Planet Labs PBCPL

Planet Labs PBC Segments Disclosure

10-KFiled Mar 26, 20252 min read
Segment and Geographic Information
The Company has determined that it operates in one operating and reportable segment as the CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM uses consolidated net loss, as reported on our Consolidated Statements of Operations, in evaluating performance of the Company’s single segment and determining how to allocate resources of the Company as a whole.
Financial information for the Company’s reportable segment was as follows:
 Year Ended January 31,
(in thousands)202520242023
Revenue$244,352 $220,696 $191,256 
Less: Significant and other segment expenses
Cost of revenue (1)
63,696 62,435 54,398 
Research and development (1)
73,883 83,377 76,801 
Sales and marketing (1)
63,852 73,167 63,664 
General and administrative (1)
53,548 57,001 53,194 
Depreciation and amortization45,637 47,639 43,330 
Stock-based compensation48,485 57,132 75,544 
Restructuring costs (2)
10,574 7,376 — 
Employee transaction bonuses in connection with the
Sinergise business combination (3)
— 2,317 — 
Certain litigation expenses (4)
799 — — 
Other segment items (5)
7,074 (29,239)(13,709)
Consolidated net loss(123,196)(140,509)(161,966)
(1) Exclusive of the following items shown separately; Depreciation and amortization, stock-based compensation, restructuring costs, employee transaction bonuses in connection with the Sinergise business combination and certain litigation expenses.
(2) Exclusive of stock based compensation shown separately. Refer to Note 7 “Restructuring”.
(3) Refer to Note 5 “Acquisitions”.
(4) Expenses relating to the Delaware class action lawsuit. Refer to Note 10 “Commitments and Contingencies”.
(5) Includes interest income, change in fair value of warrant liabilities, other income (expense), net and provision for income taxes. Refer to the Consolidated Statements of Operations.
Capital expenditures, which consists of purchases of property and equipment and capitalized internal-use software costs, for the fiscal years ended January 31, 2025, 2024, and 2023 was $49.6 million, $42.4 million, and $12.8 million, respectively.
The Company’s long-lived assets by geographic region are as follows:
 January 31,
(in thousands)20252024
United States$116,042 $107,070 
Rest of world5,7076,359
Total property and equipment, net$121,749 $113,429 
The Company concluded that satellites in service continue to be owned by the U.S. entity and accordingly are classified as U.S. assets in the table above. No single country other than the U.S. accounted for more than 10% of total property and equipment, net, as of January 31, 2025 and 2024.
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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