Planet Labs Secures $230M Multi-Year Deal for High-Resolution Pelican Satellites

Dow Jones

Jan 30, 2025

By Sabela Ojea

Planet Labs signed a $230 million multi-year agreement with an Asia Pacific customer to build its high-resolution Pelican satellites.

The provider of daily data and insights about Earth said this is the largest contract it has ever secured and includes the provision of operational services. Planet launched the Pelican-2 satellite on Jan. 14.

The company expects to recognize the $230 million of commercial payments as revenue over the build and operational service period of the satellites, estimated to be seven years.

Planet kept its outlook for the year unchanged, but Finance Chief Ashley Johnson said the deal will be meaningfully cash flow accretive to Planet in fiscal 2026 and strengthen its balance sheet in fiscal 2027 and beyond.

Overall, this deal represents the third strategic space systems partnership Planet has secured in the last four years, the company added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 29, 2025 12:02 ET (17:02 GMT)

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Planet launched the Pelican-2 satellite on Jan. 14. \n\n\n  The company expects to recognize the $230 million of commercial payments as revenue over the build and operational service period of the satellites, estimated to be seven years. \n\n\n  Planet kept its outlook for the year unchanged, but Finance Chief Ashley Johnson said the deal will be meaningfully cash flow accretive to Planet in fiscal 2026 and strengthen its balance sheet in fiscal 2027 and beyond. \n\n\n  Overall, this deal represents the third strategic space systems partnership Planet has secured in the last four years, the company added. \n\n\n \n\n\n  Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 29, 2025 12:02 ET (17:02 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}