Delivers Record Fourth Quarter Revenue of $37.1 Million and Full Year Revenue of $131.2 Million

Expands YoY Fourth Quarter GAAP Gross Margin from 25% to 37%

Significant Topline Acceleration Expected for Fiscal 2023

SAN FRANCISCO — (BUSINESS WIRE) — March 31, 2022 — Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for its fiscal fourth quarter and full year ended January 31, 2022, demonstrating accelerating growth and the momentum of its unique data subscription business.

“We scaled the business to over $131 million for the fiscal year ended January 31, 2022, accelerating topline growth and significantly expanding gross margin as use of our proprietary data and services expands within existing and new verticals,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Recent events in security and sustainability have underscored that now is a global moment for satellite imagery. The criticality of our data and daily scans have never been more apparent.”

Dr. Marshall continued, “We are bullish on our opportunities for growth, given both the general increasing market pull and the specific engagements we are pursuing. We have high confidence in our revenue growth and are continuing to invest in response to what we’re seeing in the market.”

Ashley Johnson, Planet’s Chief Financial and Operating Officer, added, “Over fiscal year 2022, we extended our market lead, scaled the business to over $131 million in revenue, increased our customer count to 770 customers, and ended the year with $491 million of cash on the balance sheet. We are well positioned to capture the massive opportunity for Planet’s data with our rapidly scalable business model and differentiated data solution.”

Fiscal Fourth Quarter and Full Year 2022 Financial and Key Metric Highlights:

• Fourth quarter revenue increased 23% year-over-year to $37.1 million.
• Full year revenue increased 16% year-over-year to $131.2 million.
• Percent of Recurring Annual Contract Value (ACV) for the fourth quarter of fiscal year 2022 was 92%, consistent with the fourth quarter of fiscal year 2021.
• End of Period (EoP) Customer Count increased 25% year-over-year to 770 customers.
• Net dollar retention rate for the full year was 116% including winbacks.
• Fourth quarter gross margin expanded to 37%, compared to 25% in the fourth quarter of fiscal year 2021. Fourth quarter Non-GAAP Gross Margin⁽¹⁾ expanded to 42%, compared to 25% in the fourth quarter of fiscal year 2021.
• Full year gross margin expanded to 37%, compared to 23% in fiscal year 2021. Full year Non-GAAP Gross Margin⁽¹⁾ expanded to 38%, compared to 24% in fiscal year 2021.
• Raised over $590 million in gross proceeds through successful business combination transaction with dMY Technology Group, Inc. IV and concurrent private placement, and completed public listing on the New York Stock Exchange.
• Ended the year with $490.8 million in cash and cash equivalents and no debt.

Recent Business Highlights:

Growing Customer and Partner Relationships:

• Planet recently signed a deal with Rabobank, a leading Dutch multinational banking and financial services organization, who is using Planet’s data to support credit risk assessment for smallholder farmers in developing countries.
• Planet signed a contract expansion with Bayer Environmental Science, who created RangeView, a digital platform for the range and pasture industry using satellite imagery and planning tools to help ranchers assess pastures with the most infestation of annual invasive grasses and evaluate the return on investment for treating them.
• Planet is partnered with Swiss Re, which, jointly with its local insurance partners, is using Planet's data to insure farmers against drought in parts of Europe and Central Asia.
• Taranis and Woolpert were recognized as 2022 Partners of the Year in their respective markets at Planet’s annual Sales Kickoff in San Diego, CA.

Successfully Launching New Products and Technologies:

• PlanetScope: Planet announced the general availability of the next generation of its PlanetScope Monitoring product, offering high quality, analysis-ready data to all existing PlanetScope customers. PlanetScope will now include eight spectral bands in addition to a series of enhancements, providing customers with richer, cleaner, and more consistent data to empower deeper analysis of Earth’s changing conditions.
• SuperDoves: On January 13, 2022, Flock 4x, consisting of 44 SuperDove satellites, was successfully launched into orbit on a SpaceX Falcon 9 rocket. These 44 satellites join Planet’s existing fleet of roughly 200 satellites in orbit.

Supporting Ukraine Response:

• Planet has provided imagery to governments, aid and relief organizations, data analysts and media. Planet remains committed to transparency and accountability and will continue to help others to leverage its services in timely and responsible ways.
• Planet has responded with a number of product developments, including providing weekly basemaps of the region to customers, adding analytical capabilities in collaboration with third parties, and enabling improvements to its satellite tasking algorithm.

Impact and Education:

• Planet was officially certified as a carbon neutral company for the 2020 calendar year as part of its commitment to sustainability. Planet worked with SCS Global Services (SCS) to certify its operations as carbon neutral in accordance with the internationally recognized PAS 2060: 2014 Carbon Neutrality Standard. This certification covers the entire supply chain – from manufacturing and launching satellites to corporate operations.
• Planet’s robust Education and Research program has now led to its satellite data being used in over 1,800 publications. Recent highlights include a study from the University of Aberdeen in the UK, which used PlanetScope imagery to look at arctic lakes formed from melting permafrost and how to measure the resulting carbon sources and sinks in those regions. Contracts like these often lead to new use cases of Planet’s data and better forecasts of the resultant economic and geopolitical effects.

Financial Outlook

For the first quarter of fiscal year 2023, Planet expects revenue to be in the range of approximately $38 million to $41 million. Non-GAAP Gross Margin is expected to be between approximately 38% to 45%. Adjusted EBITDA is expected to be between approximately ($17) million and ($14) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 8% and 9% of revenue for the first quarter.

For fiscal year 2023, Planet expects revenue to be in the range of approximately $170 million to $190 million. Non-GAAP Gross Margin is expected to be between approximately 43% to 50%. Adjusted EBITDA is expected to be between approximately ($75) million and ($50) million. Capital Expenditure as a Percentage of Revenue is expected to be between approximately 12% to 13% for the full fiscal year 2023.

Planet has not reconciled its Non-GAAP Gross Margin outlook, which is derived from Non-GAAP Gross Profit (Loss), and Adjusted EBITDA outlook to their most directly comparable GAAP measures (gross profit (loss) and net loss, respectively) because certain items that impact gross profit (loss) and net loss, such as stock-based compensation expense and (in the case of Adjusted EBITDA) depreciation and amortization, are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the first quarter of fiscal year 2023 and fiscal year 2023 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Non-GAAP Gross Margin outlook and Adjusted EBITDA outlook to gross profit (loss) margin and net loss, respectively, is not available without unreasonable efforts.