Short answer
Planet Labs PBC (PL) filed its fiscal 2025 10-K annual report with the SEC on Mar 26, 2025. It reported revenue of $244M (+10.7% year over year) and net income of −$123M.
- Top risk flagged: Regulatory risk: compliance with U.S. export/import controls and economic sanctions regulations amid expanding trade policies and retaliatory tariffs
FY2025 key financial metrics · XBRL
- Revenue
- $244M
- +10.7% YoY
- Net income
- −$123M
- +12.3% YoY
- Operating margin
- -47.5%
- +29.4 pp YoY
- Gross margin
- 57.2%
- +6.0 pp YoY
- EPS (diluted)
- −$0.42
- +16.0% YoY
- ROE
- -27.9%
- −0.8 pp YoY
- Operating cash flow
- −$14M
- +71.7% YoY
Source: XBRL data from the Planet Labs PBC (PL) FY2025 10-K on SEC EDGAR. USD.
Planet Labs PBC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: subscription-based licensing of proprietary daily Earth imaging data and analytics via cloud-native platform from largest Earth observation satellite fleet
- New product emphasized: Tanager hyperspectral satellite launched Aug 2024 enables full-spectrum imaging over 400 bands for methane and CO2 super-emitter detection
- Strategic partnership: satellite services agreement with SKY Perfect JSAT to build, launch, operate 10 Pelican high-res tasking satellites, expanding commercial/government capacity
- Quantitative metric: over 3000 images per point on Earth’s landmass archived; fleet comprises hundreds of satellites, the largest in history
- Noteworthy fact: Integration of generative AI and large language models with analytics to derive actionable insights; Planet Insights Platform enables self-service data purchases
Management Discussion & Analysis
- Revenue details and YoY change not explicitly provided in text excerpt
- Net Dollar Retention Rate 106% in 2025 vs 101% in 2024; Percent of Recurring ACV 97% in 2025 vs 93% in 2024
- EoP Customer Count decreased to 976 in 2025 from 1,018 in 2024; focus shifted to larger customers
- Capital Expenditures 20% of revenue in 2025 vs 19% in 2024; $10.6 million one-time cost for 2024 headcount reduction
- $230 million multi-year Pelican satellites build agreement with SKY Perfect JSAT starting revenue recognition in 2027; management plans investments in new sensors, software, and AI to grow markets and improve margins
Risk Factors
- Regulatory risk: compliance with U.S. export/import controls and economic sanctions regulations amid expanding trade policies and retaliatory tariffs
- Geopolitical risk: exposure to political instability and sanctions affecting international operations, including restrictions in Europe and other markets
- Operational risk: dependence on timely production, launch, and commissioning of next-generation satellites amid risks of delays, cost overruns, and supplier performance
- Competitive risk: competition from large firms including Airbus, Maxar, SpaceX, OneWeb, Amazon/Kuiper, and free government programs like Landsat and Copernicus
- Financial risk: accumulated deficit of $1.2 billion and net losses exceeding $120 million annually, with ongoing significant investments and uncertain path to profitability
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