The operators of a world-spanning EO constellation are pushing towards financial sustainability after seeing revenue grow 15% year-over-year. No surprise, growth was driven by government and intelligence buyers. 

Planet ($PL) reported record revenue of $220.7M and a net loss of $140M in their fiscal year ending Jan. 31, with nearly $300M left on the balance sheet. In an earnings call, CEO Will Marshall highlighted declining EBITDA losses and the goal of adjusted EBITDA profitability by the end of the year.

See you from orbit: Planet also announced that Facebook veteran Kevin Weil, who has been Planet’s president and head of product since 2021, is stepping down from his role on May 6. CFO and chief operating officer Ashley Johnson will replace Weil, who will join the board of Planet’s government-focused subsidiary.

Making deals: Planet declined to give detailed forward-looking guidance for the year due to the uncertainties of its partnerships with other companies. 

The company did, however, offer some specifics, including a seven-figure contract with the Naval Information Warfare Center alongside analytics partner SynMax. Marshall also cited the company’s burgeoning AI partnerships as a future source of growth. 

The company announced a $20M contract to deliver hyperspectral data to the NGO Carbon Mapper over the next eight years, a continuation of a methane-monitoring partnership between the two organizations to launch an EO spacecraft dubbed Tanager this year.

Marshall also noted the company is eying a $290M NGA contract announced in January.

Capex Growth Mode: The company is still investing, with $14-$17M of capital spending in the current quarter. Production models of its Pelican imaging satellites are slated to launch in the next twelve months. The first Pelican reached orbit in November.

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