Via Satellite reports that German-based BASF Digital Farming GmbH expanded its existing contract with Planet Labs for more data. Nothing to really see here. BASF is a legacy Planet customer, since at least 2018. Under Planet’s Net Dollar Retention Rate (NDRR) metric, this would translate into an example of a firm contributing to >100% NDRR. Planet in FY 2023 had 131% NDRR across the board, but that slipped to 104% in FY 2024 indicating fewer customers are buying data and services from Planet than contracted. However what used to be the norm two years is now worthy of press because it is apparently so less frequent. It is good Planet still has customers increasing spend, but this particular news tell little about how much or how material this change is to Planet’s revenue.
Planet’s recent growth is being driven by increased international sales. This news is consistent with that. We are looking for increased domestic sales from Planet as tell that U.S. government revenue may be growing. Our theory is that that BASF and others like it overseas will be at risk from lower price foreign imagery constellations in the future.