Planet Reports Financial Results for Third Quarter of Fiscal 2022

Delivers Record Third Quarter Revenue of $31.7 Million

Reaffirms Full Year Revenue Outlook for Fiscal Year 2022

End of Period Customer Count Increased 32% Year-Over-Year

Fully Capitalized Following Receipt of Over $590 Million in Gross Proceeds from NYSE Debut

SAN FRANCISCO — (BUSINESS WIRE) — December 14, 2021 — Planet Labs PBC (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for its third fiscal quarter that ended October 31, 2021, demonstrating its continued execution and the momentum of its unique data subscription business. Last week, Planet listed on the New York Stock Exchange under the ticker “PL” following the close of its business combination with dMY Technology Group, Inc. IV, a special purpose acquisition company (dMY IV).

Third Quarter FY2022 Financial Highlights:

Revenue increased 16% year-over-year to $31.7 million.
Percent of Recurring Annual Contract Value (ACV) was 94%, compared to 93% in the third quarter of fiscal year 2021.
End of Period (EoP) Customer Count increased 32% year-over-year to 742 customers.
Gross Margin percentage expanded to 34%, compared to 27% in the third quarter of fiscal year 2021. Non-GAAP Gross Margin percentage expanded to 35%, compared to 28% in the third quarter of fiscal year 2021.
Net loss was $41.5 million and Adjusted EBITDA was ($12.3) million, driven by increased investments in R&D, sales and marketing and public company costs.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below.

“Our strong performance this past quarter continues to demonstrate Planet’s ability to capture the market opportunity ahead of us,” said Will Marshall, Co-Founder, Chief Executive Officer and Chairperson of Planet. “With over $590 million gross proceeds raised as part of our debut on NYSE last week, we expect that we are fully capitalized to invest in our key growth initiatives, which include expanding our sales force, reinforcing the power of Planet’s proprietary Earth data, and growing our software organization to expand our analytic solutions. As digital transformation and sustainability continue to drive massive new demands across businesses and governments worldwide, we’ve never been more confident in Planet’s commercial momentum and opportunity for impact.”

Ashley Johnson, Planet’s Chief Financial and Operating Officer added: “We are very excited by both our public listing and our rapidly growing, diversified global customer base. As our financial results demonstrate, Planet’s platform continues to drive tremendous value to companies in numerous vertical markets. We remain focused on executing against our top line growth plan and capitalizing on the robust demand that we see in the market for Planet’s data. During the third quarter, we achieved sales pipeline growth of 46% on a year-over-year basis. We see meaningful opportunities to continually create new markets, as well as grow our share in private and public sector customers alike.”

Recent Business Highlights:

Business Combination Transaction and Public Market Debut:

Planet completed its business combination with dMY IV, raising over $590 million in gross proceeds and listing on the New York Stock Exchange under the ticker “PL”.

Strong investor support demonstrated with less than 2% redemptions from dMY Technology Group IV, Inc. public shares.

Expected to fully capitalize the business and enable acceleration of both organic and inorganic growth vectors.

New and Expanded Customer Contracts:

Planet recently announced that it is providing critical nationwide disaster response data to FEMA through its partnership with New Light Technologies Inc.

Planet also signed a contract extension with the National Reconnaissance Office (NRO) that both expands the NRO’s access to Planet’s daily, unclassified data, and incorporates it into the NRO’s existing workflows.

Planet had a number of significant expansions among top commercial agriculture customers during the third quarter, including Taranis, who expanded into the Southern hemisphere to help farmers make informed decisions.

Acceleration of Analytics Capabilities:

Planet closed its acquisition of VanderSat, a leading provider of advanced earth data and analytics that report on key conditions on the Earth’s surface, including soil moisture, land surface temperature and vegetation optical depth.

By combining VanderSat’s innovative solutions with Planet’s daily monitoring capabilities, Planet will help customers see through clouds more clearly to make more informed decisions about crops, disasters, and resources.

The acquisition is expected to accelerate Planet’s strong position in agriculture and allow Planet to continue to mature its offerings in other verticals including insurance, civil government, and finance.

New Product Launches:

At Planet’s Explore 2021 user conference in October, Planet welcomed over 3,000 attendees and announced two major new products: Pelican and Fusion with SAR.

Pelican is a next-generation fleet of satellites that will provide very high resolution imagery and is planned to begin launching next year and be operational in 2023.

Fusion with SAR is a cutting-edge data enhancement that will be incorporated into Planet’s existing Fusion Monitoring product.

Sustainability Initiatives:

Planet attended and held numerous meetings and events at the United Nations’ Climate Change Conference (COP26) in Glasgow, UK, to discuss strategies to save the planet from the worst effects of the climate emergency, particularly in the areas of forestry and methane emissions - two areas that saw groundbreaking multinational commitments come out of the conference. Planet detailed how it can provide the data needed to track and report on the ambitious targets set at COP26 and hold national governments and individual actors accountable.

Carbon Mapper, a nonprofit partnering with Planet to deploy a ground-breaking hyperspectral satellite constellation that would help make reaching these sustainability targets a reality, recently received a $25 million investment from Bloomberg Philanthropies, increasing total funding for the partnership to $125 million. Planet and NASA JPL are in the process of building the first two hyperspectral Carbon Mapper satellites that will have the ability to pinpoint, quantify and track point-source methane and CO2 emissions.

Education & Research:

Planet’s robust Education and Research Program led to its satellite data being used in over 1,500 academic publications since 2016. Notably, in 2021, a study using Planet’s data was published an average of once every 15 hours. The program grew more than 80% since last year, demonstrating the high demand for Planet data in academic settings.

Governance Enhancements:

Planet welcomed two best-in-class members to its Board of Directors as part of its transition to the public markets: Twitter’s Chief Legal Officer, Vijaya Gadde, and Niccolo de Masi, former CEO of dMY Technology Group, Inc. IV. Their extensive expertise across technology, operations, and public markets are expected to complement strong skill sets already on Planet’s Board and support the company’s continued success.

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