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SAN FRANCISCO - Planet Labs PBC (NYSE:PL), the $1.93 billion Earth observation company whose stock has surged over 57% year-to-date, announced Tuesday it has shipped its Pelican-3 and Pelican-4 satellites to Vandenberg Space Force Base for an upcoming launch aboard SpaceX’s Falcon 9 rocket. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The Earth observation company said these Gen 1 Pelican satellites will provide up to 40 cm class resolution imagery across six multispectral bands. The satellites are equipped with NVIDIA Jetson AI chips for on-orbit computing capabilities. With impressive gross profit margins of 58%, Planet Labs has demonstrated strong operational efficiency in its satellite technology business.
"Each launch marks a significant milestone in building a constellation that allows rapid, intraday global revisits," said Brian Lewis, Mission Director for the Pelican program, according to the press release.
This shipment is one of several Pelican launches scheduled for this year. Planet plans to launch additional satellites over the next year, with second generation Pelicans expected to reach 30 cm resolution beginning next year.
The satellites will supplement Planet’s existing fleet of tasking satellites, providing additional capacity for on-demand, high-resolution imaging for customers in defense, intelligence, civil government, and commercial sectors.
Planet noted that its satellite production line is now fully operational, with multiple Pelican and Tanager satellites currently in production. The company has launched and deployed over 650 Earth observation satellites to date.
The information in this article is based on a press release statement from Planet Labs. For comprehensive analysis of Planet Labs’ financial health, growth prospects, and detailed valuation metrics, explore the full company research report available on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence.
In other recent news, Planet Labs PBC has reported several significant developments. The company secured a substantial €240 million multi-year contract with the German government, which includes pre-payment provisions to enhance its working capital. In addition to this, Planet Labs expanded its contract with Colombia’s Instituto Geográfico Agustín Codazzi to incorporate AI-powered analytics for improved land management. Moreover, the company has signed a six-figure contract with Farmdar to provide satellite data for agricultural insights.
Planet Labs also announced four major AI-enabled defense contracts, including a notable agreement with Germany for PlanetScope data and AI solutions. At its recent annual meeting, shareholders re-elected directors William Marshall and Robert Schingler, Jr., and elected Gary B. Smith, all for three-year terms. Additionally, the company received a "Buy" rating and an $8.00 price target from Needham following these contract wins. These recent developments underscore Planet Labs’ expanding influence in satellite imaging and AI solutions.
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