Planet Labs: Key Metrics and Trends
Revenue Growth Trends
Planet Labs has demonstrated steady revenue growth in recent years. Annual revenues climbed from about $96 million in FY2020 to roughly $221 million in FY2024. This represents more than a 2.3× increase over four years.
Notably, FY2023 saw a sharp jump – full-year revenue reached $191.3 million, up 46% year-over-year. This acceleration outpaced prior years (for example, FY2022 grew ~16% to $131M from $113M in FY2021). The robust growth trajectory reflects Planet’s expanding customer base and demand for its satellite imagery services.
Such revenue trends position Planet on a strong growth path, building from mid-eight-figure revenues a few years ago to over $200M+ annually by 2024. This upward momentum underscores investor expectations that Planet’s “daily Earth imaging” model can continue scaling revenues at a healthy clip.
Key Takeaway:
Planet’s annual revenues have risen consistently, nearly doubling from FY2020 to FY2024. Recent fiscal years saw particularly strong growth (45–46% YoY in FY2023), indicating a robust growth phase post-IPO.
Market Size Projections
The broader Earth observation and geospatial analytics market is projected to expand significantly over the next decade.
The global satellite Earth observation market (focused on imagery/data) was valued at $3.6 billion in 2021 and is forecast to reach approximately $7.9 billion by 2030 – about a 2× increase (CAGR ~6.9%).
The geospatial analytics market (including value-added analysis of location data) is even larger:
Estimated at $69.9 billion in 2023
Projected to grow to ~$141.9 billion by 2030 (CAGR ~12.6%)
Multiple sources predict double-digit annual growth for geospatial analytics, fueled by increasing demand in sectors like agriculture, defense, climate monitoring, and infrastructure.
Planet Labs operates at the intersection of these markets – providing raw imagery as well as analytic platforms – so a growing industry tide is a positive indicator. The total addressable market (TAM) Planet often cites encompasses not just satellite imagery sales but also analytics and emerging applications (e.g., precision agriculture, environmental monitoring).
Key Takeaway:
Earth observation and geospatial analytics are booming markets.
Core satellite imagery revenues may roughly double by 2030 (e.g., $3.6B in 2021 → $7.9B by 2030).
The broader geospatial data analytics sector could reach the tens of billions (> $100B) by 2030. This growth underpins a strong demand backdrop for Planet’s services.
Competitive Positioning
Planet Labs faces competition from a mix of established and emerging players in Earth observation:
Maxar Technologies (which includes the legacy DigitalGlobe)
A longstanding leader in high-resolution satellite imagery
Annual revenues ~$1.6 billion (2022)
Operates a much smaller fleet – traditionally only a handful of large satellites (e.g., the WorldView series).
Airbus Intelligence Division
Operates a handful of optical satellites (such as the Pléiades Neo constellation)
Part of a multi-billion-dollar aerospace portfolio.
BlackSky
Operates 14–19 small satellites focused on rapid-revisit, high-cadence imaging.
Revenues: ~$65M in 2022, $94M in 2023 (smaller than Planet).
Competes for similar contracts in defense and commercial sectors.
Key Comparisons:
Planet Labs: ~200 satellites (mainly 3–5m resolution Doves + 50cm SkySats)
Maxar: ~5–6 active high-resolution satellites (30cm-class)
Airbus: ~4–6 very high-resolution satellites (50cm or better)
BlackSky: ~14+ satellites (1m resolution), with plans for 60+ in coming years
Planet occupies a middle ground – a mid-sized company by revenue but leading in sheer data collection capacity. This broad coverage is a competitive moat that others are hard-pressed to match without similar large constellations.
Government vs. Commercial Revenue Share
Over time, Planet’s revenue mix between government and commercial clients has shifted notably. Initially, Planet expected commercial customers (agriculture, finance, insurance, etc.) to make up a growing majority of its business. However, the opposite occurred – government sales have surged.
As of mid-2024, only ~23% of Planet’s revenue comes from commercial sectors, meaning about 77% is from government (defense and civil) clients.
Key Takeaway:
Planet’s revenue mix has flipped to approximately 75% government vs. 25% commercial as of 2024. This marks a shift from a more balanced or commercial-heavy mix previously.
Satellite Fleet Expansion
Planet Labs operates the largest fleet of Earth observation satellites ever deployed, and it has expanded rapidly over time.
The company started with just a couple of prototype CubeSats in 2013.
Launched its first large batch of “Dove” nanosatellites in 2014.
By 2017, Planet made headlines by launching 88 Dove satellites on a single rocket.
Fast forward to today, and Planet has approximately 200 operational satellites in orbit on any given day.
Key Takeaway:
Planet’s satellite constellation scaled from a handful in 2013 to ~200 in orbit today, with 500+ total satellites launched to date. Regular launches replenish and grow the fleet, including new high-resolution Pelican satellites.
Profitability Trends
Planet Labs remains in a growth mode financially, but clear trends show movement toward improved profitability.
One major positive sign is gross margin improvement over the past few years:
FY2021: ~22%
FY2022: ~37%
FY2023: ~49%
FY2024 (est.): ~50%+
However, Planet is still reporting net losses:
FY2022: -$137M
FY2023: -$162M
FY2024 (est.): -$140M
Although losses are substantial, the trendline is improving as revenue scales and operating expenses are managed.
Key Takeaway:
Gross margins improved from ~37% to 50%+, highlighting better economies of scale.
The company still incurs net losses (over $100M per year), but it is using its cash to invest in growth.
Adjusted EBITDA losses are expected to narrow in coming years, signaling progress toward eventual profitability if current trends continue.
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