Planet Labs PBC

Previous wording

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 platform includes imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about our evolving world.

Current wording

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.

Previous wording

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 hundreds of satellites, making our fleet the largest Earth observation fleet of satellites in history. 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.

Current wording

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, making our fleet the largest Earth observation fleet of satellites in history. 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.

Previous wording

We currently serve customers across large commercial and government 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.

Current wording

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.

Previous wording

We primarily generate revenue through selling licenses to our data and analytics to customers over a cloud-based platform via fixed price subscription and usage-based contracts. Data licensing subscriptions and minimum commitment usage-based contracts provide a large recurring revenue base for our business with a low incremental cost to serve each additional customer. Payment terms of our customer agreements are most commonly in advance on an either quarterly or annual basis, although a small number of large contracts have required payment terms that are monthly or quarterly in arrears. Additionally, we also generate a small amount of revenue from sales of third-party imagery, professional services, and customer support. From time to time, we have also entered into strategic satellite services and technologies partnerships in which we build and operate satellites for our partners.

Current wording

We primarily generate revenue through selling licenses to our data and analytics to customers over a cloud-based platform via fixed price subscription and usage-based contracts. Data licensing subscriptions and minimum commitment usage-based contracts provide a large recurring revenue base for our business with a low incremental cost to serve each additional customer. Payment terms of our customer agreements are most commonly in advance on an either quarterly or annual basis, although a small number of large contracts have required payment terms that are monthly or quarterly in arrears. Additionally, we also generate revenue through satellite services agreements in which we build and operate satellites owned by the customer or provide exclusive dedicated image tasking capacity on our specified satellites. Satellite services arrangements address a broad spectrum of needs for our customers, including mission systems engineering, spacecraft design and manufacturing, launch procurement, dedicated capacity, ground station operations, satellite operations, and maintenance. We also generate a small amount of revenue from sales of third-party imagery, professional services, and customer support.

Previous wording

New Sensors & Data Sets: We plan to make strategic investments in building new sensors to capture additional data sets from space. As we grow our customer base and the use cases we can address, we believe we can better understand what additional data sets our customers are eager to access and therefore which sensors might enable us to capture additional data that is valuable to such customers. By leveraging our agile aerospace approach to space systems, we believe we are well-positioned to introduce new Earth observation sensors into orbit to capture new types of data with greater capital efficiency and speed than other satellite data providers. Having these capabilities can deepen our value proposition to customers and help us both acquire new customers and expand our offering to existing customers.

Current wording

We plan to make strategic investments in building new sensors to capture additional data sets from space. As we grow our customer base and the use cases we can address, we believe we can better understand what additional data sets our customers are eager to access and therefore which sensors might enable us to capture additional data that is valuable to such customers. By leveraging our agile aerospace approach to space systems, we believe we are well-positioned to introduce new Earth observation sensors into orbit to capture new types of data with greater capital efficiency and speed than other satellite data providers. Having these capabilities can deepen our value proposition to customers and help us both acquire new customers and expand our offering to existing customers.

Previous wording

We also calculate End of Period (“EoP”) ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. We define EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. We do not annualize short-term contracts in calculating our EoP ACV Book of Business. We calculate the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period.

Current wording

We also calculate End of Period (“EoP”) ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. We define EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users, as well as the value of any satellite services contracts. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. We do not annualize short-term contracts in calculating our EoP ACV Book of Business. We calculate the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period.

Previous wording

We define Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. We define existing customers as customers with an active contract with Planet. We believe our Net Dollar Retention Rate is a useful metric for investors as it can be used to measure our ability to retain and grow revenue generated from our existing customers, on which our ability to drive long-term growth and profitability is, in part, dependent. We use Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across our products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV above. Net Dollar Retention Rate increased to 103% for the three months ended April 30, 2025, as compared to 100% for the three months ended April 30, 2024. The increase was primarily due to large government contract expansions.

Current wording

We define Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. We define existing customers as customers with an active contract with Planet. We believe our Net Dollar Retention Rate is a useful metric for investors as it can be used to measure our ability to retain and grow revenue generated from our existing customers, on which our ability to drive long-term growth and profitability is, in part, dependent. We use Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across our products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV above. Net Dollar Retention Rate increased to 107% for the six months ended July 31, 2025, as compared to 99% for the six months ended July 31, 2024. The increase was primarily due to large government contract expansions.

Previous wording

We assess two metrics for net dollar retention—Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. We define Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. We believe this metric is useful to investors as it captures the value of customer contracts that resume business with Planet after being inactive and thereby provides a quantification of Planet’s ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements’ calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. Net Dollar Retention Rate including winbacks increased to 104% for the three months ended April 30, 2025, as compared to 101% for the three months ended April 30, 2024. The increase was primarily due to large government contract expansions.

Current wording

We assess two metrics for net dollar retention—Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. We define Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. We believe this metric is useful to investors as it captures the value of customer contracts that resume business with Planet after being inactive and thereby provides a quantification of Planet’s ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements’ calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks. Net Dollar Retention Rate including winbacks increased to 108% for the six months ended July 31, 2025, as compared to 100% for the six months ended July 31, 2024. The increase was primarily due to large government contract expansions.

Previous wording

We define EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. For EoP Customer Count, we define existing customers as customers with an active contract with us at the end of the reported period. For the purpose of this metric, we define a customer as a distinct entity that uses our data or services. We sell directly to customers, as well as indirectly through our partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with us, is counted only once. For example, if a customer utilizes multiple products of Planet, we only count that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP Customer Count, we do not include users that only utilize our self-service Planet Insights Platform web based ordering system, which we acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. We believe excluding these users from EoP Customer Count creates a more useful metric, as we view the Planet Insights Platform starter packages as entry points for smaller accounts, leading to broader awareness of our solutions throughout their networks and organizations. We believe EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of our platform and is a measure of our success in growing our market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses our data or services. The EoP Customer Count decreased to 919 as of April 30, 2025, as compared to 1,031 as of April 30, 2024. The decrease was primarily attributable to an increased focus on larger customers.

Current wording

We define EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. For EoP Customer Count, we define existing customers as customers with an active contract with us at the end of the reported period. For the purpose of this metric, we define a customer as a distinct entity that uses our data or services. We sell directly to customers, as well as indirectly through our partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with us, is counted only once. For example, if a customer utilizes multiple products of Planet, we only count that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP Customer Count, we do not include users that only utilize our self-service Planet Insights Platform web based ordering system, which we acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. We believe excluding these users from EoP Customer Count creates a more useful metric, as we view the Planet Insights Platform starter packages as entry points for smaller accounts, leading to broader awareness of our solutions throughout their networks and organizations. We believe EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of our platform and is a measure of our success in growing our market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses our data or services. The EoP Customer Count decreased to 908 as of July 31, 2025, as compared to 1,012 as of July 31, 2024. The decrease was primarily attributable to an increased focus on larger customers.

Previous wording

Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. We define ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. We define Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. We believe Percent of Recurring ACV is useful to investors to better understand how much of our revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. We track Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV. Percent of Recurring ACV increased to 97% for the three months ended April 30, 2025, as compared to 95% for the three months ended April 30, 2024. The increase was primarily attributable to demand of data subscription and usage-based contracts from large government customers.

Current wording

Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. We define ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. We define Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. We believe Percent of Recurring ACV is useful to investors to better understand how much of our revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. We track Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV. Percent of Recurring ACV increased to 98% for the six months ended July 31, 2025, as compared to 96% for the six months ended July 31, 2024. The increase was primarily attributable to demand of data subscription and usage-based contracts from large government customers.

Previous wording

We define capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. We define Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for our data services and related revenue, and to provide a comparable view of our performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. We use an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver our data to clients. As a result of our strategy and our business model, our capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, we believe it is important to look at our level of capital expenditure investments relative to revenue when evaluating our performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. We believe Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate our business and our relative capital efficiency. Capital Expenditures as a Percentage of Revenue decreased to 14% for the three months ended April 30, 2025, as compared to 19% for the three months ended April 30, 2024. The decrease was primarily attributable to an increase in revenue and timing of purchases. We expect our capital expenditures and working capital requirements to continue to increase in the foreseeable future as we seek to grow our business.

Current wording

We define capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. We define Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for our data services and related revenue, and to provide a comparable view of our performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. We use an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver our data to clients. As a result of our strategy and our business model, our capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, we believe it is important to look at our level of capital expenditure investments relative to revenue when evaluating our performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. We believe Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate our business and our relative capital efficiency. Capital Expenditures as a Percentage of Revenue increased to 29% for the three months ended July 31, 2025, as compared to 27% for the three months ended July 31, 2024. The increase was primarily attributable to an increase in capitalized labor and material related to the build of our next generation high resolution Pelican satellites and our medium resolution satellites. Capital Expenditures as a Percentage of Revenue decreased to 22% for the six months ended July 31, 2025, as compared to 23% for thesix months ended July 31, 2024. The decrease was primarily attributable to an increase in revenue and timing of purchases. We expect our capital expenditures and working capital requirements to continue to increase in the foreseeable future as we seek to grow our business.

Previous wording

We derive revenue principally from licensing rights to use our imagery that is delivered digitally through our online platform in addition to providing related services. Imagery licensing agreements vary by contract, but generally have annual or multi-year contractual terms. The data licenses are generally purchased via a fixed price contract on a subscription or usage basis, whereby a customer pays for access to our imagery or derived imagery data, delivered by Planet or through partners, which may be downloaded over a specific period of time, or, less frequently, on a transactional basis, whereby the customer pays for individual content licenses.

Current wording

We derive revenue principally from licensing rights to use our imagery that is delivered digitally through our online platform in addition to providing related services. Imagery licensing agreements vary by contract, but generally have annual or multi-year contractual terms. The data licenses are generally purchased via a fixed price contract on a subscription or usage basis, whereby a customer pays for access to our imagery or derived imagery data, delivered by Planet or through partners, which may be downloaded over a specific period of time, or, less frequently, on a transactional basis, whereby the customer pays for individual content licenses. Additionally, we derive revenue through satellite services agreements in which we build and operate satellites owned by the customer or provide dedicated image tasking capacity on our satellites. Satellite services contracts generally have fixed price, multi-year contractual terms.

Previous wording

Cost of revenue consists of employee-related costs of performing account and data provisioning, customer support, satellite and engineering operations, as well as the costs of operating and retrieving information from the satellites, processing and storing the data retrieved, third party imagery expenses, depreciation of satellites and ground stations, amortization of acquired intangibles and amortization of capitalized internal-use software related to creating imagery provided to customers. Employee-related costs include salaries, benefits, bonuses and stock-based compensation. To a lesser extent, cost of revenue includes costs from professional services, including costs paid to subcontractors, solution partners and certain third-party fees.

Current wording

Cost of revenue consists of employee-related costs of performing account and data provisioning, customer support, satellite and engineering operations, as well as the costs of operating and retrieving information from the satellites, processing and storing the data retrieved, third party imagery expenses, depreciation of satellites and ground stations, amortization of acquired intangibles and amortization of capitalized internal-use software related to creating imagery provided to customers. Cost of revenue also includes satellite build and employee-related costs for efforts towards completing our satellite services contract performance obligations. Employee-related costs include salaries, benefits, bonuses and stock-based compensation. To a lesser extent, cost of revenue includes costs from professional services, including costs paid to subcontractors, solution partners and certain third-party fees.

Previous wording

Revenue increased $5.8 million, or 10%, to $66.3 million for the three months ended April 30, 2025 from $60.4 million for the three months ended April 30, 2024. The increase was primarily due to a $9.4 million increase from new customer growth and partially offset by net contraction of existing customer contracts of $3.6 million. The increase in revenue was primarily driven by growth with Defense and Intelligence customers.

Current wording

Revenue increased $12.3 million, or 20%, to $73.4 million for the three months ended July 31, 2025 from $61.1 million for the three months ended July 31, 2024. The increase was primarily due to a $8.6 million increase from new customer growth and an increase from existing customer contracts of $3.7 million. The increase in revenue was primarily driven by growth with new and existing Defense and Intelligence customers.

Previous wording

Cost of revenue increased $0.9 million, or 3%, to $29.7 million for the three months ended April 30, 2025, from $28.8 million for the three months ended April 30, 2024. The increase was primarily due to a $1.4 million increase in employee-related costs, which was primarily due to efforts towards completing our satellite services contract performance obligations. The increase was also partially due to a $0.7 million increase in stock-based compensation expense and a $0.5 million increase in costs paid to solution partners and subcontractors. These increases were partially offset by a $2.1 million decrease in depreciation expense, which was primarily due to a $4.1 million decrease resulting from certain high resolution satellites that have fully depreciated.

Current wording

Cost of revenue increased $2.3 million, or 8%, to $31.1 million for the three months ended July 31, 2025, from $28.8 million for the three months ended July 31, 2024. The increase was primarily due to a $3.1 million increase in employee-related costs, which was primarily due to efforts towards completing our satellite services contract performance obligations. The increase was also partially due to a $2.4 million increase in costs paid to solution partners and subcontractors and a $0.9 million increase in stock-based compensation. These increases were partially offset by a $2.1 million decrease in depreciation expense, which was primarily due to a $3.9 million decrease resulting from certain high resolution satellites that have fully depreciated and partially offset by a $1.1 million increase resulting from certain medium resolution satellites launched in fiscal year ended January 31, 2025. These increases were also partially offset by a $1.3 million decrease in hosting costs and $1.2 million of severance and termination benefits charges recognized during the three months ended July 31, 2024 associated with the 2024 headcount reduction.

Previous wording

Research and development expenses decreased $2.5 million, or 10%, to $23.1 million for the three months ended April 30, 2025, from $25.6 million for the three months ended April 30, 2024. The decrease was primarily due to a $4.3 million decrease in employee-related costs, primarily due to reduced headcount. The decrease was also partially due to a $1.2 million decrease in spacecraft hardware costs for research and development activities and a $1.1 million decrease in stock-based compensation expense. These decreases were partially offset by a $3.7 million decrease in funding recognized for our research and development arrangements and a $0.3 million increase in software and maintenance costs.

Current wording

Research and development expenses decreased $3.1 million, or 11%, to $24.2 million for the three months ended July 31, 2025, from $27.3 million for the three months ended July 31, 2024. The decrease was primarily due to a $3.7 million decrease in employee-related costs, primarily due to reduced headcount and due to efforts towards completing our satellite services contract performance obligations included in cost of revenue. The decrease was also partially due to $3.5 million of severance and termination benefits charges recognized during the three months ended July 31, 2024 associated with the 2024 headcount reduction and a $0.6 million decrease in depreciation expense. These decreases were partially offset by a $1.9 million decrease in funding recognized for our research and development arrangements, a $1.7 million increase in stock-based compensation expense, and a $1.2 million increase in spacecraft hardware costs for research and development activities.

Previous wording

Sales and marketing expenses decreased $5.2 million, or 24%, to $16.3 million, for the three months ended April 30, 2025, from $21.5 million for the three months ended April 30, 2024. The decrease was primarily due to a $3.2 million decrease in employee-related costs, primarily due to reduced headcount. The decrease was also partially due to a $0.9 million decrease in marketing expenses driven by decreased event costs, a $0.5 million decrease in stock-based compensation expense, a $0.2 million decrease in travel and entertainment costs, and a $0.2 million decrease in professional and consulting costs.

Current wording

Sales and marketing expenses decreased $6.2 million, or 26%, to $17.6 million, for the three months ended July 31, 2025, from $23.7 million for the three months ended July 31, 2024. The decrease was primarily due to $4.4 million of severance and termination benefits charges recognized during the three months ended July 31, 2024 associated with the 2024 headcount reduction. The decrease was also partially due to a $0.9 million decrease in employee-related costs, primarily due to reduced headcount and a $0.8 million decrease in stock-based compensation expense.

Previous wording

Interest income decreased $1.2 million, to $1.9 million for the three months ended April 30, 2025, from $3.1 million for the three months ended April 30, 2024. The decrease was primarily due to a decrease in the balances of our cash, cash equivalents and short-term investments.

Current wording

Interest income decreased $0.6 million to $2.2 million for the three months ended July 31, 2025, from $2.8 million for the three months ended July 31, 2024. The decrease was primarily due to a decrease in our short-term investment balances.

Previous wording

The change in fair value of warrant liabilities for both the three month periods ended April 30, 2025 and 2024 represents the change in fair value of the public and private placement warrants, which primarily fluctuates based on the change in trading price of our Class A common stock.

Current wording

The change in fair value of warrant liab ilities for both the three months ended July 31, 2025 and 2024 represents the change in fair value of the public and private placement warrants, which primarily fluctuates based on the change in trading price of our Class A common stock and the impact of time decay as the time to expiration approaches.

Previous wording

Provision for income taxes was $0.9 million and $0.4 million for the three months ended April 30, 2025 and 2024, respectively. For the three months ended April 30, 2025 and 2024, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rates for the three months ended April 30, 2025 and 2024 differed from the federal statutory tax rate primarily due to the valuation allowance on the majority of our U.S. and foreign deferred tax assets and foreign rate differences.

Current wording

Provision for income taxes was $0.5 million and $0.9 million for the three months ended July 31, 2025 and 2024, respectively. For the three months ended July 31, 2025 and 2024, the income tax expense was primarily driven by the current tax on foreign earnings. The effective tax rate for the three months ended July 31, 2025 and 2024 differed from the federal statutory tax rate primarily due to the valuation allowance on the majority of our U.S. and foreign deferred tax assets and foreign rate differences.

Previous wording

Other expense, net was $1.2 million for the three months ended April 30, 2025 and includes $0.5 million of interest expense associated with a customer contract that contains a significant financing component. Other income, net was $1.1 million for the three months ended April 30, 2024 and primarily reflects the derecognition of a $1.3 million liability for which settlement is not considered probable.

Current wording

Other expense, net of $1.8 million for the six months ended July 31, 2025 includes $0.8 million of interest expense associated with a customer contract that contains a significant financing component. Other income, net of $0.7 million for the six months ended July 31, 2024 primarily reflects the derecognition of a $1.3 million liability for which settlement is not considered probable.

Previous wording

We define and calculate Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.

Current wording

We define and calculate Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, and restructuring costs. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.

Previous wording

We define and calculate Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination.

Current wording

We define and calculate Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, and certain litigation expenses.

Previous wording

(1)Expenses relating to the Delaware class action lawsuit. Refer to Note 8 “Commitments and Contingencies” to our condensed consolidated financial statements in Item 1 of this Form 10-Q.

Current wording

(1)Expe nses relating to the Delaware class action lawsuit. Refer to Note 9 “Commitments and Contingencies” to our condensed consolidated financial statements in Item 1 of this Form 10-Q.

Previous wording

For remaining performance obligations and Backlog as of April 30, 2025, the Company expects to recognize approximately 45% over the next 12 months, approximately 76% over the next 24 months, and the remainder thereafter.

Current wording

For remaining performance obligations as of July 31, 2025, the Company expects to recognize approximately 32% within the next 12 months, approximately 57% within the next 24 months, and the remainder thereafter. For Backlog as of July 31, 2025, the Company expects to recognize approximately 35% within the next 12 months, approximately 59% within the next 24 months, and the remainder thereafter.

Previous wording

Since inception, we have incurred net losses. We recorded positive net cash flows from operations for the three months ended April 30, 2025. Our operations have historically been primarily funded by the net proceeds from the sale of our equity securities and borrowings under credit facilities, as well as cash received from our customers. We currently have no debt outstanding.

Current wording

Since inception, we have incurred net losses. We recorded positive net cash flows from operations for the three and six months ended July 31, 2025. Our operations have historically been primarily funded by the net proceeds from the sale of our equity securities and borrowings under credit facilities, as well as cash received from our customers. We currently have no debt outstanding.

Previous wording

As of April 30, 2025 and January 31, 2025, we had $133.5 million and $118.0 million, respectively, in cash and cash equivalents. Additionally, as of April 30, 2025 and January 31, 2025, we had short-term investments of $92.6 million and $104.0 million, respectively, which are highly liquid in nature and available for current operations. We believe our anticipated operating cash flows together with our cash on hand provide us with the ability to meet our obligations as they become due during the next 12 months.

Current wording

As of July 31, 2025 and January 31, 2025, we had $181.1 million and $118.0 million, respectively, in cash and cash equivalents. Additionally, as of July 31, 2025 and January 31, 2025, we had short-term investments of $90.5 million and $104.0 million, respectively, which are highly liquid in nature and available for current operations. We believe our anticipated operating cash flows together with our cash on hand provide us with the ability to meet our obligations as they become due during the next 12 months.

Previous wording

As of April 30, 2025, our principal contractual obligations and commitments include lease obligations for real estate and ground stations and minimum purchase commitments for hosting services from Google, LLC. Refer to Notes 6, 8, and 10 to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding these cash requirements.

Current wording

As of July 31, 2025, our principal contractual obligations and commitments include lease obligations for real estate and ground stations and minimum purchase commitments for hosting services from Google, LLC. Refer to Notes 7, 9, and 11 to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information regarding these cash requirements.

Previous wording

Net cash provided by operating activities for the three months ended April 30, 2025, primarily consisted of the net loss of$12.6 million, adjusted for non-cash items and changes in operating assets and liabilities. Non-cash items primarily included stock-based compensation expense of $12.5 million and depreciation and amortization expense of $11.1 million, which were partially offset by a change in fair value of warrant liabilities of $10.4 million. The net change in operating assets and liabilities primarily consisted of a $42.1 million increase in deferred revenue, which were partially offset by a$21.2 million increase in accounts receivable and a $8.9 million decrease in accounts payable, accrued and other liabilities.

Current wording

Net cash provided by operating activities for the six months ended July 31, 2025 primarily consisted of the net loss of $35.2 million, adjusted for non-cash items and changes in operating assets and liabilities. Non-cash items primarily included stock-based compensation expense of $26.0 million and depreciation and amortization expense of $21.7 million, which were partially offset by a change in fair value of warrant liabilities of $4.7 million. The net change in operating assets and liabilities primarily consisted of a $75.8 million increase in deferred revenue, which was partially offset by a $4.3 million decrease in accounts payable, accrued and other liabilities.

Previous wording

Net cash used in operating activities for the three months ended April 30, 2024, primarily consisted of the net loss of$29.3 million, adjusted for non-cash items and changes in operating assets and liabilities. Non-cash items primarily included depreciation and amortization expense of $13.1 million and stock-based compensation expense of $13.1 million, which were partially offset by a change in fair value of warrant liabilities of $1.5 million. The net change in operating assets and liabilities primarily consisted of a $5.5 million decrease in accounts receivable and a $2.2 million increase in deferred hosting costs, which were partially offset by a $5.2 million decrease in accounts payable, accrued and other liabilities.

Current wording

Net cash used in operating activities for the six months ended July 31, 2024 primarily consisted of the net loss of $68.0 million, adjusted for non-cash items and changes in operating assets and liabilities. Non-cash items primarily included depreciation and amortization expense of $26.2 million and stock-based compensation expense of $24.6 million. The net change in operating assets and liabilities primarily consisted of a $4.1 million increase in accounts payable, accrued and other liabilities, and a $1.3 million decrease in prepaid expenses and other assets, which were partially offset by a $1.1 million decrease in deferred revenue.

Previous wording

Net cash provided by investing activities for the three months ended April 30, 2025, primarily consisted of maturities of available-for-sale securities of $11.1 million, partially offset by purchases of property and equipment of $8.1 million and capitalized internal-use software of $1.2 million.

Current wording

Net cash used in investing activities for the six months ended July 31, 2025 primarily consisted of purchases of property and equipment of $28.4 million and purchases of available-for-sale securities of $22.4 million, which were partially offset by maturities of available-for-sale securities of $27.1 million and sales of available-for-sale securities of $9.3 million.

Previous wording

Net cash provided by investing activities for the three months ended April 30, 2024, primarily consisted of sales of available-for-sale securities of $43.1 million and maturities of available-for-sale securities of $32.2 million, partially offset by purchases of available-for-sale securities of $28.0 million, purchases of property and equipment of $9.9 million and purchases of licensed imagery of $4.0 million.

Current wording

Net cash provided by investing activities for the six months ended July 31, 2024 primarily consisted of sales of available-for-sale securities of $150.2 million and maturities of available-for-sale securities of $46.8 million, which were partially offset by purchases of available-for-sale securities of $81.7 million, purchases of property and equipment of $25.1 million, and purchases of licensed imagery of $4.3 million.

Previous wording

Net cash used in financing activities for the three months ended April 30, 2025, primarily consisted of payments for withholding taxes related to the net share settlement of equity awards of $5.3 million and payments of contingent consideration for business acquisitions of $4.8 million, which was partially offset by proceeds from the exercise of common stock options of $3.0 million.

Current wording

Net cash used in financing activities for the six months ended July 31, 2025 primarily consisted of payments for withholding taxes related to the net share settlement of equity awards of $12.4 million and payments for contingent consideration for business acquisitions of $4.8 million, which were partially offset by proceeds from the exercise of common stock options of $8.5 million.

Previous wording

Net cash used in financing activities for the three months ended April 30, 2024, primarily consisted of payments for withholding taxes related to the net share settlement of equity awards of $2.0 million.

Current wording

Net cash used in financing activities for the six months ended July 31, 2024 primarily consisted of payments for withholding taxes related to the net share settlement of equity awards of $4.5 million and payments of contingent consideration for business acquisitions of $1.3 million, which were partially offset by proceeds from employee stock purchase plan of $0.7 million.