Planet Labs (PL) said Wednesday it has signed a $230 million agreement to develop and deliver new Pelican satellites to an unnamed Asia-Pacific commercial partner.
The company intends to recognize the amount as revenue over the build and operational service period of the satellites, which is projected to be roughly seven years, Planet Labs added.
The agreement will have no impact on Planet Labs' previously issued Q4 financial outlook, the company said. Adding that, the deal will be accretive to its cash flow in 2026, Chief Financial Officer Ashley Johnson was quoted as saying.
Shares of Planet Labs were up 1.3% in recent Wednesday trading.
Price: 5.53, Change: +0.07, Percent Change: +1.28
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