PLPlanet Labs PBC

Radio & Tv Broadcasting & Communications Equipment

Revenue: $308M; 26% YoY
Operating margin: -30.9%; 35% YoY
EBITDA: −$53M; 24% YoY
Market cap: $3.5B
Employees: 1,000; $308K revenue each
Net debt / EBITDA: —
AI in 10-K: 8.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$308K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.7 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$131M	$191M	$221M	$244M	$308M	26%
Operating income	−$128M	−$176M	−$170M	−$116M	−$95M	18%
Net income	−$137M	−$162M	−$141M	−$123M	−$247M	100%
Operating cash flow	−$42M	−$74M	−$51M	−$14M	$134M	1035%
Capex	$10M	$10M	$38M	$44M	$77M	73%
Stock-based comp	$42M	$76M	$57M	$48M	$55M	13%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 15, 2026	Marshall William Spencer	SCHEDULE 13D/A	5.2%	Passive
Dec 20, 2021	Marshall William Spencer	SC 13D	5.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $43M · 25
Net: −$43M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$5M	$58M	231	187
FY2025	$5M	$14M	56	144
FY2024	$6M	−$39K	21	110
FY2023	$610K	−$352K	46	74
FY2022	$11M	$7M	56	94