Planet Labs PBC (PL)

Business overview

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Management discussion and analysis

Ma nagement’s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PLANET The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Planet Labs PBC. The MD&A is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included in Part II, Item 8, “Financial Statements” of this Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in Part I, Item 1A, “Risk Factors” of this Form 10-K.

Actual results may differ materially from those contained in any forward-looking statements. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This MD&A generally discusses fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025 items and year-to-year comparisons between fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025. Discussions of fiscal year ended January 31, 2024 items and year-to-year comparisons between the fiscal year ended January 31, 2025 and the fiscal year ended January 31, 2024 that are not included in this Form 10-K can be found in “Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 26, 2025.

Business and Overview Our mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. Our products include imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about our evolving world. In addition, our satellite services arrangements provide a broad spectrum of advanced offerings to large scale government and enterprise customers, including designing and manufacturing customer-owned satellites. We also provide critical related services in these satellite services arrangements such as reliable mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance. Separately, we provide dedicated image tasking capacity on Company owned or customer owned satellites.

As a public benefit corporation, our purpose is to accelerate humanity toward a more sustainable, secure, and prosperous world, by illuminating the most important forms of environmental and social change. We deliver a differentiated data set: a new image of the entire Earth’s landmass, constantly refreshed. To collect this powerful data set, we design, build and operate over one hundred satellites. Our daily stream of proprietary data and machine learning analytics, delivered through our cloud-native platform, helps companies, governments and civil society use satellite imagery to discover insights as change happens. To help further our mission, we have developed advanced satellite technology that increases the cost performance of each satellite.

This has enabled us to launch large fleets of satellites at lower cost and in turn record over 3,000 images on average for every point on Earth’s landmass, a non-replicable historical archive that can power analytics, machine learning, and insights. We have advanced data processing capabilities that enable us to produce “AI-ready” data sets and have partnered with third-parties to offer AI-enabled data solutions. As these data sets continue to grow and we continue to develop these partnerships, we believe the value of our data and analytics solutions to our customers will further increase. Our innovation in agile aerospace has also enabled us to improve the cost-performance of satellite manufacturing, ground stations, and mission operations.

65 We currently serve customers across civil government, commercial and defense and intelligence verticals, including agriculture, mapping, energy, forestry, finance and insurance, as well as federal, civil, state, and local governments. Our customers in government and commercial markets leverage our product capabilities to monitor and manage global change over broad areas to take action. Our proprietary data set and analytics are delivered pursuant to subscription and usage-based data licensing agreements and are accessed by our customers through our online platform and subscription APIs. We believe our efficient cost structure, one-to-many business model and differentiated data set have enabled the growth of our business. Complementing our foundational data offerings, our strategy is evolving towards delivering more integrated downstream solutions. […]

Key risk disclosures

Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Form 10-K, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and the related notes. Summary of our Risk Factors Below is a summary of the principal risk factors that could adversely affect our business. This summary does not address all the risks that we face. These risks are discussed more fully in the “Risk Factors” section of this Form 10-K immediately following this summary.

These risks include the following: Risks Related to Our Business and Industry • our limited operating history; • our history of losses and uncertainty about future profitability; • the evolution of the markets for our offerings; • our ability to compete effectively in intensely competitive markets; • our ability to attract new customers in a cost-effective manner; • our ability to manage our international operations; • our ability to successfully produce, launch, commission, operate and maintain our satellites and our customers’ and related infrastructure on suitable timelines to our customers; • the impact of satellite and infrastructure related failures; • our ability to develop new offerings and enhancements that achieve market acceptance; • our reliance on contracts with large enterprises and U.

S. and foreign governmental entities; • the impact of disruptions in the U. S.

government’s operations and funding; • our partial dependency on partnerships and resellers of our imagery; • the impact of macroeconomic and geopolitical uncertainties, including trade tensions and tariffs; • our reliance on a limited number of suppliers and our ability to establish new supply relationships; • our ability to price our offerings effectively; • our ability to hire, integrate and retain highly skilled personnel; • the effectiveness of actions to develop and expand our sales and marketing capabilities; • issues in the use of AI in our business; • the impact of climate change; Risks Related to Our Cyber Security, Data Privacy and Intellectual Property • our or our third-party service providers' ability to protect against cybersecurity related attacks; • our ability to protect our intellectual property; • any legal proceedings or claims against us relating to intellectual property; • our use of open source software; • our use of data relating to individuals; • our policies regarding customer confidential information; Risks Related to Financial, Accounting, and Tax Matters • our ability to raise capital; 11 • changes in tax rules and regulations; • our ability to use our net operating losses; • the accuracy of our key metrics, and assumptions and estimates used to calculate them; • changes in accounting standards that may cause adverse financial reporting fluctuations; • the accuracy of our estimates and judgments related to our critical accounting policies; • changes in our investment portfolio; • exposure to foreign currency exchange rate fluctuations; Risks Related to Legal and Regulatory Matters • our ability to operate in a highly regulated industry and obtain and maintain required government licenses and other authorizations, including those necessary to launch and operate space and ground infrastructure for ourselves and for our customers; • our ability to adapt to legislative and regulatory changes that affect our business • our ability to comply with the National Industrial Security Program Operating Manual; • our ability to comply with anti-corruption, anti-bribery, anti-money laundering, and similar laws; • our ability to comply with international trade and governmental export and import controls and economic sanctions laws and regulations; • failure to comply with governmental laws and regulations; Additional Risks Related to Ownership of Our Securities and Operating as a Public Company • volatility of the trading price of our securities; • the multi-class structure of our common stock; • securities or industry analysts changing their recommendations regarding our Class A common stock; • anti-takeover provisions contained in our governing documents and the exclusive forum provision in our certificate of incorporation; and • our status as a Delaware public benefit corporation. Risks Related to Our Indebtedness • servicing our indebtedness; • provisions in the Indenture governing our 2030 Notes; and • counterparty risk with respect to the Capped Call Transactions. […]

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