Financial Analysis

Commitments and Contingencies Launch Services The Company has purchase commitments for future satellite launch services to be performed by third parties subsequent to April 30, 2026. Future purchase commitments under noncancelable launch service contracts as of April 30, 2026 consisted of $ 4.7 million of total purchase commitments for the fiscal year ended January 31, 2028. Hosting Service Agreement The Company has minimum purchase commitments for hosting services from Google through January 31, 2028 (see Note 11). Future minimum purchase commitments under the non-cancelable hosting service agreement with Google as of April 30, 2026 are as follows: (in thousands) Remainder of Fiscal Year 2027 $ 25,118 2028 33,427 Total purchase commitments $ 58,545 Legal Proceedings Delaware Class Action A stockholder class action was filed in the Court of Chancery of the State of Delaware on August 19, 2024, against the former officers and directors of dMY IV and the Company. The complaint alleges that the individual defendants breached various fiduciary duties to the dMY IV stockholders and that the Company aided and abetted such breaches. The case is brought on behalf of a purported class of holders of dMY IV Class A common stock who held such stock prior to the redemption deadline for the Business Combination, did not exercise the right to redeem their shares, and were allegedly injured. Defendants filed a motion to dismiss the complaint on November 12, 2024. On January 6, 2025, the part …

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"(10) Convertible Notes 2030 Notes On September 12, 2025, the Company issued $ 460.0 million in aggregate principal amount of 0.50 % Convertible Senior Notes due 2030 (the 2030 Notes), pursuant to an indenture (the ""Indenture""), dated September 12, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes are senior, unsecured obligations of the Company and bear interest at a fixed rate of 0.50 % per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2026. The 2030 Notes will mature on October 15, 2030 , unless earlier repurchased, redeemed, or converted pursuant to their terms. The 2030 Notes are convertible at the option of the holders of the 2030 Notes at any time prior to the close of business on the business day immediately preceding July 15, 2030 only under the following conditions: (1) during any fiscal quarter commencing after the fiscal quarter ending on January 31, 2026 and only during such fiscal quarter, if the last reported sale price of the Companys Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130 % of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period in which the trading price (as …

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"The following table disaggregates revenue by major geographic region: Three Months Ended April 30, (in thousands) 2026 2025 North America (""NAM"") $ 37,037 $ 29,533 Asia Pacific & Japan (""APJ"") 19,307 15,307 Europe, Middle East, & Africa (""EMEA"") 35,053 18,849 Latin America (""LATAM"") 2,753 2,576 Total revenue $ 94,150 $ 66,265 The following table disaggregates revenue by customer type: Three Months Ended April 30, (in thousands) 2026 2025 Civil Government $ 16,169 $ 16,280 Commercial 16,595 13,338 Defense & Intelligence 61,386 36,647 Total revenue $ 94,150 $ 66,265"

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Stock-based Compensation The Company's equity incentive plans are described in Note 15, Stock-based Compensation , in the Notes to the Consolidated Financial Statements in the 2026 Form 10-K. The following table summarizes stock-based compensation expense recognized related to awards granted to employees and nonemployees, as follows: Three Months Ended April 30, (in thousands) 2026 2025 Cost of revenue $ 1,830 $ 1,667 Research and development 6,108 4,584 Sales and marketing 3,112 1,929 General and administrative 5,866 5,035 Total expense $ 16,916 $ 13,215 Capitalized to internal-use software development costs and property and equipment ( 455 ) ( 673 ) Total stock-based compensation expense $ 16,461 $ 12,542 Stock Options A summary of stock option activity is as follows: Options Outstanding Number of Options Weighted Average Exercise Price Weighted Average Remaining Term (Years) Aggregate Intrinsic Value (in thousands) Balances at January 31, 2026 14,532,703 $ 5.69 4.4 Exercised ( 861,875 ) 4.37 Granted Forfeited Balances at April 30, 2026 13,670,828 $ 5.77 4.2 $ 426,483 Vested and exercisable at April 30, 2026 13,595,514 $ 5.75 4.2 $ 424,433 As of April 30, 2026 , total unrecognized compensation cost related to stock options was $ 0.3 million, which is expected to be recognized over a weighted average remaining period of approximately 0.1 years. Restricted Stock Units A summary of Restricted Stock Unit (RSU) activity is as follows: Number of RSUs Weighted Average Grant Date F …

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Fair Value of Financial Assets and Liabilities Assets and liabilities recognized or disclosed at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their respective fair values. The following table sets forth the Companys financial instruments that were measured at fair value on a recurring basis for recognition or disclosure purposes as of April 30, 2026 and January 31, 2026 by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. April 30, 2026 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 234,366 $ $ Restricted cash equivalents: money market funds 5,926 Short-term investments: U.S. Treasury securities 208,582 Commercial paper 2,331 Corporate bonds 151,832 Total assets $ 448,874 $ 154,163 $ January 31, 2026 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 99,181 $ $ Corporate bonds $ 2,584 Restricted cash equivalents: money market funds 5,926 Short-term investments: U.S. Treasury securities 212,897 Commercial paper 4,601 Corporate bonds 193,151 Total assets $ 318,004 $ 20 …

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Income Taxes During the three months ended April 30, 2026 and 2025, the Company recorded $ 1.0 million and $ 0.9 million of income tax expense, respectively. For the three months ended April 30, 2026 and 2025, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rates for the three months ended April 30, 2026 and 2025 differed from the federal statutory tax rate primarily due to the valuation allowance on the majority of the Companys U.S. and foreign deferred tax assets and foreign rate differences. The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. Gross unrecognized tax benefits were $ 15.1 million and $ 13.8 million as of April 30, 2026 and January 31, 2026 , respectively. The gross unrecognized tax benefits, if recognized, would not affect the effective tax rate due to the valuation allowance against the deferred tax assets. The Company determined that no accrual for interest and penalties was required as of April 30, 2026 and $ 0.3 million was accrued for interest as of January 31, 2026. The Company does not anticipate the total amounts of unrecognized tax benefits to significantly increase or decrease in the next twelve months. The Company files U.S. federal, various state and foreign income tax returns. The Company is currently being audited by the IRS for the tax year ended January 31, 2024. No other audits are currently in progress. All other tax years remain open to exa …

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Leases The Companys leasing activities primarily consist of real estate leases for its operations, including office space, and certain ground station service agreements that convey the right to control the use of specified equipment and facilities. The Company assesses whether each lease is an operating or finance lease at the lease commencement date. As of April 30, 2026, the Company has no finance leases. Operating lease costs were $ 2.2 million and $ 2.4 million for the three months ended April 30, 2026 and 2025, respectively. Variable lease expenses and short-term lease expenses were immaterial for the three months ended April 30, 2026 and 2025. Operating cash flows from operating leases were $ 2.2 million and $ 2.7 million for the three months ended April 30, 2026 and 2025, respectively. Right of use assets obtained in exchange for operating lease liabilities were $ 26.6 million and $ 0.0 million for the three months ended April 30, 2026 and 2025, respectively. Maturities of operating lease liabilities as of April 30, 2026 were as follows: (in thousands) Remainder of Fiscal Year 2027 $ 4,451 2028 7,906 2029 9,389 2030 8,540 2031 7,867 Thereafter 11,340 Total lease payments $ 49,493 Less: Imputed interest ( 9,028 ) Total lease liabilities $ 40,465 Weighted average remaining lease term (years) 5.5 Weighted average discount rate 7.0 % …

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Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) , which provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. The Company adopted the new guidance effective February 1, 2026 and applied the requirements prospectively. The adoption of this standard did not have a material effect on the consolidated financial results. …

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Related Party Transactions As of April 30, 2026 and January 31, 2026 , Google held 35,248,893 and 34,422,330 shares of the Companys Class A common stock, respectively, and, as such, owned greater than 10 % of outstanding shares of the Companys Class A common stock. The Company purchases hosting and other services from Google, of which $ 8.2 million and $ 9.0 million is deferred as of April 30, 2026 and January 31, 2026 , respectively. The Company recorded $ 7.8 million of expense during the three months ended April 30, 2026 relating to hosting and other services provided by Google, of which $ 7.0 million was classified as cost of revenue and $ 0.8 million was classified as research and development. The Company recorded $ 6.7 million of expense during the three months ended April 30, 2025 relating to hosting and other services provided by Google, of which $ 6.0 million was classified as cost of revenue and $ 0.7 million was classified as research and development. As of April 30, 2026 and January 31, 2026 , the Companys accrued and other current liabilities balance included $ 3.1 million and $ 2.5 million relating to hosting and other services provided by Google, respectively. On June 28, 2021, the Company amended the terms of its hosting agreement with Google. The amendment, among other things, increased the aggregate purchase commitments to $ 193.0 million. The amended agreement commenced on August 1, 2021 and extends through January 31, 2028. See Note 8, Commitments and Cont …

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"Revenue Deferred Revenue During the three months ended April 30, 2026 and 2025 , the Company recognized revenue of $ 57.9 million and $ 31.8 million, respectively, that had been included in deferred revenue as of January 31, 2026 and 2025, respectively. Remaining Performance Obligations The Company often enters into multi-year imagery licensing and dedicated capacity arrangements with its customers, whereby the Company generally invoices the amount for the first year of the contract at signing followed by subsequent annual invoices. The Company has also entered into multi-year satellite services arrangements in which we build and operate satellites owned by the customer, whereby the Company generally invoices based on specified contractual milestones or fixed due dates throughout the contract term. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. The Companys remaining performance obligations were $ 816.0 million as of April 30, 2026 . The Company expects to recognize approximately 35 % of the remaining performance obligations within the next 12 months, approximately 66 % of the remaining obligations within the next 24 months, and the remainder thereafter. Remaining performance obligations do not include unexercised contract options, written orders where funding has n …

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Segment and Geographic Information The Company has determined that it operates in one operating and reportable segment as the Chief Operating Decision Maker (CODM), its Chief Executive Officer, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM uses consolidated net loss, as reported on our Condensed Consolidated Statements of Operations, in evaluating performance of the Companys single segment, monitoring budget versus actual results, and determining how to allocate resources of the Company as a whole. Financial information for the Companys reportable segment was as follows: Three Months Ended April 30, (in thousands) 2026 2025 Revenue $ 94,150 $ 66,265 Less: Significant and other segment expenses Cost of revenue (1) 33,074 19,151 Research and development (1) 25,934 17,376 Sales and marketing (1) 19,533 14,287 General and administrative (1) 16,642 14,252 Depreciation and amortization 11,189 11,082 Stock-based compensation 16,461 12,542 Restructuring costs 20 Interest expense 1,446 499 Employer payroll taxes related to earnout share vesting ( 6 ) Certain litigation expenses (2) 6,211 326 Other segment items (3) 102,538 ( 10,642 ) Consolidated net loss $ ( 138,872 ) $ ( 12,628 ) (1) Exclusive of the following items shown separately; Depreciation and amortization, stock-based compensation, restructuring costs, employer payroll taxes related to earnout share vestin …

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Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited; however, in the opinion of management they include all normal and recurring adjustments necessary for a fair presentation of the Companys unaudited condensed consolidated financial statements for the periods presented. Operating results for the three months ended April 30, 2026 are not necessarily indicative of the results expected for the fiscal year ending January 31, 2027 or any other future period. The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) and include the accounts of Planet Labs PBC and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Companys fiscal year end is January 31. Certain notes or other information that are normally required by U.S. GAAP have been condensed or omitted if they substantially duplicate the disclosures contained in the Companys annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Companys Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the 2026 Form 10-K). Use of Estimates The preparation of financial statements in confor …

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