Planet Labs PBCPL

Project and contract management · Service level and performance guarantees

Due to environmental and other factors, including those described elsewhere in this section, we may be unable to deliver imagery for the locations, responsiveness and quality requested by customers and therefore fail to meet contractual requirements. Failure to do so may require us to cancel the contracts and result in lost revenue.

Human capital and workforce · Talent acquisition and retention

The loss of one or more of our key personnel, or our failure to attract, hire, retain and train other highly qualified personnel in the future, could harm our business, financial condition and results of operations. We currently depend on the continued services and performance of our key personnel and management team.

Supply chain and procurement · Supplier financial distress and capability

General economic conditions may also affect the ability of our suppliers, service providers and launch providers to provide services on commercially reasonable terms or to fulfill their obligations in terms of manufacturing schedules, launch dates, pricing, or other items.

Capital structure and performance · Financial performance volatility

We have a history of operating losses, having generated net losses of $246.9 million, $123.2 million and $140.5 million for our fiscal years ended January 31, 2026, 2025 and 2024, respectively. As of January 31, 2026, we had an accumulated deficit of $1,449.9 million. Although we have seen revenue growth in recent periods, we have not achieved profitability and we may not realize sufficient revenue to achieve or maintain profitability in future periods.

Credit and liquidity · Debt service and covenant compliance

Provisions in the Indenture governing our 2030 Notes may deter or prevent a business combination that may be favorable to you. The Indenture governing our 2030 Notes may prohibit us from engaging in certain mergers or acquisitions unless, among other things, the surviving entity assumes our obligations under the 2030 Notes.

Strategic execution · Geographic expansion and market entry

Our ability to grow our business depends on the successful development, production, launch, commissioning and/or operation of our satellites and related infrastructure, which is subject to many uncertainties, some of which are beyond our control.

Innovation and product development · Product development and randd investment risks

Our ability to grow our business depends on the successful development, production, launch, commissioning and/or operation of our satellites and related infrastructure, which is subject to many uncertainties, some of which are beyond our control. Our next generation satellites are still in development and may not be completed on time or at all and the costs associated with them may be greater than expected.

Strategic execution · Merger acquisition and divestiture risks

Our past and future acquisitions will require significant management attention. Our acquisitions could disrupt our business, dilute stockholder value or adversely affect our operating results. As part of our business strategy, we may make investments in complementary companies, products or technologies, and these acquisitions could pose challenges or risks.

Innovation and product development · Time to market and commercialization risks

The risk from the introduction of superior competing satellite technologies is particularly exacerbated in our industry as it can take months to years to deploy any new satellites. As a result, if any technological change or change in customer demands renders our satellites or products obsolete or insufficient, even if we are able to develop and deploy new technologies to compete and meet such demands, it would take substantial time until such satellites are operational.

Strategic execution · Strategic transformation and turnaround risks

Expansion of our offerings into satellite services, in particular, has led to greater uncertainty with regard to future revenue growth and related costs. As we increasingly target large-scale satellite services contracts, we face longer and less predictable sales cycles, significant upfront costs, and complex procurement requirements.

Legal and litigation · Employment and labor law compliance

We are subject to a wide variety of laws and regulations relating to various aspects of our business, including employment and labor, licensing, export, import, sanctions, anti-bribery/anti-corruption, tax, privacy and data security, health and safety, communications, and environmental matters.

Data and privacy · Consumer privacy and consent

Our policies regarding customer confidential information and support for individual privacy and civil liberties could cause us to experience adverse business and reputational consequences. We strive to protect our customers' confidential information and individuals' privacy consistent with applicable laws, directives, and regulations.

Information management · Data quality and integrity

We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics could adversely affect our reputation and our business. Certain of the metrics that we disclose are calculated using internal company data that has not been independently verified or data from third-party attribution partners.

Technology infrastructure · Disaster recovery and business continuity

We do not currently maintain a back-up production facility from which we can continue to collect, process and deliver imagery in the event of the loss of our primary capabilities. In the event we are unable to collect, process and deliver imagery from our primary facilities, our daily operations and operating results may be materially and adversely affected.

Cybersecurity and data protection · Third party data security and vendors

We rely significantly on third-party service providers and sub-processors to support our operations and to help us deliver services to our customers. These third parties may store or otherwise process personal information and other information on our behalf, and may use AI in doing so.

Stakeholder relations · Customer satisfaction and loyalty

Customer retention and expansion and customers' use of our offerings depend on several factors, including successful execution of our contracts, our customers' satisfaction with our offerings, and our customer support, or the prices, features, or perceived value of competing offerings.

Corporate governance · Internal controls and risk management

If we fail to maintain effective internal controls over financial reporting at a reasonable assurance level, we may not be able to accurately report our financial results, which could have a material and adverse effect on our operations, investor confidence in our business and the trading prices of our securities.

Reputation and brand · Corporate social responsibility

We may be subject to certain risks as a mission-driven company, including stockholder activism. We believe that a critical contributor to our success has been our mission to use space to help life on Earth, by imaging the whole world and making global change visible, accessible, and actionable.

Geopolitical and trade · International conflicts and tensions

Additionally, our platform and data may be used, without our prior knowledge or consent, by parties in political or social conflicts, including in armed conflicts. Such use of our data in those situations could materially harm our reputation, resulting in a material and adverse effect on our business, financial condition and results of operations.

Economic and market conditions · Inflation and deflation pressures

Uncertain macroeconomic and geopolitical factors, including as a result of inflationary pressures, currency exchange rate fluctuations, geopolitical conflicts, regulatory requirements, tariffs and retaliatory measures, and high interest rates may result in longer and unpredictable sales cycles, could result in potential customers deciding not to contract with us or current customers deciding not to renew.