Planet Labs renews 8-figure contract with international defense client

SAN FRANCISCO - Planet Labs PBC (NYSE:PL) announced Wednesday a renewal of an 8-figure contract with an existing international defense and intelligence customer for high-resolution satellite imagery. The contract adds to Planet’s growing revenue stream, which has seen 11.33% growth over the last twelve months.

The agreement provides the unnamed customer with access to Planet’s Pelican and SkySat assured tasking capabilities for monitoring and intelligence gathering in key areas of interest, according to a company press release.

"We continue to see significant demand from our global defense and intelligence customers, who rely on Planet’s unique capabilities to gain timely and actionable insights," said Ashley Johnson, President and CFO of Planet.

This contract follows Planet’s previously announced agreements with the German government, NATO, the U.S. Department of Defense, U.S. Navy and U.S. National Geospatial-Intelligence Agency earlier this year.

Planet Labs, founded in 2010 by three NASA scientists, operates what it describes as the largest Earth observation commercial fleet of imaging satellites. The company provides satellite imagery and geospatial solutions to customers in agriculture, forestry, intelligence, education, finance, and government sectors.

The specific value of the contract and the identity of the international customer were not disclosed in the announcement.

Planet Labs became a public benefit corporation listed on the New York Stock Exchange in 2021.

In other recent news, Planet Labs has made significant strides in its business operations and partnerships. The company is leveraging Google’s Earth AI models to enhance its analysis of satellite data, particularly in mapping deforestation. This partnership is part of Google’s initiative to improve its Earth AI capabilities. On the financial front, Planet Labs’ stock rating was downgraded by Citizens from Market Outperform to Market Perform, citing limited upside potential after the company’s Investor Day. Meanwhile, Needham raised its price target for Planet Labs to $16, maintaining a Buy rating, following the company’s strategic focus on satellite service deals and new financial targets. Additionally, Cantor Fitzgerald significantly increased its price target to $20, maintaining an Overweight rating, based on reassessed estimates for sales growth and new contract wins. Furthermore, Planet Labs secured a $12.8 million contract from the National Geospatial-Intelligence Agency for AI-enabled maritime solutions. These developments underscore the company’s ongoing efforts to expand its technological and financial horizons.

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