Remember when Planet Labs sold a future of strong commercial demand for Earth observation when they went public in 2021?
Well that prediction very much flopped. Planet has turned into a government contractor through and through, with 59% of sales coming from defense and 23% from civil government.
But who needs commercial revenue anyway when you’re posting 40%+ quarterly growth rates, as Planet just announced in their Q4 earnings release last week. They also revealed over $900M of backlog, up 79% YoY. Planet’s stock soared more than 25% on the news.