What changed in this filing

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Item 1. Business

2025-03-26 compared with 2024-03-29 · 90 added, 110 removed, 171 unchanged (54% of the section changed)

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We are dedicated to the continuous pursuit of creating an unbiased, scientifically accurate, and trusted source of data about the changing planet.

Industry Overview

For decades, legacy commercial satellite data providers and governments captured Earth imagery via large high-cost satellites that took years to design and manufacture and resulted in complex data sets that only governments and large enterprises could afford or interpret.

In the last decade or so, a global increase in space investment has resulted in lower average launch costs, technological innovations in electronics, new market entrants, and product-driven entrepreneurial companies leveraging the commoditization of cloud computing to grow data platform businesses.

In addition to the increasing call for global peace and security, we believe two global economic shifts are fueling a need for a greater volume of and more rapidly delivered Earth observation data:

the digital transformation and sustainability transformation of the global economy.

We believe we can capitalize on these economic shifts by providing valuable Earth data that businesses and governments can utilize to better measure and monitor change in physical assets, and facilitate and accelerate these transformations.

Industry Trends

We believe that the increasing call for global peace and security, as well as the digital and sustainability transformations of the global economy, are fueling a need for a greater volume of and more rapidly delivered Earth observation data.

We believe that we can accelerate this transformation by providing valuable Earth data that businesses and governments can utilize to better measure and monitor change in physical assets.

Peace & Security:

Organizations such as governments, Non-Governmental Organizations (“NGOs”), media and think tanks are tackling growing global challenges on a daily basis.

We believe the issues facing the world are becoming increasingly more complex, and that our satellite imagery and tools can help enable unbiased, factual, and real-time reporting and decision making by governments, NGOs, media and think tanks.

Further, we believe the near real-time pictures from space that we provide are critical to global transparency and encourage increased peace and security.

Organizations such as governments, Non-Governmental Organizations (“NGOs”), media and think tanks are tackling increasingly complex global challenges on a daily basis.

We believe that our satellite imagery, satellite hardware development capabilities, and tools can help enable unbiased, factual, and timely reporting and decision making by governments, NGOs, media and think tanks.

Further, we believe the data from space that we provide is critical to global transparency and to encourage peace and security.

Sustainability Transformation:

Organizations globally are increasingly focused on reducing their environmental impact and operating more sustainably.

We believe this has increased opportunities in early-stage venture funding for clean tech companies and climate tech investments.

Further, driven by public sentiment and a growing focus on sustainability by investors and stakeholders with evolving views on fiduciary duties, regulators have recently begun imposing Environmental, Social & Governance (“ESG”) goals on select large companies, and we believe formal legislation to more strictly enforce sustainable business practices may be adopted in the future.

Organizations globally are focused on proactively managing their environmental impact and operating more sustainably.

While regulations overseeing environmental impact and sustainability are

subject to policy makers’ priorities in each country or region, we believe the shift toward monitoring and managing environmental outcomes and responding to natural disasters will continue;

and that satellite imagery and capabilities are a critical component of effective and broad-scale sustainability solutions.

Digital Transformation:

Organizations across industries are driving operational improvements and taking advantage of new growth opportunities by leveraging third-party data, their own proprietary data, and Artificial Intelligence (“AI”) technologies, all of which is driving a digital economic shift across many sectors.

Organizations across industries are driving operational improvements and taking advantage of new growth opportunities by leveraging third-party data, their own proprietary data, and artificial intelligence technologies, including generative artificial intelligence technology (“GenAI”) and large language models (LLMs) (collectively, “AI”), all of which are driving a digital economic shift across many sectors.

In addition, as more organizations digitize their workflows, it is increasingly important to deliver solutions that are cloud-native to take advantage of the cost savings and scale derived from cloud technologies.

Overall, we believe these transformational shifts are driving organizations to better manage these risks and drive new growth strategies by having near real-time understanding of the impact of global changes across the Earth.

Overall, we believe these transformational shifts are driving demand for near real-time understanding of the impact of global changes across the Earth.

The first step for organizations undergoing the digital and sustainability transformations, as well as those seeking to establish and maintain peace and security, is to understand context and consistently measure and monitor relevant data.

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Our founding team built Planet on the concept of “agile aerospace” methodology:

This has enabled us to leverage parallel innovations in AI, computing, and cloud-based storage to house and analyze a distinctive data set of daily Earth changes, and to build market-leading tools to help customers and partners extract value.

This has also enabled major improvements to the cost-performance of satellite manufacturing, ground stations, and mission operations.

We believe we are well-positioned to help power the digital and sustainability transformations with our extensive Earth data set and robust analytic capabilities which are optimized to measure ongoing activity and its environment all delivered through our cloud-native platform.

the rapid development and deployment of new space-based hardware and related software systems, similar to the “agile software” approach of releasing early and often to rapidly iterate capabilities.

By harnessing trends in miniaturization, we have built, launched, and maintained hundreds of compact, powerful satellites at a significantly lower cost than traditional aerospace companies, an improvement that we believe is similar to the transition from the mainframe computer to the desktop computer.

This has enabled us to leverage industry innovations in AI, computing, and cloud-based storage to house and analyze a distinctive data set of daily Earth changes, and to build market-leading tools to help customers and partners extract value from those data sets.

Our innovation in agile aerospace has also enabled us to improve the cost-performance of satellite manufacturing, ground stations, and mission operations.

Our extensive Earth data set and robust analytic capabilities which are optimized to monitor ongoing activity, are delivered through our cloud-native platform.

By providing this analytic ready data to our partner ecosystem as well as our end customers, we believe we can expand the use cases we can address across industries at scale.

We believe globally consistent and reliable satellite imagery data is a critical component that can fuel the impact of these economic transitions in every major vertical sector.

We believe enabling major industries to make data-driven decisions by simplifying access to remote sensing data is central to the transition of the existing geospatial sector and creates a large market opportunity to advance the digital transformation and sustainability trends in society, business, and in the public sector.

We believe globally consistent and reliable satellite imagery data is a critical component that can fuel the impact of these economic transitions across sectors.

We believe enabling major industries to make data-driven decisions by simplifying access to remote sensing data is central to the evolution of the existing geospatial sector and creates a large market opportunity to advance the digital transformation and sustainability trends in society, business, and in the public sector.

We see market opportunities in industries including:

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Sustainability Monitoring and Supply Chain:

We see sustainability and ESG-related regulations, risk assessments, consumer expectations, and brand reputation pressures as significant factors requiring companies to identify, monitor, track and publish sustainability targets and related infrastructure.

We see climate and sustainability-related regulations, risk assessments, consumer expectations, and brand reputation pressures as significant factors requiring companies to identify, monitor, track and publish sustainability targets and related infrastructure.

Other significant drivers of this opportunity may include carbon footprint management and air and water pollution monitoring.

Finance and Insurance:

We believe there are broad opportunities in this segment including investment research, portfolio risk assessment and management, and insurance and reinsurance products.

For example, improvements in measuring and predicting outputs from the world’s natural resources has the potential to help optimize the efficiency of commodity trading markets, which could have significant macroeconomic implications.

We believe there are broad opportunities including investment research, portfolio risk assessment and management, and insurance and reinsurance products.

For example, improvements in measuring and predicting outputs from the world’s natural resources has the potential to help optimize the efficiency of commodity trading markets.

We believe there are also opportunities in commercial forest management and disease and pest monitoring, as well as the use of geo-mapping data required to monitor change.

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We continue to iterate our satellites and operations for optimal efficiency and function, using our own production capabilities, as well as third-party suppliers and subcontractors.

Information about risks related to our satellite operations appears in the “Risk Factors” section of this report.

Information about risks related to our satellite development, manufacturing and operations appears in the “Risk Factors” section of this report.

Our global sales organization operates directly and indirectly via our extensive network of hundreds of partners around the world.

Our partner network consists of solution providers, OEM platform partners, systems integrators and GIS companies that broaden the earth data ecosystem and have deep expertise in building last-mile industry solutions using satellite imagery and geospatial data.

Our partner ecosystem bolsters our global presence with regional and domain-specific expertise, as well as expands our market access to more industries, geographies and users.

Our partner network consists of solution providers, OEM platform partners, systems integrators and geographical information system (“GIS”) software companies that broaden the earth data ecosystem and have deep expertise in building last-mile industry solutions using satellite imagery and geospatial data.

Our partner ecosystem bolsters our global presence with regional and domain-specific expertise and expands our market access to more industries, geographies and users.

In addition, our sales organization includes industry account and channel sales representatives as well as dedicated customer success and technology support teams.

Key responsibilities for our sales organization include acquiring new customers, maintaining relationships and expanding business with our existing customers, and ensuring contract renewals.

Our sales team is primarily organized by customer industry to support customer adoption and growth within each sector that we serve.

Key responsibilities for our sales organization include acquiring new customers, maintaining relationships and expanding business with our existing customers, and driving contract renewals.

At the center of our team’s philosophy is a strong customer and market feedback loop between our sales organization, customer success, and product development teams, which we believe helps to inform our technology roadmap and better serve our customers.

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We utilize an end-to-end buyer’s journey approach to develop awareness and lead-generation activities that engage and nurture prospective customers and expand opportunities within our existing base of customers.

The team drives our overall market positioning and messaging across our key audiences and vertical markets, as well as provides

strategic go-to-market assessments of use cases that emerge from new and existing competitors that are part of the market landscape.

The team drives our overall market positioning and messaging across our key audiences and vertical markets, as well as provides strategic go-to-market assessments of use cases that emerge from new and existing competitors that are part of the market landscape.

Our communications team also works with targeted influencers and media outlets to drive interest and thought leadership through earned and owned media channels, including blogs, social media, and video.

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We engage in partnership programs and strategic efforts to embrace open innovation, technology infusion and market-shaping opportunities.

These programs include initiatives such as our Education and Research Program, our partnership with Carbon Mapper, our partnerships with Telesat and SES as part of the NASA Communications Services Project (“CSP”), among others.

Our Technology Platform

Since our founding, we have built capabilities across three deep core competencies, each operating together to accelerate the digitization and sustainability transitions.

These efforts include our technologies partnerships, such as with Carbon Mapper and NASA Jet Propulsion Laboratory;

and our partnerships with Telesat and SES as part of the NASA Communications Services Project (“CSP”).

We also go to market with analytics partners focused on leveraging GenAI and LLMs to derive valuable and actionable information from our Earth Observation data.

Finally, we encourage product experimentation by users via initiatives such as our Education and Research Program, among others.

Our Technology

Since our founding, we have built capabilities across three deep core competencies, each operating together to accelerate the digitization and sustainability transformations.

These include (1) Agile Aerospace;

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We are a pioneer in “agile aerospace” — the rapid development and deployment of new space-based hardware and related software systems.

This is similar to the agile software approach of releasing early and often to rapidly iterate capabilities, but applied to space.

We believe making powerful satellites in small packages has enabled us to launch many more satellites than our nearest competitor.

We believe making powerful satellites in small packages has enabled us to launch more satellites than our nearest competitor.

It enables us to design missions that were unheard of until recently, such as our daily data set delivered via our satellite fleet.

It has further allowed us to rapidly innovate — resulting in more and better data for our customers, as compared with historical data satellite services.

We believe this model helps to drive the expansion of our platform and customer base and inform what future data sets to collect, creating a virtuous cycle.

It has further allowed us to rapidly innovate — resulting in more and better data for our customers, as compared with historical data satellite services, allowing us to drive the expansion of our platform and customer base and inform what future data sets to collect.

We also believe it enables us to quickly address emerging market requirements ahead of other providers.

We have engaged in strategic partnerships leveraging our agile aerospace approach and differentiated technology.

Examples of this include our Tanager hyperspectral satellite, made possible by the philanthropically funded Carbon Mapper Coalition, and the satellite services agreement with SKY Perfect JSAT announced in January 2025.

Under the JSAT agreement, Planet expects to build, launch, and operate 10 Pelican high-resolution tasking satellites for JSAT.

Planet intends to leverage the increased capacity of the expanded fleet to serve government and commercial customers around the world.

We may engage in similar satellite services engagements in the future.

Proprietary Big Data:

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These images are added to our archive of proprietary Earth observation data dating back to 2009 and daily Earth scanning data dating back to 2017.

This immense historical archive is impossible to go back in time to re-collect, and represents a significant competitive advantage.

Because this immense historical archive is impossible to go back in time to re-collect, we believe it represents a significant competitive advantage.

Our deep data archive is used to train our models, an important asset for delivering useful insights.

Our fleet of satellites enables us to provide proprietary data solutions, including:

(1) Planet Monitoring, (2) Planet Tasking, and (3) Derived Products.

Descriptions of each follow.

(1) Planet Monitoring, (2) Planet Tasking, and (3) Planet Hyperspectral.

Planet Monitoring:

Our satellites work together to create an always-online scanner for the planet with the goal to image the Earth every day at a resolution (Ground Sampling Distance, “GSD”) of up to 3.5 meters.

Our SuperDove satellites work together to create an always-online scanner for the planet with the goal to image the Earth every day at a resolution (Ground Sampling Distance, “GSD”) of up to 3.5 meters.

This allows our customers to monitor any areas of interest, discover trends, identify changes and gain timely insights — and is the backbone to our one-to-many business model.

We also combine Planet Monitoring with other scientific-grade radiometric data from public satellite data programs, including NASA/USGS-Landsat and ESA/EU Copernicus, to provide customers with a stream of consistent Earth data, using a predictive algorithm to fill gaps and remove clouds, the result of which enables valuable time-series analyses.

This pre-processing and data harmonization often eliminates the need for additional processing before a customer can run advanced analytics on the data, which helps make satellite imagery analysis easier and practical for a wider audience.

We also combine Planet Monitoring with other scientific-grade radiometric data from public satellite data programs, including NASA/USGS-Landsat and ESA/EU Copernicus, to provide customers with a stream of consistent Earth data, using an algorithm that corrects variability in sensors to produce a consistent feed of data for valuable time-series analyses.

This pre-processing and data harmonization often eliminates the need for additional data preparation before a customer can run advanced analytics on the data, which helps make satellite imagery analysis easier and practical, particularly for machine learning applications.

Planet Tasking:

With high-resolution satellites in orbit and our rapid revisit capability, we can capture a specified location several times per day to achieve a resolution (Ground Sampling Distance, “GSD”) of up to 50 centimeters after processing..

With high-resolution satellites in orbit and our rapid revisit capability, we can capture a specified location several times per day to achieve a resolution (GSD) of up to 50 centimeters after processing.

The agile tasking satellites, all powered by an application programming interface (“API”), can perform multiple imaging modes, including points, long strips, stereo collects, and video.

Derived Products:

Our automated, cloud-native platform processes and manages our proprietary data catalog and extracts useful information to deliver to our customers and partners.

They include our Analytics products, which leverage computer vision to detect objects and highlight attention on certain occurrences, and our Planetary Variables, which provide measurements of key phenomena occurring on the Earth’s surface.

Planet Hyperspectral :

Our hyperspectral imaging satellite, Tanager, is designed to deliver full-spectrum imagery across the visible and shortwave infrared regions, capturing over 400 spectral bands at a resolution (GSD) of 30 meters.

Tanager was developed in collaboration with NASA’s Jet Propulsion Laboratory and sponsored by Carbon Mapper, a philanthropically-funded effort to detect and track methane and CO2 super-emitters.

Tanager-1, the first satellite in this offering, was launched in August 2024.

Platform and Analytics:

Our cloud-native Earth Observation platform enables customers and partners to access, analyze, and act on our proprietary data catalog by discovering relevant data layers, extracting useful information, and delivering insights through custom-build solutions or GIS workflows via APIs and browser-based applications.

We have recently made Planet data available for purchase more simply and directly through our Planet Insights Platform (which has integrated the former Sentinel Hub platform), which facilitates rapid user adoption, particularly by empowering users to self-service our solutions without formal sales interaction.

We believe this serves as a natural entry point for some of our smaller accounts, enabling them to realize the value of Planet’s offerings, leading to broader awareness of our solutions throughout their networks and organizations.

Core to making this data more impactful are our Analytics products, which leverage computer vision to detect objects and highlight attention on certain occurrences, and our Planetary Variables, which provide measurements of key phenomena occurring on the Earth’s surface.

Some of our derived products leverage data from third party sources, such as those produced by the government-operated fleets like Sentinel and LandSat, which enhance the value of our derived products.

We also work closely with partners, particularly those focused on leveraging Generative AI technology (GenAI) and Large Language Models (LLMs) to derive actionable insights from Planet’s Earth Observation data.

We aim to continuously acquire, integrate and partner with new capabilities and tools, thereby improving the user experience of our platform as well as providing tools that simplify the use of earth observation data.

Essentially, we believe enhanced derived product solutions can speed up the mission utility and business value for our customers and partners.

Through our platform and analytics products, we offer customers a variety of capabilities, including the following:

We offer customers a variety of capabilities, including the following:

(1) Planet APIs:

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We create global basemaps monthly and deliver custom basemaps to our customers for selected areas and times.

(4) Analytics:

(4) Planet Analytic Feeds:

We have built automated, cloud-native, global-scale analytics on top of our data set and made them accessible by APIs and web applications.

Our analytic feeds use the latest AI and machine learning techniques for a broad range of land-classification, object-detection, and automated change detection capabilities, from road and building detection, ships, planes, oil well pads, and more.

Drawing on cutting edge techniques in machine learning and computer vision from Planet and with partners, Planet Analytic Feeds harness the power of our extensive imagery archive to detect distinct objects, including vessels, aircraft, roads and buildings, and identify changes in our imagery.

(5) Planetary Variables :

We produce and offer Planetary Variables by combining observations from Planet’s satellites and broader observations from a range of public satellite constellations.

Our goal with these products is to capture and quantify the changes in dynamic systems such as soil water content, land surface temperature and vegetation biomass and forest structure, and render that information to the people on the ground tasked with making decisions.

We produce and offer Planetary Variables advanced algorithms that process satellite data from Planet’s satellites and broader observations from a range of public satellite constellations, including NASA LandSat and ESA Sentinel satellites, among others.

These programs capture different but complementary data sets, such as passive microwave data, other spectral bands, and more.

Our goal with these products is to capture and quantify the changes in dynamic systems such as soil water content, land surface temperature, crop biomass and forest carbon and structure, and render that information to the people on the ground tasked with making decisions.

Our Customers

Our customers may subscribe to daily data feeds covering their areas of interest.

Prior to Planet, specially trained technical imagery analysts typically had to hand-process satellite data that was months out-of-date.

Our customers frequently subscribe to daily data feeds covering their areas of interest.

Historically, specially trained technical imagery analysts typically had to hand-process satellite data that was months out-of-date.

We are able to deliver powerful capabilities including both data and analytics directly to customer and partner workflows daily through automated interfaces.

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In addition, with our subscription services and data products, customers can monitor and detect changes and create insights that can help drive timely decision-making, and improve operational efficiency, resource allocation, and risk assessment and mitigation.

We have a proven record of building customer relationships, with over 1,000 customers across the globe, including leading agriculture, mapping, energy, forestry, finance and insurance companies, and government agencies.

We have a proven record of building customer relationships, with customers across the globe, including leading agriculture, mapping, energy, forestry, finance and insurance companies, and government agencies.

Our performance is subject to a number of variables, and as such, we cannot assure you that our results will continue in the same trajectory as our historical results, nor can we assure you that our results will be indicative of our future performance.

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Our Competitive Position

We believe we have a differentiated offering, offering high-cadence imaging of the whole Earth’s landmass, a scalable business model enabled by a one-to-many use of imagery and the industry experience that sets us apart from our competitors.

Our competitive moats include agile space mission capabilities, proprietary big data, and platform analytics.

Our advanced space systems enable the capture of comprehensive, high quality, proprietary data, which power our platform, enhanced by advanced analytics that utilize AI and machine learning to provide solutions to our customers.

We believe as customers derive more value from the platform, they increase their usage by incorporating insight from our data into their workflows and analyses.

We believe our cutting edge technology, our industry experience, and our scalable business model, enabled by the one-to-many use of our data, set us apart from our competitors.

Our competitive moats include agile aerospace mission capabilities, proprietary big data, and platform analytics.

Our advanced space systems enable the capture of comprehensive, high quality, proprietary data, which power our platform, enhanced by advanced analytics that utilize both Planet and partner AI and machine learning to provide solutions to our customers.

We believe that as customers derive more value from our solutions, they increase their usage by incorporating insight from our data into their workflows and analyses.

This creates a feedback loop that drives our technology roadmap, from the high-level analytics and end-user applications all the way down the stack to new sensors in space to capture valuable information for our customers.

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We believe our offerings set us apart from other companies in the geospatial data industry.

We combine our daily scanning capabilities, which enable broad area monitoring at a significant scale, with our complimentary high-resolution satellites, which customers can task to capture a higher resolution image of specific areas of interest.

Additionally, we believe our archive of historical Earth data and analytics capabilities also set us apart from our competitors, allowing us to speed up the mission utility and business value for our customers and partners.

We combine our daily scanning capabilities, which enable broad area monitoring at a significant scale, with our complementary high-resolution and hyperspectral satellites, which customers can task to capture a higher resolution image or additional spectral bands of specific areas of interest.

Additionally, we believe our archive of historical Earth data and analytics capabilities also set us apart from our competitors by allowing us to speed up the mission utility and business value for our customers and partners.

Scalable Business Model:

We have recurring subscription- and usage-based revenue contracts, which provide visibility into potential future growth.

We provide our Data Solutions and Platform and Analytics Solutions primarily through recurring subscription- and usage-based revenue contracts, which provide visibility into potential future growth.

With our one-to-many business model, our margins improve with economies of scale, as there is low marginal cost to sell incremental access to our data.

Because we can sell our imagery data

and analytics to multiple end customers, we believe our solutions enable us to capture market share across broad vertical markets.

Because we can sell our imagery data and analytics to multiple end customers, we believe our solutions enable us to capture market share across broad vertical markets.

Industry Experience:

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In addition, our management team has deep technical expertise in scaling software, data, and space technology and extensive experience operating and leading companies and a strong track-record of building market making businesses.

Our Growth Strategy

We seek to unlock and maximize the value of our data for organizations globally by making it easier to use and consume by more users:

from data scientists to analysts, policy makers, and decision makers — by integrating critical geospatial data directly into their own workflows and analytic models and to drive favorable outcomes.

Key elements of our growth strategy include:

Scaling in Existing Verticals:

We plan to invest in sales, marketing, and software solutions to expand within our existing customer base and further penetrate vertical markets in which end users are early adopters of geospatial data, such as civil government, agriculture, and defense and intelligence.

Expansion into New Verticals and Applications:

We plan to invest in our offerings to make our data more actionable and accessible to a larger group of customers and users, including non-geospatial experts such as data and business analysts in government and commercial organizations.

We believe this will help us address use cases in key emerging markets such as energy, infrastructure, finance, insurance, and consumer packaged goods.

We also intend to partner with companies building vertical market solutions, such as independent software vendors, as well as business intelligence and analytics providers.

While we have customers and partners today in many of these verticals, we believe enhancing our data to meet their needs has the potential to accelerate the proliferation of our data and analytics usage across more end users.

Additionally, we currently have multiple partners with solutions that rapidly generate insights for customers using our proprietary data and AI technology.

Their capabilities include training models on our proprietary data to find any object of interest to a user over broad areas of land or sea.

We believe recent and ongoing advancements in AI will support making our datasets more accessible to customers and users across new and existing verticals by speeding customer time to value through these capabilities.

Continued Investment in Data Products:

We plan to scale and expand our existing products, as well as add new solutions, by building on our machine learning and computer vision capabilities with remote sensing techniques to fuse multiple data sources.

These products allow our customers to consume simple, actionable time-series data within their existing workflows.

We intend to create many of these key data sets internally, as well as in collaboration with our partners who have deep vertical expertise.

Establish Platform Ecosystem:

We plan to further develop our ecosystem of users and partners to build solutions leveraging our data and platform and to build software tools and APIs that make it even easier to do so.

By developing a robust applications ecosystem, we believe we can create a network effect, potentially accelerating our growth and deepening our market penetration.

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.

Strategic Acquisitions:

We have made strategic acquisitions, including the acquisition of the BlackBridge group of companies in September 2015, the Terra Bella business from Google in April 2017, Boundless Spatial, Inc.

(“Boundless Spatial”) in March 2019, VanderSat B.V.

(“VanderSat”) in December 2021, Salo Sciences, Inc.

(“Salo Sciences”) in January 2023, and Holding Sinergise d.o.o.

(“Sinergise”) in August 2023.

We continue to evaluate opportunities to make acquisitions that can accelerate our growth strategies and complement our existing product offerings.

Our Competition

Competition in Satellite Imagery:

Competition in Earth Observation Satellites:

We see the satellite imagery industry as mainly divided between incumbents, such as Airbus and Maxar, and next generation players, such as BlackSky, Satellogic, and CG Satellite.

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These satellites are typically very high cost with very high resolution, primarily serving national governments and other traditional satellite imagery industries.

Next generation satellite imagery companies have developed satellites that are lower cost and smaller in size, and have a stated ambition to increase the presence of their fleets within Earth’s orbit.

In contrast, next generation satellite imagery companies have developed satellites that are lower cost and smaller in size and have a stated ambition to increase the presence of their fleets within Earth’s orbit.

Competition in Data Analytics:

We also compete and see co-opetition with some data analytics platforms that use geospatial data from a variety of sources to provide analytics services to their customers.

We also compete and see competition with some data analytics platforms that use geospatial data from a variety of sources to provide analytics services to their customers.

Many data analytics providers rely on partnerships with satellite imagery companies in order to source the data necessary to run their analytics platforms.

We partner with a number of these companies to provide data for their platforms for certain use cases while also providing analytical tools and services directly to our own customers.

We partner with a number of these companies to provide data for their platforms for certain use

cases while also providing analytical tools and services directly to our own customers.

We believe these relationships are advantageous to us over the long-term, as they enable new opportunities.

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We believe that the most impactful and profitable way to build our business is to ensure that this public benefit remains at the core of our company’s DNA in perpetuity — informing and driving what we create for planet Earth and all its inhabitants.

We are a diverse, passionate team of creative individuals that solve hard problems and strive to make an impact every day.

We are a passionate team of creative individuals that solve hard problems and strive to make an impact every day.

We invest in a culture of learning, teaching, and dialogue, work together to deliver insight to our customers, bring our all, own our mistakes, and build for the future.

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We provide opportunities to grow and develop through work experiences, mentorship programs, personal development experiences, training and tuition reimbursement.

To help our employees navigate their careers, we also maintain a job architecture program, which we believe creates transparency about career development within our organization and helps facilitate discussions around career growth.

We believe that a strong, dynamic workplace only exists where people with diverse backgrounds and experiences are empowered to share their values and perspectives, challenge themselves with new ideas, and think critically on difficult questions.

We advance open communication, creativity, diversity, and inclusion strategies across our company and are constantly trying to connect and build communities internally within our organization and externally.

To help our employees navigate their careers, we also maintain a job architecture program,

which we believe creates transparency about career development within our organization and helps facilitate discussions around career growth.

Commitment to Fair, Equal, and Supportive Employment Practices

We are committed to establishing and maintaining a workplace culture and environment that values and promotes equal employment opportunities, that is free of harassment and hostility, and that enables our employees to bring their whole selves to work.

We believe that a strong, dynamic workplace only exists under these circumstances, and where our resources are empowered to share their values and perspectives, challenge themselves with new ideas, and think critically on difficult questions.

We advance open communication and other creative strategies across our company.

Our Intellectual Property

Our IP portfolio includes patents covering novel features of our spacecraft, trademarks identifying the Company and various products, copyright ownership of the imagery archive, and trade secrets related to manufacturing and operations.

Our IP portfolio includes patents covering novel features of our spacecraft, trademarks identifying our company and various products, copyright ownership of the imagery archive, and trade secrets related to manufacturing and operations.

We own the copyrights for the imagery captured by our spacecraft.

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Various factors can affect the distribution of our revenue between reporting periods, including factors affecting customer behavior, buying patterns and usage-based contracts.

For example, we have experienced, and expect to

continue to experience fluctuations in our operating results due to the timing of contract awards and renewals and the timing of global events that may increase customer usage of our data services such as weather changes, natural disasters or other global events, or when commodity prices are at certain levels.

For example, we have experienced, and expect to continue to experience fluctuations in our operating results due to the timing of contract awards and renewals and the timing of global events that may increase customer usage of our data services such as weather changes, natural disasters or other global events, or when commodity prices are at certain levels.

Government Regulations

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government and other governments’ contracts, including foreign governments.

The laws and regulations governing our business and operations, including the distribution of satellite imagery, may change in the future.

The laws and regulations governing our business and operations, including the distribution of satellite imagery, and the development, production, and deployment of our satellite systems, may change in the future.

Our business and operating results may be materially and adversely affected if we are required to alter our business operations to comply with such changes or if our ability to sell our products and services on a global basis is reduced or restricted due to increased U.S., E.U.

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However, based on information available to us, we don’t expect that our continued compliance with current government regulations, including environmental regulations, will have a material adverse effect upon our capital expenditures, earnings or our competitive position.

Additional information about the regulations affecting our business and the related risks appears in the “Risk Factors” section of this report.

For more information about the regulations affecting our business and the related risks, see "Risks Related to Legal and Regulatory Matters" in Item 1A, "Risk Factors".

Corporate Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business