Company Profile
Introduction
Planet Labs (ticker: PL), formerly Planet Labs, Inc. and Cosmogia, Inc., is an Earth imaging company whose goal is to image the entire Earth daily to monitor change and identify trends.
Founders
Planet Labs, formerly Cosmogia, was founded in 2010 by former NASA scientists Chris Boshuizen, Will Marshall, and Robbie Schingler.
Initial Public Offering
In July 2021, Planet Labs announced plans to become a publicly traded company and list on the New York Stock Exchange through a merger with a special purpose acquisition company (SPAC), DMY Technology Group Inc IV. Trading began on the NYSE on December 8, 2021.
Planet Labs Services
Company Business
Planet Labs images the global landmass daily; its data is widely used by various industries, non-profit organizations, and government agencies.
Application Areas
Planet Lab currently primarily serves government agencies (including defense and intelligence agencies), the agricultural sector (for crop health monitoring), and organizations involved in disaster response.
To prevent Iran from using related images to attack the United States and Israel, the U.S. government on April 4 ordered all satellite image providers to indefinitely suspend the release of satellite images of Iran and conflict zones in the Middle East. The most important satellite image provider is Planet Labs.
Largest Assets
Planet Lab’s daily satellite imaging technology constructs a vast archive of Earth’s history.
Artificial intelligence
The company plans to enhance this archive with analytics and artificial intelligence to provide even richer services.
In March 2026, the company announced a partnership with NVIDIA to create a GPU-native AI engine, enabling the company to transform from a simple imaging provider into an instant planetary intelligence platform.
Core Technologies
Dove Satellites
The company designs and manufactures 3U CubeSats named “Dove,” which are launched into orbit as auxiliary payloads on other rockets. Each Dove satellite is equipped with a high-powered telescope and a camera to image different regions of the Earth. Dove Earth observation satellites continuously scan the Earth and transmit data via frame image sensors after passing ground stations.
The images collected by the Dove satellites are available online in real time, with some images provided under open data access policies. These images provide up-to-date information related to climate monitoring, crop yield forecasting, urban planning, and disaster response.
Satellite Constellation
PlanetLab’s PlanetScope Dove satellite constellation is designed to observe the Earth. This constellation consists of multiple small satellites (CubeSats) capable of producing high-resolution images of the Earth—with a resolution of 3-5 meters per pixel. The constellation acquires images within a 52-degree latitude range from the Earth’s equator. Most of the world’s agricultural areas and populations are within the constellation’s observation range. Initially, the mission used the International Space Station (ISS) and various orbital launch vehicles to enter orbit. Largest Global Constellation
Following its acquisition of BlackBridge in July 2015, Planet Labs launched 87 Dove satellites and 5 RapidEye satellites into orbit. In 2017, Planet Labs launched another 88 Dove satellites after Google sold its subsidiary Terra Bella and its SkySat satellite constellation to Planet Labs.
As of September 2018, Planet Labs had launched nearly 300 satellites, 150 of which were still operational. In 2020, Planet Labs launched 6 high-resolution SkySat satellites (SkySat 16-21) and 35 Dove satellites.
Following the launch of 48 Planet SuperDove satellites in January 2021, the company operates a global constellation of over 200 active satellites.
To date, Planet Labs operates the world’s largest Earth observation satellite constellation.
Fourth Quarter 2025 Financial Results
Key Highlights
Fourth-quarter revenue grew 41% to a record $86.8 million, and full-year sales rose 26% to $307.7 million. The company also reported its first-ever adjusted EBITDA profit in a fiscal year and generated positive free cash flow.
The backlog of orders grew 79% year-over-year to $900 million, providing clearer visibility for the new fiscal year. The company stated that demand was supported by government projects, satellite launches, and new partnerships aimed at broadening its technology base.
Planet Labs also reported a widening net loss of $152.5 million in the fourth quarter, compared to $35.2 million in the same period last year, primarily due to a $122.6 million revaluation loss related to warrant liabilities.
Company is profitable
In the third quarter of fiscal year 2026, ending at the end of last year, the company achieved its fourth consecutive quarter of profitability, with a profit of $5.6 million and free cash flow of $53 million.
Outlook
For fiscal year 2027, the company expects revenue of approximately $415 million to $440 million and adjusted EBITDA of $0 to $10 million.
Market Reaction
Planet Labs shares surged 25.48% on Friday after reporting quarterly results that exceeded analysts’ expectations and provided a stronger outlook.
Customers
Number of Customers
At the time of the SPAC merger, the company had over 600 clients; 90% of them were annual subscribers to Planet’s data service.
US Government
Planet Labs has contracts to provide imagery to various US government agencies, including FAS, NOAA, Oak Ridge National Laboratory, Sandia National Laboratories, the Bureau of Reclamation, and NASA.
Foreign Governments
Following Japan and Germany, in January 2026, Planet Labs signed a contract with the Swedish Armed Forces, becoming its third government client.
Capital Market Performance
Market Valuation
As of March 20, 2026, Planet Labs’ market capitalization was $11.54 billion, but it is currently still operating at a loss.
Stock Price Performance
The company’s stock price rose more than 340% in 2025. Since its listing, the stock has risen by 241% as of March 20, 2026.
Closing words
Planet Labs currently has hundreds of operational satellites in orbit, proving its ability to generate revenue and scale its business. The company has moved beyond the cash-burning startup phase and is progressing towards greater maturity. Its revenue reached $308 million in 2025, and it is nearing profitability.
Furthermore, Planet Labs’ innovation is accelerating. Leveraging its hundreds of operational satellites, it is expanding its existing platform and utilizing artificial intelligence to gain deeper insights. Barring unforeseen circumstances or the emergence of larger competitors, Planet Labs undoubtedly possesses the qualities for success.
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