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FISCAL 1Q’26 SCHWETZINGEN PALACE • Schwetzingen, Germany • May 12, 2025 • Pelican UPDATEJune 4, 2025
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Disclaimers All references to “Planet” or the “Company” in this presentation are references to Planet Labs PBC (NYSE: PL). Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned,” “structured” or the negative of these words or other similar terms or expressions that concern Planet’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, statements regarding Planet’s financial guidance and outlook, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, including with respect to AI, Planet’s expectations regarding the launch and operations of its satellites, including with respect to timing, and Planet’s expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet’s ability to forecast Planet’s performance due to Planet’s limited operating history. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Planet’s filings with the Securities and Exchange Commission (“SEC”), including Planet’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that Planet may make. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date of this press presentation. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet’s results for the quarter and full year ended January 31, 2025, are not necessarily indicative of its operating results for any future periods. © Copyright 2025 Planet Labs PBC All Rights Reserved 2
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Disclaimers Use of Non-GAAP Financial Measures This presentation includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP expenses, Backlog, Free Cash Flow and Adjusted EBITDA, which are non-GAAP measures Planet uses to supplement its results presented in accordance with U.S. GAAP. Planet includes these Non-GAAP financial measures because they are used by management to evaluate Planet’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Planet presents these Non-GAAP financial measures because Planet believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, Planet believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of Planet’s core operating performance. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The Non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from Planet’s. Further, the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for Planet and an important part of its compensation strategy. Definitions of these Non-GAAP financial measures and reconciliations to the most directly comparable U.S. GAAP financial measures are included in the appendix to this presentation. Financial Outlook Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization, are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. © Copyright 2025 Planet Labs PBC All Rights Reserved 3
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EARNINGS UPDATE © Copyright 2025 Planet Labs PBC All Rights Reserved 4 PLANET’S MISSION To image the whole world every day and make global change visible, accessible, and actionable.
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© Copyright 2025 Planet Labs PBC All Rights Reserved 5 The Planet Opportunity EARNINGS UPDATE LARGE ADDRESSABLE MARKET HIGHLY SCALABLE BUSINESS MODEL Daily, Global Scanning High Resolution Tasking One-to-Many Data Model Natural Resource ManagementEnergy Finance Insurance AgricultureDefense & Intelligence Civil Government Technology and Services UNIQUE DATA Hyperspectral New Addition Global Partner Network
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EARNINGS UPDATE Recent Highlights ●Generated $17.3 M of net cash provided by operating activities and $8.0 M of free cash flow ●Awarded eight-figure ACV contract by a European defense & intelligence customer ●Selected as the primary subcontractor for the California Air Resource Board ’s Satellite Data Purchase Program ●Announced expansion of seven-figure contract with the German government (BKG) ●Released new Aircraft Detection Analytic Feed ●Streamlined self-serve offering for small customers on the Planet Insights Platform ●Delivering approximately 300k sq-km of hyperspectral data every day with Tanager-1 ●Completed commissioning, payload validation, and began providing data to select customers with Pelican-2 Note: Planet has a Fiscal Year (FY) ending January 31. 1 Non-GAAP financial metric. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. Q1 at a Glance Record Revenue in 1Q’26 $66.3 M Adjusted EBITDA(1) in 1Q’26 $1.2 M Annual or Multi- Year Contracts EoP 1Q’26 >90% Non-GAAP Gross Margin(1) in 1Q’26 59% Free Cash Flow(1) EoP 1Q’26 $8.0 M Cash, Cash Equivalents, and Short-Term Investments EoP 1Q’26 $226.1 M © Copyright 2025 Planet Labs PBC All Rights Reserved 6
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EARNINGS UPDATE Civil Government Expansion Welsh Government 7-Figure ACV Expansion German Government BKG & BMI Multi-Year Hyperspectral Win California Air Resource Board 8-Figure ACV Expansion European D&I Customer Commercial Expansion OnX Customer Highlights DEFENSE & INTELLIGENCE COMMERCIAL CIVIL GOVERNMENT CIVIL GOVERNMENT © Copyright 2025 Planet Labs PBC All Rights Reserved 7 CIVIL GOVERNMENT
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 8 PORT OF LOS ANGELES • San Pedro Bay, California • April 25, 2025 • SkySat© Copyright 2025 Planet Labs PBC All Rights Reserved 8 MONITORING GLOBAL COMMERCE Planet’s high-resolution satellite images, often combined with AI and machine learning, can count individual shipping containers in port yards. By analyzing stacked containers and changes over time, analysts can estimate congestion levels and cargo throughput, offering valuable insights into dynamic global commerce trends.
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EARNINGS UPDATE WIP AIRCRAFT DETECTION Planet released its new Aircraft Detection Analytic Feed, which automates daily detection of aircraft, including commercial, private, and military, around the world. This AI-powered product provides global insights and time series analytics to analyze patterns of life, geopolitical anomalies, and regional events based on Planet's high frequency scan of the Earth. It represents the industry’s first aircraft detection product offering insights at a global scale. © Copyright 2025 Planet Labs PBC All Rights Reserved 9 GLOBAL AIRCRAFT MONITORING Planet released its new Aircraft Detection Analytic Feed, which automates detection of aircraft, including commercial, private, and military, at a global scale. This AI-powered product provides global insights and time series analytics to analyze patterns of life, geopolitical anomalies, and regional events based on Planet's high frequency scan of the Earth.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 10 © Copyright 2025 Planet Labs PBC All Rights Reserved 10 WILDFIRES • Mourne Mountains, United Kingdom • April 07, 2025 • PlanetScope WILDFIRES Spring 2025 wildfires across the UK, including a major blaze in the Mourne Mountains, Northern Ireland, burned over 33,072 hectares, exceeding the 2019 record. Planet’s satellite imagery provided critical data for monitoring fire spread and ecological impact. Planet’s high-resolution insights supported fire services and researchers, enhancing response strategies and environmental assessments.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 11 CAPSIZED DESTROYER • Chongjin Port, North Korea • May 24, 2025 • SkySat© Copyright 2025 Planet Labs PBC All Rights Reserved 11 DEFENSE & INTELLIGENCE On May 21, 2025, a newly constructed 5,000-ton destroyer capsized during its launch at Chongjin Port, North Korea. The accident occurred when the vessel lost balance as it was launched sideways. Images taken by Planet show the warship lying on its side, with the bow of the vessel on land, while a large portion of the stern lies in the water. The stricken ship has since been covered by large blue tarpaulins.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 12 © Copyright 2025 Planet Labs PBC All Rights Reserved 12 TORNADO DAMAGE • Saint Louis, Missouri • May 20, 2025 • SkySat DISASTER RESPONSE May 16, 2025 brought a devastating tornado outbreak to Missouri and Kentucky. The powerful storms resulted in a tragic loss of life and widespread destruction, with initial assessments indicating thousands of structures damaged or destroyed across both states. Planet provided data to Microsoft's AI for Good team, supporting rapid damage assessments and aid efforts.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 13 © Copyright 2025 Planet Labs PBC All Rights Reserved 13 ARAMCO STADIUM CONSTRUCTION • Khobar, Saudi Arabia • May 16, 2025 • SkySat INFRASTRUCTURE MONITORING The Aramco Stadium in Khobar, Saudi Arabia, is a significant construction project currently underway. The stadium is a key part of Saudi Arabia's "Vision 2030" and its broader investment in sports infrastructure. Imagery from Planet for urban planning and infrastructure development offers invaluable insights for decision-making and efficient resource allocation. By analyzing satellite images over time, governments can monitor the growth of facilities in their region. With Planet’s analytic feeds data, users can see daily changes outside facilities, enabling facility managers to evaluate trends across time.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 14 © Copyright 2025 Planet Labs PBC All Rights Reserved 14 LANDSLIDE • Blatten, Switzerland • May 29, 2025 • SkySat DISASTER RESPONSE On May 28, 2025, a landslide buried much of Blatten, Switzerland. This satellite imagery from Planet helped experts assess the aftermath. By comparing "before" images of the village with "after" shots, experts immediately understood the scale of the disaster. Approximately 90% of Blatten covered by debris from a collapsing glacier. The imagery also quickly identified a critical secondary hazard: the landslide had dammed the Lonza River, creating a growing lake and posing a flood risk. This immediate, wide-area view from space enabled emergency responders to plan effective recovery efforts and monitor the evolving situation.
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EARNINGS UPDATEEARNINGS UPDATE © Copyright 202 Planet Labs PBC All Rights Reserved 15 © Copyright 2025 Planet Labs PBC All Rights Reserved 15 MOJAVE WIND FARM • Tehachapi Pass, California • May 27, 2025 • PlanetScope MAPPING GLOBAL SOLAR AND WIND INFRASTRUCTURE Spring 2025 saw the launch of Global Renewables Watch, a public atlas by Planet, Microsoft, and The Nature Conservancy, mapping utility-scale solar and wind installations worldwide. Using Planet’s high-cadence satellite imagery, it tracks energy transitions and land-use changes. Planet’s data empowers policymakers and researchers with insights into energy growth, supporting informed decisions for the future.
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HIGH LATITUDE METHANE DETECTIONS Carbon Mapper’s mission is to make methane and CO2 emission data accessible for mitigation, particularly focusing on high-latitude methane observations. Planet’s Tanager-1 satellite data was used to successfully detect numerous methane plumes in challenging high-latitude regions, such as Russia and Canada, linked to oil/gas production and coal mining. This crucial data, now available on Carbon Mapper's public portal, helps pinpoint and address significant emission sources. © Copyright 2025 Planet Labs PBC All Rights Reserved 16 METHANE DETECTIONS • British Columbia, Canada • February 15, 2025
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EARNINGS UPDATE Planet Media Highlights Apr 24 | A SoMa warehouse is producing the most sophisticated satellites in the world Mar 31 | AI and satellites help aid workers respond to Myanmar earthquake damage May 17 | Satellites instead of subculture – Berlin becomes a space city © Copyright 2025 Planet Labs PBC All Rights Reserved 17 May 4 | Satellite images reveal Huawei’s advanced chip production line in China May 19 | Russia Beefs Up Bases Near Finland’s Border May 21 | Robert Cardillo: The world is "owned by those who ask"
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EARNINGS UPDATE 1Q’26 REVENUE by Geography 1Q’26 REVENUE by Sector Diversified Business Mix Note: Planet has a Fiscal Year (FY) ending January 31. Note: Estimations include rounding assumptions. Note: North America (“NAM”); Asia Pacific & Japan (“APJ”); Europe, Middle East, and Africa (“EMEA”), and Latin America (“LATAM”). Note: From time to time, management conducts a review of the sector assignments of our customer accounts to ensure accuracy based on management's understanding of the end customer use cases at the time of evaluation. Based on management's determination, this review process may result in the re-assignment of certain customers. 28% 45% 23% 4% © Copyright 2025 Planet Labs PBC All Rights Reserved 18 55% 20% 25%
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EARNINGS UPDATE ($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31.1Non-GAAP financial measure. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. © Copyright 2025 Planet Labs PBC All Rights Reserved 19 Driving Growth BACKLOG1 1Q’25 $221 1Q’26 $527140% YoY Growth 1Q’25 $60 $66 REVENUE 1Q’26 10% YoY Growth
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EARNINGS UPDATE ($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31.1Non-GAAP financial measure. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. © Copyright 2025 Planet Labs PBC All Rights Reserved 20 Driving Profits ADJUSTED EBITDA1 1Q’25 1Q’26 1 1Q’25 FREE CASH FLOW1 1Q’26 (8) 8 (16)
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EARNINGS UPDATE Driving Operational Efficiency Note: Planet has a Fiscal Year (FY) ending January 31.1Non-GAAP financial measure. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. © Copyright 2025 Planet Labs PBC All Rights Reserved 21 13% YoY Growth 16% YoY Growth 1Q’242Q’243Q’244Q’241Q’252Q’253Q’254Q’251Q’26 1Q’242Q’243Q’244Q’241Q’252Q’253Q’254Q’251Q’26 NON-GAAP GROSS PROFIT 1 ADJUSTED EBITDA1 ($ in millions) 12
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EARNINGS UPDATE ($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31.1Non-GAAP financial measure. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation. ANNUAL REVENUE © Copyright 2025 Planet Labs PBC All Rights Reserved 22 NON-GAAP GROSS MARGIN1 Strong Execution Over Multiple Years +Revenue growth driven by Planet’s disruptive broad area monitoring capabilities for government & commercial sectors +Non-GAAP Gross Margin expansion driven by scaling one-to-many data subscription business with low cost to serve incremental customers +Adjusted EBITDA improvement driven by operating leverage and financial discipline $131 FY22 $191 FY23 $221 FY24 $244 FY25 38% FY22 53% FY23 54% FY24 60% FY25 (41) FY22 (57) FY23 (55) FY24 (11) FY25 ADJUSTED EBITDA1 21% CAGR
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EARNINGS UPDATE +Drive strong and predictable revenue growth +Expand gross margin with one-to-many data subscription model +Build the business for high margins and sustainable cash flow generation +Bring Next Gen High Res and Hyperspectral Data to Market +Drive Scale with Satellite Services +Bring New AI-Enabled Solutions to Market +Unleash AI on Planet’s Deep Proprietary Datasets Focus and Prioritization +Focus Direct Sales Force on Large Customers in Core Growth Verticals +Leverage Global Partners for Emerging Vertical Opportunities +Support Small Customer Opportunities on the Self Service Platform Product + R&D Go-To-Market Financial © Copyright 2025 Planet Labs PBC All Rights Reserved 23
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EARNINGS UPDATE Key Drivers ●Large government sales opportunities ●Bringing new AI-enabled solutions to market ●Bringing next generation high resolution and hyperspectral data to market ●Scaling in the satellite services market ●R&D investments in 1) space systems capabilities and 2) new AI-enabled solutions ●Capex to 1) build and launch next generation Pelican and Tanager fleets and 2) ongoing maintenance capex for PlanetScope ●Cost management and operating efficiency focus Fiscal 2Q’26 and FY’26 Outlook Note: Planet has a Fiscal Year (FY) ending January 31.1 Non-GAAP financial metric. Please refer to the definitions and reconciliation to the most comparable GAAP measure at the end of this presentation.2 Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the second quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. 2Q’26 FY’26 Revenue $65M - $67M$265M - $280M Non-GAAP Gross Margin %(1)(2) 56% - 57% 55% - 57% Adjusted EBITDA(1)(2) ($4M) - ($2M) ($12M) - ($7M) Capital Expenditures $17M - $22M$50M - $65M © Copyright 2025 Planet Labs PBC All Rights Reserved 24
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SOLAR FARM • Pelican• Gansu, China • March 20, 2025 APPENDIX
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31. Non-GAAP Gross Margin % Three Months Ended April 30, 2023 July 31, 2023 October 31, 2023 January 31, 2024 April 30, 2024 July 31, 2024 October 31, 2024 January 31, 2025 April 30, 2025 GAAP Gross Profit $ 28.1 $ 26.3 $ 26.0 $ 32.5 $ 31.7 $ 32.3 $ 37.5 $ 38.2 $ 36.6 (+) Stock-Based Compensation 0.9 1.1 0.9 0.8 0.8 0.9 0.7 0.9 1.5 (+) Amortization of Acquired Intangible Assets0.4 0.4 0.8 0.8 0.8 0.8 0.8 0.7 0.7 (+) Restructuring costs – – 0.6 – – 1.2 0.1 – – (+) Employee transaction bonuses in connection with business combination– – 0.3 – – – – – – Non-GAAP Gross Profit $ 29.5 $ 27.8 $ 28.5 $ 34.0 $ 33.3 $ 35.2 $ 39.1 $ 39.8 $ 38.8 GAAP Gross Margin % 53% 49% 47% 55% 52% 53% 61% 62% 55% Non-GAAP Gross Margin % 56% 52% 52% 58% 55% 58% 64% 65% 59% © Copyright 2025 Planet Labs PBC All Rights Reserved 26
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in millions) Note: Planet has a Fiscal Year (FY) ending January 31. Non-GAAP Gross Margin % Year Ended January 31, 2022 2023 2024 2025 GAAP Gross Profit $ 48.2 $ 94.0 $ 113.0$ 139.7 (+) Stock-Based Compensation 2.3 5.1 3.6 3.5 (+) Amortization of Acquired Intangible Assets – 1.6 2.4 3.0 (+) Restructuring costs – – 0.6 1.3 (+) Employee transaction bonuses in connection with business combination– – 0.3 – Non-GAAP Gross Profit $ 50.5$ 100.7$ 119.9$ 147.5 GAAP Gross Margin % 37% 49% 51% 57% Non-GAAP Gross Margin % 38% 53% 54% 60% © Copyright 2025 Planet Labs PBC All Rights Reserved 27
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in thousands) Note: Planet has a Fiscal Year (FY) ending January 31. Adjusted EBITDA Three Months Ended April 30, 2023July 31, 2023October 31, 2023 January 31, 2024 April 30, 2024July 31, 2024October 31, 2024 January 31, 2025 April 30, 2025 Net Loss $ (34,444)$ (37,975)$ (38,004)$ (30,086)$ (29,293)$ (38,668)$ (20,081)$ (35,154)$ (12,628) (+) Interest Income (4,506) (3,802) (3,445) (3,661) (3,107) (2,771) (2,414) (1,965) (1,884) (+) Income tax provision 307 582 355 (429) 442 897 25 1,096 928 (+) Depreciation and amortization 10,248 12,160 13,625 11,606 13,103 13,145 10,117 9,272 11,082 (+) Change in fair value of warrant liabilities (5,945) (1,226) (6,833) 295 (1,530) 602 (198) 16,242 (10,387) (+) Stock-based compensation 15,356 16,657 12,598 12,521 13,072 11,566 11,829 12,018 12,542 (+) Restructuring costs – – 7,341 35 – 10,499 25 50 20 (+) Employee transaction bonuses in connection with business combination– – 2,317 – – – – – – (+) Certain litigation expenses – – – – – – 395 404 326 (+) Other (income) expense, net (104) (859) 69 (37) (1,083) 363 60 415 1,200 Adjusted EBITDA $ (19,088)$ (14,463)$ (11,977)$ (9,756)$ (8,396)$ (4,367) $ (242) $ 2,378 $ 1,199 © Copyright 2025 Planet Labs PBC All Rights Reserved 28
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures($ in thousands) Note: Planet has a Fiscal Year (FY) ending January 31. Adjusted EBITDA Year Ended January 31, 2022 2023 2024 2025 Net Loss $ (137,124) $ (161,966) $ (140,509) $ (123,196) (+) Interest expense 8,772 – – – (+) Interest Income (21) (7,672) (15,414) (10,257) (+) Income tax provision 2,110 847 815 2,460 (+) Depreciation and amortization 45,043 43,330 47,639 45,637 (+) Debt extinguishment (gain) loss 1,690 – – – (+) Change in fair value of convertible notes and warrant liabilities (5,726) (6,554) (13,709) 15,116 (+) Stock-based compensation 41,956 75,544 57,132 48,485 (+) Restructuring costs – – 7,376 10,574 (+) Employee transaction bonuses in connection with business combination– – 2,317 – (+) Certain litigation expenses – – – 799 (+) Other (income) expense, net 2,248 (330) (931) (245) Adjusted EBITDA $ (41,052) $ (56,801) $ (55,284) $ (10,627) © Copyright 2025 Planet Labs PBC All Rights Reserved 29
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in thousands) Note: Planet has a Fiscal Year (FY) ending January 31. Backlog April 30, 2024 April 30, 2025 Remaining performance obligations$ 124,942$ 451,928 Cancelable amount of contract value94,831 75,119 Backlog $ 219,773$ 527,047 © Copyright 2025 Planet Labs PBC All Rights Reserved 30
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EARNINGS UPDATE Reconciliation of Non-GAAP Financial Measures ($ in thousands) Note: Planet has a Fiscal Year (FY) ending January 31. Free Cash Flow Three Months Ended April 30, 2024April 30, 2025 Net cash provided by (used in) operating activities$ (4,297) $ 17,346 (-) Purchases of property and equipment (9,938) (8,119) (-) Capitalized internal-use software (1,418) (1,225) Free cash flow $ (15,653) $ 8,002 © Copyright 2025 Planet Labs PBC All Rights Reserved 31
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EARNINGS UPDATE Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates 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. The Company defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue. Adjusted EBITDA: The Company defines and calculates 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. Backlog: The Company defines and calculates 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. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. 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 the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents Backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes Backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts. Free Cash Flow: The Company defines and calculates free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs. The Company presents free cash flow because it believes free cash flow provides useful supplemental information to help investors understand underlying trends in the Company’s business and liquidity. Management uses free cash flow, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning. Definitions © Copyright 2025 Planet Labs PBC All Rights Reserved 32
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EARNINGS UPDATE DefinitionsOther Key Metrics ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates 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. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company calculates EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines 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. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. The Company does not annualize short-term contracts in calculating its EoP ACV Book of Business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period. Percent of Recurring ACV: Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. The Company defines 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 (which has integrated the former Sentinel Hub platform) self-service paying users. The Company defines 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. The Company believes Percent of Recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. 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. © Copyright 2025 Planet Labs PBC All Rights Reserved 33
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EARNINGS UPDATE DefinitionsCapital Expenditures as a Percentage of Revenue: The Company defines 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. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency. © Copyright 2025 Planet Labs PBC All Rights Reserved 34
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EARNINGS UPDATE DefinitionsNet Dollar Retention Rate: The Company defines 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. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV. Net Dollar Retention Rate including Winbacks: The Company assesses two metrics for net dollar retention–Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. 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 Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks 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. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company’s ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements’ calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. © Copyright 2025 Planet Labs PBC All Rights Reserved 35
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EARNINGS UPDATE Media Credits Slide 17: ●The Associated Press, March 31: AI and satellites help aid workers respond to Myanmar earthquake damage ●San Francisco Business Times, April 24: A SoMa warehouse is producing the most sophisticated satellites in the world ●The Financial Times, May 4: Satellite images reveal Huawei’s advanced chip production line in China ●Handelsblatt, May 17: Satellites instead of subculture – Berlin becomes a space city ●The New York Times, May 19: Russia Beefs Up Bases Near Finland’s Border ●Axios, May 21: Robert Cardillo: The world is "owned by those who ask" © Copyright 2025 Planet Labs PBC All Rights Reserved 36