC”), and we currently hold various active licenses issued by the FCC for the operation of these facilities.
The successful development, integration, and operations of our future and current satellites and our future and current products and services involves many uncertainties, some of which are beyond our control, including, but not limited to: • timing in finalizing satellite design and specifications; • performance of satellites and our space system meeting design specifications; • failure of satellites and our space system as a result of technological or manufacturing difficulties, design issues or other unforeseen matters; • engineering and/or manufacturing performance failing or falling below expected levels of output or efficiency; • increases in costs of materials or our ability to obtain required supplies and materials; • changes in project scope; • our ability to obtain additional applicable approvals, licenses or certifications from regulatory agencies, if required, and maintaining current approvals, licenses or certifications; • performance of our manufacturing facilities despite risks that disrupt productions, such as natural disasters, catastrophic events or labor disputes; • the impact of any satellite demise upon re-entry, including any components or debris that may not fully demise, and our ability to perform de-orbit maneuvers upon re-entry; • performance of a limited number of suppliers for certain raw materials and supplied components, the accuracy of supplier representations as to the suitability of such raw materials and supplied components for our products, and their willingness to do business with us; • performance of our internal and third-party resources that support our research and development activities; • our ability to protect our intellectual property critical to the design and function of our satellites and our products and services; • our ability to continue funding and maintaining our research and development activities; • our ability to successfully acquire or integrate potential technologies or businesses; • successful completion of demonstration missions; and • the impact of macroeconomic factors, including those related to national and global health concerns, on us, our customers and suppliers, and the global economy.
The successful development, integration, and operations of our future and current satellites and our future and current products and services involves many uncertainties, some of which are beyond our control, including, but not limited to: • timing in finalizing satellite design and specifications; • performance of satellites and our space system meeting design specifications; • failure of satellites and our space system as a result of technological or manufacturing difficulties, design issues or other unforeseen matters; • engineering and/or manufacturing performance failing or falling below expected levels of output or efficiency; • increases in costs of materials or our ability to obtain required supplies and materials; • changes in project scope; • our ability to obtain additional applicable approvals, licenses or certifications from export control and other regulatory agencies, as required, and maintaining current approvals, licenses or certifications; • performance of our manufacturing facilities despite risks that disrupt productions, such as natural disasters, catastrophic events or labor disputes; • the impact of any satellite demise upon re-entry, including any components or debris that may not fully demise, and our ability to perform de-orbit maneuvers upon re-entry; • performance of a limited number of suppliers for certain raw materials and supplied components, the accuracy of supplier representations as to the suitability of such raw materials and supplied components for our products, and their willingness to do business with us; • our ability to adapt to changes in laws or regulations, and interpretations thereof, that affect our business; • performance of our internal and third-party resources that support our research and development activities; 17 Table of Contents • our ability to protect our intellectual property critical to the design and function of our satellites and our products and services; • our ability to continue funding and maintaining our research and development activities; • our ability to successfully acquire or integrate potential technologies or businesses; • successful completion of demonstration missions; and • the impact of macroeconomic factors, including those related to national and global health concerns, on us, our customers and suppliers, and the global economy.
A privacy or security breach or incident, or the successful assertion of one or more large claims against us that exceeds our available insurance coverage, or results in changes to our insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), could have an adverse effect on our business.
A privacy or security breach or incident or actual or asserted privacy violation, or the successful assertion of one or more large claims against us that exceeds our available insurance coverage, or results in changes to our insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), could have an adverse effect on our business.
For more information, see “—We are 28 Table of Contents subject to a series of risks related to climate change.” Further, if there is high demand on our constellation to capture images in a certain area, we may have difficulty tasking sufficient satellite coverage to capture high-resolution images in another region.
For more information, see “—We are subject to a series of risks related to climate change.” Further, if there is high demand on our constellation to capture images in a certain area, we may have difficulty tasking sufficient satellite coverage to capture high-resolution images in another region.
Any notice mailed in the manner provided in the Warrant Agreement shall be conclusively presumed to have been duly given whether or not the registered holder 46 Table of Contents received such notice. In addition, beneficial owners of the redeemable warrants will be notified of such redemption via our posting of the redemption notice to the Depository Trust Company.
Any notice mailed in the manner provided in the Warrant Agreement shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. In addition, beneficial owners of the redeemable warrants will be notified of such redemption via our posting of the redemption notice to the Depository Trust Company.
Adverse findings in these investigations, audits and reviews can lead to criminal, civil or administrative proceedings, and we could face civil and criminal penalties and 21 Table of Contents administrative sanctions, including termination of contracts, forfeiture of profits, suspension of payments, fines and suspension or debarment from doing business with U.S. government agencies.
Adverse findings in these investigations, audits and reviews can lead to criminal, civil or administrative proceedings, and we could face civil and criminal penalties and administrative sanctions, including termination of contracts, forfeiture of profits, suspension of payments, fines and suspension or debarment from doing business with U.S. government agencies.
Responding to these actions could be costly and time-consuming, disrupt our business and operations and divert the attention of our management. Furthermore, uncertainties associated with such activities could negatively impact our ability to execute our strategic plan, retain customers and skilled employees and affect long-term growth.
Responding to these actions could be costly and time-consuming, disrupt our business and operations and divert the attention of our management. Furthermore, uncertainties associated with such activities could negatively impact our ability to execute our strategic plan, retain customers and 29 Table of Contents skilled employees and affect long-term growth.
As we increase our international sales and business, we engage with business partners and third-party intermediaries to conduct our business, including marketing our products and obtaining necessary permits, licenses, and other regulatory approvals.
As we increase our international sales and business, we will continue to engage with business partners and third-party intermediaries to conduct our business, including marketing our products and obtaining necessary permits, licenses, and other regulatory approvals.
Furthermore, export control laws and economic sanctions in many cases prohibit the export of software and services to certain sanctioned countries and persons, as well as for prohibited end-uses.
Furthermore, export control laws and economic sanctions programs in many cases prohibit the export of software and services to certain sanctioned countries and persons, as well as for prohibited end-users and end-uses.
If prospective takeovers are not consummated for any reason, we may experience negative reactions from the financial markets, including negative impacts on the price of our common stock.
If prospective takeovers are not consummated for any reason, we may experience negative reactions from the financial markets, including negative impacts on the price of our Class A common stock.
Any disruption in the operations of these third-party providers, limitations on capacity or interference with our use could adversely affect our business, financial condition and results of operations. 26 Table of Contents We outsource substantially all of the infrastructure relating to our cloud-accessible products to third-party hosting services.
Any disruption in the operations of these third-party providers, limitations on capacity or interference with our use could adversely affect our business, financial condition and results of operations. We outsource substantially all of the infrastructure relating to our cloud-accessible products to third-party hosting services.
A significant natural disaster, such as an earthquake, fire or flood, occurring at our headquarters, at one of our other facilities, or at a facility where one of our launch partners is located or where our third-party suppliers’ facilities are located could adversely affect our business, results of operations and financial condition.
A significant natural disaster, such as an earthquake, fire or flood, occurring at our headquarters, at one of our other facilities, or at a facility where one of our launch partners is 28 Table of Contents located or where our third-party suppliers’ facilities are located could adversely affect our business, results of operations and financial condition.
To the extent that we do not provide assistance to or comply with requests from government entities, or if we challenge those requests publicly or in court, we may experience adverse political, business, and reputational consequences among certain customers, regulators, or portions of the public.
To the extent that we do not provide assistance to or comply with requests from government entities, or if we challenge those requests publicly or in court, we may experience adverse political, business, and reputational consequences 36 Table of Contents among certain customers, regulators, or portions of the public.
To the extent that governments impose restrictions or additional regulations, or new interpretations or applications of existing laws, to address regulation of satellite technology or any environmental concerns regarding our business activities, we may be required to alter our business operations to comply with such changes.
To the extent that governments impose restrictions or additional regulations, or new interpretations or applications of existing laws, to address regulation of satellite technology, distribution of satellite imagery or services, or any environmental concerns regarding our business activities, we may be required to alter our business operations to comply with such changes.
Maintaining and enhancing our brand will depend largely on our continued ability to provide high quality products and services, which we may not do successfully. In addition, we receive a high degree of media coverage, including social media coverage, around the world.
Maintaining and enhancing our brand will depend largely on our continued ability to provide high quality products and services, which we may not do successfully. In addition, we receive, and our customers’ use of our products and services receives, a high degree of media coverage, including social media coverage, around the world.
These rights and remedies allow government customers, among other things, to: • unilaterally terminate, and often to unilaterally modify (including reduction of orders), contracts for its convenience, and in that event, we may fail to realize the full value of such contracts; 20 Table of Contents • terminate for default, which may make us liable for any extra costs incurred by the government in procuring undelivered items from another source; • for contracts subject to the Truthful Cost or Pricing Data Act, reduce the contract price or cost where it was increased because a contractor or subcontractor furnished cost or pricing data during negotiations that was not current, accurate, and complete; • cancel multi-year contracts and related orders or decline to exercise options on multi-year contracts; • claim rights in solutions, systems, or technology produced by us, appropriate such work-product for their continued use without continuing to contract for our services, and disclose such work-product to third parties, including other government agencies and our competitors, which could harm our competitive position; • prohibit future procurement awards with a particular agency due to a finding of an organizational conflict of interest; • suspend our performance pending the outcome of a bid protest filed by a competitor and may also require us to resubmit offers for the contract or in the termination, reduction, or modification of the awarded contract; • suspend or debar us from receiving future government contracts; and • control or prohibit the export of our products, intellectual property or services.
These rights and remedies allow government customers, often with broad discretion relative to commercial contracts, among other things, to: • unilaterally terminate, and often to unilaterally modify (including reduction of orders), contracts for its convenience, and in that event, we may fail to realize the full value of such contracts; • terminate for default, which may make us liable for any extra costs incurred by the government in procuring undelivered items from another source; • for contracts subject to the Truthful Cost or Pricing Data Act, reduce the contract price or cost where it was increased because a contractor or subcontractor furnished cost or pricing data during negotiations that was not current, accurate, and complete; • cancel multi-year contracts and related orders or decline to exercise options on multi-year contracts; • claim rights in solutions, systems, or technology produced by us, appropriate such work-product for their continued use without continuing to contract for our services, and disclose such work-product to third parties, including other government agencies and our competitors, which could harm our competitive position; • prohibit future procurement awards with a particular agency due to a finding of an organizational conflict of interest or contractor non-responsibility; • suspend our performance pending the outcome of a bid protest filed by a competitor and may also require us to resubmit offers for the contract or the government could terminate, reduce, or modify of the awarded contract; • suspend or debar us from receiving future government contracts; and • control, limit or prohibit the export of our products, intellectual property or services.
As a result of this customer concentration, our revenue could fluctuate materially and could be materially and disproportionately impacted by decisions of these customers or any other significant customer to cancel their agreements with us or otherwise no longer use our services.
As a result of this customer concentration, our revenue could fluctuate materially and could be materially and disproportionately impacted by decisions of these customers or any other significant customer to cancel their 26 Table of Contents agreements with us or otherwise no longer use our services.
Our ability to grow our business depends on the successful production, launch, commissioning and/or operation of our satellites and related infrastructure, which is subject to many uncertainties, some of which are beyond our control. Our research and development objectives focus on the development of our satellites and our products and services.
Our ability to grow our business depends on the successful production, launch, commissioning and/or operation of our satellites and related infrastructure, which is subject to many uncertainties, some of which are beyond our control. Our research and development objectives focus on the development of our satellites, some of which we sell to customers, and our products and services.
Our quarterly results of operations, our key metrics discussed elsewhere in our public filings, and other metrics that analysts use to evaluate our business, have fluctuated in the past and may vary significantly in the future. Quarter-to-quarter comparisons of our operating results and other key metrics may not be meaningful.
Our quarterly and annual results of operations, our key metrics discussed elsewhere in our public filings, and other metrics that analysts use to evaluate our business, have fluctuated in the past and may vary significantly in the future. Period-to-period comparisons of our operating results and other key metrics may not be meaningful.
Distribution of RapidEye archive imagery and SPOT imagery within Canada is subject to oversight by GAC. If any such imagery covers a restricted Area of Interest, it can only be provided to a “Five Eyes Government”, unless prior approval is obtained from GAC.
Distribution of SPOT imagery within Canada is subject to oversight by GAC. If any such imagery covers a restricted Area of Interest, it can only be provided to a “Five Eyes Government”, unless prior approval is obtained from GAC.
If such media coverage presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information regarding Planet, such coverage could damage our reputation in the industry and with current and potential customers, employees, and investors, and our business, financial condition, results of operations, and growth prospects could be adversely affected.
If such media coverage presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information regarding Planet, or if our current or potential customers have negative reactions to such media coverage, such coverage could damage our reputation in the industry and with current and potential customers, employees, and investors, and our business, financial condition, results of operations, and growth prospects could be adversely affected.
Under our NOAA licenses and NOAA rules and requirements, the U.S. government has the right to interrupt service or limit our ability to distribute satellite images when foreign policy or U.S. national security interests are affected. Additionally, we must obtain NOAA approval for changes to material facts in our NOAA licenses.
Under our NOAA licenses and NOAA rules and requirements, the U.S. government has the right to interrupt service or limit our ability to distribute satellite images when foreign policy or U.S. national security 40 Table of Contents interests are affected. Additionally, we must obtain NOAA approval for changes to material facts in our NOAA licenses.
Further, we may make changes to our platform that customers do not find useful and we may also discontinue certain features or increase the price 19 Table of Contents or price structure for our platform. In addition, we may lose existing customers who choose a competitor’s products and services rather than migrate to our new products and services.
Further, we may make changes to our platform that customers do not find useful and we may also discontinue certain features or increase the price or price structure for our platform. In addition, we may lose existing customers who choose a competitor’s products and services rather than migrate to our new products and services.
Further, we also face significant competition for employees, particularly in the San Francisco Bay Area where our headquarters are located, and as a result, skilled employees in this competitive geographic location can often command higher compensation and may be difficult to hire.
Further, we also face significant competition for employees, particularly in the San Francisco Bay Area where our headquarters are located, and as a result, skilled 25 Table of Contents employees in this competitive geographic location can often command higher compensation and may be difficult to hire.
We are subject to a wide variety of laws and regulations relating to various aspects of our business, including employment and labor, licensing, export, tax, privacy and data security, health and safety, communications, and environmental issues.
We are subject to a wide variety of laws and regulations relating to various aspects of our business, including employment and labor, licensing, export, import, tax, privacy and data security, health and safety, communications, and environmental matters.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThis team is composed of professionals with deep cybersecurity expertise, including our chief security officer, who has twenty plus years of military, public, and private sector cybersecurity experience. Additionally, our internal auditors independently test our IT and cybersecurity controls.
Biggest changeThis team is composed of professionals, each with deep cybersecurity expertise ranging from ten to twenty years, including our Chief Security Officer, who has twenty-plus years of military, public, and private sector cybersecurity experience. Our Chief Security Officer regularly reports to our audit committee, risk management committee, and the board of directors.
Board members receive presentations on cybersecurity matters from our legal, security team or external experts as part of the board of director’s continuing education on topics that impact our operations and risks.
Board members receive presentations on cybersecurity matters from our legal, security team or external experts as part of the board of directors’ continuing education on topics that impact our operations and risks.
Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents, particularly considering that cybersecurity threat actors are often highly sophisticated and nimble in their attacks.
To date, our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any material incidents that occur or are discovered in the future, particularly considering that cybersecurity threat actors are often highly sophisticated and nimble in their attacks.
Planet’s secure development lifecycle leverages industry standard tools, guidelines and practices to identify and manage security vulnerabilities. Information about cybersecurity risks and our risk management processes is collected, analyzed and considered as part of our overall risk management program.
Planet’s secure development lifecycle leverages industry standard tools, guidelines and practices to identify and manage security vulnerabilities. 52 Table of Contents Information about cybersecurity risks and our risk management processes is collected, analyzed and considered as part of our overall risk management program.
For more information on our cybersecurity related risks, see Item 1A Risk Factors of this Annual Report on Form 10-K. Governance Governance and oversight related to our cybersecurity risk management policies and processes are conducted at both our board level and our management levels.
For more information on our cybersecurity risks, see Item 1A, “Risk Factors” of this Annual Report on Form 10-K. Governance Governance and oversight related to our cybersecurity risk management policies and processes are conducted at both our board level and our management levels.
We believe our dedicated security team and our management risk committee each play important roles in facilitating our cross-functional approach to identifying, preventing, mitigating and reporting cybersecurity threats and incidents and in ensuring our audit committee and board of directors are able to fulfill its oversight function in a timely manner.
We believe our dedicated security team and our management risk committee each play important roles in facilitating our cross-functional approach to identifying, preventing, mitigating and reporting cybersecurity threats and incidents and in working to ensure our audit committee and board of directors are able to fulfill their oversight function in a timely manner.
At the management level, our management risk committee, which includes members of our executive leadership and is led by our chief legal & administrative officer and chief financial officer, is responsible for assessing and managing IT and cybersecurity risks, in the context of other material risks to the company.
At the management level, our management risk committee, which includes our Chief Security Officer and other members of our executive leadership and is led by our General Counsel and Chief Financial Officer, is responsible for assessing and managing IT and cybersecurity risks, in the context of other material risks to the company.
Our executive leadership team, along with 52 Table of Contents input from the above teams, are responsible for our overall risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the company.
Additionally, our internal auditors independently test our IT and cybersecurity controls. Our executive leadership team, using input from the above teams, is responsible for our overall risk management system and processes and regularly considers cybersecurity risks in the context of other material risks to the company.
Removed
Additional information about the risks related to our cyber security appears in the “Risk Factors” section of this report.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeOur European offices host portions of our sales and marketing, software engineering, and satellite operation functions. We also have an approximately 3,000 square foot Washington, D.C., office that serves as the corporate headquarters for our subsidiary, Planet Labs Federal, Inc. Our office buildings are leased over various lease terms extending until the end of calendar year 2030.
Biggest changeWe also have a Washington, D.C., office that serves as the corporate headquarters for our subsidiary, Planet Labs Federal, Inc. Our office buildings are leased over various lease terms extending until the end of fiscal year 2030.
We believe that our office space is adequate for our current needs and should we need additional space, we believe we will be able to obtain additional space on commercially reasonable terms.
We believe that our office space is adequate for our current needs and should we need additional space, we believe we will be able to obtain additional space on commercially reasonable terms. 53 Table of Contents
Item 2. Properties Our corporate headquarters is located in San Francisco, California, and consists of approximately 71,280 square feet, in which all satellite manufacturing, testing, and R&D occurs. Our European offices are located in Berlin, Germany, Haarlem, Netherlands, Ljubljana, Slovenia, and Graz, Austria, and consist of approximately 1,400, 774, 788, and 260 square meters, respectively.
Item 2. Properties Our corporate headquarters is located in San Francisco, California, and consists of approximately 71,280 square feet, in which all satellite manufacturing, testing, and R&D occurs. Our European offices are located in Berlin, Germany, Haarlem, Netherlands, Ljubljana, Slovenia, and Graz, Austria. Our European offices host portions of our sales and marketing, software engineering, and satellite operation functions.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Removed
Item 3. Legal Proceedings From time to time, we may be subject to legal proceedings and claims that arise in the ordinary course of business, as well as governmental and other regulatory investigations and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications.
Added
Item 3. Legal Proceedings See discussion under the heading Legal Proceedings in Note 10 to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. Item 4. Mine Safety Disclosures Not applicable. 54 Table of Contents Part II
Removed
We are not currently a party to any legal proceedings that, if determined adversely to us, would, in our opinion, have a material adverse effect on our business, financial condition, results of operations, or cash flows.
Removed
Future litigation may be necessary to defend 53 Table of Contents ourselves and our business partners and to determine the scope, enforceability, and validity of third-party proprietary rights, or to establish our proprietary rights.
Removed
The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Item 4. Mine Safety Disclosures Not applicable. Part II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe comparisons reflected in the graph are not intended to forecast the future performance of our stock and may not be indicative of our future performance. 54 Table of Contents 12/7/21 1/31/22 4/30/22 7/31/22 10/31/22 1/31/23 4/30/23 7/31/23 10/31/23 1/31/24 Planet Labs PBC Class A common stock $100.00 $56.43 $46.53 $49.31 $48.57 $45.79 $37.74 $34.41 $19.98 $20.91 NASDAQ Composite $100.00 $91.72 $79.58 $80.12 $71.20 $75.25 $79.60 $93.60 $84.01 $99.33 NASDAQ Computer $100.00 $93.59 $78.56 $78.81 $66.03 $73.74 $81.57 $100.02 $91.47 $110.07 Recent sales of unregistered securities; use of proceeds from registered securities.
Biggest changeThe comparisons reflected in the graph are not intended to forecast the future performance of our stock and may not be indicative of our future performance. 55 Table of Contents 12/7/21 1/31/22 1/31/23 1/31/24 1/31/25 Planet Labs PBC Class A common stock $100.00 $56.43 $45.79 $20.91 $56.43 NASDAQ Composite $100.00 $91.72 $75.25 $99.33 $129.49 NASDAQ Computer $100.00 $93.59 $73.74 $110.07 $144.40 Recent Sales of Unregistered Securities and Use of Proceeds None.
The graph below illustrates the total return from December 7, 2021, which was the first day our Class A common stock began trading after the closing of Business Combination, through January 31, 2024, for (i) our Class A common stock, (ii) the Nasdaq Composite Index (“Nasdaq Composite”), and (iii) the Nasdaq Computer Index (“Nasdaq Computer”).
The graph below illustrates the total return from December 7, 2021, which was the first day our Class A common stock began trading after the closing of Business Combination, through January 31, 2025, for (i) our Class A common stock, (ii) the Nasdaq Composite Index (“Nasdaq Composite”), and (iii) the Nasdaq Computer Index (“Nasdaq Computer”).
Holders On March 21, 2024, the numbers of record holders of the Company’s Class A common stock, Class B common stock and warrants were 103, 2 and 4, respectively.
Holders On March 21, 2025, the numbers of record holders of the Company’s Class A common stock, Class B common stock and warrants were 103, 2 and 4, respectively.
Stock Performance Graph The following stock price performance graph should not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10‑K into any filing under the Exchange Act or the Securities Act, except to the extent that we specifically incorporate this information by reference, and shall not otherwise be deemed filed under such acts.
Stock Performance Graph The following stock price performance graph should not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10‑K into any filing under the Exchange Act or the Securities Act, except to the extent that we specifically incorporate this information by reference, and shall not otherwise be deemed “filed” for purposes of Section 18 of the Exchange Act.
Removed
Recent Sales of Unregistered Securities and Use of Proceeds None. Purchases of Equity Securities by the Issuer and Affiliated Purchasers None, other than the shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of restricted stock unit awards. 55 Table of Contents Item 6. [ Reserved ]
Added
Purchases of Equity Securities by the Issuer and Affiliated Purchasers None.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThere are a number of limitations related to the use of Adjusted EBITDA, including: • Adjusted EBITDA excludes stock-based compensation, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; • Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated and amortized will have to be replaced in the future; • Adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments on debt, which reduces cash available to us; • Adjusted EBITDA does not include severance payments made in conjunction with a reduction in headcount announced in August 2023, which reduces cash available to us; • Adjusted EBITDA does not reflect income tax expense that reduces cash available to us; and • the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from similar measures when they report their operating results. 68 Table of Contents Backlog The table below reconciles Backlog to remaining performance obligations for the periods indicated: Year Ended January 31, (in thousands) 2024 2023 Remaining performance obligations $ 132,571 $ 151,976 Cancellable amount of contract value 109,821 127,667 Backlog $ 242,392 $ 279,643 For remaining performance obligations as of January 31, 2024, the Company expects to recognize approximately 86% over the next 12 months, approximately 98% over the next 24 months, and the remainder thereafter.
Biggest changeThere are a number of limitations related to the use of Adjusted EBITDA, including: • Adjusted EBITDA excludes stock-based compensation, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; • Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated and amortized will have to be replaced in the future; • Adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments on debt, which reduces cash available to us; • Adjusted EBITDA does not include severance expense in conjunction with restructuring events, which reduces cash available to us; • Adjusted EBITDA does not reflect certain litigation expenses, consisting of legal fees for a specific proceeding, which reduces cash available to us; • Adjusted EBITDA does not reflect income tax expense that reduces cash available to us; and • the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from similar measures when they report their operating results.
We include these non-GAAP financial measures because they are used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.
GAAP. We include these non-GAAP financial measures because they are used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.
Net cash used in investing activities Net cash used in investing activities for the fiscal year ended January 31, 2024, consisted of purchases of available-for-sale securities of $189.1 million, purchases of property and equipment of $38.0 million, and capitalized internal-use software costs of $4.4 million, partially offset by maturities of available-for-sale securities of $161.3 million and sales of available-for-sale securities of $45.6 million.
Net cash used in investing activities for the fiscal year ended January 31, 2024, consisted of purchases of available-for-sale securities of $189.1 million, purchases of property and equipment of $38.0 million, and capitalized internal-use software costs of $4.4 million, partially offset by maturities of available-for-sale securities of $161.3 million and sales of available-for-sale securities of $45.6 million.
During the fiscal year ended January 31, 2024, additional information specific to certain high resolution satellites became available indicating that the useful lives of these satellites will be less than originally estimated.
During the fiscal year ended January 31, 2024, additional information specific to certain high resolution satellites became available indicating that the useful lives of these satellites will be less than originally estimated.
GAAP. The preparation of our consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. The accounting policies described below have been identified as critical to our business operations and to understanding the results of our operations.
The preparation of our consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. The accounting policies described below have been identified as critical to our business operations and to understanding the results of our operations.
There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV.
There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV.
The MD&A is provided as a supplement 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.
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.
We expect to incur additional general and administrative expenses as a result of operating as a public company, including expenses related to compliance and reporting obligations of public companies, and increased costs for insurance, investor relations, and professional services.
We expect to continue to incur additional general and administrative expenses as a result of operating as a public company, including expenses related to compliance and reporting obligations of public companies, and increased costs for insurance, investor relations, and professional services.
Additionally, the carrying amount of long-lived assets to be held and used in the business are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
The carrying amount of long-lived assets to be held and used in the business are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
We define and calculate Backlog as remaining performance obligations plus the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options.
We define and calculate Backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options.
Following the completion of the Business Combination, dMY IV was renamed Planet Labs PBC. As a result of the Business Combination, we became a SEC-registered company listed on the NYSE which required us to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices.
Following the completion of the Business Combination, dMY IV was renamed Planet Labs PBC. As a result of the Business Combination, we became a public company listed on the NYSE which required us to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices.
Change in Fair Value of Warrant Liabilities The change in fair value of warrant liab ilities for the fiscal years ended January 31, 2024 and January 31, 2023 represents the change in fair value of the public and private placement warrants, which primarily fluctuates based on the change in trading price of our Class A common stock.
Change in Fair Value of Warrant Liabilities The change in fair value of warrant liab ilities for the fiscal years ended January 31, 2025 and January 31, 2024 represents the change in fair value of the public and private placement warrants, which primarily fluctuates based on the change in trading price of our Class A common stock.
We define and calculate Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets classified as cost of revenue, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.
We define and calculate Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.
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, 2024 and fiscal year ended January 31, 2023 items and year-to-year comparisons between fiscal year ended January 31, 2024 and fiscal year ended January 31, 2023.
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, 2025 and fiscal year ended January 31, 2024 items and year-to-year comparisons between fiscal year ended January 31, 2025 and fiscal year ended January 31, 2024.
Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. 66 Table of Contents An increasing and meaningful portion of our revenue is generated from contracts with the U.S. government and other government customers.
Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. An increasing and meaningful portion of our revenue is generated from contracts with the U.S. government and other government customers.
We do not engage in any off-balance sheet activities or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance entities. 69 Table of Contents Statement of Cash Flows The following tables present a summary of cash flows from operating, investing and financing activities for the following comparative periods.
We do not engage in any off-balance sheet activities or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance entities. Statement of Cash Flows The following tables present a summary of cash flows from operating, investing and financing activities for the following comparative periods.
For the fiscal year ended January 31, 2024, the restructuring related stock-based compensation benefit recognized within cost of revenue of $0.1 million is included on its respective line item. Refer to Note 8 to our consolidated financial statements in Part 8 of this Form 10-K.
For the fiscal year ended January 31, 2024, the restructuring related stock-based compensation benefit recognized within cost of revenue of $0.1 million is included on its respective line item. Refer to Note 7 “ Restructuring ” to our consolidated financial statements in Item 8 of this Form 10-K.
Components of Results of Operations Revenue We derive revenue principally from licensing rights to use our imagery that is delivered digitally through our online platform in addition to providing related services. Imagery licensing agreements vary by contract, but generally have annual or multi-year contractual terms.
Components of Results of Operations Revenue We derive revenue principally from licensing rights to use our imagery that is delivered digitally through our online platform in addition to providing related services. Imagery licensing agreements vary by contract, but generally have 63 Table of Contents annual or multi-year contractual terms.
As a result of the foregoing, we expect research and development expenditures to increase in future periods. Sales and Marketing Sales and marketing expenses primarily include costs incurred to market and distribute our products. Such costs include expenses related to advertising and conferences, sales commissions, salaries, benefits and stock-based compensation for our sales and marketing personnel and sales office expenses.
As a result of the foregoing, research and development expenditures may increase in future periods. Sales and Marketing Sales and marketing expenses primarily include costs incurred to market and distribute our products. Such costs include expenses related to advertising and conferences, sales commissions, salaries, benefits and stock-based compensation for our sales and marketing personnel and sales office expenses.
Selling and marketing expenses as a percentage of total revenue may fluctuate from period to period based on total revenue and the timing of our investments. General and Administrative General and administrative expenses include personnel-related expenses and facilities-related costs primarily for our executive, finance, accounting, legal and human resources functions.
Selling and marketing expenses as a percentage of total revenue may fluctuate from period to period based on total revenue and the timing of our investments. 64 Table of Contents General and Administrative General and administrative expenses include personnel-related expenses and facilities-related costs primarily for our executive, finance, accounting, legal and human resources functions.
As we continue to grow our subscription revenue contracts and increase the revenue associated with our analytic 62 Table of Contents capabilities, we anticipate further economies of scale on our satellites and other infrastructure costs as we incur lower marginal cost with each new customer we add to our platform.
As we continue to grow our subscription revenue contracts and increase the revenue associated with our analytic capabilities, we anticipate further economies of scale on our satellites and other infrastructure costs as we incur lower marginal cost with each new customer we add to our platform.
Discussions of fiscal year ended January 31, 2022 items and year-to-year comparisons between the fiscal year ended January 31,2023 and the fiscal year ended January 31, 2022 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, 2023, filed with the SEC on March 30, 2023.
Discussions of fiscal year ended January 31, 2023 items and year-to-year comparisons between the fiscal year ended January 31, 2024 and the fiscal year ended January 31, 2023 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, 2024, filed with the SEC on March 29, 2024.
For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. 59 Table of Contents We also calculate EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize.
For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. We also calculate EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize.
While we have customers and partners today in many markets, we believe that our increased investment in developing software analytics solutions has the potential to accelerate 58 Table of Contents the usage of our data and analytics across broader audiences.
While we have customers and partners today in many markets, we believe that our increased investment in developing software analytics solutions has the potential to accelerate the usage of our data and analytics across broader audiences.
The increase in Capital Expenditures as a Percentage of Revenue was primarily attributable to an increase in capitalized labor and material related to the build of our next generation high resolution Pelican satellites and medium resolution satellites.
The increase in Capital Expenditures as a Percentage of Revenue was primarily attributable to an increase in capitalized labor and material related to the build of our next generation high resolution Pelican satellites, our hyperspectral imaging Tanager satellites and our medium resolution satellites.
Other Income (Expense), net Other income (expense), net of $0.9 million for the fiscal year ended January 31, 2024 primarily reflects the recognition of an insurance claim recovery of $0.8 million associated with a high resolution satellite.
Other income (expense), net of $0.9 million for the fiscal year ended January 31, 2024 includes the recognition of an insurance claim recovery of $0.8 million associated with a high resolution satellite.
Net Dollar Retention Rate Year Ended January 31, 2024 2023 Net Dollar Retention Rate 101 % 131 % We define Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers.
Net Dollar Retention Rate Year Ended January 31, 2025 2024 Net Dollar Retention Rate 106 % 101 % We define Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers.
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 2,700 images on average for every point on Earth’s landmass, a non-replicable historical archive for analytics, machine learning, and insights.
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.
Developing New Sensors and Data Sets We plan to make strategic investments in building new sensors to capture additional data sets from space.
New Sensors & Data Sets: We plan to make strategic investments in building new sensors to capture additional data sets from space.
If the carrying amount of the asset or asset group is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset or asset group exceeds the fair value of the asset or asset group.
If the carrying amount of the asset or 73 Table of Contents asset group is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset or asset group exceeds the fair value of the asset or asset group.
We believe that the seasonal trends that we have experienced in the past may occur in the future. To the extent that we experience seasonality, it may impact our operating results and financial metrics, as well as our ability to forecast future operating results and financial metrics.
We believe that the seasonal trends that we have experienced in the past may occur in the future. To the extent that we experience seasonality, it may impact our operating results and financial metrics, as well as our ability to forecast 60 Table of Contents future operating results and financial metrics.
We believe excluding these users from EoP Customer Count creates a more useful metric, as we view the Sentinel Hub starter packages as entry points for smaller accounts, leading to broader awareness of our solutions throughout their networks and organizations.
We believe excluding these users from EoP Customer Count creates a more useful metric, as we view the Planet Insights Platform starter packages as entry points for smaller accounts, leading to broader awareness of our solutions throughout their networks and organizations.
For EoP Customer Count, we do not include users that only utilize our self-service Sentinel Hub web based ordering system, which we acquired in August 2023, and which offers standard starter packages on a monthly or annual basis.
For EoP Customer Count, we do not include users that only utilize our self-service Planet Insights Platform web based ordering system, which we acquired in August 2023, and which offers standard starter packages on a monthly or annual basis.
We depreciate the cost of a satellite over its estimated useful life, using a straight-line method of depreciation, once it is placed into service, which is when we determine that the satellites are providing imagery that meets the required quality specifications for sale to our customers. 73 Table of Contents The estimated useful life over which we depreciate a satellite is determined once the satellite has been placed into service.
We depreciate the cost of a satellite over its estimated useful life, using a straight-line method of depreciation, once it is placed into service, which is when we determine that the satellites are providing imagery that meets the required quality specifications for sale to our customers.
We define EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users.
We define EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users.
We also provide a small amount of other services to customers, including professional services such as training, analytical services, research and development services to third parties, and other value-added activities related to our imagery, data and technology.
We also provide a small amount of other services to customers, including professional services such as training, analytical services, and other value-added activities related to our imagery, data and technology.
(2) Certain employees of Sinergise, who became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated from the purchase consideration we paid for the acquisition.
(2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated to cost of revenue from the purchase consideration we paid for the acquisition.
Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses our data or services. The EoP Customer Count increased to 1,018 as of January 31, 2024, as compared to 882 as of January 31, 2023.
Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses our data or services. The EoP Customer Count decreased to 976 as of January 31, 2025, as compared to 1,018 as of January 31, 2024.
For Backlog as of January 31, 2024, the Company expects to recognize approximately 67% over the next 12 months, approximately 85% over the next 24 months, and the remainder thereafter. Liquidity and Capital Resources Since inception, we have incurred net losses and negative cash flows from operations.
For Backlog as of January 31, 2025, the Company expects to recognize approximately 38% over the next 12 months, approximately 70% over the next 24 months, and the remainder thereafter. Liquidity and Capital Resources Since inception, we have incurred net losses and negative cash flows from operations.
For the fiscal year ended January 31, 2024, the restructuring related stock-based compensation benefit of $1.5 million is included on its respective line item. Refer to Note 8 to our consolidated financial statements in Part 8 of this Form 10-K.
For the fiscal year ended January 31, 2024, the restructuring related stock-based compensation benefit recognized of $1.5 million is 69 Table of Contents included on its respective line item. Refer to Note 7 “ Restructuring ” to our consolidated financial statements in Item 8 of this Form 10-K.
ACV and EoP ACV Book of Business In connection with the calculation of several of the key operational and business metrics we utilize, we calculate Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Sentinel Hub self-service paying users.
ACV and EoP ACV Book of Business In connection with the calculation of several of the key operational and business metrics we utilize, we calculate Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts.
As part of this strategy, we have recently made Planet’s data available for purchase directly through our Sentinel Hub self-service platform, which facilitates rapid user adoption, particularly by empowering users to access our solutions without formal sales interaction.
As part of this strategy, we have recently made Planet’s data available for purchase directly through our Planet Insights Platform (which has integrated the former Sentinel Hub platform), which facilitates rapid user adoption, particularly by empowering users to self-service our solutions without formal sales interaction.
Net Dollar Retention Rate including Winbacks Year Ended January 31, 2024 2023 Net Dollar Retention Rate including Winbacks 103 % 134 % We assess two metrics for net dollar retention—Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks.
Net Dollar Retention Rate including Winbacks Year Ended January 31, 2025 2024 Net Dollar Retention Rate including Winbacks 108 % 103 % We assess two metrics for net dollar retention—Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks.
Capital Expenditures as a Percentage of Revenue increased to 19% for the fiscal year ended January 31, 2024, as compared to 7% for the fiscal year ended January 31, 2023.
Capital Expenditures as a Percentage of Revenue increased to 20% for the fiscal year ended January 31, 2025, as compared to 19% for the fiscal year ended January 31, 2024.
The increase in depreciation expense was primarily due to a $7.0 million increase resulting from changes in estimated useful lives of certain high resolution satellites during the fiscal year ended January 31, 2024 (as further discussed below), which was partially offset by a $4.1 million decrease resulting from a high resolution satellite that became fully depreciated during the fiscal year ended January 31, 2023 and a $0.5 million decrease resulting from a high resolution satellite that moved to experimental status during the fiscal year ended January 31, 2023, which resulted in depreciation expense for the satellite to be classified prospectively as research and development expense.
The decrease was driven by a $7.0 million decrease in depreciation expense primarily due to a $4.8 million decrease resulting from changes in estimated useful lives of certain high resolution satellites during the fiscal year ended January 31, 2024 (as further discussed below) and a $1.3 million decrease resulting from a high resolution satellite that moved to experimental status during the fiscal year ended January 31, 2024, which resulted in depreciation expense for the satellite to be classified prospectively as research and development expense.
Interest Income Interest income primarily consists of interest earned on our cash, cash equivalents and short-term investments. Our cash equivalent and short-term investment portfolio is invested with a goal of preserving our access to capital, and generally consists of money market funds, commercial paper, corporate debt securities and U.S. government and U.S. government agency debt securities.
Our cash equivalent and short-term investment portfolio is invested with a goal of preserving our access to capital, and generally consists of money market funds, commercial paper, corporate debt securities and U.S. government and U.S. government agency debt securities.
As a result of the headcount reduction, in the fiscal year ending 2024, we recognized $7.4 million of costs for one-time employee termination benefits consisting of severance and other employee costs. We also recognized a $1.5 million stock-based compensation benefit primarily related to the reversal of previously recognized stock-based compensation expenses for unvested stock awards.
As a result of the 2024 headcount reduction, in the fiscal year ended January 31, 2025, we recognized $10.6 million of costs for one-time employee termination benefits consisting of severance and other employee-related costs. We also recognized a $1.4 million stock-based compensation benefit primarily related to the reversal of previously recognized stock-based compensation expenses for unvested stock awards.
In addition, we plan to continue investing in making our data more digestible and accessible to non-technical business users and to build solutions to address more use cases and expand our addressable market. As a result of this strategy, we anticipate our research and development expenditures will increase in the near term.
In addition, we plan to continue investing in making our data more digestible and accessible to non-technical business users and to build solutions to address more use cases and expand our addressable market. As a result of this strategy, we anticipate continuing to invest in our research and development.
Net cash used in operating activities for the fiscal year ended January 31, 2023, primarily consisted of the net loss of $162.0 million, adjusted for non-cash items and changes in operating assets and liabilities.
Net cash used in operating activities for the fiscal year ended January 31, 2024, primarily consisted of the net loss of $140.5 million, adjusted for non-cash items and changes in operating assets and liabilities.
At contract inception, existing or archived imagery is available for download by the customer. The existing or archived imagery has significant standalone functionality and is not updated once licensed to a particular customer.
At contract inception, existing or archived imagery is available for download by the customer. The existing or archived imagery ha s significant st andalone functionality and is not updated once licensed to a particular customer.
We define and calculate Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, non-operating income and expenses such as foreign currency exchange gain or loss, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination.
We define and calculate Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination.
The net change in operating assets and liabilities primarily consisted of a $14.4 million decrease in deferred revenue, a $10.1 million increase in prepaid expenses and other assets, and a $3.0 million decrease in accounts payable, accrued and other liabilities, which was partially offset by a $6.3 million decrease in accounts receivable.
The net change in operating assets and liabilities primarily consisted of a $13.3 million decrease in accounts payable, accrued and other liabilities and a $12.0 million increase in accounts receivable, which were partially offset by a $15.6 million increase in deferred revenue and a $8.4 million decrease in prepaid expenses and other assets.
We expect cost of revenue to continue to increase as we invest in our delivery organization, incorporate third-party products into our solutions and introduce future product sets that may require higher compute capacity.
We expect cost of revenue to continue to increase as we invest in our delivery organization, build and launch satellites for customers that have purchased satellite services, incorporate third-party products into our solutions and introduce future product sets that may require higher compute capacity.
Refer to Note 6 to our consolidated financial statements in Part 8 of this Form 10-K. 67 Table of Contents Adjusted EBITDA The table below reconciles Adjusted EBITDA to net loss (the most directly comparable U.S.
Refer to Note 5 “ Acquisitions ” to our consolidated financial statements in Item 8 of this Form 10-K. Adjusted EBITDA The table below reconciles Adjusted EBITDA to net loss (the most directly comparable U.S.
For additional detail, please see the consolidated statements of cash flows as presented within the consolidated financial statements.
For additional detail, refer to the consolidated statements of cash flows as presented within the consolidated financial statements.
We define Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Sentinel Hub self-service paying users) divided by the total dollar value of all contracts in our ACV Book of Business at a specific point in time.
We define Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business.
As such, the portion of the contract consideration related to the download license of existing or archive imagery content is recognized as revenue at the commencement of the contract when control of the imagery is transferred, and the imagery is available for download by the customer.
As su ch, the portion of the contract consideration related to the download license of existing or archive imagery content, which is generally not significant, is recognized as revenue at the commencement of the contract when control of the imagery is transferred, and the im agery is available for download by the customer.
EoP Customer Count Year Ended January 31, 2024 2023 EoP Customer Count 1,018 882 We define EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Sentinel Hub self-service paying users.
EoP Customer Count Year Ended January 31, 2025 2024 EoP Customer Count 976 1,018 We define EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users.
As of January 31, 2024, and 2023, we had $83.9 million and $181.9 million, respectively, in cash and cash equivalents. Additionally, as of January 31, 2024, and 2023, we had short-term investments of $215.0 million and $226.9 million, respectively, which are highly liquid in nature and available for current operations.
Additionally, as of January 31, 2025, and 2024, we had short-term investments of $104.0 million and $215.0 million, respectively, which are highly liquid in nature and available for current operations.
We define ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users.
We define ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts.
GAAP measure), for the periods indicated: Year Ended January 31, (in thousands, except percentages) 2024 2023 Gross Profit $ 112,950 $ 94,008 Cost of revenue—Stock-based compensation 3,636 5,119 Amortization of acquired intangible assets 2,460 1,553 Restructuring costs (1) 564 — Employee transaction bonuses in connection with the Sinergise business combination (2) 267 — Non-GAAP Gross Profit $ 119,877 $ 100,680 Gross Margin 51 % 49 % Non-GAAP Gross Margin 54 % 53 % (1) As part of the headcount reduction plan announced in August 2023, we recognized $0.6 million of severance and other employee costs within cost of revenue for the fiscal year ended January 31, 2024.
GAAP measure), for the periods indicated: Year Ended January 31, (in thousands, except percentages) 2025 2024 Gross Profit $ 139,725 $ 112,950 Stock-based compensation 3,467 3,636 Amortization of acquired intangible assets 3,003 2,460 Restructuring costs (1) 1,322 564 Employee transaction bonuses in connection with the Sinergise business combination (2) — 267 Non-GAAP Gross Profit $ 147,517 $ 119,877 Gross Margin 57 % 51 % Non-GAAP Gross Margin 60 % 54 % (1) As part of the 2024 headcount reduction, we recognized $1.3 million of severance and other employee-related costs within cost of revenue for the fiscal year ended January 31, 2025.
Pursuant to the Merger Agreement, upon the favorable vote of dMY IV’s stockholders on December 3, 2021, on December 7, 2021, First Merger Sub merged with and into Former Planet (the “Surviving Corporation”), with Former Planet surviving the merger as a wholly owned subsidiary of dMY IV (the “First Merger”), and pursuant to Former Planet’s election immediately following the First Merger and as part of the same overall transaction as the First Merger, the Surviving Corporation merged with and into dMY IV, with dMY IV surviving the merger (the “Business Combination”).
Pursuant to the Merger Agreement, on December 7, 2021, First Merger Sub merged with and into Former Planet (the “Surviving Corporation”), with Former Planet surviving the merger as a wholly owned subsidiary of dMY IV (the “First Merger”), and the Surviving Corporation merged with and into dMY IV, with dMY IV surviving the merger (the “Business Combination”).
The initial determination of the satellite’s useful life involves the consideration of multiple factors, including design life, random part failure probabilities, expected component degradation and cycle life, fuel consumption (where applicable), and experience with satellite parts, vendors and similar assets.
The estimated useful life over which we depreciate a satellite is determined once the satellite has been placed into service. The initial determination of the satellite’s useful life involves the consideration of multiple factors, including design life, random part failure probabilities, expected component degradation and cycle life, fuel consumption (where applicable), and experience with satellite parts, vendors and similar assets.
Net cash provided by (used in) financing activities Net cash used in financing activities for the fiscal year ended January 31, 2024, primarily consisted of payment of tax withholding obligations for vesting of restricted stock units of $9.0 million, which was partially offset by proceeds from the exercise of common stock options of $7.4 million.
Net cash used in financing activities for the fiscal year ended January 31, 2024, primarily consisted of payments for withholding taxes related to the net share settlement of equity awards of $9.0 million, which was partially offset by proceeds from the exercise of common stock options of $7.4 million.
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 customers using our proprietary data and AI technology.
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.
We believe that it is more likely than not that the majority of the U.S. and foreign deferred tax assets will not be realized. Accordingly, we recorded a valuation allowance against our deferred tax assets in these jurisdictions.
We believe that it is more likely than not that the majority of the U.S. and foreign deferred tax assets will not be realized.
The changes in estimated useful lives for these satellites were accounted for prospectively, resulting in an increase of depreciation expense of $7.0 million and an increase in basic and diluted net loss per share attributable to common stockholders of approximately $0.02 for the fiscal year ended January 31, 2024.
The changes in estimated useful lives for these satellites were accounted for prospectively, resulting in an increase of depreciation expense of $7.0 million for the fiscal year ended January 31, 2024.
The increase was also partially due to a $1.9 million non-recurring expense related to transaction bonuses paid to Sinergise employees, which was allocated from the purchase consideration we paid in connection with the Sinergise acquisition.
The decrease was also partially due to a $1.9 million decrease in non-recurring expense related to transaction bonuses paid to Sinergise employees in the prior year, which was allocated from the purchase consideration we paid in connection with the Sinergise acquisition, and a $1.0 million decrease in contractor costs used to support various research and development initiatives.
Percent of Recurring ACV decreased to 93% for the fiscal year ended January 31, 2024, as compared to 94% for the fiscal year ended January 31, 2023. 61 Table of Contents Capital Expenditures as a Percentage of Revenue Year Ended January 31, 2024 2023 Capital Expenditures as Percentage of Revenue 19 % 7 % We define capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities.
Capital Expenditures as a Percentage of Revenue Year Ended January 31, 2025 2024 Capital Expenditures as Percentage of Revenue 20 % 19 % We define capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities.
GAAP measure), for the periods indicated: Year Ended January 31, (in thousands) 2024 2023 Net loss $ (140,509) $ (161,966) Interest income (15,414) (7,672) Income tax provision 815 847 Depreciation and amortization 47,639 43,330 Change in fair value of warrant liabilities (13,709) (6,554) Stock-based compensation 57,132 75,544 Restructuring costs (1) 7,376 — Employee transaction bonuses in connection with the Sinergise business combination (2) 2,317 — Other (income) expense (931) (330) Adjusted EBITDA $ (55,284) $ (56,801) (1) As part of the headcount reduction plan announced in August 2023, we recognized $7.4 million of severance and other employee-related costs for the fiscal year ended January 31, 2024.
GAAP measure), for the periods indicated: Year Ended January 31, (in thousands) 2025 2024 Net loss $ (123,196) $ (140,509) Interest income (10,257) (15,414) Income tax provision 2,460 815 Depreciation and amortization 45,637 47,639 Change in fair value of warrant liabilities 15,116 (13,709) Stock-based compensation 48,485 57,132 Restructuring costs (1) 10,574 7,376 Employee transaction bonuses in connection with the Sinergise business combination (2) — 2,317 Certain litigation expenses (3) 799 — Other income, net (245) (931) Adjusted EBITDA $ (10,627) $ (55,284) (1) As part of the 2024 headcount reduction, we recognized $10.6 million of severance and other employee-related costs for the fiscal year ended January 31, 2025.
Year Ended January 31, (in thousands) 2024 2023 Net cash provided by (used in) Operating activities $ (50,711) $ (73,933) Investing activities $ (33,586) $ (242,263) Financing activities $ (1,598) $ 7,860 Net cash used in operating activities Net cash used in operating activities for the fiscal year ended January 31, 2024, primarily consisted of the net loss of $140.5 million, adjusted for non-cash items and changes in operating assets and liabilities.
Year Ended January 31, (in thousands) 2025 2024 Net cash provided by (used in) Operating activities $ (14,374) $ (50,711) Investing activities $ 57,906 $ (33,586) Financing activities $ (15,535) $ (1,598) Net cash used in operating activities Net cash used in operating activities for the fiscal year ended January 31, 2025, primarily consisted of the net loss of $123.2 million, adjusted for non-cash items and changes in operating assets and liabilities.
We intend to create many of these key data sets internally, as well as in collaboration with our partners who have deep vertical expertise.
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.
A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics.
The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics.
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.
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.
Results of Operations Year Ended January 31, 2024 Compared to Year Ended January 31, 2023 The following table sets forth a summary of our consolidated results of operations for the years indicated and the changes between such periods.
Accordingly, we recorded a valuation allowance against our deferred tax assets in these jurisdictions. 65 Table of Contents Results of Operations Year Ended January 31, 2025 Compared to Year Ended January 31, 2024 The following table sets forth a summary of our consolidated results of operations for the years indicated and the changes between such periods.
As the company grows, we expect that our general and administrative expenses will increase in future periods and vary from period to period as a percentage of revenue, but we expect to realize operating scale with respect to these expenses over time as we grow our revenue.
Our general and administrative expenses may increase in future periods and vary from period to period as a percentage of revenue, but we expect to continue to realize operating scale with respect to these expenses over time as we grow our revenue. Interest Income Interest income primarily consists of interest earned on our cash, cash equivalents and short-term investments.
Sales and marketing expenses also include fees for professional and consulting services principally consisting of public relations and independent contractor expenses. Sales and marketing costs are expensed as incurred.
Sales and marketing expenses also include fees for professional and consulting services principally consisting of public relations and independent contractor expenses. Sales commissions are capitalized when incurred and amortized on a straight-line basis over the period of benefit. Other sales and marketing costs are expensed as incurred.
Non-cash items primarily included depreciation and amortization expense of $43.3 million and stock-based compensation expense of $75.5 million, which were partially offset by a change in fair value of warrant liabilities and convertible notes of $6.6 million.
Non-cash items primarily included stock-based compensation expense of $48.5 million, depreciation and amortization expense of $45.6 million, and a change in fair value of warrant liabilities of $15.1 million.
(2) Certain employees of Sinergise, who became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated from the purchase consideration we paid for the acquisition. Refer to Note 6 to our consolidated financial statements in Part 8 of this Form 10-K.
(2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated to operating expense from the purchase consideration we paid for the acquisition.
Our current working capital needs relate mainly to our continued development of our platform and product offerings in new markets, as well as compensation and benefits of our employees. Our ability to expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows.
Our current working capital needs relate mainly to our continued development of our platform and product offerings in new markets, as well as compensation and benefits of our employees.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe available-for-sale securities are recorded at fair market value with unrealized gains or losses resulting from changes in fair value reported as a component of Other comprehensive income (loss), net of tax.
Biggest changeInterest Rate Risk As of January 31, 2025, we had cash and cash equivalents of $118.0 million and $104.0 million of short-term investments, consisting of available-for-sale securities. The available-for-sale securities are recorded at fair market value with unrealized gains or losses resulting from changes in fair value reported as a component of other comprehensive income (loss), net of tax.
If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition, and operating results. 75 Table of Contents
If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition, and operating results. 74 Table of Contents
Foreig n Currency Exchange Risk We are exposed to foreign currency exchange risk related to transactions in currencies other than the U.S. Dollar, which is our functional currency. Our foreign subsidiaries, revenue and operating expenses expose us to foreign currency exchange risk.
Foreig n Currency Exchange Risk We are exposed to foreign currency exchange risk related to transactions in currencies other than the U.S. Dollar. Our foreign subsidiaries, revenue and operating expenses expose us to foreign currency exchange risk.
For the fiscal years ended January 31, 2024, 2023 and 2022, approximately 24%, 20% and 10%, respectively, of our revenue was in foreign currencies. These sales were primarily denominated in Euro and Norwegian Krone. We do not believe a 10% change in the relative value of the U.S.
For the fiscal years ended January 31, 2025, 2024 and 2023, approximately 27%, 24% and 20%, respectively, of our revenue was in foreign currencies. These sales were primarily denominated in Euro. We do not believe a 10% change in the relative value of the U.S. Dollar would have materially affected our consolidated financial statements for the periods presented.
Removed
Dollar would have materially affected our consolidated financial statements for the periods presented. Interest Rate Risk As of January 31, 2024, we had cash and cash equivalents of $83.9 million and $215.0 million of short-term investments, consisting of available-for-sale securities.

Other PL 10-K year-over-year comparisons