SATL - Planet Labs: Earth Data For Everything

• Planet Labs has developed a wide and expanding moat through an irreplicable data archive and years of iteration lead time.
• Planet's recurring subscription model is highly scalable with 94-96% direct margins on new customers.
• Customers receive tangible value from Planet's services and have increased spending accordingly, with the customer base consistently expanding across a variety of end markets.
• The market opportunity is large and steadily growing, with aligned, founder-led leadership providing confidence in Planet's execution ability.
• At ~6.5x trailing twelve-month sales, I believe Planet is a strong buy for long-term investors who will be patient through intermittent volatility.

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