Planet Reports Financial Results for Second Quarter of Fiscal Year 2026

SAN FRANCISCO--( BUSINESS WIRE)--Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended July 31, 2025.

“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog. The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “We are continuing to innovate with the recent launch of two additional next-generation Pelican satellites, with more on the horizon, reinforcing our commitment to delivering the most comprehensive and timely data and insights to our customers worldwide.”

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered record revenue, our third quarter of adjusted EBITDA profitability, and our second quarter of positive free cash flow.” Ms. Johnson continued, “We are pleased to see our investments in the business start to generate meaningful revenue growth rate acceleration, and our significant backlog gives us good visibility into FY’27 and beyond. Turning to the balance sheet, we ended the quarter with approximately $271.5 million of cash, cash equivalents, and short-term investments, an increase of approximately $45.4 million sequentially.”

Second Quarter of Fiscal Year 2026 Financial and Key Metric Highlights:

Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release.

Recent Business Highlights:

Growing Customer and Partner Relationships

As previously announced in July, Planet closed significant deals including with the U.S. Navy, NATO, and a satellite services agreement funded by the German government.

New Technologies and Products

Financial Outlook

For the third quarter of fiscal year 2026, ending October 31, 2025, Planet expects revenue to be in the range of approximately $71 million to $74 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 56%. Adjusted EBITDA loss is expected to be in the range of approximately ($4) million to $0 for the quarter. Capital expenditures are expected to be in the range of approximately $18 million and $24 million for the quarter.

For the full fiscal year 2026, Planet expects revenue to be in the range of approximately $281 million to $289 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%. Adjusted EBITDA loss is expected to be in the range of approximately ($7) million and $0. Capital expenditures are expected to be in the range of approximately $65 million and $75 million for the year.

Planet has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the third quarter of fiscal year 2026 and full fiscal year 2026 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts.

The foregoing forward-looking statements reflect Planet’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Webcast and Conference Call Information

Planet will host a conference call at 8:30 a.m. ET / 5:30 a.m. PT today, September 8, 2025. The webcast can be accessed at www.planet.com/investors/. The webcast replay will be available at the same location approximately two hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: https://events.q4inc.com/attendee/390486104. You will then receive your access details via email.

Additionally, a supplemental presentation has been provided on Planet’s investor relations page.

About Planet Labs PBC

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to customers comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space.’

Channels for Disclosure of Information

Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Planet’s Use of Non-GAAP Financial Measures

This press release includes non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described further below, non-GAAP loss from operations, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, adjusted EBITDA, backlog and free cash flow, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company’s. Further, certain of the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy.

Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP gross profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, and restructuring costs. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by revenue.

Non-GAAP Expenses: The Company defines and calculates non-GAAP cost of revenue, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, and non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and certain litigation expenses, that are classified within each of the corresponding U.S. GAAP financial measures.

Non-GAAP Loss from Operations: The Company defines and calculates non-GAAP loss from operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and certain litigation expenses.

Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Diluted Share: The Company defines and calculates non-GAAP net income (loss) as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expense, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates non-GAAP net income (loss) per diluted share as non-GAAP net income (loss) divided by diluted weighted-average common shares outstanding.

Adjusted EBITDA: The Company defines and calculates 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.

The Company presents non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described above, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per diluted share and adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company’s core operating performance.

Backlog: The Company defines and calculates backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options.

An increasing and meaningful portion of the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts.

Free Cash Flow: The Company defines and calculates free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs.

The Company presents free cash flow because it believes free cash flow provides useful supplemental information to help investors understand underlying trends in the Company’s business and liquidity. Management uses free cash flow, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning.

Other Key Metrics

ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates annual contract value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, 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. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value.

The Company also calculates EoP ACV book of business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines 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. The Company does not annualize short-term contracts in calculating its EoP ACV book of business. The Company calculates 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.

Percent of Recurring ACV: Percent of recurring ACV is the portion of the total EoP ACV book of business that is recurring in nature. The Company defines 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 (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. The Company defines 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. The Company believes percent of recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks 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.

EoP Customer Count: The Company defines 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, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company’s data or services. The Company sells directly to customers, as well as indirectly through its 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 the Company, is counted only once. For example, if a customer utilizes multiple products of Planet, the Company only counts 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, the Company does not include users that only utilize the Company’s self-service Planet Insights Platform web based ordering system, which the Company acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. The Company believes excluding these users from EoP customer count creates a more useful metric, as the Company views the Planet Insights Platform starter packages as entry points for smaller accounts, leading to broader awareness of the Company’s solutions throughout their networks and organizations. The Company believes EoP customer count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company’s platform and is a measure of the Company’s success in growing its 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 the Company’s data or services.

Capital Expenditures as a Percentage of Revenue: The Company defines 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. The Company defines 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 the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses 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 the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes 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 the Company and the Company’s relative capital efficiency.

Net Dollar Retention Rate: The Company defines 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. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its 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.

Net Dollar Retention Rate including Winbacks: The Company assesses 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. The Company defines 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. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company’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.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned,” “structured” or the negative of these words or other similar terms or expressions that concern Planet’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet’s financial guidance and outlook, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, including with respect to AI, Planet’s expectations regarding the launch and operations of its satellites, including with respect to timing, and Planet’s expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet’s ability to forecast Planet’s performance due to Planet’s limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet’s filings with the Securities and Exchange Commission (“SEC”), including Planet’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that Planet may make. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet’s results for the quarter ended July 31, 2025, are not necessarily indicative of its operating results for any future periods.

PLANET

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands)

July 31, 2025

January 31, 2025

Assets

Current assets

Cash and cash equivalents

181,087

118,048

Restricted cash and cash equivalents, current

6,316

6,598

Short-term investments

90,450

104,027

Accounts receivable, net

51,633

55,833

Prepaid expenses and other current assets

25,977

17,719

Total current assets

355,463

302,225

Property and equipment, net

131,288

121,749

Capitalized internal-use software, net

20,567

18,974

Goodwill

138,644

136,349

Intangible assets, net

26,624

27,452

Restricted cash and cash equivalents, non-current

5,527

5,348

Operating lease right-of-use assets

16,099

19,752

Other non-current assets

2,213

1,947

Total assets

696,425

633,796

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

11,053

2,604

Accrued and other current liabilities

32,443

42,600

Deferred revenue

148,006

82,275

Liability from early exercise of stock options

3,586

5,378

Operating lease liabilities, current

8,403

9,221

Total current liabilities

203,491

142,078

Deferred revenue

25,013

11,182

Deferred hosting costs

6,512

5,368

Public and private placement warrant liabilities

13,369

18,077

Operating lease liabilities, non-current

9,139

12,392

Contingent consideration

2,774

2,883

Other non-current liabilities

438

530

Total liabilities

260,736

192,510

Stockholders’ equity

Common stock

Additional paid-in capital

1,670,030

1,645,356

Accumulated other comprehensive income (loss)

3,852

(1,097

)

Accumulated deficit

(1,238,221

)

(1,203,001

)

Total stockholders’ equity

435,689

441,286

Total liabilities and stockholders’ equity

696,425

633,796

PLANET

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(In thousands, except share and per share amounts)

2025

2024

2025

2024

Revenue

73,386

61,092

139,651

121,532

Cost of revenue

31,118

28,782

60,780

57,539

Gross profit

42,268

32,310

78,871

63,993

Operating expenses

Research and development

24,155

27,250

47,229

52,839

Sales and marketing

17,574

23,733

33,888

45,218

General and administrative

18,499

20,904

38,485

40,084

Total operating expenses

60,228

71,887

119,602

138,141

Loss from operations

(17,960

)

(39,577

)

(40,731

)

(74,148

)

Interest income

2,172

2,771

4,056

5,878

Change in fair value of warrant liabilities

(5,679

)

(602

)

4,708

928

Other income (expense), net

(628

)

(363

)

(1,828

)

720

Total other income (expense), net

(4,135

)

1,806

6,936

7,526

Loss before provision for income taxes

(22,095

)

(37,771

)

(33,795

)

(66,622

)

Provision for income taxes

497

897

1,425

1,339

Net loss

(22,592

)

(38,668

)

(35,220

)

(67,961

)

Basic and diluted net loss per share attributable to common stockholders

(0.07

)

(0.13

)

(0.12

)

(0.23

)

Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders

304,129,204

290,364,319

302,230,578

289,328,033

PLANET

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(In thousands)

2025

2024

2025

2024

Net loss

(22,592

)

(38,668

)

(35,220

)

(67,961

)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment

291

323

5,066

(211

)

Change in fair value of available-for-sale securities

(133

)

376

(117

)

(136

)

Other comprehensive income (loss), net of tax

158

699

4,949

(347

)

Comprehensive loss

(22,434

)

(37,969

)

(30,271

)

(68,308

)

PLANET

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Six Months Ended July 31,

(In thousands)

2025

2024

Operating activities

Net loss

(35,220

)

(67,961

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Depreciation and amortization

21,704

26,248

Stock-based compensation, net of capitalized cost

25,998

24,638

Change in fair value of warrant liabilities

(4,708

)

(928

)

Change in fair value of contingent consideration

676

1,924

Other

1,538

(1,275

)

Changes in operating assets and liabilities

Accounts receivable

2,363

Prepaid expenses and other assets

272

1,278

Accounts payable, accrued and other liabilities

(4,342

)

4,084

Deferred revenue

75,813

(1,149

)

Deferred hosting costs

1,026

954

Net cash provided by (used in) operating activities

85,120

(12,155

)

Investing activities

Purchases of property and equipment

(28,410

)

(25,061

)

Capitalized internal-use software

(2,420

)

(2,916

)

Maturities of available-for-sale securities

27,131

46,808

Sales of available-for-sale securities

9,254

150,211

Purchases of available-for-sale securities

(22,361

)

(81,656

)

Business acquisition, net of cash acquired

—

(1,068

)

Purchases of licensed imagery intangible assets

(892

)

(4,292

)

Other

—

(300

)

Net cash provided by (used in) investing activities

(17,698

)

81,726

Financing activities

Proceeds from the exercise of common stock options

8,451

300

Payments for withholding taxes related to the net share settlement of equity awards

(12,436

)

(4,485

)

Proceeds from employee stock purchase program

1,163

702

Payments of contingent consideration for business acquisitions

(4,820

)

(1,283

)

Other

(2,521

)

(340

)

Net cash used in financing activities

(10,163

)

(5,106

)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

5,677

(34

)

Net increase in cash and cash equivalents, and restricted cash and cash equivalents

62,936

64,431

Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period

129,994

102,198

Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period

192,930

166,629

PLANET

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(in thousands)

2025

2024

2025

2024

Net loss

(22,592

)

(38,668

)

(35,220

)

(67,961

)

Interest income

(2,172

)

(2,771

)

(4,056

)

(5,878

)

Income tax provision

497

897

1,425

1,339

Depreciation and amortization

10,622

13,145

21,704

26,248

Change in fair value of warrant liabilities

5,679

602

(4,708

)

(928

)

Stock-based compensation

13,456

11,566

25,998

24,638

Restructuring costs

—

10,499

Certain litigation expenses (1)

288

—

615

—

Other (income) expense, net

628

363

1,828

(720

)

Adjusted EBITDA

6,406

(4,367

)

7,606

(12,763

)

(1) Expenses relating to the Delaware class action legal proceeding.

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(In thousands)

2025

2024

2025

2024

Reconciliation of cost of revenue:

GAAP cost of revenue

31,118

28,782

60,780

57,539

Less: Stock-based compensation

1,872

942

3,413

1,818

Less: Amortization of acquired intangible assets

708

750

1,399

1,539

Less: Restructuring costs

—

1,184

Non-GAAP cost of revenue

28,538

25,906

55,953

52,998

Reconciliation of gross profit:

GAAP gross profit

42,268

32,310

78,871

63,993

Add: Stock-based compensation

1,872

942

3,413

1,818

Add: Amortization of acquired intangible assets

708

750

1,399

1,539

Add: Restructuring costs

—

1,184

Non-GAAP gross profit

44,848

35,186

83,698

68,534

GAAP gross margin

Non-GAAP gross margin

Reconciliation of operating expenses:

GAAP research and development

24,155

27,250

47,229

52,839

Less: Stock-based compensation

4,332

2,663

8,369

7,826

Less: Restructuring costs

—

3,540

—

3,540

Non-GAAP research and development

19,823

21,047

38,860

41,473

GAAP sales and marketing

17,574

23,733

33,888

45,218

Less: Stock-based compensation

2,010

2,805

3,939

5,208

Less: Amortization of acquired intangible assets

132

127

224

344

Less: Restructuring costs

—

4,433

Non-GAAP sales and marketing

15,432

16,368

29,719

35,233

GAAP general and administrative

18,499

20,904

38,485

40,084

Less: Stock-based compensation

5,242

5,156

10,277

9,786

Less: Amortization of acquired intangible assets

115

Less: Restructuring costs

—

1,342

)

1,342

Less: Certain litigation expenses

288

—

615

—

Non-GAAP general and administrative

12,932

14,370

27,528

28,841

Reconciliation of loss from operations

GAAP loss from operations

(17,960

)

(39,577

)

(40,731

)

(74,148

)

Add: Stock-based compensation

13,456

11,566

25,998

24,638

Add: Amortization of acquired intangible assets

877

913

1,689

1,998

Add: Restructuring costs

—

10,499

Add: Certain litigation expenses

288

—

615

—

Non-GAAP loss from operations

(3,339

)

(16,599

)

(12,409

)

(37,013

)

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(In thousands, except share and per share amounts)

2025

2024

2025

2024

Reconciliation of net loss

GAAP net loss

(22,592

)

(38,668

)

(35,220

)

(67,961

)

Add: Stock-based compensation

13,456

11,566

25,998

24,638

Add: Amortization of acquired intangible assets

877

913

1,689

1,998

Add: Restructuring costs

—

10,499

Add: Certain litigation expenses

288

—

615

—

Income tax effect of non-GAAP adjustments

118

(421

)

118

(421

)

Non-GAAP net loss

(7,853

)

(16,111

)

(6,780

)

(31,247

)

Reconciliation of net loss per share, diluted

GAAP net loss

(22,592

)

(38,668

)

(35,220

)

(67,961

)

Non-GAAP net loss

(7,853

)

(16,111

)

(6,780

)

(31,247

)

GAAP net loss per share, basic and diluted (1)

(0.07

)

(0.13

)

(0.12

)

(0.23

)

Add: Stock-based compensation

0.04

0.09

Add: Amortization of acquired intangible assets

—

0.01

Add: Restructuring costs

—

0.04

—

0.04

Add: Certain litigation expenses

—

Income tax effect of non-GAAP adjustments

—

Non-GAAP net loss per share, diluted (2) (3)

(0.03

)

(0.06

)

(0.02

)

(0.11

)

Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1)

304,129,204

290,364,319

302,230,578

289,328,033

Weighted-average shares used in computing Non-GAAP net loss per share, diluted (1)

304,129,204

290,364,319

302,230,578

289,328,033

(1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive.

(2) Non-GAAP net loss per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive.

(3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

The table below reconciles Backlog to remaining performance obligations for the periods indicated:

(in thousands)

July 31, 2025

July 31, 2024

Remaining performance obligations

690,066

112,093

Cancelable amount of contract value

46,011

101,407

Backlog

736,077

213,500

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.

PLANET

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)

The table below reconciles free cash flow to net cash provided by (used in) operating activities for the periods indicated:

Three Months Ended

July 31,

Six Months Ended

July 31,

(in thousands)

2025

2024

2025

2024

Net cash provided by (used in) operating activities

67,774

(7,858

)

85,120

(12,155

)

Purchases of property and equipment

(20,291

)

(15,123

)

(28,410

)

(25,061

)

Capitalized internal-use software

(1,195

)

(1,498

)

(2,420

)

(2,916

)

Free cash flow

46,288

(24,479

)

54,290

(40,132

)