Planet Labs PBC

Thank you for joining us and welcome to the Planet Labs PBC first quarter of fiscal 2027 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 to raise your hand. To withdraw your question, please press star 1 again. 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 first quarter of fiscal year 2027 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. Thank you. Thank you. Thank you. Thank you. These and other key performance indicators are discussed in more detail in our press release and 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. Planet had another excellent quarter, delivering record revenue and signing an eight-figure deal with an international customer. We also successfully launched three additional Pelican satellites, including one for Sweden, their first sovereign reconnaissance satellite, just four months after contract signing. To briefly summarize the results, we generated a record $94 million in revenue, representing approximately 42% year-over-year growth. Non-gap gross margin was 56% for the quarter. For the third sequential quarter, we achieved Rule of 40, which is our revenue growth rate plus adjusted EBITDA margin. End of period backlog was approximately $906 million, equating to approximately 72% growth year on year. Defense and intelligence continues to be an area of strength for us, underpinned by the geopolitical backdrop. First quarter D&I revenue grew over 65% year on year, driven by strong performance in our data subscription solutions and satellite services. I'd like to highlight a few recent customer wins with the US government. We were awarded a six-month, $7.5 million contract renewal by the US Navy for vessel detection and monitoring over key areas of interest throughout the Pacific. As we announced earlier today, the U.S. National Geospatial Intelligence Agency, the NGA, awarded Planet a $21.9 million one-year contract extension for maritime surveillance under the LUNO-B IDIQ for Advanced Analytics for Maritime Operations and Reconnaissance. We also received a new award from the NGA for our Global Monitoring Service to support crisis response. These awards reinforce the U.S. government's commitment to integrating commercial AI-enabled geospatial intelligence into its natural security architectures. They underscore our position as a vital partner for customers seeking persistent monitoring to accelerate critical decision-making in a complex arena. We're very proud to have received these awards and eager to deliver for this critical customer. We also continue to see robust international government demand driven by the aforementioned geopolitics. Nations are articulating an urgent imperative to secure sovereign access to space, understand threats in their region, modernise their defence capabilities and maintain their strategic edge. For example, we signed a new dedicated capacity deal with an international defence and intelligence customer. This eight-figure, one-year contract will give the customer immediate access to dedicated capacity from our satellites in orbit, as well as advanced analytical solutions integrated across our Pelican, SkySat and PlanetScope constellations. And also, we're making excellent progress executing against our previously announced satellite services deals. To highlight one prominent example, last month we successfully launched the first Pelican for the Swedish Armed Forces. Critically, the launch occurred just four months after we were awarded the contract. Members of the Swedish delegation attended the launch of Vandenberg, and they expressed their excitement and national pride in launching Sweden's first ever sovereign reconnaissance satellite. We're incredibly proud to have delivered it for them and look forward to what we hope is a long and fruitful partnership. We're continuing to focus on execution and delivery for our international customers across the board. We believe our ability to ramp them quickly and address their most urgent needs, whether through immediate dedicated capacity or speedy launch to orbit, continues to be a key differentiator for us. With our reliable track record and agile aerospace approach, we're able to deliver a suite of solutions that meet our customers' critical needs. Turning to the civil government sector, where first quarter revenue was roughly flat year over year, primarily due to the reduction in our contract with NASA. In spite of that headwind, we've seen some strong momentum with our customers in Europe. To share some recent highlights, we were awarded a two-year, seven-figure agreement with the Greek government in support of the country's National Satellite Space Project. Signed through the European Space Agency on behalf of the Hellenic Ministry of Digital Governance and the Hellenic Space Centre, this contract will support historical change analysis, trend detection, rapid response during critical events, and the integration of satellite data into national monitoring workflows. We won a two-year, seven-figure contract to provide satellite imagery and AI-powered analytics to the State Agricultural Intervention Fund of the Czech Republic. This deal will support the countrywide agricultural payments and monitoring system, serving approximately 25,000 agricultural holdings across the Czech Republic. Last but not least, we onboarded the Scottish Agriculture and Rural Economy Directorate with our partner Computer Centre following a seven-figure award closed at the end of Q4 for PlanetScope data and advanced analytics to support the agricultural reform route map. Planet's deep archive of data and AI analysis will aid in the country's agricultural transition by rewarding farmers who focus on sustainable food production, biodiversity and net zero emissions. Shifting to the commercial sector, where revenue grew over 20% year on year, reflecting the focus from our teams on landing and expanding in large opportunities and leveraging AI-enabled solutions. We saw positive trends in the agriculture sector, reflecting our shift in the sector to align our business model with that of our ag customers, focused on improving yields and decreasing costs. We also had our first maritime domain awareness solution sale in the energy sector, to highlight a few specific wins in the commercial sector then in april planet was awarded a john deere supplier sustainability award for 2025. this award highlighted the value of our data empowering next generation precision agricultural technologies helping to improve on-farm efficiency and positive environmental impact for john deere We renewed our customer NAVE Analytics. Since 2022, we have partnered with NAVE to incorporate our planetary variables, such as our surface soil moisture and biomass proxy, into their data fusion framework. NAVE's products provide farmers and their trusted advisors with near real-time streams covering all components of the field, water balance, planting and irrigation decision risks, and operational sustainability impacts. We recently signed WatchDuty as a new customer. WatchDuty is a non-profit public safety platform that provides real-time wildfire tracking, mapping, and emergency alerts, particularly in remote regions of the U.S., where satellite imagery fills critical gaps in radio traffic and on-the-ground reporting. WatchDuty has begun integrating our imagery and data into their platform for a mutual lighthouse customer in the energy sector. We're excited about this new integration and look forward to building on this foundation. Finally, supported by funding from the Bezos Earth Fund, PLANET's Tropical Forest Observatory Programme is providing 15 environmental and research institutions with 12 months of monthly mosaics and PlanetScope data. These broad area monitoring products are utilised to track changes across the Amazon biome, empowering those institutions to help halt and reverse tropical forest loss. Turning to product updates. Firstly in AI, one of our key focus areas for the year. We recently started early customer access through a private beta testing phase of our new AI app, a pioneering tool aimed at making planets' massive global data archive queryable through natural language. By leveraging planets' daily data and integrating large language models, it can help non-technical users to search the data through space and time, conduct complex time series analysis, generate answers, and produce automatic insights and even analytic reports at speed and scale. Although the app is still in early testing, we're excited about how it can help accelerate the expansion of our business into new markets. And it has the potential to significantly lower the barrier to entry for new non-expert users to answer previously unanswerable questions about the world, as well as provide the foundations to build bespoke solutions. We also launched a new feature called SuperRes, an AI-powered technology to improve the resolution of our planar scope data into a two-meter-class resolution visual product, providing clarity for human-in-the-loop analysis with speed and frequency. We are constantly improving our data products to be best in class and deliver better results for our customers. Just last year, we leveraged sharpening technology to take the resolution of our daily scan from 3.7 meter to 3 meter class product. This year, we introduced SuperRes. And as previously announced, our planned hour constellation will be designed to upgrade our daily monitoring data to a 1 meter class resolution product. We recently announced our agreement with our partners, Carbon Mapper and NASA's Jet Propulsion Laboratory to design a specialized shortwave infrared only iteration of the Tanager spacecraft. This design would expand the swath width of the instrument approximately fivefold, enabling more imagery area per collect. This new satellite is aimed at accelerating and building upon the existing Tanager satellite mission by enhancing atmospheric gas detection and supporting commercial use cases like fire fuel monitoring. Earlier this week, Planet announced that the Pelican 11 satellite was shipped to Vandenberg Space Force Base in California ahead of its launch aboard the upcoming Transporter 17 mission with SpaceX. This technology demonstration is the first of the Gen 2 Pelican satellites, which are expected to progress to providing up to 30 centimeter class imagery. In summary, this quarter we delivered strong revenue growth and our third consecutive quarter achieving Rule of Forty. Our strong performance in defense and intelligence demonstrates the mission-critical nature of our data in a complex geopolitical landscape. We launched three more Pelican satellites, including our first for Sweden, and we have many additional launches on deck, including our first Gen 2 Pelican tech demo. Last but not least, our investments in AI position Planet at the forefront of the industry, making planetary-scale insights accessible and actionable to more users than ever before. With that, I'll turn over to Ashley to discuss our financials. Over to you, Ash.