Planet Wins Contract with Ministry of Foreign Affairs in Asia

Rhea-AI Summary

Planet Labs PBC has won a new contract with a Ministry of Foreign Affairs in Asia for its global daily monitoring solution. The contract has a seven-figure annual contract value. Planet's CEO, Will Marshall, highlighted the strong momentum in the Asia-Pacific region from government customers. Planet's unique solution provides wide-area coverage, allowing for daily monitoring of entire countries.

Positive

• Planet Labs has secured a new contract with a Ministry of Foreign Affairs in Asia, which is a significant positive development for the company.
• The contract has a seven-figure annual contract value, indicating a substantial financial gain for Planet Labs.
• The contract was won through one of Planet's partners in the region, showcasing the effectiveness of their partnership strategy.
• The CEO, Will Marshall, highlighted the strong momentum in the Asia-Pacific region from government customers, indicating potential for future contracts and partnerships.
• Planet's global daily monitoring solution provides wide-area coverage, allowing for daily monitoring of entire countries. This unique capability sets them apart in the market.
• Access to timely, consistent, and accurate information is critical for governments, and Planet's nonexclusive and open data helps equip them with differentiated and innovative capabilities.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced it has won a new contract with a Ministry of Foreign Affairs in Asia for its global daily monitoring solution. The contract has a seven-figure annual contract value (“ACV”). The Ministry of Foreign Affairs is a new customer for Planet and the contract was won through one of Planet’s partners in the region.

“We are seeing strong momentum in the Asia-Pacific region from government customers focused on civil and security applications,” said Will Marshall, Planet’s co-founder and Chief Executive Officer. “Our global daily monitoring solution is unique in its ability to provide wide-area coverage, supporting customers with daily monitoring of entire countries at a scale that hasn’t been possible before.”

As the global landscape continues to evolve and increase in complexity, access to timely, consistent, and accurate information is critical to establishing a baseline of unbiased truth. Planet’s nonexclusive and open data helps equip governments with differentiated and innovative capabilities.

About Planet Labs PBC

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 900 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 listed 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 expectations or beliefs concerning future events, including the Company’s anticipated revenues, earnings, cash flows or other aspects of the Company’s operations or operating results; the success and benefits of customer agreements or partnerships; how the Company will execute on its partnerships and contracts and how the Company’s partners and customers will utilize the Company’s data; the Company’s ability to perform under current and future contracts and the final profitability of such contracts as well as prospective or existing customer behaviors; the Company’s ability to realize the total revenue expected for prospective or existing contracts; the timing of revenue recognition for customer and partner deals that can vary depending on contractual terms and may be subject to termination by Planet or the customer prior to the contract’s maturity. 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 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/20230817977838/en/

Press Contacts

Trevor Hammond

Planet Labs PBC

comms@planet.com

Investor Contacts

Chris Genualdi / Cleo Palmer-Poroner

Planet Labs PBC

ir@planet.com

Source: Planet

FAQ

What is the new contract that Planet Labs has won?

Planet Labs has won a new contract with a Ministry of Foreign Affairs in Asia for its global daily monitoring solution.

What is the value of the contract?

The contract has a seven-figure annual contract value.

How did Planet Labs win the contract?

The contract was won through one of Planet's partners in the region.

What did Planet's CEO, Will Marshall, say about the contract?

Will Marshall highlighted the strong momentum in the Asia-Pacific region from government customers.

What is unique about Planet's global daily monitoring solution?

Planet's solution provides wide-area coverage, allowing for daily monitoring of entire countries.

How does Planet's data help governments?

Planet's nonexclusive and open data helps equip governments with differentiated and innovative capabilities.