Planet Labs Signs $230 Million Satellite Contract

<p><span class&equals;"bw-dateline-wrapper"><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; <&sol;span>Planet Labs PBC&comma; a provider of daily data and insights about Earth&comma; has signed a multi-year &dollar;230 million agreement to expand its partnership with a long-standing&comma; Asia-Pacific commercial partner&period;<&sol;p>&NewLine;<p>The agreement calls for Planet to build and deliver a constellation of new Pelican high resolution satellites&comma; securing certain capacity on the satellites for the partner&comma; in addition to providing operational services&period; Planet will leverage the increased capacity of the expanded fleet to serve its own government and commercial customers around the world<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;This agreement represents a significant milestone for Planet&comma; it is our largest contract to date&comma; and is a major step forward in what we see as a very large market opportunity for satellite services&comma;” said Will Marshall&comma; Planet’s CEO and Co-founder&period; &OpenCurlyDoubleQuote;These types of partnerships are a win-win&colon; our partners gain critical satellite capabilities and priority access to leading-edge technology&comma; while they help Planet accelerate key space programs and create synergistic benefits for all our customers&period; We are strategically pursuing a select number of similar opportunities&comma; spanning our Pelican&comma; Tanager and SuperDove satellites across the defense and intelligence&comma; civil government&comma; and commercial sectors&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Today’s announcement builds on Planet’s ability to leverage its advanced space systems capabilities and IP to create unique value for partners&comma;” said James Mason&comma; Planet’s Chief Space Officer&period; &OpenCurlyDoubleQuote;Our trusted partners have long expressed interest in our proprietary space systems technology and we’re proud to be able to fulfill their needs with our satellites and services&period; Our vertical integration and agile aerospace capabilities enable us to scale to customer and partner demand&period;”<&sol;p>&NewLine;<p>Planet expects to recognize the &dollar;230 million of commercial payments from the partner as revenue over the build and operational service period of the satellites&comma; which is estimated to be approximately seven years&period;<&sol;p>&NewLine;<p>This is the third strategic space systems partnership Planet has signed in the last four years&period; In partnership with the Carbon Mapper Coalition&comma; Planet has built&comma; launched and deployed Tanager&comma; a first-of-its-kind hyperspectral satellite&comma; which is now producing a powerful dataset for use by customers and partners across government and commercial markets&period; In support of NASA’s Communications Services Project &lpar;CSP&rpar;&comma; Planet is developing real-time space-to-space connectivity solutions between Pelican and partner satellites with technology demonstrations onboard Planet’s Smallsat platform in 2025&period;<&sol;p>&NewLine;