Bullish indicating open at $55-$60, IPO prices at $37
SAN FRANCISCO - Planet Labs PBC (NYSE:PL), whose stock has surged over 275% in the past year and currently trades near its 52-week high of $7.72, has entered into a new six-figure contract with agriculture technology company Farmdar, according to a press release statement issued by the satellite imagery provider. According to InvestingPro analysis, the company appears overvalued at current levels.
Under the agreement, Farmdar will gain access to Planet’s PlanetScope data archive and Planet Basemaps to enhance its crop insights platform. The satellite imagery will be used for crop detection, geographical boundary identification, and arable land mapping.
Farmdar has been using Planet’s satellite imagery since 2022 to develop crop insights. The expanded access aims to provide more value to Farmdar’s clients, particularly sugar millers requiring precise agricultural intelligence.
"We’ve seen the power of AI solutions and satellite data together to unlock insights about our changing world," said Ashley Johnson, Planet President and CFO.
David Pridmore, Farmdar Chief Technology Officer, noted that Planet’s near-daily PlanetScope data provides "the foundational, high-quality inputs our AI models require for delivering unparalleled accuracy, particularly for complex crops like sugarcane."
The partnership reflects increasing demand for frequent satellite data to modernize agricultural practices through AI-driven solutions.
Planet Labs, founded in 2010 by three NASA scientists, operates what it describes as the largest Earth observation fleet of imaging satellites. The company is listed on the New York Stock Exchange as PL and is structured as a public benefit corporation.
Farmdar, headquartered in Singapore, provides crop insights to agribusinesses globally to help optimize productivity, supply chain, and procurement functions.
In other recent news, Planet Labs announced a significant €240 million multi-year contract with the German government to provide satellite services that will support European peace and security. This contract includes dedicated capacity on Planet’s Pelican satellites and access to PlanetScope and SkySat data, with revenue expected to start in January 2026. Alongside this, Planet Labs secured three other major contracts with defense and intelligence customers, including an expanded agreement with the U.S. Defense Innovation Unit and a seven-figure contract with NATO. These deals highlight the growing demand for Planet’s AI-enabled solutions in the defense sector. Analysts from Needham have reiterated a Buy rating for Planet Labs, with an $8.00 price target, citing the contract wins as strong growth opportunities. The firm expressed confidence in Planet Labs’ potential to return to over 20% topline growth by 2026, although it noted that large deals might initially impact costs. Despite the new contracts, Planet Labs has chosen not to update its financial guidance for the current fiscal year, as the revenue from the German contract will not be realized until 2026. Planet Labs’ monitoring capabilities include daily scans of vast land and ocean areas, which support its defense and intelligence offerings.
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