Author’s Note: I don’t own and have never owned it. This deep-dive is the start of my due diligence on the name so that I can continue to watch the name.

All my stock data is from StockAnalysis.com, and if you want to do your own stock research on Planet Labs or any other company, make sure you use check it out here.

Usually I don’t pay much attention to CNBC analysts. But recently, Jim Cramer had some things to say about , so I thought I would go ahead and look at it for posterity's sake.

Leading up to the IPO, space has become the new chic investment area for funds. Launching communication satellites, astronaut-retrieval and even sending data-centers to space has kept this industry in the forefront of the collective conscious.

Interested investors should take a closer look at all the progress these space companies are making.

is an interesting name in the space industry which could stand to benefit from all the attention that the sector is getting. Anyways let's take a look at the business and how they are structured.

What They Do

is in the business of designing and constructing a network of satellites which provides continuous geospatial data to their customers. The use cases for this are quite varied as you might imagine. From agriculture patterns to spying on foreign nations, this is a valuable market that has the potential to grow over time.

Let’s take a look at some of their products and what functions they serve. In the table below I have created a list of some of their products, technologies and functions. Of special interest is the planet monitoring that provides near-daily coverage of the Earth.

So who are their customers? They have a wide range of customers spanning governments, national labs and major companies. NASA, NOAA, the Bureau of Reclamation, Oak Ridge National Laboratory, and Sandia National Laboratories along with international civil/defense agencies are part of their customer lineup.

In addition, they work with major agricultural and food companies like Bayer, Acron, and Organic Valley as well as companies monitoring utilities and physical assets, such as Bluebell, Kilimo, and various geospatial/IT integration partners like NGIS and SI Analytics.

So it’s clear that they have a nice diverse set of customers for their products and services which is a type of moat in itself.

On their website, they list that they make over $300M in revenue, have a 90% annual contract value,

80% annual+ contracts and that all their data is 100% ML-ready. What’s not listed in these metrics is their EPS or EBITDA. And that’s because they are still not profitable as of the time of this writing.

Even so, they do pose an interesting question to value investors in that, when does a value investor know the right time to invest? Is it before the company is profitable or is it just before so they can capture the true discrepancy between current price and value potential?

The only thing we can do for yet-to-be profitable companies is look at the business model, moat and various other things like price to sales ratios. Let me take a take a look at what the high-level opportunity.

They list unique data first, and in all manners, data is their business. The ability to capture Earth-scale ground data which is continuous, high resolution and hyperspectral (advanced technology that combines digital photography and spectroscopy to capture at many wavelengths).

The business model follows in that it is a scalable model of distribution and that they can operate in so many different markets for this data. But to see if there is this is a good investment, I need to look at the numbers first.

Growing Partnerships and Technology

has a growing list of partnerships and technology updates that they expressed in the most recent earnings letter. I think it’s important to list them here from their investor letter to show that they growing in many areas at once.

Updates to Partnerships

• National Geospatial-Intelligence Agency: In August, Planet received a new $8 million OTA award from the National Geospatial-Intelligence Agency (NGA) to deploy Planet’s Global Monitoring Service (GMS).

• German Federal Ministry of the Interior (BMI): German Civil Government: In August, the German government announced that Planet was awarded a tender for dedicated capacity Satellite Services. The tender award includes options and has a maximum possible value of €25 million over 5 years.

• European Defense & Intelligence Customer: In August, Planet was awarded a 7-figure, 1-year agreement with a European government customer to supply high-resolution global Mosaics and dedicated professional services support for operational planning.

• Rwanda Space Agency: During the quarter, Planet has signed a new contract with the Rwanda Space Agency to provide national high resolution data and analytics to be used in diverse applications across Government Ministries, Departments and Agencies, as well as public universities. The satellite imagery data will be used in policy and decision support on agriculture, urban management, spatial planning, disaster response, amongst other applications. This deal marks Planet’s first national program of its kind in Africa.

• New Mexico State Land Office: During the quarter, Planet signed a 1-year contract renewal with the New Mexico State Land Office (NMSLO). Since 2019, this long-standing partnership has evolved into a sophisticated, multiproduct strategy that enables NMSLO to monitor, protect, and manage more than 9 million acres of public trust land.

• Data Center Monitoring: In August, Planet signed a renewal with a hyperscaler AI developer for global monitoring of data centers and semiconductor manufacturing facility construction. Planet's Pelican high resolution data is used to track milestones of construction for these facilities, which are strong indicators of supply chain health and computing capacity. FarmQA: Planet partnered with

• FarmQA to develop and commercialize AIpowered agronomic intelligence tools for enterprise agriculture. The first application of the collaboration is already in the field: an AI-driven sugar beet yield estimation model, currently being piloted with multiple sugar beet cooperatives during the 2026 growing season.

• Braga Technologies: Planet partnered with Braga Technologies to integrate Planet’s high-frequency satellite data into Braga Technologies’ Spatial Intelligence platform, enabling automated change detection and near-realtime analytics for natural resource management and civil government applications.

Updates to Technology

• Successfully Launched Pelican-11 Satellite: In July, Planet launched the Pelican-11 technical demonstration satellite, bringing the total number of high-resolution Pelicans on orbit to 10.

• Shipped Tanager-2 and SuperDoves to Launch Site: Earlier this week, Planet announced that the Tanager-2 satellite and 18 SuperDove satellites (Flock 4J) were shipped to Vandenberg Space Force Base in California ahead of its launch aboard the upcoming Transporter-18 mission with SpaceX. This will be Planet’s third launch this year.

• Isar Partnership: Planet announced a strategic launch agreement with European space company Isar Aerospace. Under the agreement, Isar Aerospace will launch one of Planet’s Pelican satellites, with additional satellites planned for future launches. With both the satellite and rocket being built in Germany, this launch will be a national first for the country.

• Berlin Manufacturing: Planet is rapidly scaling its European presence with the strategic expansion of its Berlin facility, marking a major milestone in its manufacturing capability. As of September 1, Planet will begin the initial facility set-up and operational readiness activities. Manufacturing is scheduled to begin this year.

• London Office: Over the summer, Planet opened a new office in London, serving as a national hub for AI and analytics partnerships. Its strategic location, steps away from Westminster and Whitehall, facilitates deeper engagement with policymakers and key stakeholders in the UK government and NATO alliance representatives.

• Planet AI Application: Planet’s agentic AI app has progressed to an open beta phase. This pioneering tool is focused on making Planet’s massive global data archive queryable through natural language. By leveraging Planet’s daily data and integrating LLMs, it can help lower the barriers to entry for non-technical users in emerging markets, allowing teams without geospatial expertise to accelerate their adoption of Planet’s products.

Earnings & Financials

The company posted $116.05 million in revenue which was impressive 58.14% growth YoY in their latest Q2’27 earnings report. Gross profit came in at $64.63 million which was a 55.28% growth rate YoY.

Operating income was -$13.92 million which is due to $44.4 million in SG&A (up 24.06% YoY) as well as $35.16 million in R&D (up 45.54% YoY). This is the crux of the issue of unprofitability for the company.

They seem to have several quarters of increasing SG&A and R&D. The R&D is understandable for a high growth tech company such as , but their SG&A needs to be reigned in. If you want to look deeper at these increasing SG&A and R&D costs I mentioned, you can view Planet Lab’s full income statement here.

The good news is that the operating expenses are less than half of last quarter’s operating expenses, so smart investors will be looking for a continued trend of declining operating expenses in following quarters.

reports revenue in three distinct segments which include Civil Government, Commercial and Defense & Intelligence. The civil government segment brought in $17.5 million while the commercial segment brought in $17.56 million.

But the lion share of the revenue was from the defense & intelligence segment at $81 million in the latest quarter. Defense & intelligence grew at a 93.26% rate which is immense growth YoY while the other segments didn’t grow nearly as much.

Looking at the cash & debt for the company we see a healthy picture. They have $366.8 million in net cash and almost double the cash investments over the total debt. Even though the operating income is negative, free cash flow was a positive $25.6 million which can continue to be added to the balance sheet for various purposes.

Finally, margins are looking interesting with a steady gross margin in the mid-50’s while operating and profit margins are still negative but showing improvements in recent quarters.

Valuation & Guidance

Analysts have a consensus buy rating on with an average price target of $30.27 on the stock which represents a 122.41% upside from here.

High analyst estimates have $50 on the cards and even the lowest estimate of $17 is much higher than current levels.

More importantly, analysts see robust revenue growth into FY 2029 with operating income turning positive in FY2029 and net income to continue improving and moving towards profitability.

They do see negative free cash flow for full year 2027, but this seems to get back to positive in FY 28 and 29. Owning this stock is a conjecture on improving fundamentals as the company continues to execute on partnerships and it's technology.

This would be an interesting business and compelling investment to me if they showed profitability. I need to see a moderation of their SG&A and R&D expenses. I will continue to watch this name on my watchlist as a potential investment in the future.

As always, my content is not financial advice so please do your own due diligence when investing your own money.

Share Bearded Investor

11-06-26

I received my dividend from so I reinvested that plus some with another $500 buy of the ETF. This brings my total shares in to ~851 and I have no plans to stop especially when the Nasdaq dropped recently.

The goal is the same - make a income producing position that can basically keep up with the underlying nasdaq while getting diversification in tech to keep buying power growing for individual stocks.

11-05-26

I rolled my put once more with this large drop today. The new put expires in September of 2027 and has a strike price of $430. may fall lower in the coming days, but this gives the shares a chance to recover if there is one.

In addition, I bought $500 more or . With all the premium credit I keep collecting on , I thought it might be good to start buying up on weakness.

The realized P&L is negative because of all the rolls I have done. That amount is absorbed into the put cost basis.

11-04-26

Well the saga continues and with the midterms done AND reporting great numbers, I felt comfortable rolling up my put in time and strike price. My new put expires Jan 15th 2027 with a strike price of $480. And yes, I was able to do this for a credit.

If this gets assigned, it’s not really an issue. I will sell a corresponding covered call to meet the margin interest cost and generate additional profits on top of that. Markets love certainty and with two major things out of the way, I’m anticipating a lessening of implied volatility hopefully.

11-02-26

I updated my put down and out once again to give the option a little bit more breathing room. The new option is a $450 strike put expiring on February 19th. I received some money for the roll and will use it to build more growth stocks.

I sold pretty much as soon as I got it. Not because I don’t like it, but because investors have received a huge boon in tech stocks dropping. dropped below $300 and is sitting around at $280 per share.

I did not anticipate such a drop and I want to take advantage of amazing individual companies that are trading like they are broken. That return will always be greater than an ETF just based on logic. I took the money from and put

it into . I will be adding shares to while it gets hit with fear and as price allows.

The fear over search is laughable to me. These same fears persisted the first time was trading at $150 and then with it’s plethora of talent figured out AI mode, Gemini, a slew of AI integrated products and went to over $300 a share. I doubled my money in a very short amount of time.

Now analysts are again worried when they see a smaller percentage of growth in the Google Search and Other segment. Really? Not to mention that cloud growth DOUBLED to over $30 billion.

What’s most likely going to happen is that continues to build cloud revenues close to or exceeding what Google Search makes in the coming years. Traditional Google search will probably decline while they ramp up their AI search.

So a profitable business segment will be switching to an AI version AND the other segments like cloud will post record growth, possibly making more money than search ever did. The depreciation and debt are a real thing and need to be monitored. It’s possible that drops even more in the coming months and I will be picking up shares lower and lower.

As always, my content is not financial advice so please do your own due diligence when investing your own money into the markets.

All my stock charts and data is from stockanalysis.com. Check out Alphabet’s historical metrics and earnings information here.

Revenues came in 25% higher YoY to $127.6 billion with operating income 32% YoY to $40.576 billion. There was a one-time hit of $8.221 billion from European charges that brought down their net income to $26.17 billion and their diluted EPS to $2.12.

Looking at the segment revenue on stockanalysis.com, their Google Search and Other segment came in at 12% or $63.35 billion which was lower QoQ. They attributed this to foreign exchange effects but they also said that search query growth was the highest in 5 years. Even so the monetization in AI mode is less and they may have to address that pain point at some point soon.

Investors will also need to determine whether the drop in search is meaningful AI disruption or not. This was the same talk when AI first came out as well, so it looks like those worries were just under the surface for investors.

The real star of the show was their cloud coming in at 103% growth to $30.709 billion. The growing TPU sales segment will be a big driver of the cloud going forward. Plus this shows that they are getting market share from rivals Microsoft Azure and Amazon AWS.

Net cash is still good at $123 billion but debts are increasing rapidly which is

another source of concern. As management states in their investor letter, they issued shares and unsecured notes to continue funding their AI ambitions.

Management has guided for significantly higher capex in 2027 compared to 2026 so there will be no mitigation in capex for now. However, their backlog in immense sitting at $561 billion for the next 2 years. expects to recognize more than 55% of the $561 billion backlog (roughly $310 billion) as revenue over the next 24 months.

So the demand is there for them to continue spending to get that ROIC, but investors are getting nervous as spend keeps creeping up. One thing I noted this morning on Substack is that capex is not going to be the same 1 year from now.

Buying power is getting eroded through inflation, so the CFOs of these mega cap tech companies might be realizing that they must take the pain now in order to realize a massive bonus when that same buying power won’t compound as much.

This does lead to declining free cash flow as seen above. They reported -$9.07 billion in FCF because of that one-time European charge which was much more than anticipated by investors and analysts.

However, their operating CF is increasing on an annual basis, so they are getting ROIC on their capex. The question is whether it is enough or greater than their spend.

As always, my content is not financial advice, so please do your own due diligence when it comes to investing your own money.

10-30-2026

I rolled my $485 put out to January 15th 2027 because of the horrible earnings report reactions to big tech like , , and .

What was especially concerning was how fell 30% on their earnings report due to lower forecasts in their PC segment.

In order to get a better entry price on potential share assignment, I chose to roll down and out from $485 strike price to $460 strike price on . This also gives more time to let midterm jitters get out of the market.

In addition, there is levels of support at the $460-ish level so it’s a little bit better. However, may still flush below that on bad guidance or earnings, so it’s a bit of a wait and see approach.

I managed to make a little bit more usable cash with this roll which I will keep safe for now.

StockAnalysis.com for all your stock research needs here.

10-29-2026

I bought a very small amount of on this dip today after their earnings report. If it stays under $300, I will try to add more shares. I wrote a quick dive explaining their results and why, so check that out for more information here!

I bought this morning for a few reasons. As everyone who subscribes to me knows, I had one income ETF this whole time . I chose because of the 25%/75% option overlay which does not cap the upside of the Nasdaq completely.

Looking at total returns, performs admirably compared to the underlying Nasdaq and much better than other covered call ETFs.

However, there was one ETF I looked at that performed BETTER than the underlying and that was . uses put credit spreads on the SPX to increase the return on the underlying S&P500 index without capping the upside at all. The total return says it all:

This past Friday, Liquid Strategies launched . The only difference between and is that uses the Nasdaq as the underlying same as . As a value and growth long term investor, I tend to favor high growth tech in my mix as much as possible.

This essentially is the best of both worlds - uncapped upside on Nasdaq AND put credit spread premium using the more stable SPX! So now I have a strategy that works in slightly down markets, flat markets and raging bull markets. My goal is to have a 60-40 ratio of capital allocation between and so I will have some catching up to do for .

This does not change my individual equity strategy at all. The more money I put into the portfolio, the greater portfolio margin buying power for selling more puts and increasing holdings. I continue to look forward to high growth/compounding from my individual stock mainstays and I’m still actively looking for opportunities in individual stocks.

As always, my content is not financial advice so please do your own due diligence before investing any of your own money.

is dropping like a rock thrown into a lake. The reason is the news coming out of their recent earnings report. Let’s take a look at the numbers in this quick look at .

Revenues came in at $64.6 billion for Q3’26 and the breakdown is shown by geography below. Most of that money, approximately $63 billion of it, was generated from the advertising side of things.

The expenses showed a huge percentage increase in the G&A costs but all the other segments seemed to be inline. Net income came in at $9.86 billion, diluted EPS at $3.83 and free cash flow at -$2.12 billion. Importantly, due to ongoing litigation settlements, their income from operations would have been $22.88 billion instead of the $12.99 billion and their diluted EPS would have been $7.40.

This shows the impact that the settlements are having on the bottomline at a time when really can’t be spending on yet another expense. As a result free cash flow is now negative which is insane for a company that used to be so asset-light and a cash cow.

In addition, they raised the low end of their AI spend for 2026 from $130-$145 billion to $135-$145 billion which is inline with the continual raising of capital expenditures by all AI tech names.

Probably one of the most concerning things coming out of the earnings call is the establishment of a new class C of shares similar to how is structured. These are non-voting shares that do not affect Mark Zuckerberg’s voting shares.

According to their own investor letter:

Creating a New Class of Shares for Capital Raising, Employee Compensation, Potential Acquisitions, and Other General Corporate Purposes – The scale of investment required to compete, sustain growth, expand infrastructure, and pursue new strategic initiatives amidst the AI transformation taking place in the industry is significant. The Special Committee determined this new class of common stock will provide Meta the ability to finance its growth and help the company remain a leader among fierce competition both domestic and international.

So this is more dilution for shareholders just by a different name. Instead of taking on direct debt, they will be issuing shares to fund more AI spending.

This, plus the weakness in AI names, is probably why is tanking as of the time of this writing. Like I mentioned in my note, I sold out of before this earnings call, but I would revisit this name if it fell much more.

As always, my content is not financial advice and you should do your own due diligence when investing your own money.

This generated approximately $2100 in premium and I will be looking to capitalize at least 50% of this premium before buying back this option. is a highly liquid equity and it’s options are no exception.

I chose writing a put on over several other equities because of how the chart looks and the risk-to-reward on these names. Other options were , and . I will keep the money as dry powder for now while I figure out the best investment case.

I will let my subscribers know if I buy this back sooner by updating this post so stay tuned!

As always my content is not financial advice so please do your own due diligence when investing your own money.

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