Planet Labs PBC (PL) saw its stock price climb 10.8% in Friday's trading session after announcing that its German subsidiary had secured a two-year, seven-figure contract to supply satellite imagery to Greece's National Satellite Space Project. The deal, facilitated through the European Space Agency on behalf of Greece's digital governance ministry and the Hellenic Space Center, marks a significant step in expanding Earth observation services across Europe.
The contract transforms what was previously a pilot program into a nationwide monitoring agreement, giving Greek government agencies access to over a decade of PlanetScope imagery. This includes near-daily medium-resolution images as well as on-demand high-resolution satellite tasking, enabling sharper views for specific needs. Planet Labs stated that the imagery will support applications in forest tracking, water monitoring, land management, and disaster preparedness.
Dimitris Bliziotis, Earth Observation Officer at the Hellenic Space Center, emphasized that the partnership strengthens "national safety and environmental resilience" by providing policymakers with near-real-time insights. Diego Vanelli, Planet's director of government sales for EMEA, described the company as the "foundational data partner" for the project, highlighting Greece's transition from pilot to full-scale operations.
Investors are closely watching this development as evidence that government buyers are moving from one-off trials to sustained, operational spending on Earth observation data. This shift could signal a broader trend in the satellite imagery sector, where public-sector contracts are becoming more substantial and recurring.
Planet Labs closed Friday at $39.04, with shares ranging from $35.81 to $39.82 during the session. Approximately 12.9 million shares changed hands, and the company's market capitalization stood at roughly $12.1 billion. The company is scheduled to report fiscal first-quarter 2027 results for the period ending April 30 after market close on June 4, followed by a management outlook call.
The contract win follows a strong fiscal year for Planet Labs. In March, the company reported record annual revenue of $307.7 million, a 26% year-over-year increase. Backlog surged 79% to over $900 million, and the company achieved its first full fiscal year of adjusted EBITDA profitability, excluding interest, taxes, depreciation, and amortization.
CEO Will Marshall highlighted satellite services as a key driver for the year, citing Sweden, 40 satellite launches, and a research partnership with Google. He also pointed to artificial intelligence as a transformative force for the company, a statement that investors will be measuring against future contract wins and margin performance.
The competitive landscape remains active. On May 7, BlackSky Technology announced new contracts worth up to $160 million, raising its full-year projections and citing expanding demand from government and defense buyers for commercial satellite intelligence. This underscores the growing appetite for Earth observation data across multiple markets.
While the contract value is described only as "seven-figure," leaving room for interpretation, Planet Labs noted that its backlog is not guaranteed revenue, as government deals can be canceled or subject to funding availability. The Greece award is seen as fresh evidence of Planet's strategy to win over public-sector customers for its data subscriptions and satellite services. Investors will be watching June's earnings report closely to see if such deals translate into meaningful revenue growth, improved guidance, and stronger cash flow.
