Planet Labs reported a solid QQ2 2025 quarter, marked by a record revenue run-rate and meaningful progress on path to profitability amid a shifting operating model. Key highlights include: 1) Revenue of $61.1 million, up 14% year over year, led by Defense & Intelligence and government demand, with non-GAAP gross margin at 58% and an adjusted EBITDA loss of $4.4 million—the fifth consecutive quarter of improving EBITDA metrics and in line with or better than prior guidance. 2) Strategic execution via an industry-aligned operating model, including a 17% headcount reduction aimed at lowering the cost structure by approximately $35 million per year, while preserving growth initiatives. 3) Major product/operational milestones: launch of the first Tanager hyperspectral satellite and 36 new SuperDoves; commissioning underway; Pelican-2 with NVIDIA Jetson GPU to enable onboard AI; and ongoing ramp of the Planet Insights Platform. 4) Government demand remains the principal growth engine (Defence & Intelligence up >30% YoY; Civil Government up >20% YoY), with NATO’s Alliance Persistent Surveillance from Space (APSS) program highlighted as a strategically important, up-to-$1B five-year opportunity. 5) Solid liquidity ($249M in cash and equivalents with no debt), RPO of ~$112M and backlog of ~$214M, underscoring a healthy revenue runway even as near-term profitability remains the focus. Management emphasizes durable growth in government markets, progress on optimization initiatives, and a scalable platform-led strategy to unlock longer-term value across commercial and government sectors.