US Government Awards Planet EOCL Contract

We are excited to announce that the National Reconnaissance Office (NRO) has selected Planet Labs Federal, Inc. (Planet Federal), our wholly owned subsidiary, for an award to the Electro-Optical Commercial Layer (EOCL) contract. EOCL is the U.S. government’s industry-defining procurement vehicle for unclassified commercial satellite imagery and represents the Federal government’s significant investment in and commitment to the commercial remote sensing sector and the capabilities and value it provides. 

Planet Federal’s EOCL award will enable the NRO and its partners, including those across the US national security community, to access our high and medium resolution, daily satellite imagery for an initial period of up to five years, with options to extend the contract up to a total contract performance term of 10 years. Through the award, users will have access to our market-defining earth observation data, including daily, medium resolution PlanetScope and high resolution SkySat. Once in orbit and operational, users will also have access to our next generation, rapid revisit Pelican fleet that is expected to deliver up to 30cm resolution data. The contract also makes available our unequaled archive of over 2,000 images of every point on the Earth’s landmass, dating back to 2009. 

“Planet has been proud to partner with the US government for many years, and the EOCL award is the next giant leap in our work together,” said Robbie Schingler, Planet’s co-founder and Chief Strategy Officer. “We have long held the conviction that unclassified commercial satellite imagery not only equips the government with differentiated and innovative intelligence capabilities, but also increases transparency and accountability that advances global security, as well as trust between government and citizens. EOCL is this conviction realized.”

NRO maintains relationships with select commercial imagery providers, including Planet Federal, to augment national capabilities and support the diverse and evolving needs of the US national security community. Planet has been honored to partner with the government and has had active contracts with NRO since 2019, and with the National Geospatial-Intelligence Agency (NGA) since 2016. The data and insights that we will provide to the NRO through EOCL will support critical strategic decisions and operations on short timelines. The contract will enable sharing of commercial satellite imagery across the various agencies of government and with allies and partners, increasing knowledge transfer and empowering more users with timely, mission critical information to achieve their objectives. 

Forward-looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Planet’s ability to capture market opportunity and realize any of the potential benefits from current or future contract awards, product enhancements, new products, or strategic partnerships and customer collaborations. Forward-looking statements are based on Planet’s management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future events and results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: Planet’s ability to invest in sales, marketing and software solutions to drive expansion within its existing customer base and further penetrate verticals; Planet’s ability to obtain or maintain regulatory approvals and/or adhere to regulatory requirements, including those related to Planet’s ability to operate as a government contractor with the required security clearances; changes in government policies regarding the use of commercial data or satellite operators, material delay or cancellation of certain government programs, government spending authorizations and budgetary priorities; changes in general global economic conditions, Planet’s operations (including the development, launch and operation of satellites) or other unforeseen circumstances that may alter or delay Planet’s ability to perform under future contracts and may impact the renewal and final profitability of such contracts; the cancellation of contracts by the government and any potential contract options which may or may not be exercised by the government in the future; and the risk factors and other disclosures about Planet and its business included in Planet’s periodic reports, proxy statements, and other disclosure materials filed from time to time with the Securities and Exchange Commission (SEC) which are available online at www.sec.gov, and on Planet’s website at www.planet.com. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date such statements are made. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances.