09:43 AM EDT, 07/01/2025 (MT Newswires) -- Planet Labs PBC's ( PL ) Planet Labs Germany said Tuesday it obtained a multiyear 240 million euro ($283 million) contract, funded by Germany's government, to back security projects in Europe.

Under the deal, Planet will provide dedicated capacity and downlink services on Pelican satellites over some European regions, the company said, adding the agreement also includes access to PlanetScope and SkySat data, as well as artificial intelligence-backed products for situational awareness and maritime domain awareness.

The contract will use satellites already under development and the company said it expects to start recognizing revenue in January.

Planet Labs also said it won't be updating its financial outlook for the current fiscal year, which was provided on June 4.

Shares were up 14% in recent early trading.

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