Financial Analysis

(8) Commitments and Contingencies Launch Services The Company has purchase commitments for future satellite launch services to be performed by third parties subsequent to July 31, 2026. Future purchase commitments under noncancelable launch service contracts as of July 31, 2026 consisted of $ 8.4 million of total purchase commitments for the remainder of the fiscal year ending January 31, 2027. 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 July 31, 2026 are as follows: (in thousands) Remainder of Fiscal Year 2027 $ 14,573 2028 33,427 Total purchase commitments $ 48,000 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 Januar …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"(10) Financing Transactions At-the-Market Offering On June 5, 2026, the company entered into an equity distribution agreement (the ""June 2026 Equity Distribution Agreement"", and the ""ATM Equity Offering"") with Goldman Sachs & Co. LLC (Goldman), Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. (Citigroup), Deutsche Bank Securities Inc., BofA Securities, Inc., Cantor Fitzgerald & Co., Citizens JMP Securities, LLC, Craig-Hallum Capital Group LLC, Needham & Company, LLC, Northland Securities, Inc., Wedbush Securities Inc., Clear Street LLC and JonesTrading Institutional Services, LLC, as sales agents (collectively, the ""Sales Agents"") and Goldman Sachs Bank USA and Citibank, N.A. (each in its capacity as purchaser under any forward contract, collectively, the Forward Purchasers) and Goldman and Citigroup (each, as agent for its affiliated Forward Purchaser in connection with the offering and sale of any forward hedge shares thereunder, collectively, the Forward Sellers). Under the June 2026 Equity Distribution Agreement, the Company may offer and sell, from time to time, the shares of its Class A common stock having an aggregate offering price of up to $ 1,500.0 million through or to the Sales Agents, acting as the Companys agents or principal, or pursuant to forward sale agreements with the Forward Purchasers, with the Forward Sellers acting as sales agents for the relevant Forward Purchasers. The June 2026 Equity Distribution …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"The following table disaggregates revenue by major geographic region: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2026 2025 2026 2025 North America (""NAM"") $ 39,015 $ 31,093 $ 76,051 $ 60,626 Asia Pacific & Japan (""APJ"") 19,094 16,150 38,401 31,457 Europe, Middle East, & Africa (""EMEA"") 55,200 23,467 90,254 42,316 Latin America (""LATAM"") 2,743 2,676 5,496 5,252 Total revenue $ 116,052 $ 73,386 $ 210,202 $ 139,651 The following table disaggregates revenue by customer type: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2026 2025 2026 2025 Civil Government $ 17,498 $ 16,426 $ 33,668 $ 32,706 Commercial 17,559 15,051 34,154 28,389 Defense & Intelligence 80,995 41,909 142,380 78,556 Total revenue $ 116,052 $ 73,386 $ 210,202 $ 139,651 The following table disaggregates revenue by recognition model: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2026 2025 2026 2025 Over-time $ 101,977 $ 72,556 $ 194,286 $ 137,397 Point-in-time 14,075 830 15,916 2,254 Total revenue $ 116,052 $ 73,386 $ 210,202 $ 139,651"

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(12) 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 July 31, Six Months Ended July 31, (in thousands) 2026 2025 2026 2025 Cost of revenue $ 1,946 $ 1,973 $ 3,776 $ 3,640 Research and development 6,827 4,876 12,935 9,460 Sales and marketing 2,800 2,010 5,912 3,939 General and administrative 6,384 5,242 12,250 10,277 Total expense $ 17,957 $ 14,101 $ 34,873 $ 27,316 Capitalized to internal-use software development costs, property and equipment, and inventories ( 897 ) ( 645 ) ( 1,352 ) ( 1,318 ) Total stock-based compensation expense $ 17,060 $ 13,456 $ 33,521 $ 25,998 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 ( 1,023,460 ) 4.29 Granted Forfeited Balances at July 31, 2026 13,509,243 $ 5.80 4.0 $ 198,359 Vested and exercisable at July 31, 2026 13,509,243 $ 5.80 4.0 $ 198,359 As of July 31, 2026, there was no remaining unrecognized compensation cost related to stock options. Restricted Stock Units A summary of Restricted Stock Unit (RSU) activity i …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(4) 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 July 31, 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. July 31, 2026 (in thousands) Level 1 Level 2 Level 3 Assets Cash equivalents: Money market funds $ 169,455 $ $ Corporate bonds 485 Restricted cash equivalents: money market funds 8,316 Short-term investments: U.S. Treasury securities 252,173 Commercial paper 6,529 Corporate bonds 191,586 Total assets $ 429,944 $ 198,600 $ 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 a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(13) Income Taxes During the three and six months ended July 31, 2026, the Company recorded $ 0.7 million and $ 1.7 million of income tax expense, respectively. During the three and six months ended July 31, 2025, the Company recorded $ 0.5 million and $ 1.4 million of income tax expense, respectively. For the three and six months ended July 31, 2026 and 2025, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rates for the three and six months ended July 31, 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 $ 16.5 million and $ 13.8 million as of July 31, 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 July 31, 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 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(6) 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 July 31, 2026, the Company has no finance leases. Operating lease costs were $ 2.8 million and $ 5.0 million for the three and six months ended July 31, 2026 , respectively. Operating lease costs were $ 2.5 million and $ 4.9 million for the three and six months ended July 31, 2025, respectively. Variable lease expenses and short-term lease expenses were immaterial for the three and six months ended July 31, 2026 and 2025. Operating cash flows from operating leases were $ 2.2 million and $ 4.4 million for the three and six months ended July 31, 2026 , respectively. Operating cash flows from operating leases were $ 2.7 million and $ 5.4 million for the three and six months ended July 31, 2025, respectively. Right of use assets obtained in exchange for operating lease liabilities were $ 11.5 million and $ 38.1 million for the three and six months ended July 31, 2026. Right of use assets obtained in exchange for operating lease liabilities were $ 0.3 million for the three and six months ended July 31, 2025. Maturities of operating lease liabilities as of July 31, 2026 were as follows: (in thousands) Remainder of Fiscal Yea …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , to enhance specified information about certain costs and expenses at each interim and annual reporting period so that investors can better understand an entitys overall performance. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU No. 2024-03. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which revises the recognition guidance for internal-use software by eliminating the previous model based on software development stages and introducing a principles-based approach. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures. In December …

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(11) Related Party Transactions As of July 31, 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 $ 6.9 million and $ 9.0 million is deferred as of July 31, 2026 and January 31, 2026 , respectively. The Company recorded $ 8.2 million of expense during the three months ended July 31, 2026 relating to hosting and other services provided by Google, of which $ 7.4 million was classified as cost of revenue and $ 0.8 million was classified as research and development. The Company recorded $ 16.1 million of expense during the six months ended July 31, 2026 relating to hosting and other services provided by Google, of which $ 14.5 million was classified as cost of revenue and $ 1.6 million was classified as research and development. The Company recorded $ 5.9 million of expense during the three months ended July 31, 2025 relating to hosting and other services provided by Google, of which $ 5.3 million was classified as cost of revenue and $ 0.6 million was classified as research and development. The Company recorded $ 12.6 million of expense during the six months ended July 31, 2025 relating to hosting and other services provided by Google, of which $ 11.4 million was classified as cost of revenue and $ 1.2 million was classified as research and …

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"(3) Revenue Deferred Revenue During the six months ended July 31, 2026 and 2025, the Company recognized revenue of $ 120.7 million and $ 57.8 million, respectively, that had been included in deferred revenue as of January 31, 2026 and 2025, respectively. Remaining Performance Obligations 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 $ 753.1 million as of July 31, 2026 . The Company expects to recognize approximately 46 % of the remaining performance obligations within the next 12 months, approximately 68 % 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 not been appropriated and contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty. Costs to Obtain and Fulfill a Contract Commissions paid to the Companys direct sales force are considered incremental costs of obtaining a contract with a customer. Accordingly, commissions are capitalized when incurred and amortized to sales and marketing expense over the period of benefit from the underlying contracts. The period of benefit from the underlying …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(15) 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 July 31, Six Months Ended July 31, (in thousands) 2026 2025 2026 2025 Revenue $ 116,052 $ 73,386 $ 210,202 $ 139,651 Less: Significant and other segment expenses Cost of revenue (1) 39,853 20,590 72,927 39,741 Research and development (1) 27,303 18,375 53,237 35,751 Sales and marketing (1) 18,566 15,432 38,099 29,719 General and administrative (1) 16,402 12,583 33,044 26,834 Depreciation and amortization 10,788 10,622 21,977 21,704 Stock-based compensation 17,060 13,456 33,521 25,998 Restructuring costs 20 Interest expense 1,439 317 2,885 816 Employer payroll taxes related to earnout share vesting ( 6 ) Certain litigation expenses (2) ( 411 ) 288 5,800 615 Other segment items (3) ( 5,595 ) 4,315 96,943 ( 6,327 ) Consolidated net loss $ ( 9,353 ) $ ( 22,592 ) $ ( 148, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(2) 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 and six months ended July 31, 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 statement …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing