Planet Labs PBC reports news on its Earth-imaging satellite business, including global daily imagery, geospatial data products, and software-based insights for commercial and government customers. Recurring updates cover financial results, enterprise and government contracts, satellite services, and the use of PlanetScope imagery, high-resolution tasking, and professional services in monitoring workflows.
Company developments also include Pelican satellite launches, Tanager spacecraft initiatives, onboard AI and edge-computing capabilities, and capital-structure actions such as the completed redemption and delisting of public warrants while Class A common stock continues to trade under PL.
Planet Labs PBC (NYSE: PL) reported a record Q3 revenue of $49.7 million, increasing 57% year-over-year. The company's GAAP gross margin expanded to 50%, up from 34% in the previous year, while Non-GAAP gross margin reached 54%. Planet has raised its FY 2023 revenue guidance to $188-192 million, expecting approximately 45% growth at the midpoint. With a strong customer count increase and strategic partnerships with firms like Accenture and AWS, Planet's outlook remains robust amid shifting global needs.
Planet Labs PBC (NYSE: PL) has announced a collaboration with Amazon Web Services to integrate geospatial data within Amazon SageMaker, enhancing machine learning capabilities for their customers. This partnership allows users to access daily satellite imagery, facilitating quicker model training and visualization. With the integration, Planet's satellite data can streamline processes previously deemed complex and inaccessible. The new tools significantly reduce training times, enabling operational efficiencies for users in various industries.
Planet Labs PBC (NYSE: PL) has secured a contract with ZEP-RE, a Nairobi-based reinsurance company, to utilize Planet’s Basemaps products. This initiative aims to enhance drought risk protection across the Horn of Africa, covering over 600,000 km² of Eastern Africa. By employing PlanetScope imagery, ZEP-RE will develop a drought index to support over 250,000 pastoralists, helping to determine payouts and premium rates. This program showcases Planet’s innovative use of satellite data for agricultural index insurance, underlining its commitment to leveraging technology for impactful solutions.
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Planet Labs PBC (NYSE:PL) is scheduled to release its fiscal Q3 2023 financial results on December 14, 2022, after market close. A conference call to discuss these results and the company's business outlook will occur at 5:00 p.m. ET. Planet Labs specializes in daily satellite imagery and geospatial solutions, capturing over 30 terabytes of data per day to serve more than 800 customers, including top firms in agriculture, finance, and government.
Planet Labs PBC (NYSE: PL) has announced an expansion of its partnership with Microsoft to leverage AI and satellite data for climate adaptation projects in Africa. This collaboration aims to empower local data scientists with access to satellite imagery to inform early warning systems. The initiative includes the Global Renewables Watch, a project mapping utility-scale solar and wind installations globally. Additionally, Planet's previous work with Microsoft involved assessing building damage in Ukraine. The partnership emphasizes the use of technology to address climate change and humanitarian challenges.
Planet Labs PBC (NYSE: PL) has partnered with Justdiggit, a Dutch nonprofit, to enhance land restoration in sub-Saharan Africa using Planet's advanced satellite technology. Justdiggit employs Planet's SkySat and PlanetScope imagery to support local farmers in Tanzania and Kenya, allowing them to implement effective regreening techniques. With over 300,000 hectares improved and 10 million trees planted, the collaboration aims to combat climate change and promote sustainable livelihoods. Their Restore-IT project focuses on quantifying the success of these initiatives through tangible metrics.
Planet Labs PBC (NYSE: PL) has launched a new Nonprofit Program aimed at providing nonprofits and NGOs access to its imagery and support services. This initiative addresses key challenges faced by these organizations, including limited budgets and technical expertise. The program seeks to enable impactful decision-making around critical issues like climate change and sustainability by offering affordable data products. Early users, including The Nature Conservancy, aim to leverage this data to enhance conservation efforts and develop effective land management tools, showcasing a model for broader collaboration across sectors.
Planet Labs PBC (NYSE:PL) has announced that NASA has extended its contract under the Commercial SmallSat Data Acquisition (CSDA) Program until September 2023. Since 2018, Planet has been providing vital data to NASA and federally funded researchers, enabling them to study climate change and other global challenges. In the past year, users have downloaded over five times the Earth's landmass in data, supporting critical research across multiple sectors. This extension underscores Planet's commitment to aiding scientific research and monitoring Earth’s changes.
Planet Labs PBC (NYSE: PL) is hosting its Investor Day on October 12, 2022, at 12:00 p.m. Eastern Time in San Francisco. The event will feature sessions from management, including CEO Will Marshall and CFO Ashley Johnson. Virtual attendance is available, with prior registration required. Planet Labs specializes in daily satellite imagery and geospatial solutions, capturing over 30 TB of data daily for over 800 clients globally. For more information, visit www.planet.com.