Planet Labs PBC

Thank you for joining us and welcome to Planet Labs PBC fiscal fourth quarter and full year 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. I will now hand the conference over to Cleo Palmer-Porner, Director of Investor Relations. Please go ahead.

Thanks, Operator, and hello, everyone. Welcome to Planet's fiscal fourth quarter and full year 2026 earnings call. I'm joined by Will Marshall and Ashley Johnson, who will provide a recap of our results and discuss our current outlook. We encourage everyone to please reference the earnings press release and earnings update presentation for today's call, which are available on our investor relations website. Before we begin, we'd like to remind everyone that we will make forward-looking statements related to future events or our financial outlook. Any forward-looking statements are based on management's current outlook plans, estimates, expectations, and projections. The inclusion of such forward-looking information should not be regarded as a representation by PLANET that future plans, estimates, or expectations will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions as detailed in our SEC filings, which can be found at www.sec.gov. Our actual results or performance may differ materially from those indicated by such forward-looking statements, and we undertake no responsibility to update such forward-looking statements to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. During the call, we will also discuss historic and forward-looking non-GAAP financial measures. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier today, which is available on our website at investors.planet.com. Further, throughout this call, we will provide a number of key performance indicators used by management and often used by competitors in our industry. These and other key performance indicators are discussed in more detail in our press release and our earnings update presentation, which are intended to accompany our prepared remarks. At this point, I'd now like to turn the call over to Will Marshall, Planet's CEO, chairperson and co-founder. Over to you, Will.

Thanks, Cleo, and welcome everyone joining us today. Last year was transformational for Planet, and I'm proud of everything that our team accomplished. We made incredible progress in the satellite services market, signing a 240 million euro agreement funded by Germany and a nine-figure deal with Sweden, capping off three such deals in 12 months. We launched 40 satellites, including four of our high resolution Pelican satellites, invested strongly in AI, and announced a cutting edge partnership with Google to demonstrate satellites for compute in space. We delivered record annual revenue, adjusted EBITDA profitability, positive free cash flow, and accelerated our revenue growth. And we laid out a strong foundation for the year ahead, enabling us to continue that growth acceleration. So let's dive in. To briefly summarize the full year results, we generated a record $308 million in revenue, representing approximately 26% year-over-year growth. Non-GAAP gross margin was 59% for the year. Adjusted EBITDA profit came in at $15.5 million. And free cash flow was $53 million, representing our first full fiscal year of non-GAAP profitability, an excellent milestone for the team as we strike a balance between profit and growth. Q4 was also a record for revenue, representing 41% year-over-year growth and our fifth consecutive quarter of adjusted EBITDA profitability. For the second sequential quarter, we achieved rule of 40, which is revenue growth plus adjusted EBITDA margin. And on an annual basis, we achieved rule of 30, a full year earlier than we anticipated. End of period backlog was over $900 million, approximately 79% growth year on year, providing us with excellent visibility to accelerating our revenue growth for the coming fiscal year. Defense and intelligence was a major area of strength for us in FY26, underpinned by global dynamics. Full-year D&I revenue grew over 50% year on year, driven by strong performance in our data subscriptions, solutions, and satellite services. To recap our role here, Planet was founded on a core mission of making information about our world visible, accessible, and actionable to help both sustainability and security globally. As the geopolitical landscape shifts, security is an urgent mandate for governments worldwide, and our customers face mission-critical decisions in an increasingly complex and chaotic world, and this mission is critical to them. We view security as inextricably linked to sustainability. Resource scarcity and climate disasters are not just environmental issues. They are direct threat multipliers, or even triggers for conflict. The defence and intelligence sector is essential to realising our mission. Our customers rely on us to help identify unknown unknowns, detect changes and warning signals that they didn't know to look for before they escalate into crisis. It's a critical part of our purpose. To highlight a few recent customer wins in this area. During the quarter, we received two awards from the US Defence Innovation Unit. We were awarded a seven-figure extension of our pilot in support of Indo-Pacific Command to deliver vital indications and warnings. The short-term contract demonstrates how customers can leverage planet data and AI-powered analytics to monitor sites of strategic interest for critical changes and threats. DIU also exercised an option under the existing hybrid space architecture pilot with Planet for just under $1 million to demonstrate the cutting-edge capabilities for our high-resolution Pelican satellites. During the quarter, NATO's Allied Command Transformation also extended its agreement with PLANET to deliver persistent space-based surveillance and enhanced indications and warning capabilities. The award underscores PLANET's position as a trusted and essential partner for customers seeking strategic indications and warnings across broad domains. Finally, last month, the U.S. Missile Defense Agency selected Planet as a prime contractor for the Shield IDIQ contract vehicle. Planet will now compete for awards under that program. Turning to the civil government sector, where full-year revenue was flat year over year, to share some recent highlights, during the quarter, Planet was awarded a seven-figure renewal and expansion by the German Federal Agency for Cartography and Geodesy, or BKG. Under the one-year renewal, BKG will continue its countrywide partnership through which employees of more than 400 German federal institutions gain access to plants, data and solutions for a wide variety of uses. As an example, this expansion will allow BKG to track permafrost thawing across the Arctic. In January, we announced an enterprise scale agreement with Slovenia's Surveying and Mapping Authority to provide comprehensive satellite data and high resolution tasking capabilities across the country's civil public administration in support of agriculture, urban planning and disaster management. Shifting to the commercial sector, where annual revenue was down year on year. While this trend was expected, given our increased focus on large government customers and the headwinds in agriculture, We remain confident in the commercial sector as a significant market opportunity for Planet, especially as we continue to advance our AI-enabled solutions. To share a few customer highlights from the quarter, specifically around our work in energy. We were awarded a renewal by San Diego Gas and Electric, which utilizes Planet data and analytics to monitor vegetation health and conditions within their service areas to manage risk of wildfires during the dry season. We also signed a strategic partnership with AI Dash, establishing Planet as the preferred provider of daily and weekly fuel monitoring data for utility wildfire risk mitigation across North America. Through the partnership, leading investor-owned utilities are already using Planet data to identify where and when to deploy fuel treatment resources, reducing ignition risk and targeting high-priority clearance with precision that was not previously possible. Turning to our satellite services business, in January we announced a nine-figure multi-year deal with the Swedish Armed Forces to rapidly deliver a suite of satellites, space-based data and solutions to support Sweden's peace and security operations. In terms of our existing contracts for satellite services, our teams are continuing to execute well. We are progressing with the builds for our contract with JSA and beginning to serve dedicated capacity under the German-funded contract. We're continuing to find that our satellite services contracts are a win-win-win. The customer guarantees their sovereign space capabilities in their desired area of interest. Our other clients will benefit from increased capacity and revisit rates in the rest of the world. And Planet receives capital to forward fund our fleet build-outs. They also bolster our data and solutions offerings as countries want both speed and scale of our data and solutions and the sovereignty of our satellite services technology. Through our AI-enabled solutions, we accelerate time to value, become more deeply embedded in our customer operations and gain more direct visibility to our customers' operational needs. We're leaning into these synergies across our product offerings. We continue to see robust demand from around the world for satellite services, driven by the current geopolitical landscape and the demand for sovereign space systems. Our competitive edge here is twofold. Firstly, our proven track record, having launched over 650 Earth imaging satellites, by far the most of any commercial company. Our second is speed. We are able to launch the first satellites within a few months of contract signing, as shown with the partnership funded by Germany, far faster than traditional aerospace. The demand is significant and reflected in our pipeline, which has grown appreciably in both number of deals and average deal size since we spoke about this at our investor day in October. We're leaning into this demand by expanding our manufacturing capacity in San Francisco and building out our second manufacturing location in Berlin. On the solution side, I'm pleased to report that our integration of bedrock research is going very well. The team is helping us scale rapidly and deliver AI-based solutions, notably standing up 600 new monitoring sites within three hours compared to a weeks-long process when we first launched the service. This deep domain area expertise, paired with our ongoing advancements in AI, have allowed us to expand the number of sites we're monitoring around the world, drastically reduce the time needed to implement, and enable our customers to scale across broader geographic areas. During the quarter, Planet expanded its technology collaboration with NVIDIA on multiple fronts. With Planet's proprietary dataset and NVIDIA's compute, we can enable significant new capabilities. This includes exploring the use of NVIDIA's accelerated GPU-based computing platform for planet data processing, enabling faster, more efficient processing for all of our customers, testing NVIDIA's new Thor processor for in-space use, enhancing super resolution and other AI processing capabilities, and more. As announced earlier this week, we're collaborating to build the world's first scaled GPU native AI engine for satellite data and drive huge advances in efficiency and latency. More generally, we anticipate that AI will be transformational to our business this year. Let me give a bit of broader context. While LLMs offer users the incredible ability to have conversations with the text of the Internet, they know very little about the physical world. Real-world models need real-world data, and Planet has it. Our deep data archive, averaging over 3,000 collections for every point on the Earth's landmass, represents a treasure trove of indexing the physical world and training next-generation models. As Wikipedia was the foundation data set for LLMs, we believe that Planet's daily scan is foundational to real-world models. Furthermore, AI itself is commoditizing software development, making data the key differentiation in AI. And why does this matter? Because it has the potential to unlock a huge market. While Planet is currently seeing tremendous traction for AI-based solutions in defence and intelligence, these developments are making broader area monitoring scalable and accessible for other applications and sectors. Ultimately, we believe this will result in generic applications, democratizing access to Earth intelligence and unlocking markets far faster. Specifically, we think that more generic AI solutions will soon empower non-technical users to go from a concept to a bespoke application in under an hour. We expect expanding these capabilities will benefit our current customers and drive new opportunities in markets such as agriculture, insurance, energy, supply chain, and finance. For the year ahead, our top priorities are executing against our current contracts across both data and solutions and satellite services and scaling up to capture the massive opportunity before us. We see strong demand, so investing into our growth, including the technology roadmap. We're doubling our satellite manufacturing capacity. We're scaling our Pelican fleet with multiple launches scheduled this year. We're launching demos of our OWL and Suncatcher spacecraft. And we're investing in AI for existing solutions and the aforementioned more generic capabilities. In sum, last year, we saw the start of returns on our investments into satellite services. This year, we expect to see the start of returns into our investments in AI. We sit uniquely at the intersection of space and AI revolutions, and Planet is the first space and AI company. By year's end, we believe Planet's Earth intelligence platform will deliver transformational global impact as our customers leverage space and AI to transform data into action. We're leaning in to meet the moment, and we're playing to win. With that, I'll turn it over to Ashley to discuss our financials. Over to you, Ash.