National Reconnaissance Office Awards Planet Contract for Hyperspectral Capabilities

Rhea-AI Summary

Planet Labs PBC (NYSE: PL) announced that its subsidiary, Planet Labs Federal, has secured a contract with the National Reconnaissance Office (NRO) under the Strategic Commercial Enhancements program. This contract aims to explore how Planet’s hyperspectral capabilities can enhance the NRO’s national space security framework. The partnership allows the NRO to perform modeling, simulation, and evaluate future capabilities. Planet's hyperspectral payload, developed with NASA JPL, supports a wide spectral range and aims to accelerate the integration of commercial capabilities into governmental operations.

Positive

• Awarded contract with NRO enhances Planet's strategic position.
• Collaboration offers potential for additional government-related activities.
• Hyperspectral payload supports diverse applications, including environmental and national security.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced that its wholly owned subsidiary, Planet Labs Federal, Inc., has been awarded a contract by the National Reconnaissance Office (NRO) for the agency’s Strategic Commercial Enhancements (SCE) Broad Agency Announcement (BAA) program, specifically in the Commercial Hyperspectral Capabilities (CHC) focus area.

The multi-phased contract will allow Planet to work directly with the NRO to explore how Planet’s hyperspectral capabilities align with the agency’s national space security architecture. Further, this collaboration will allow the NRO various options to conduct additional activities including, modeling and simulation, evaluating future Planet capabilities, and demonstrating how Planet data may be integrated into the agency’s existing operations.

“Planet is extremely honored to continue as a valued and trusted commercial provider for the NRO,” says Jon Powers, Planet Federal’s General Manager. “This award furthers our ability to work alongside the NRO to better serve the defense and intelligence communities. It also enables the NRO to better analyze and more quickly integrate commercial capabilities into their emerging hybrid space system architecture.”

This contract strongly aligns with Planet’s existing and planned future commercial capabilities with Tanager, a hyperspectral constellation designed as part of a first-of-its-kind public-private partnership with the Carbon Mapper Coalition, with capabilities to detect greenhouse gas (GHG) emissions, such as methane, as well as other environmental applications. Planet believes the data eventually collected by Tanager and distributed by Planet, Carbon Mapper, and its partners could help improve accounting and enable mitigation of anthropogenic methane emissions. The highly sensitive payload, developed in partnership with NASA JPL, will also be able to support a number of additional use cases beyond methane. Planet’s hyperspectral payload is anticipated to support the NRO’s mission with a spectral range of 400-2500nm, 5nm bands, and industry leading signal-to-noise ratio (SNR) from the visible through the short wave infrared range of the electromagnetic spectrum.

Planet is eager to begin exploring how its hyperspectral data can deliver value through this contract, and looks forward to continuing to build a strong and long-term relationship with the NRO as a commercial provider.

About Planet

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to over 880 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation trading on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on Twitter.

Forward-looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company’s ability to successfully design, build, launch and deploy, operate and market new products and satellites and the Company’s ability to realize any of the potential benefits from product and satellite launches, either as designed, within the expected time frame, in a cost-effective manner, or at all; and the Company’s ability to capture market opportunity and realize any of the potential benefits from current or future contract awards, product enhancements, new products, or strategic partnerships and customer collaborations. Forward-looking statements are based on the Company’s management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future events and results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to invest in sales, marketing and software solutions to drive expansion within its existing customer base and further penetrate verticals; the Company’s ability to obtain or maintain regulatory approvals and/or adhere to regulatory requirements, including those related to the Company’s ability to operate as a government contractor with the required security clearances; changes in government policies regarding use of commercial data or satellite operators, material delay or cancellation of certain government programs, government spending authorizations and budgetary priorities; changes in general global economic conditions or the Company’s operations (including the development, launch and operation of satellites) that may alter or delay Planet’s ability to perform under future contracts and the final profitability of such contracts; the cancellation of contracts by the customer and any potential contract options which may or may not be awarded in the future; whether the Company will be able to successfully build, launch and deploy or operate its satellites, including new satellites either as designed, in a timely fashion or at all; the Company’s ability to develop and release product and service enhancements to respond to rapid technological change, or to develop new designs and technologies for its satellites, in a timely and cost-effective manner or at all; whether the Company will be able to continue to invest in scaling its sales organization, expanding its software engineering (including its ability to integrate new satellite capabilities) and marketing capabilities; whether the Company will be able to accurately predict and capture market opportunity; whether current customers or prospective customers adopt the Company’s platform or new products; the Company’s ability realize any of the potential benefits from new products and satellites, as well as strategic partnerships and customer collaborations; and the risk factors and other disclosures about the Company and its business included in the Company's periodic reports, proxy statements, and other disclosure materials filed from time to time with the Securities and Exchange Commission (SEC) which are available online at www.sec.gov, and on the Company's website at www.planet.com. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date such statements are made. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005148/en/

Planet Press

Sarah Bates

comms@planet.com



Planet Investor Relations

Chris Genualdi, Cleo Palmer-Poroner

ir@planet.com

Source: Planet

FAQ

What contract did Planet Labs Federal secure with the NRO?

Planet Labs Federal was awarded a contract to explore hyperspectral capabilities under the NRO's Strategic Commercial Enhancements program.

How does the contract with the NRO benefit Planet Labs?

The contract enhances Planet's strategic position and allows for collaboration on future government-related activities.

What are the capabilities of Planet's hyperspectral payload?

The hyperspectral payload supports a spectral range of 400-2500nm and features industry-leading signal-to-noise ratio.

What is the focus of the National Reconnaissance Office's contract with Planet Labs?

The focus is on integrating Planet's hyperspectral data into the NRO's national space security architecture.

What is the significance of the contract awarded to Planet Labs?

The contract solidifies Planet's role as a trusted commercial provider for the NRO, enhancing its relevance in national defense and intelligence.