Planet Labs PBCPL

Planet Labs PBC Revenue Disclosure

10-KFiled Mar 26, 20252 min read
Revenue
Deferred Revenue
During the fiscal years ended January 31, 2025, 2024 and 2023, the Company recognized revenue of $68.8 million, $50.9 million and $63.2 million, respectively, that had been included in deferred revenue as of January 31, 2024, 2023, and 2022, respectively.
Remaining Performance Obligations
The Company often enters into multi-year imagery licensing arrangements with its customers, whereby the Company generally invoices the amount for the first year of the contract at signing followed by subsequent annual invoices. 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. The Company’s remaining performance obligations were $412.8 million as of January 31, 2025. The Company expects to recognize approximately 37% of the remaining performance obligation over the next 12 months, approximately 70% of the remaining obligation over the next 24 months, and the remainder thereafter.
Remaining performance obligations do not include unexercised contract options, written orders where funding has not been appropriated and contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty.
Costs to Obtain and Fulfill a Contract
Commissions paid to the Company’s direct sales force are considered incremental costs of obtaining a contract with a customer. Accordingly, commissions are capitalized when incurred and amortized to sales and marketing expense over the period of benefit from the underlying contracts. The period of benefit from the underlying contract is consistent with the timing of transfer to the performance obligations to which the capitalized costs relate, and is generally consistent with the contract term.
During the fiscal years ended January 31, 2025, 2024 and 2023, the Company deferred $2.7 million, $1.8 million and $4.0 million of commission expenditures to be amortized in future periods. The Company’s amortization of commission expenditures was $2.9 million, $2.6 million and $1.9 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively. As of January 31, 2025 and 2024, deferred commissions consisted of the following:
 January 31,
(in thousands)2025 2024
Deferred commission, current$1,982 $2,296 
Deferred commission, non-current1,7211,578
Total deferred commission$3,703 $3,874 
The current portion of deferred commissions are included in prepaid expenses and other current assets on the consolidated balance sheets. The non-current portion of deferred commissions are included in other non-current assets on the consolidated balance sheets.
The following table disaggregates revenue by major geographic region:
 
Year Ended January 31,
(in thousands)2025 20242023
United States$109,861 $98,720 $97,773 
Rest of world134,491121,97693,483
Total revenue$244,352 $220,696 $191,256 
No single country other than the U.S. accounted for more than 10% of revenue for the fiscal years ended January 31, 2025, 2024, and 2023.
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Historical Timeline

Fiscal YearFiled
2025Mar 26, 2025Showing above
2024Mar 29, 2024

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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