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Planet Labs PBC
Communication Services · Interactive Media & Services
Structural read: Planet sells the only daily-cadence global imagery archive. The constellation is already on-orbit and depreciating - incremental ARR drops mostly to gross margin (FY guide ~60%+). Defense/intel re-rated the comp set after Ukraine; Planet is the volume play vs $MAXR (tasking) and $BKSY (radar).
- Pelican (next-gen high-res) + Tanager (hyperspectral) extend the moat beyond commodity RGB
- $230M+ multi-year NATO ally + US defense wins inflected ARR growth
- AI/ML buyers (foundation models on geospatial) are a new TAM leg - every frontier lab needs labelled imagery
- ~$200M+ net cash, no debt, opex flatlined → path to FCF break-even FY27
- Recurring subscription mix >90% ARR, NRR trending back above 100%
- History of guidance cuts; ACV cycles in commercial verticals (ag, mapping) remain choppy
- Heavy customer concentration in a handful of government contracts
- $PL trades on ARR multiple - any growth deceleration compresses fast
- SBC dilution still ~10% of revenue; share count creep is real
- Hyperspectral/next-gen capex re-accelerates before commercial demand is proven
No major news in the last 7 days for PL - only listicles and opinion pieces, which we filter out by default. See everything anyway.