PLANET LABS PBC

(PL)
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Delayed Nyse  -  04:00 2022-08-12 pm EDT
6.230 USD   +4.36%
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Planet and Bayer Expand Strategic Relationship

06/14/2022 | 04:17pm EDT

The mutual commitment seeks creative digital solutions to support sustainable agriculture

Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, and Bayer, a global company with core competencies in the life science fields of healthcare and nutrition, today announced an expansion of their strategic relationship. This expansion signals a significant scale up between the two companies. In addition to licensing Planet’s Fusion product, Planet will provide SkySat data and professional services to Bayer to create collaborative solutions that help optimize seed production, improve supply chain efficiency and support sustainable agriculture.

By building on this strategic relationship and identifying scalable initiatives in crop sciences and digital agriculture, Planet and Bayer will continue to explore how Planet’s proprietary satellite data can address the needs of Bayer’s global agriculture business. Using Planet’s Fusion data, along with its high resolution SkySat data, Bayer sees the potential to better understand historical and in-season crop performance.

“This strategic expansion will accelerate innovation, leveraging expertise and global reach to enhance developments for agriculture and will empower our data scientists to generate valuable insights that have the potential to support our Seed Production globally,” said Dirk Backhaus, Head of Product Supply Bayer Crop Science.

“We’re excited to expand our business with Bayer and leverage our unique data and products to provide up-to-date information on crop productivity, irrigation use, and sustainable management. We believe that by creating a toolkit to see and quantify change, our partners and customers will be able to revolutionize digital agriculture, increase productivity and profit, and drive more sustainable farming,” said Planet's President of Product and Business, Kevin Weil.

Planet and Bayer share a desire to scale digital technologies to make a positive global impact for agriculture. Bayer’s digital tools can optimize seed production creating more efficient and sustainable agriculture. Planet’s unique data can provide users with satellite imagery from daily scans with up to 3.7 m spatial resolution anywhere on Earth’s landmass, enabling precision agriculture that can provide field-level insights.

About Planet Labs PBC

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites, capturing over 30 TB of data per day. Planet provides mission-critical data, advanced insights, and software solutions to over 800 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation trading on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on Twitter.

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, the Company’s ability to capture market opportunity and realize any of the potential benefits from strategic partnerships and customer collaborations. Forward-looking statements are based on the Company’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, the risk factors and other disclosures about the Company and its business included in the Company'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 the Company’s website at www.planet.com. All forward-looking statements reflect the Company’s beliefs and assumptions only as of the date such statements are made. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.


© Business Wire 2022
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Financials (USD)
Sales 2023 182 M - -
Net income 2023 -166 M - -
Net cash 2023 431 M - -
P/E ratio 2023 -10,1x
Yield 2023 -
Capitalization 1 674 M 1 674 M -
EV / Sales 2023 6,83x
EV / Sales 2024 4,94x
Nbr of Employees 750
Free-Float 79,5%
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Number of Analysts 7
Last Close Price 6,23 $
Average target price 10,00 $
Spread / Average Target 60,5%
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Managers and Directors
William S. Marshall Chairman & Chief Executive Officer
Ashley Whitfield Fieglein Johnson Chief Financial & Operating Officer
Carl Bass Lead Independent Director
Ita M. Brennan Independent Director
Niccolo M. de Masi Independent Director
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