Why Is Satellite Imagery Provider Planet Labs' Stock Surging Today?

Shares of earth imaging company, Planet Labs PBC PL are trading higher on Monday.

The company has obtained a fresh agreement with the European Space Agency (ESA) to assist Greece's National SmallSat Programme.

Signed on behalf of the Hellenic Ministry of Digital Governance, the contract is a part of the nation's Recovery and Resilience Fund (RRF) Greece 2.0 initiative.

Under this agreement, Greece will utilize the company’s PlanetScope data to aid in the creation of future services for their national satellite program, promote technological progress, and provide an additional data source that complements their existing national satellite feeds.

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“The Hellenic Space Center (HSC) is coordinating the provision of Planet’s satellite data, optimizing tasking capabilities, and ensuring seamless integration across the downstream projects of the national satellite program,” said Earth Observation Officer of HSC, Dimitris Bliziotis.

Planet Labs' PlanetScope satellites deliver near-daily imagery of the Earth’s surface at a 3-meter resolution. These frequent captures create a detailed, decade-long historical data archive, allowing governments and businesses to make well-informed, prompt decisions based on the satellite’s wide-ranging coverage.

“We are living through a global space renaissance where governments and commercial providers are working hand-in-hand to develop new innovation,” said Planet’s Senior Director of Government Sales in EMEA, Martin Polak.

With its global reach, Planet has secured contracts with several international organizations, such as the European Space Agency (ESA) and the Japan Space Agency (JSAT).

The company reported a 5% rise in fourth-quarter revenue to $61.6 million, missing the consensus estimate of $61.87 million.

Price Action: PL shares traded higher by 8% at $4.10 at last check Monday.

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