Planet Labs PBC (PL) Earnings Call Transcript & Summary

Welcome back to those in the room and anybody on the webcast. I have the pleasure this afternoon to welcome -- oh my god, I might bring this to a complete [ break ] for it. How do you pronounce your last name?

It's Genualdi.

Okay. Irish, yes. So Chris and I have known each other for a long time, and I've never articulated his last name out loud before. So apologies for that.

There's a first time for everything.

So welcoming to the stage, Planet. Chris is Vice President of Investor Relations?

Yes.

And we're going to go through a Q&A here. But at some point, we'll open it up to the room to see if there are any questions from the floor. You all are in your quiet period, so I will avoid asking questions about the numbers, and we'll stick to the narrative around the story.

Great.

Okay. Great.

So look, I think I think a nice place to start with these kinds of conversations, particularly for those that may not be very familiar with Planet, it is to ask a really big picture question for you, which is what is the problem that the company is trying to solve? How do you go about solving it? And if you are successful in solving it, kind of what does the overall market look like for you all, kind of what the go-to-market strategy is? So this is kind of like a tough question here, get a little brief description of what Planet is, but kind of in that context.

Sure. Yes. So we were founded with the mission to image the Earth every day and make change visible through our imagery, and accessible and actionable. And so our -- we were founded in 2010 by a group of NASA engineers and scientists who were looking at the space industry and saying there might be a more efficient and faster way of building and launching satellites. If we can leverage the history of the space industry the -- all the knowledge that's built up there and also leverage advances in other industries, particularly Silicon Valley, strapping Moore's Law to space. And so our founders set out to miniaturize satellites, to build them much at lower cost and to launch lots of them up in the space to image the world every day, with the vision that this sort of data set, a data set that grows daily, an image of the world captured on a daily basis, would be valuable to customers across industries, across government and commercial markets. And so that's -- when we were founded in 2010, that was the vision. And we captured our first light, our first image from a spacecraft in 2013. So we successfully miniaturized the spacecraft down to the size of a shoebox or a loaf of bread. We built that satellite for a fraction the cost of a traditional satellite. We got it up in this space in just a few years, and we actually started capturing imagery. By 2017, we were imaging the Earth every day. So we accomplished what we called our Mission 1. And that's where we started building this archive of daily imagery of the Earth. That was a landmark year for us. We also set the world record at the time for the most satellites launched on a single rocket, 88 Dove satellites on an Indian PSLV rocket. And we also acquired the SkySat assets from Google. And so we acquired satellites for high-resolution imagery from Google. These satellites are larger about the size of a mini fridge compared to the Dove satellites we booked that are the size of a loaf of bread again. And they capture imagery at 2 different resolutions. They're very complementary. Fast forward to today, we went public in 2021 on the New York Stock Exchange. We have over 950 customers across cities, across commercial and government. We're about 1,000 employees. Trailing 12 months revenue was about $250 million, and we have $350 million of cash, cash equivalents and short-term investments. So that's a bit of founding vision, how we got today and where we are today.

Okay. Great. Maybe we could talk a little bit about some of the use cases for the imagery. So you mentioned back in 2010, there was a vision to be imaging the Earth every day. Thought that, that data would be useful to the world. So maybe talk to us a little bit about how that imagery has been useful to date. What are some of the use cases that you like to highlight as being both successful for your customers but as well drive -- help drive the finance the company.

Yes, definitely. On the commercial side, so the largest sector that we serve on the commercial side in the agriculture sector. And so we're aiding in precision agriculture and helping large ag companies optimize the inputs that go into the field as well as optimize the output from the field. So optimizing seeding and fertilizer that goes into the field, and then managing the health of your fields -- and this is on a global basis, these are large customers like a Bayer or a BASF, monitoring the health of your field through the growing season so that you can identify if there's ever risk of crop disease or infestation, you can act quickly and you can also optimize the timing of your harvest. In the insurance sector, we have customers like Swiss Re or AXA that are using our data to provide drought insurance, parametric insurance, to customers in the ag sector. So looking at historic occurrences of drought using our data archive, identifying the frequency of drought and then being able to predict the likelihood of drought occurring on a go-forward basis so that they can build insurance products for customers around that. Shifting over to the government side of the business. So in defense and intelligence, it's about monitoring broader planet. And so understanding how change is developing in an active situation to understand where things are moving, how things are changing over time. It's about searching, scanning and monitoring and identifying new threats. And then in the civil government sector, it's about regulation, permit enforcement and also disaster response. And so we have a very diverse customer set that we're serving. This daily image of the Earth captured on every day is a new capability for humanity that hasn't existed before. So we're creating a lot of new markets and opening up new use cases for the geospatial industry.

Okay. Great. That's a great segue into one of the questions I think we were meant to cover here this afternoon, which is the go-to-market strategy. You said -- you came out as a public company a few years ago. I think you said '21, right, late '21?

Yes. That's right.

Had some capital to help drive growth in the company at that point. I think part of it was into the [ BD ] side of the business in the go-to-market strategy, right? And fast forward a few years now and here we are at the beginning of 2024. And I think maybe starting sometime second half of last year, you started to talk about some of the learnings from that initial investment that you made in the go-to-market strategy, and hey, now maybe it's time to make some tweaks. Can you talk a little bit about some of the changes that have gone on with the go-to-market strategy? What were you focused on before? Where are you heading now? And maybe some of the motivations for those changes.

Yes, 100%. So we've made a number of changes on the go-to-market side. It's really about focus. So with our direct sales force, we get a lot of inbounds. There's a lot of interest and enthusiasm for satellites, for the data that we produce, new capability for humanity. Customers want to explore what is possible, the art of the possible. But that doesn't always lead to the -- landing accounts quickly and expanding those accounts over time. And so we have focused our direct sales force on those vertical markets where we see the most opportunity, where we the most repeatability, where we -- there's very clear customer ROI, and that's primarily the 3 core markets that we mentioned previously: defense and Intelligence, civil government and agriculture. So we want our direct sales force focused on large customer accounts in those sectors. For some of the more emerging sectors, that's where we are leveraging our partner network, of a large network of partners that help to solve customer problems. We can't develop all of the analytics solutions in-house to solve every customer problem, particularly in some of the verticals that are still in the early stages of adopting geospatial solutions. And so that's where we can leverage partners to help bridge that last mile to customer value. We've also acquired a platform called Sentinel Hub from a company called Sinergise that is providing the foundation for a self-service channel to serve small customer accounts. So we get -- there are lots of customers that come in and want to spend 4 figures or 5 figures with us. And that's probably not the best use of our direct sales force's time, but we want to be able to serve those customers. And so having a self-serve platform where customers -- it's lower touch, doesn't require a sales rep, where they can go and access the solutions and data they need with very clear pricing and packaging, that's how we want to serve that market. So those are some of the go-to-market changes that we've made in the last couple of quarters. And we're also just more generally simplifying sales processes and streamlining them.

And maybe, if you could, talk about any early successes that you might have had since this go-to-market strategy was implemented. I'm not sure if you've made any particular announcements that you want to highlight to everybody. Or I know you're in your quiet period, you can't talk about numbers. But just kind of -- any highlights that you might have or positive proof points on how that's going.

Yes. So last quarter, we talked about some of the large accounts that we -- large wins that we had in some of those core vertical markets. So that's -- we saw a large expansion with BASF in the ag sector. That's a 7-figure account. That's a large account. We talked about a large Ministry of Defense -- large contract that we won with the Ministry of Defense customer. These are the examples of landing these large 7- and sometimes 8-figure deals that are driven by our direct sales force in our core markets. We also on the -- we've done a lot of great work with partners, including like an ERM. So ERM, Environmental Resources Management, they are a SI in the sustainability space and they're helping us to go after opportunities together to solve problems around things like how do I comply with EUDR. So making progress with those types of SIs that can help us address those issues that require an extra partner to solve that last-mile problem is very exciting for us. And EUDR, as you know, is a large opportunity for our business.

So what -- for the benefit of those in the room and on the webcast, maybe talk a little bit about what EUDR is.

Yes. Yes. So EUDR is the European Union Deforestation-free Product Regulation that is going into effect at the end of this year, where companies that are importing goods and selling goods into the EU are going to need to prove that those goods or raw materials or derived products did not cause deforestation in the sourcing of those products. And geospatial location is a key means of proving that you did not cause deforestation. The products that it covers include cattle, cocoa, soy, wood, rubber and a number of other everyday products that are -- and many different consumer packaged goods. This type of regulation is -- helps to drive adoption in the commercial space, where you have not seen geospatial really -- it hasn't been adopted to the same degree that we've seen in the government space yet.

So let's see here, if I can remember. You mentioned 900-some-odd customers. Can you remind us where that customer count might have been maybe a year ago off the top of your head?

Off the top of my head, no. It's grown quite a bit in an order of magnitude in the hundreds since we went public. So it's -- we've added a lot of customers. And just for context, our business today is roughly 70% government, 30% commercial. I think it's actually 42% D&I, 30% civgov and 29% commercial. So it is weighted towards the government, which is the traditional customer of geospatial solutions. But we are driving a lot of adoption in the commercial sector, and that's where we see a lot of long-term opportunity.

Okay. So as we think about kind of growth going forward for the company, the expectation is that the mix of that business between government and commercial will become more equally weighted over time? Or is it they'll grow, both of them, equal amount each year?

Yes. In the near term, we see a lot of growth coming from the government sector, and we're pursuing a number of opportunities on the defense and intelligence civgov side. We have a large pipeline of 7-figure-plus opportunities that we're going after, and many of them are government. But longer term, we see a significant amount of opportunity in the commercial sector. And that will be driven by partners, our partner network, our low-touch channels, the analytics solutions we're building on top of our data and then also some of the regulations like EDR, which we mentioned. So yes, over the long run, we would expect our mix of revenue by sector to be roughly equally weighted 1/3, 1/3, 1/3.

Right. Okay. You just mentioned some of the analytical things that you're kind of layering in here. So I obviously spent some time in the geospatial world myself. And I think you said -- I heard a quote at one point where the commercial geospatial industry was creating enough data every day that it would take intelligence analyst 85 years to try to identify all the trees that were taken in 1 day. 85 years for one guy to sit down and just pick through and figure out where all the trees are and all the geospatial data that's being generated just by commercial companies, much less what's going on with the government. And then along comes high-performance computing. Turning algorithms that can do that in a matter of seconds, maybe in minutes. But a very, very short period of time. So talk to us a little bit about some of the analytical tools that Planet has built around the data sets that you all have. And maybe paint a picture for those in the room and on the webcast about what that kind of does for the end user of it, maybe a use case or 2 to demonstrate it.

Yes, absolutely. So we have a line of products we call Planetary Variables. These are analytic solutions that can abstract the way the satellite imagery and the data we deliver starts to look more like time series data that anyone, any analyst could interpret. You don't need a PhD in geospatial. That's where we see the value of analytics really going. It's making this data more accessible, more usable to the nontechnical, the nonexperts, opening up the market to data scientists to software developers and eventually to any business analyst. So today, we have Planetary Variables for things like soil water content, soil temperature. Those are important for the insurance product we discussed with customers like Swiss Re. We have crop biomass detection. We have building and road detection. And we recently announced a global forest carbon product, which is really exciting. It has sustainability forestry use cases, as well as applications for carbon markets. So being able to look at forest canopy, forest structure and assuming the amount of carbon in a given tree, and then look at a whole forest and understand how much carbon is contained in the forest. Having scientific-grade reliable data for that is important for supporting carbon credit markets. So those are some of the solutions that we have today. We acquired a company called Sinergise for the Sentinel Hub platform. They have geospatial tools and analytical solutions that make working with these data sets easier. We just announced that our Planetary Variables, the ones we just discussed, are now available on the Sentinel Hub platform that's just continuing to make the data more accessible, more usable. And then there's AI, which is sort of what you were talking about in terms of taking all this data and making it easier to search and gain context from. The Planetary Variables solutions, you can think of them as training and running models for individual things that you're trying to understand. But with generative AI, it's very exciting because you can feed a generative AI model in the data wants and then run it to search for anything. So it could be you feed the data to AI and then and you feed it -- let's say, the United States, and say, okay. Here's data in the United States here, you have the archive going back in time, now find me all of the train stations in the U.S. and how they developed over time. Or all the solar farms, and how is solar farm development happen over time. Instead of taking months to be able to train a model and refine it to do that, you can do it in a matter of minutes. We shared a slide set at our Investor Day where we produced 13 trillion pixels across 8 spectral bands on a daily basis, and we estimated it would take an analyst 7 years to look through all of that. With AI, you can look through all of that in a matter of minutes. You can find that needle in the haystack that you're looking for in a very short amount of time.

Actually -- well, you just mentioned spectral bands. That might be a new word to the layman in the room. What do you mean by that, spectral band, and why is that important to what your customers need and want?

We think of the geospatial industry as pushing on 3 axes: it's temporal frequency, it's facial resolution and then it's spectral resolution. And spectral resolution, there's the visible light spectrum, the things we can see with our eyes, but then there's all of the stuff that we cannot see with human eyes that's outside of the visible light spectrum. And that's where having sensors that [ dubs ] outside of that spectral -- outside of the visible light spectrum is really exciting. And so we have 8 spectral bands available on our PlanetScope fleet, that daily scan of the Earth, allows us to look at things like crop health, valuable for the ag industry. We have a future fleet in development called Tanager that will be hyperspectral and have the ability to look up to over 400 special bands and be able to see things like methane and CO2, which is very exciting and very important as -- for sustainability applications and obviously monitoring emissions. So yes, that's a little bit on spectral bands.

Okay. So let's step back for a second. So we started in 2010 with this vision of mapping the world on a fairly frequent basis. We get to fast forward to 2017, we're doing it on a daily basis. We are signing up some government customers in the D&I world along the way, having some success in the ag and the insurance markets. $250 million of revenue roughly. We're still burning some cash, which is something we'll get to here in a minute. But part of that is driven by the investments that you're making in your go-to-market strategies, and it's also in the investments that you're making on the fleet itself. So today, we've got low-resolution satellites and some higher resolution satellites, right, the Doves and the SkySats, right? So we can take broad areas and then we can focus in, right, is the right way to think about it. And we've got $250 million of revenue, and we're trying to figure out ways to accelerate revenue growth through adoption, increased customer adoption. We think that might happen through some of the regulatory stuff we talked about in Europe, right? D&I, that seems like a really natural place. And so I do want to double-click a little bit more on what we can do to accelerate D&I kinds of revenue streams in the future. But why don't we talk a little bit about some of the investments the company is making to move this revenue from $250 million up to something higher, gets the company to EBITDA breakeven and eventually to lower cash flow. So go-to-market. We need the investment. We're making some tweaks. We're getting -- seeing really success in the go-to-market that you've all made. But let's talk about the constellation itself and some of the changes that you all are making there. You mentioned Tanager. There's another one called Pelican that you're working on now as well. So talk a little bit about what Pelican is, what it's meant to do, what you think that's going to do for adoption and revenue acceleration for the company, and then do the same thing for Tanager.

Yes, happy to. So we have 2 new fleets in development. Pelican is our high-resolution optical fleet. That will replace the SkySats over time. It's designed for higher capabilities than the SkySats at a lower cost. So better resolution, lower latency and more revisits compared to the SkySats. And what -- a SkySat cost on an individual basis between $10 million and $12 million, that's build, launch and materials. And we estimate a Pelican will cost between $5 million to $6 million, that's build, launch and materials. We just launched our first tech demo of a Pelican satellite. And the fact that we do tech demos is -- probably sets us apart from many in the traditional aerospace sector because our cost of satellite is so low and we iterate so rapidly, we can do things like tech demos to gain on orbit learning. So we've been learning a lot about the Pelican satellite through the tech demo that we're incorporating into future Pelican satellites, as well as Tanager. Tanager is our hyperspectral satellite. It shares the same satellite bus as Pelican. So we have a modular satellite bus that can host different sensors. Pelican has an optical sensor, Tanager has a hyperspectral sensor. Tanager is funded by a nonprofit called Carbon Mapper. They have brought together a coalition of partners that includes NASA PL, Arizona State University, Bloomberg Philanthropies and the Rocky Mountain Institute, among other partners, with the mission to detect CO2 and methane emissions globally at the point source. And so these are our 2 programs, different sensors, same satellite bus. The Pelican program is about replenishing using our SkySat over time, our high-resolution satellites over time, and there's a broad range of applications across defense and civil government and commercial that we can serve with those satellites. And then Tanager is about bringing a new data set to the market to solve sustainability problems, as well as serve use cases across defense, ag and also biodiversity. So these are the 2 new programs that we're working on. We see improvement in resolution, and revisit time is helping to drive the high resolution adoption -- adoption of high-resolution imagery. And then bringing on new data sets like hyperspectral is opening up new use cases across different markets.

Maybe you can -- to the extent that you all have articulated how that ties back to the numbers and what kind of growth rates we would expect, sort of just to kind of help accelerate, maybe just kind of walk us through the business case behind all of this that you've -- given the quite period you've articulated to date, how is that...

Yes, yes, sure. So it's about -- on the Pelican side, it's about continuing to grow our high-resolution business. So we have a strong high resolution book of business today, a number of customers there across defense and commercial. And it's about bringing the capabilities that those customers are looking for, higher capabilities to grow those accounts, expand those accounts and also drive more adoption. On the Tanager side, it's about opening up new markets. So we see a lot of opportunity on the tender side, particularly with energy and regulators, if you want to be able to identify point source emissions as a regulator so that you can enforce good conduct around emissions. And if you're an energy company, you want to monitor your emissions so you can mitigate potential issues ahead of time, this is an incredibly valuable data set for you. So these 2 programs are -- they're being -- they're in the development phase right now. The tech demo for Pelican is up and we're very excited.

Yes. In Tanager, you mentioned some customer funding related to the build of it?

From a nonprofit called Carbon Mapper.

Right. So who is the owner of the satellite when it's all set -- when it's launched and...

We'll continue to own the satellite.

Okay. And then you...

We're delivering the data through the nonprofit.

All of the data or certain -- they've got some sort of [ satellite ] to it?

The portion that is -- yes, so there's a certain agreement that we have with the nonprofit and they receive the data that is used for CO2 and methane detection, but we will still be able to commercialize that. And then the data that we capture outside of the spectral bands, there's only a few spectral bands that you need for methane or CO2, we'll be able to commercialize that for other industries. And that's where you start to open up applications in defense, applications in agriculture, applications in biodiversity.

And -- so it sounds to me like, okay, you've got customer funding on that, you're going to deliver the data to them once it's operational. Is there an opportunity, to your knowledge, to sell out some of that capacity or line up customers ahead of the actual launch of the satellite? Or is it one of those things where we're kind of building it and hoping that we're going to build a case around it?

That's a good question. We actually have an Early Access Program for that program, with a number of customers across government as well as commercial sector. So think energy companies, think regulators that are helping with the development of the -- they're providing feedback on the data. We have synthetic data that we have produced for the hyperspectral imagery, as well as data captured from airplanes, so aerial data. They're providing feedback on that. And so we're developing the customer strategy with the customers ahead of actually having those satellites in space.

So you're kind of doing product development with them for a product that they're going to buy in the future, right?

Correct.

Okay. Good. What's the time line of [ Tanager ], do you know, top of your head? I mean the years it will last?

I don't know the design life of Tanager. The Pelican satellite is designed for about a 5-year useful life.

5-year useful life. Okay. So let's switch over to the Pelican then really quickly. So let's see, you're going from SkySats were originally designed for, I believe, 90 centimeters, is that right? 100?

They were originally designed for, I believe, 75 centimeters, and then you lower the fleet an altitude to capture 50-centimeter resolution.

Okay. And the design of Pelican is 50, I think, out of the gate?

No. So Pelican will be designed for higher resolution, up to 30 centimeters.

Up to 30, meaning depending on what altitudes you're flying, is that the idea?

It depends on a number of different factors with the satellite.

Okay.

Altitude is one of them. Obviously, the closer you are to the ground, the higher the resolution.

Right, right. With a less land mass to pick up as you're doing it.

Right. Yes. Exactly, yes.

I did take...

Do you remember that from your...

Yes, geometry in the freshman year of high school, I remember that, yes. It's almost like a penultimate math class, I think I [ took note on ]. Okay. So you mentioned Pelican is meant to replace SkySat. Can you talk a little bit about the potential growth capacity that Pelican might offer to you all? So good to replace things and defend the revenue that you have, and I'm just kind of curious how you think about revenue growth that would be attached to Pelican. And I know. Historically, you all have been focused on taking one picture and selling it a bunch of times and not really doing capacity sales. But I'm wondering if part of this go-to-market change that you discussed earlier might contemplate just outright capacity sales to people and guaranteeing some level of access to the satellites to kind of -- in your capacity utilization out of the gate.

Yes. Yes. So with Pelican, so there's 2 things. So there's -- capturing more revisits on a daily basis allows you to serve more customers. Having higher resolution, lower latency allows you to deliver more customer value. So those 2 pieces can help drive incremental revenue beyond your existing book of business. We've also made improvements in our software on the high-resolution side to optimize collections, so that we can serve more customers with our existing satellite fleet on the high-res side. And so we've talked about that in the past, but optimizing collections in order to serve more customers is a great way to grow revenue without having to put an incremental satellite up into orbit. So that's how we think about pushing on multiple different axes in order to drive our business in the high-resolution space. And we have, again, a large pipeline of opportunities with customers across defense and civil government that we're continuing to go after. So whether they're signing up for SkySat today or Pelican tomorrow, we want to be able to serve those customers. And so making sure we have the assets they need today and they're going to want tomorrow is very important.

Look, I know Airbus lost a couple of their satellites in a launch here last year. I'm losing track of the time. '23 or '22, I can't remember exactly. And I don't believe Maxar has got any their Legion satellites up yet. And the world is not getting any safer and calmer, and there's more need for geospatial data for intelligence.

That's right.

Not just here in the United States, but with a lot of our allies. So I'm wondering if there isn't a pretty interesting opportunity here for the company on the D&I side to kind of go fast with Pelican and get some -- hopefully, you guys are sharing some of this demo data with some of our allies that are pretty thirsty for this kind of knowledge. So as we think about Pelican and -- I mean, do you think that we're more likely to see announcements about D&I type customers either growing or becoming new customers for you all after we get Pelican going?

Yes. So certainly, there is growing demand for high-resolution imagery that Pelican can serve. And the government sector in general has been an area where we've seen those demand and growth. We talked about, on our last earnings call, growth in defense as well as civgov was both north of 20% in terms of revenue on a year-over-year basis. And so we're seeing healthy growth in both of those sectors. That's high resolution. Also PlanetScope. PlanetScope is helping to serve those customers. When there -- yes, certainly, the loss of some Airbus satellites and delays in other programs creates more demand. And so we want to be able to serve customers as quickly as possible, and that's where were focused on.

Okay. You mentioned PlanetScope. Maybe you can tell us a little bit about what that is and...

Yes. PlanetScope is that daily image of the Earth captured every day by our Dove fleet of satellites. So it's a capability that hasn't existed before. It can act as a time machine for the Earth because you can scroll through an archive of daily imagery to see how things have changed over time. That serves customers across defense, civgov and commercial markets. And we're really excited about its capabilities. It complements high-resolution imagery nicely. Just to give you an example of the power of PlanetScope. Last year, there was the Chinese surveillance balloon that showed up over U.S. territories, and there's quite a lot of media around it. And one of the first questions that government officials and others asked was where did it come from? With PlanetScope, we're able to look back through our archive and actually identify where that surveillance balloon originated from. And we worked with an AI partner called Synthetaic to do that. They ran an AI model on our PlanetScope imagery to find the balloon as they cross the Pacific and figure out where its origin site was from. That's an example of getting to the left of an event. So with the traditional tasking system, you need to know where you want your satellite to look. You say, okay, I'd like an image of New York City at this time on this day, because I know the Macy's day parade rate is going to occur, and I want to see it with my satellite. So you tap the satellite, you take an image and then you get delivered your image. With the daily scanning system, you're capturing things that you didn't know that you wanted to use today, but a week from now or in the future becomes very valuable. So when a surveillance balloon shows up above your -- over your borders, you can actually have an archive of imagery, consistent imagery, you can go back and identify where it came from. Or with this daily scan, the broad area that we're capturing with our data set, when you have troops building up around a border, like we saw with Ukraine, having that broad area coverage and being able to go back in time and look at, okay, where have troops built up ahead of an event occurring, is incredibly valuable. Also in terms of, for example, building damage detection. So we've run building damage analysis in Ukraine to understand where has conflict affected cities in different ways. We've run it in Lahaina after the fires to understand where have the fires caused the most damage to the city. Having that archive to be able to compare before and after is incredibly valuable. So that's PlanetScope.

Okay. Got it. So you talked about some of the humanitarian stuff. Maybe we can talk tangentially about the global forest carbon monitoring product that you all launched late last year and maybe some of the points on that's been going on that?

Yes. We signed up an exciting -- well, demand for that has been growing. And we signed up some very exciting customers, for example, BeZero Carbon, a carbon ratings agency. And that's where we are able to measure forest carbon at the nearly individual tree level. Important for sustainability, important for forestry, also important for carbon credit markets. And so that's a new product. It is based on technology from an acquisition we did have a company called Salo Sciences, where they're using LiDAR data and our PlanetScope data to do forest canopy structure measurement and then -- and detect forest carbon stored in forest. We brought to market a 30-meter product late last year, and we're expecting to bring to market a 3-meter product this year.

Okay. Great. So we're about to run out of time. So I do want to ask you just one last question, which is leave something behind for those on the webcast and here in the room, kind of what you want investors to know as you wrap up this presentation. And I don't want to see misunderstood about the story, but maybe what do you -- what's the investment thesis and the things that you all are excited about as a management team.

Yes. Well, thanks again for hosting us going. It's great to be here. I think the approach that we're taking to aerospace builds on a deep history of aerospace, American ingenuity, and then applies a lot of principles from Silicon Valley and that's we call agile aerospace. The way we test and iterate often and move quickly is different than the traditional industry. We have a unique data set, capability that hasn't existed before that's powering all of these different applications and creating new markets. And then we are also scaling up our business set. Data set scales in a very -- in what we call one-to-many fashion that is highly scalable, leads to high margins and enables us to build a very attractive business with sustainable cash flows for the long run.

Okay. Perfect. With that, we're going to leave it, and thank everybody here in the room as well as those on the webcast for listening in today.

Thank you. Thank you.

Thank you. Nicely done. Yes, appreciate it.