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SAN FRANCISCO - Planet Labs PBC (NYSE:PL), whose stock has surged over 440% in the past year and currently trades near its 52-week high of $11.41, announced Tuesday the general availability of data products from its Tanager-1 hyperspectral satellite, marking the one-year anniversary of the satellite’s first images. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, positioning it well for continued innovation.
Customers can now purchase Tanager core imagery products, including radiance and surface reflectance data, as well as a new Methane Quicklook product developed in collaboration with Carbon Mapper. With impressive gross profit margins of nearly 59%, Planet Labs demonstrates strong pricing power in its commercial offerings.
The Tanager-1 satellite, which captures data across over 400 spectral bands with 30-meter spatial resolution, has collected more than 69,000 data points covering 31 million square kilometers globally since its launch. According to the company’s press release, the satellite has detected over 5,500 methane and CO2 plumes across nearly 3,200 sources in the past year.
Planet Labs is offering a Methane Monitoring subscription service in selected regions, initially focusing on the Permian Basin in Texas and New Mexico, and the Denver-Julesburg Basin in Colorado - areas with significant oil and gas operations.
"Tanager’s hyperspectral data will be proven to be science-grade and nearly ideal radiometric quality," said Robbie Schingler, Co-Founder and Chief Strategy Officer of Planet.
The satellite represents a partnership between Planet Labs and Carbon Mapper, with imaging spectrometer technology developed by NASA’s Jet Propulsion Laboratory. Planet Labs has indicated plans to launch additional Tanager satellites in the future.
The company states that the data can support various applications including mineral mapping, biodiversity assessment, agricultural management, urban mapping, and disaster response.
Planet Labs, founded in 2010 by three NASA scientists, designs and operates what it describes as the largest Earth observation fleet of imaging satellites. The company, with a market capitalization of $3.4 billion, is publicly traded on the New York Stock Exchange. For deeper insights into Planet Labs’ financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers exclusive access to over 15 additional ProTips and detailed valuation metrics.
In other recent news, Planet Labs has reported a significant 20% year-over-year revenue growth in its fiscal second-quarter results, marking the highest quarter-over-quarter growth in three years. The company’s guidance for fiscal Q3 and the second half of the year has also surpassed consensus expectations, according to Needham, which subsequently raised its price target on Planet Labs to $12 from $8 while maintaining a Buy rating. Craig-Hallum also increased its price target to $11 from $7, citing strong performance in various sectors such as Military, Maritime wide area monitoring, and Agriculture. Additionally, Planet Labs has priced a $400 million offering of 0.50% Convertible Senior Notes due 2030, an increase from the initially announced $300 million. This transaction is expected to settle on September 12, 2025. On the technology front, Planet Labs has released the first images from its Pelican-3 satellite, launched alongside Pelican-4 on SpaceX’s Falcon 9 NAOS mission. The company anticipates improved image quality as the satellites complete calibration and reach their operational orbits. JMP Securities has reiterated its Market Outperform rating with an $11.00 price target on Planet Labs, following investor meetings attended by company executives.
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