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FY2026 (January year-end) revenue was $307.7 million (up 26%) with $15.5 million of adjusted EBITDA, its first profitable year, and remaining performance obligations surged 106% to $852 million. Government provides 41% of revenue (defense and intelligence 18%, civil 23%), and the largest single deal is a $230 million contract with Japan's JSAT to build and operate ten Pelican satellites.","segments":{"parts":[{"desc":"200기+ 위성으로 매일 전지구 촬영, 구독 판매 — 반복매출의 본체이자 정부 앵커(NRO·NASA)의 데이터 기반.","name":"PlanetScope 일일 전지구 이미지 구독"},{"desc":"고해상 표적 촬영 — JSAT $230M Pelican 계약 등 고부가 태스킹 축.","name":"SkySat·Pelican 고해상 태스킹"},{"desc":"초분광 위성 — 메탄·소재 탐지 등 신규 데이터 상품 축.","name":"Tanager 초분광"},{"desc":"이미지 위에 얹는 분석 SaaS — 원시 이미지에서 인사이트로 부가가치를 올리는 축.","name":"Planet Insights Platform (분석 SaaS)"}],"total":"FY2026 매출 $307.7M (1월 결산, +26%)","concentration":"민간 59%·시민정부 23%·국방정보 18%, RPO $852M(+106%)"},"segments_en":{"parts":[{"desc":"Daily whole-Earth imaging from 200+ satellites sold by subscription — the recurring-revenue core and the data base for government anchors (NRO, NASA).","name":"PlanetScope daily whole-Earth imaging subscriptions"},{"desc":"High-resolution tasked imaging — the high-value 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(KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":3,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"플래닛랩스의 논지는 위성 하드웨어가 아니라 '매일 전지구를 찍는 데이터'를 구독으로 파는 정보 사업이라는 점이다. 200기+ 위성으로 지구 전역을 매일 촬영해 반복매출을 만들고, FY2026 매출 $307.7M(+26%)·조정 EBITDA $15.5M로 첫 연간 흑자에 진입했으며 잔여수행의무(RPO)가 $852M(+106%)로 급증해 향후 매출을 선확정했다. 매출의 41%가 정부(국방·정보 18%, 시민정부 23%)에서 나와 안정성을 주고, 사상 최대 상업 계약은 일본 JSAT와의 $230M Pelican 10기 건조·운영 계약이다. 발사는 SpaceX 라이드셰어, 데이터 인프라는 구글 클라우드에 의존하며 궤도 AI 데이터센터(Project Suncatcher)로 협력을 넓힌다. 재평가 트리거는 흑자 지속·확대, 정부·상업 RPO 소진, 그리고 Pelican·Tanager 신규 데이터 상품의 매출화다.","analysis_en":"Planet Labs's thesis is that it sells not satellite hardware but 'data that images the whole Earth daily' by subscription. Its 200+ satellites image the entire Earth daily to generate recurring revenue, and FY2026 revenue of $307.7M (+26%) with $15.5M of adjusted EBITDA marked its first profitable year, while remaining performance obligations (RPO) surged 106% to $852M, pre-committing future sales. Government provides 41% of revenue (defense and intelligence 18%, civil 23%) for stability, and its largest-ever commercial deal is a $230M contract with Japan's JSAT to build and operate ten Pelican satellites. It launches on SpaceX rideshare and relies on Google Cloud for data infrastructure, widening the partnership into orbital AI datacenters (Project Suncatcher). Re-rating triggers are sustained and expanding profitability, drawdown of government and commercial RPO, and monetizing new Pelican and Tanager data products.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"SKY Perfect JSAT","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD million","as_of":"2025-02-04","basis":"10기 Pelican 위성 건조·운영 상업 계약 총액","value":230,"period":"multi-year (~7 years), launches from 2027","basis_en":"Total value of multi-year commercial agreement to build/operate ten Pelican satellites"},"note":"플래닛 사상 최대 상업 계약. 아시아 최대 정지궤도 위성사업자 SKY Perfect JSAT의 미국 자회사와 2.3억달러 다년 계약으로 저궤도 Pelican 위성 10기를 건조·운영, 약 7년 서비스 기간, 2027년부터 발사 예정. 10년 이상 데이터 판매 협력을 심화한 것.","note_en":"Planet's largest commercial agreement to date: a $230M multi-year deal with SKY Perfect JSAT's US subsidiary to build and operate ten LEO Pelican satellites, ~7-year service period, launches beginning 2027.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC) EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-27","url":"https://www.sec.gov/Archives/edgar/data/0001836833/000183683325000039/exhibit991q42025.htm","title":"Planet Reports Financial Results for Fourth Quarter and Full Fiscal Year 2025 (8-K Exhibit 99.1)","title_en":"Planet Reports Financial Results for Fourth Quarter and Full Fiscal Year 2025 (8-K Exhibit 99.1)","excerpt":"Signed $230 Million Commercial Agreement with SKY Perfect JSAT for Pelican Satellites ... Planet signed a $230 million multi-year commercial agreement with the US-subsidiary of JSAT Sky Perfect, Asia's largest geostationary satellite operator. Under the contract, Planet will build and operate a constellation of ten low-Earth-orbit Pelican satellites for JSAT.","excerpt_en":"Signed $230 Million Commercial Agreement with SKY Perfect JSAT for Pelican Satellites ... Planet signed a $230 million multi-year commercial agreement with the US-subsidiary of JSAT Sky Perfect, Asia's largest geostationary satellite operator. Under the contract, Planet will build and operate a constellation of ten low-Earth-orbit Pelican satellites for JSAT."},{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2025-02-05","url":"https://spacenews.com/sky-perfect-jsat-is-the-customer-behind-planets-230-million-leo-order/","title":"SKY Perfect JSAT is the customer behind Planet's $230 million LEO order","title_en":"SKY Perfect JSAT is the customer behind Planet's $230 million LEO order","excerpt":"SKY Perfect JSAT is the customer behind Planet's $230 million LEO order ... the build and operational service period of the satellites is estimated to be approximately seven years.","excerpt_en":"SKY Perfect JSAT is the customer behind Planet's $230 million LEO order ... the build and operational service period of the satellites is estimated to be approximately seven years."},{"stance":"confirms","publisher":"SKY Perfect JSAT","publisher_en":"SKY Perfect JSAT","kind":"ir","lang":"en","published_at":"2025-02-05","url":"https://www.skyperfectjsat.space/en/news/planetlabspelican","title":"SKY Perfect JSAT and Planet Labs PBC Partner to Build a $230M Low-Earth Orbit Satellite Constellation","title_en":"SKY Perfect JSAT and Planet Labs PBC Partner to Build a $230M Low-Earth Orbit Satellite Constellation","excerpt":"invest approximately $230M to establish a low Earth orbit (LEO) satellite network ... The LEO satellite constellation will be owned and operated by JSAT Beyond Innovation LLC, a new entity formed by SKY Perfect JSAT's wholly-owned US subsidiary, JSAT International.","excerpt_en":"invest approximately $230M to establish a low Earth orbit (LEO) satellite network ... The LEO satellite constellation will be owned and operated by JSAT Beyond Innovation LLC, a new entity formed by SKY Perfect JSAT's wholly-owned US subsidiary, JSAT International."}]},{"direction":"revenue","counterparty":"미 국가정찰국 (NRO·EOCL)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD million","as_of":"2025-12-10","basis":"EOCL PlanetScope 광역 모니터링 데이터 기본 계약 갱신액","value":13.2,"period":"through June 2026 (baseline renewal)","basis_en":"Value of renewed EOCL baseline contract for PlanetScope broad-area-monitoring data"},"note":"NRO는 상업 전자광학 데이터 계층(EOCL) 프로그램에서 플래닛 PlanetScope 광역 모니터링 데이터의 기본 계약을 갱신(약 1,320만달러, 2026년 6월까지). 아울러 기존 EOCL 계약에 고해상 Pelican 이미지 발주용 CLIN을 추가(연 환산 약 2,110만달러 규모). 2022년 최초 EOCL 수주는 최대 5년(옵션 포함 최대 10년) 구조.","note_en":"The NRO renewed its baseline EOCL contract for Planet's PlanetScope broad-area-monitoring data ($13.2M through June 2026) and added a CLIN framework for ordering high-resolution Pelican imagery (~$21.1M annual run-rate). The original 2022 EOCL award ran up to 5 years with options up to 10.","sources":[{"stance":"mentions","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-12-18","url":"https://www.hankyung.com/article/202512180896i","title":"위성 수요 급증…4배 뛴 플래닛랩스","title_en":"Surging satellite demand: Planet Labs up 4x","excerpt":"미 국방부 산하 국가정찰국(NRO)과 5년간 위성 사진을 제공하는, 1억4600만 달러짜리 계약을 맺었다.","excerpt_en":"Signed a $146 million, five-year contract to provide satellite imagery to the National Reconnaissance Office (NRO)."},{"stance":"confirms","publisher":"Nasdaq / Planet Labs","publisher_en":"Nasdaq / Planet Labs","kind":"ir","lang":"en","published_at":"2025-12-10","url":"https://www.nasdaq.com/press-release/planet-reports-financial-results-third-quarter-fiscal-year-2026-2025-12-10","title":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026","title_en":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026","excerpt":"The NRO renewed its baseline contract for PlanetScope broad area monitoring data under the Electro-Optical Commercial Layer program for $13.2 million through June 2026 ... the annual run rate would be approximately $21.1 million.","excerpt_en":"The NRO renewed its baseline contract for PlanetScope broad area monitoring data under the Electro-Optical Commercial Layer program for $13.2 million through June 2026 ... the annual run rate would be approximately $21.1 million."},{"stance":"confirms","publisher":"Planet Labs","publisher_en":"Planet Labs","kind":"ir","lang":"en","published_at":"2022-05-25","url":"https://www.planet.com/pulse/us-government-awards-planet-eocl-contract/","title":"US Government Awards Planet EOCL Contract","title_en":"US Government Awards Planet EOCL Contract","excerpt":"an initial period of up to five years, with options to extend the contract up to a total contract performance term of 10 years ... daily, medium resolution PlanetScope and high resolution SkySat","excerpt_en":"an initial period of up to five years, with options to extend the contract up to a total contract performance term of 10 years ... daily, medium resolution PlanetScope and high resolution SkySat"}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"플래닛은 위성 함대를 SpaceX Falcon 9 Transporter 라이드셰어로 반복 발사. Pelican-1(Transporter-9, 2023-11), Tanager-1+36 SuperDoves(Transporter-11, 2024-08), Pelican-2+36 SuperDoves(Transporter-12, 2025-01), Pelican 5·6(Transporter-15, 2025-11). 발사 단가는 미공개.","note_en":"Planet repeatedly launches its fleet on SpaceX Falcon 9 Transporter rideshare missions (Pelican-1 on T-9 2023, Tanager-1 on T-11 2024, Pelican-2 on T-12 2025, Pelican 5&6 on T-15 2025). Per-launch pricing not disclosed.","sources":[{"stance":"confirms","publisher":"eoPortal (ESA)","publisher_en":"eoPortal (ESA)","kind":"research","lang":"en","published_at":"2025-11-28","url":"https://www.eoportal.org/satellite-missions/planet-pelican","title":"Planet Pelican","title_en":"Planet Pelican","excerpt":"Pelican 5 and Pelican 6 were launched on November 28, 2025 ... aboard SpaceX's Falcon-9 rocket for the Transporter-15 Rideshare Mission from Vandenberg Space Force Base.","excerpt_en":"Pelican 5 and Pelican 6 were launched on November 28, 2025 ... aboard SpaceX's Falcon-9 rocket for the Transporter-15 Rideshare Mission from Vandenberg Space Force Base."},{"stance":"confirms","publisher":"Planet Labs","publisher_en":"Planet Labs","kind":"ir","lang":"en","published_at":"2024-08-16","url":"https://www.planet.com/pulse/planet-launches-first-tanager-1-hyperspectral-satellite-and-36-superdoves-with-spacex/","title":"Planet Launches First Tanager-1 Hyperspectral Satellite and 36 SuperDoves with SpaceX","title_en":"Planet Launches First Tanager-1 Hyperspectral Satellite and 36 SuperDoves with SpaceX","excerpt":"Planet Labs' first hyperspectral satellite, Tanager-1, along with 36 SuperDoves (Flock 4BE) launched on the Transporter-11 Rideshare mission with SpaceX ... from Vandenberg Space Force Base in California.","excerpt_en":"Planet Labs' first hyperspectral satellite, Tanager-1, along with 36 SuperDoves (Flock 4BE) launched on the Transporter-11 Rideshare mission with SpaceX ... from Vandenberg Space Force Base in California."}]},{"direction":"revenue","counterparty":"NASA (CSDA)","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD million","as_of":"2025-12-10","basis":"CSDA PlanetScope 데이터 제공 태스크오더","value":13.5,"period":"task order (FY2026)","basis_en":"CSDA task order for PlanetScope data provision"},"note":"NASA는 상업위성데이터획득(CSDA) 계약에서 지구과학 미션 지원을 위한 PlanetScope 데이터 제공에 1,350만달러 태스크오더를 발주. 11월에는 재난 대응용 고해상 태스킹 이미지에 90만달러 추가 태스크오더.","note_en":"NASA issued a $13.5M task order under the Commercial Satellite Data Acquisition (CSDA) contract for PlanetScope data supporting Earth science, plus a $0.9M November task order for disaster-response tasked imagery.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2025-12-10","url":"https://www.sec.gov/Archives/edgar/data/1836833/000119312525314160/pl-ex99_1.htm","title":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 (8-K Exhibit 99.1)","title_en":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 (8-K Exhibit 99.1)","excerpt":"NASA awarded Planet a task order for $13.5 million under the Commercial Satellite Data Acquisition (CSDA) contract to continue providing PlanetScope data in support of the agency's Earth science mission.","excerpt_en":"NASA awarded Planet a task order for $13.5 million under the Commercial Satellite Data Acquisition (CSDA) contract to continue providing PlanetScope data in support of the agency's Earth science mission."},{"stance":"confirms","publisher":"Nasdaq / Planet Labs","publisher_en":"Nasdaq / Planet Labs","kind":"ir","lang":"en","published_at":"2025-12-10","url":"https://www.nasdaq.com/press-release/planet-reports-financial-results-third-quarter-fiscal-year-2026-2025-12-10","title":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026","title_en":"Planet Reports Financial Results for Third Quarter of Fiscal Year 2026","excerpt":"NASA awarded Planet a task order for $13.5 million under the Commercial Satellite Data Acquisition (CSDA) contract to continue providing PlanetScope data in support of the agency's Earth science mission. In November, Planet received an additional task order for $900,000 for high resolution tasked imagery to support disaster response and recovery.","excerpt_en":"NASA awarded Planet a task order for $13.5 million under the Commercial Satellite Data Acquisition (CSDA) contract to continue providing PlanetScope data in support of the agency's Earth science mission. In November, Planet received an additional task order for $900,000 for high resolution tasked imagery to support disaster response and recovery."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"플래닛은 Google Cloud를 데이터 저장·처리 인프라(BigQuery 등)로 활용하는 파트너십을 2021년 체결(협력은 2017년 Terra Bella 인수까지 소급). 2026년에는 Google과 궤도 AI 데이터센터 실증인 Project Suncatcher를 발표. 지불 금액은 미공개.","note_en":"Planet uses Google Cloud (BigQuery etc.) as data storage/processing infrastructure under a 2021 partnership (collaboration dates to Google's 2017 Terra Bella sale to Planet), and in 2026 announced Project Suncatcher orbital AI-datacenter work with Google. Amounts not disclosed.","sources":[{"stance":"mentions","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2026-01-05","url":"https://spacenews.com/planet-bets-on-orbital-data-centers-in-partnership-with-google/","title":"Planet bets on orbital data centers in partnership with Google","title_en":"Planet bets on orbital data centers in partnership with Google","excerpt":"Planet announced a partnership with Google on Project Suncatcher, an effort to demonstrate the ability of AI data centers to operate in orbit.","excerpt_en":"Planet announced a partnership with Google on Project Suncatcher, an effort to demonstrate the ability of AI data centers to operate in orbit."},{"stance":"confirms","publisher":"Planet Labs","publisher_en":"Planet Labs","kind":"ir","lang":"en","published_at":"2021-08-18","url":"https://www.planet.com/pulse/planet-and-google-cloud/","title":"Planet and Google Cloud Partner to Bring Planetary-Scale Satellite Data Analysis To Governments And Enterprises","title_en":"Planet and Google Cloud Partner to Bring Planetary-Scale Satellite Data Analysis To Governments And Enterprises","excerpt":"customers can leverage Google Cloud's global, flexible infrastructure and BigQuery to process large volumes of Planet data on-the-fly ... Planet customers can use Google Cloud to store and process data.","excerpt_en":"customers can leverage Google Cloud's global, flexible infrastructure and BigQuery to process large volumes of Planet data on-the-fly ... Planet customers can use Google Cloud to store and process data."}]}]}