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HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES EARLY REPAYMENT OF PROMISSORY NOTE AND 2025 CAPITAL UPDATE

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ./ The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with the financing will be accessible through SEDAR+ within two business days CALGARY, AB , Dec. 9, 2024 /CNW/ - Freehold Royalties Ltd. (Freehold or the Company) FRU has entered into a definitive agreement with a private seller to acquire mineral title and royalty interests in the core of the Midland Basin in Texas (the Acquisition or the Acquired Assets) for approximately $216 million, net of estimates for exchange rate and customary closing adjustments. Acquisition Snapshot 1,250 – 1,350 boe/d of premium priced, light oil weighted production (~800 bbls/d oil) Approximately $31 million in 2025E net royalty revenue (net of production and ad valorem taxes and assuming US$70 /bbl WTI) ~244,000 gross drilling acres, expanding our core, resource rich Midland Basin footprint by ~35% Highly undeveloped asset with ~25% of lands not having any horizontal drilling activity to date ~95% of production operated by Midland Basin focused ExxonMobil and Diamondback Energy 16 rigs currently active on the Acquired Assets Positions Freehold's royalty lands to capture one in every three rigs active in the Midland Basin (almost doubling from one in every six rigs prior to the Acquisition) "This acquisition is a successful reflection of our disciplined approach to strategic M&A, in an area we know well and further builds on the two core Midland Basin acquisitions we closed earlier this year. This fits precisely with our strategy of positioning our royalty portfolio in areas with best-in-class oil weighted reservoirs that have significant development runway under high quality operators. This transaction expands our footprint, right in the heart of the Midland Basin under ExxonMobil and Diamondback, two operators who recently completed a combined ~US$90 billion of acquisitions to increase their stakes in this extensive resource play" said David Spyker , Freehold's President and Chief Executive Officer. "This type of accretive deal with land and inventory depth, provides both growth and value to the Company and our shareholders immediately and is expected to for years to come." Freehold will fund the Acquisition, which is expected to close December 13, 2024 , through a $125.1 million bought deal equity financing (the Equity Financing) and Freehold's existing credit facilities. Acquisition Highlights Immediately adds significant production and a deep prospective multi-bench development inventory Freehold estimates 2025E production from the Acquired Assets to be 1,250 – 1,350 boe/d (approximately 61% light oil, 20% natural gas liquids and 19% natural gas) representing approximately $31 million in 2025E net royalty revenue (net of production and ad valorem taxes) based on US$70 /bbl WTI, with limited tax burden in the near term Pro forma, almost doubles the share of drilling activity in the Midland Basin on Freehold's royalty lands to one in every three wells drilled Adds 0.8 net drilled and uncompleted wells (DUCs) and permits, increasing Freehold's line of sight total U.S. inventory by over 20% to 4.4 net activity wells More than 25% of the lands are characterized as undeveloped with no prior horizontal drilling activity. These lands are positioned to benefit from the most current drilling and frac stimulation methods as well as "cube development" that operators in the Midland Basin are prioritizing to maximize productivity and reserve recovery Increases Freehold's exposure to premium priced, oil weighted production from the Midland Basin 61% oil weighting vs 51% on Freehold's current total production base (Q1 – Q3 2024 average) 22% higher realized pricing from the Acquired Assets ( $68.83 /boe vs $56.34 /boe Q1-Q3 2024 from Freehold's current corporate asset base) Enhances Freehold's alignment with investment grade operators with approximately 95% of current production from the Acquired Assets operated by ExxonMobil and Diamondback Energy ~244,000 gross drilling acres (including ~74,000 gross drilling acres that overlap with existing Freehold acreage) in the Midland Basin, increasing Freehold's Midland Basin acreage by approximately 35% Approximately 85% of acreage is concentrated in the core of the Midland Basin in Martin and Midland counties, where over 50% of total drilling activity in the Midland Basin since 2022 has been concentrated Provides immediate and expected increasing future accretion on funds flow per share, free cash flow per share and total production and oil production per share Pro forma net debt to trailing 12 months funds from operations of 1.1x is below Freehold's 1.5x leverage threshold Allows Freehold to continue to execute a consistent, sustainable return of capital program which balances dividend growth and accretive acquisition opportunities while maintaining a strong balance sheet Promptly following the closing of the Acquisition, Freehold is expecting that its senior credit facility will increase from $400 million to $450 million , maintaining its strong liquidity position post-Acquisition Freehold has an option to acquire up to an additional $65 million interest in the Acquired Assets, on the same terms and conditions, up until the closing of the Acquisition Strategic Rationale The Acquisition represents continued execution of our strategy to acquire mineral title and royalty interests in premier oil weighted basins across North America under best-in class operators. As Freehold has evolved over the last five years into a North American royalty company, the Midland Basin has become a core area for Freehold given the stacked-pay associated with multiple resource rich reservoir benches, robust drilling economics, and highly qualified, investment grade companies operating on our lands. The Midland Basin now comprises approximately 50% of Freehold's pro forma U.S. production and ~20% of pro forma corporate production. ExxonMobil will be Freehold's second largest corporate payor at approximately 13% of pro forma revenue, with ConocoPhillips at approximately 17% of pro forma revenue. Pro forma, Freehold's revenue is balanced between Canada and the U.S. and our pro forma production is weighted approximately 59% in Canada and 41% in the U.S. Notes to Figure 2 Undeveloped Acquired Assets Land represents areas where there has been no horizontal well development to date on a drill spacing unit (DSU); Partially Developed means less than half of the expected total prospective development inventory on the DSU has been developed with horizontal wells; Developed means over half of the expected total prospective development inventory on the DSU has been developed with horizontal wells. Acquisition Details Promptly following the execution of the Acquisition purchase and sale agreement, Freehold has paid a deposit of approximately $11 million to be held in escrow until closing of the Acquisition. If the Acquisition does not close as a result of a breach of the Acquisition terms by the seller, Freehold is entitled to recover the deposit in addition to a break fee from the seller. The Acquisition terms also contain customary representations, warranties, covenants and conditions. Closing is expected to occur on December 13 , 2024. Freehold has an option to acquire up to an additional $65 million interest in the Acquired Assets, on the same terms and conditions, up until the closing of the Acquisition. The effective date of the Acquisition is December 1, 2024 . In contemplation of the Acquisition, Freehold requested and received commitments from its syndicate of banks sufficient to increase its bank credit facilities by $50 million to $450 million with the accordion feature in such credit facilities conditional on closing of the Acquisition; however, Freehold does not require the additional available funds from the credit facilities increase to fund the purchase price of the Acquisition. The increase under the credit facilities will be subject to execution of definitive documentation by Freehold and its lenders consenting to such increase. 2025E Guidance Timing Freehold plans to provide 2025E guidance estimates in connection with its year-end 2024 results on March 12, 2025 following the 2025 capital development plan announcements by Freehold's strategic royalty payors. Acquisition Financing Freehold has entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets, CIBC Capital Markets and TD Securities Inc. (the Underwriters), pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought-deal basis, 9.62 million common shares (Common Shares) of Freehold at a price of $13 .00 per Common Share for gross proceeds of approximately $125.1 million . The Underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under the Equity Financing at a price of $13.00 per Common Share to cover over-allotments and for market stabilization purposes exercisable in whole or in part at any time until 30 days after closing of the Equity Financing. Completion of the Equity Financing is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. Closing of the Equity Financing is expected to occur on December 13 , 2024. Closing of the Equity Financing is not conditional on the closing of the Acquisition. In the event that the Acquisition does not close, the net proceeds from the Equity Financing will be used to fund general corporate purposes including repayment of amounts outstanding under the Company's credit facilities. The Common Shares issued pursuant to the Equity Financing will be distributed by way of a prospectus supplement (the Prospectus Supplement) to the short form base shelf prospectus of the Company dated November 13, 2023 (together with the Prospectus Supplement, the Prospectus) and may also be offered and sold in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the U.S. Securities Act). The Common Shares have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account of benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Access to the Prospectus, and any amendments to the documents are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment to the documents. The Prospectus will be (within two business days from the date hereof), accessible on SEDAR+ at www.sedarplus.ca . An electronic or paper copy of the Prospectus (when filed), and any amendment to the documents may be obtained, without charge, from RBC Capital Markets by e-mail at Distribution.RBCDS@rbccm.com , from CIBC Capital Markets by e-mail at mailbox.canadianprospectus@cibc.com or from TD Securities Inc. by e-mail at sdcconfirms@td.com . The Prospectus will contain important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus (when filed) and the other documents the Company has filed on SEDAR+ before making an investment decision. Freehold is uniquely positioned as a leading North American energy royalty company with approximately 6.1 million gross acres in Canada and approximately 1.1 million gross drilling acres in the United States . Freehold's common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU. Forward-Looking Statements This news release offers our assessment of Freehold's future plans and operations as at December 9, 2024 and contains forward-looking information including, without limitation, forward-looking information with regards to the expected terms and conditions of the Acquisition; the expected timing for closing of the Acquisition; the expected attributes and benefits to be derived by Freehold pursuant to the Acquisition; the expected 2025 production from the Acquired Assets including the commodity weighting thereof; expected 2025 royalty revenue from the Acquired Assets; the expectation that there will be limited tax burden in the near term associated with the Acquired Assets; the expectation that Freehold's royalty lands to capture one in every three rigs active in the Midland Basin; the expectation that the Acquired Assets have a significant development runway under high quality operators; the net DUCs and permits associated with the Acquired Assets; the expectation that more than 25% of the lands associated with the Acquired Assets are characterized as undeveloped with no prior horizontal drilling activity; the expectation that lands associated with the Acquired Assets are positioned to benefit from the most current drilling and frac stimulation methods as well as "cube development" that operators in the Midland Basin are prioritizing to maximize productivity and reserve recovery; the expectation that the Acquisition will increase Freehold's exposure to premium priced, oil weighted production from the Midland Basin; the expectation that together with the Equity Financing, Freehold estimates that the Acquisition provides immediate and increasing future accretion on funds flow per share, free cash flow per share and total production and oil production per share; the expectation that the Acquisition together with the Equity Financing will allow Freehold to continue to execute a consistent, sustainable return of capital program which balances dividend growth and accretive acquisition opportunities while maintaining a strong balance sheet; Freehold's forecast pro forma net debt to trailing 12 months funds from operations of 1.1x being below Freehold's 1.5x leverage threshold after giving effect to the Acquisition and the Equity Financing; Freehold's plan to provide 2025E guidance estimates in connection with its year-end 2024 results on March 12, 2025 following the 2025 capital development plan announcements by Freehold's strategic royalty payors; the expected terms of the Equity Financing; the expected use of proceeds from the Equity Financing; the expected timing of closing the Equity Financing; and the expected increase to Freehold's credit facilities which is expected to provide Freehold with a strong liquidity position. This forward-looking information is provided to allow readers to better understand our business and prospects and may not be suitable for other purposes. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond our control, including the demand for oil and natural gas, general economic conditions, industry conditions, the impact of the Russia - Ukraine war and the Israel-Hamas-Hezbollah conflict on the global economy and commodity prices, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, our ability to access sufficient capital from internal and external sources. The closing of the Acquisition, and/or Equity Financing could be delayed if Freehold or the other parties are not able to obtain the necessary regulatory and stock exchange approvals on the timelines anticipated. The Acquisition and/or Equity Financing may not be completed if these approvals are not obtained. The closing of the Acquisition may not be completed if some other condition to the closing of the Acquisition is not satisfied. Accordingly, there is a risk that the Acquisition, Equity Financing will not be completed within the anticipated time or at all. In addition, the Equity Financing is not conditional on the closing of the Acquisition and as such the proceeds from the Equity Financing may be used for purposes other than the payment of the purchase price pursuant to the Acquisition. Risks are described in more detail in Freehold's annual information form for the year ended December 31, 2023 which is available under Freehold's profile on SEDAR+ at www.sedarplus.ca . With respect to forward looking information contained in this press release including relating to the 2025 forecast production and 2025 royalty revenue from the Acquired Assets, we have made assumptions regarding, among other things; future oil and natural gas prices (for the purposes of the estimates in this press release we have assumed a West Texas Intermediate price of US$70 /barrel of oil and a NYMEX natural gas price of US$3.30 /MMbtu); future exchange rates (for the purposes of the estimates in this press release we have assumed an exchange rate of US$1.00 for every CDN$1.40 ); that drilled uncompleted wells will be completed in the short term and brought on production; that wells that have been permitted will be drilled and completed within a customary timeframe; expectations as to additional wells to be permitted, drilled, completed and brought on production in 2024 and 2025 based on Freehold's review of the geology and economics of the plays associated with the Acquired Assets; expected production performance of wells to be drilled and/or brought on production in 2024 and 2025; the ability of our royalty payors to obtain equipment in a timely manner to carry out development activities; the ability and willingness of royalty payors to fund development activities relating to the Acquired Assets; and such other assumptions as are identified herein. You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained herein is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management's plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements. You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes. Currency All references in this press release to dollar amounts are to Canadian dollars unless otherwise indicated. Conversion of Natural Gas to Barrels of Oil Equivalent (BOE) To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value. SOURCE Freehold Royalties Ltd. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/09/c7444.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Justin Herbert threw three touchdowns as the Los Angeles Chargers booked their place in the NFL playoffs with a blowout 40-7 win at the New England Patriots on Saturday. The Patriots, who suffered a sixth straight loss, were booed off the field by the remaining fans at Gillette Stadium as they fell to 3-13 on the season. But for the Chargers it was a job well done as the confident Herbert ensured a second post-season place in three seasons with another accomplished quarterback display. Herbert completed 28 of 38 passes and threw for 281 yards against a Patriots defense that caused few issues against the passing game. The Chargers took the lead late in the first quarter thanks to a beautiful 23-yard Herbert pass, superbly caught by the diving Derius Davis. After a Cameron Dicker field goal early in the second, Herbert found rookie receiver Ladd McConkey at the back of the end-zone with a pinpoint pass to make it 17-0. Patriots rookie quarterback Drake Maye had been forced out of the game in the first quarter after suffering a hit to the head by Cam Hart when running down the sideline. But Maye, who had been cleared to return for the second quarter, showed he was in good shape with a fine 36-yard touchdown pass to DeMario Douglas to give the Patriots some hope. But the Chargers ran away with the game with Herbert again connecting with McConkey, this time with a 40-yard pass down the middle and a two-yard rush from J.K Dobbins in the fourth completed the rout. Herbert's performance meant he set a new record for the most passing yards in the first five years of an NFL career -- passing Peyton Manning's tally of 20,618 yards. But the quarterback, who has yet to win a playoff game, was quick to give credit for his achievement to his team-mates. "It says so much about the guys we had catching those passes and a great offensive line giving me the time to get the ball off and (the defense) getting me the ball back," he said. "I couldn't have done it without them," he added. The Denver Broncos can clinch a place in the playoffs when they face the Bengals in Cincinnati later on Saturday. sev/nf

San Francisco 49ers quarterback Brock Purdy will not play Sunday and head coach Kyle Shanahan said the lingering discomfort is a concern. Purdy sat out Friday after he participated in the start of Thursday's practice with the 49ers, then retreated indoors for what Shanahan said was a treatment session. Brandon Allen, 32, will start in Purdy's place, and the 49ers are also without defensive end Nick Bosa (oblique). Shanahan said players believe in Allen, even if he's an unknown. "Outside of here people haven't seen a lot of Brandon. But it's his second year (with the 49ers)," Shanahan said. "Obviously guys want Brock up, but guys are excited to see Brandon play." Shanahan said they are "a little surprised" Purdy experienced tightness and discomfort in his shoulder after an MRI exam on Monday that showed no long-term cause for concern. "The way it responded this week, it's really up in the air for next week," Shanahan said of Purdy. Allen is familiar to Packers head coach Matt LaFleur, who was an assistant coach with the Rams during Allen's two-year run in Los Angeles. Allen broke into the NFL in 2016 with the Jaguars and is 2-7 in nine career starts. He went 1-2 with the Broncos in 2019 and 1-5 in six starts over two years with the Bengals in 2020 and ‘21. Shanahan said Allen's confidence grew throughout the week and he doesn't anticipate a major change in how he calls the offense. Left tackle Trent Williams (ankle) also missed practice for the third consecutive day. Without disclosing the nature of the ailment to Purdy's throwing shoulder, general manager John Lynch confirmed Friday an MRI exam took place to determine the severity of any injury. Allen worked with the first team most of Thursday and Friday with Joshua Dobbs also taking snaps. Lynch described Purdy's status for the 49ers (5-5) this week as "tenuous." "Hopefully, he makes progress, and we can have a shot at this weekend, but we'll see," Lynch said in an interview with KNBR in San Francisco. "I think it's tenuous." When Purdy was on the field this week, he primarily worked on the side in position-specific drills with QB coach Brian Griese. Williams played through an ankle injury last week after being listed as questionable but exited the stadium with an exaggerated limp on Sunday. Run game coordinator Chris Foerster said the 49ers aren't where they want to be at 5-5 because they haven't won close games, not because of injuries. "Seven games left is like an eternity," Foerster said. "So much can happen. Do the math. What was our record last year? It was 12-5. I was on a 13-win team that was nowhere near as good as the team last year." With or without Purdy, Foerster said the challenge for the 49ers is not to give up the ball to a defense that has 19 takeaways. The 49ers have 13 giveaways this season. --Field Level MediaMan City collapse ‘difficult to swallow’ – Pep Guardiola

Paul Krekorian, who is leaving the Los Angeles City Council due to term limits, will oversee the city’s handling of the 2026 World Cup, the 2028 Olympic and Paralympic Games and other large events. Mayor Karen Bass tapped Krekorian, who leaves office on Sunday and previously served as council president, to be executive director of the city’s Office of Major Events. In that post, he will ensure that the Olympics and other sporting events provide “positive economic impacts for the city,” Bass’ office said. Bass’ office didn’t respond to a request about Krekorian’s salary in the new role. The veteran city lawmaker will serve as the primary liaison between Bass’ office and LA28, the private group organizing and paying for the Games. He will coordinate with city departments, work with the business community and oversee an effort to beef up the city’s transportation networks. City leaders are hoping that the Games will boost tourism and the regional economy. During the 2024 Summer Games, Paris saw a surge of visitors but also a dramatic fall-off in business for some shops and museums because of security restrictions that closed off parts of the city, according to the Associated Press . City officials want the incoming Trump administration to pay for billions of dollars worth of transportation improvements ahead of the Games, though there is no clear indication that it will. Bass, Krekorian and other city and county officials visited Paris earlier this year to study that city’s preparations. “When we met with officials from Paris, they stressed the importance of pulling the entire city together to make sure all city departments were aligned and operating under the same vision,” Bass said in a statement, adding that “Krekorian is uniquely positioned” to lead that effort. Bass pointed to Krekorian’s decades of experience handling city and state finances. Elected to the council in 2009, Krekorian led the powerful Budget and Finance Committee for several years, helping the city emerge from the 2008 recession and weather the economic shocks created by COVID-19. The city is taking on a significant financial risk by hosting the Olympic Games. If the Olympics fail to bring in enough money, the city will be on the hook for the first $270 million and potentially millions more, according to an agreement reached several years ago. At the same time, the city has limited power when it comes to the Olympics and Paralympics. The City Council can vote on venue changes, and LA28 will reimburse the city for some services, but the planning and execution of the events falls to LA28. Krekorian, who was elected council president in 2022 and represents part of the San Fernando Valley, said earlier this year that he remains confident that the L.A. Olympics will be economically successful. On Thursday, in a statement, he said he would work with Bass to “deliver the 2028 Games in a way that benefits everyone.” Last month, Krekorian expressed worry about the election of Trump, who has repeatedly attacked California over its left-leaning policies. Krekorian said at the time that he was anticipating “four difficult years for our city on multiple levels, not least of which is our access to federal funding for different programs, and preparations for the Olympics.” Trump announced Wednesday on Truth Social that he is nominating television commentator and former assistant treasury secretary Monica Crowley as the administration’s representative for “major U.S. hosted events,” including the 2026 World Cup and 2028 Olympics.

SAN FRANCISCO--(BUSINESS WIRE)--Dec 9, 2024-- Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended October 31, 2024. "We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet’s largest ever quarter of ACV bookings, helping lay the foundation for future growth," said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. "We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions. We also saw first light from our Tanager satellite, released the first set of over 300 CO2 and methane detections, and are progressing towards commercializing its hyperspectral data. The success of this program has led us to actively pursue other opportunities that similarly advance our technology roadmap while enhancing our financial position. Ultimately, we believe Planet is well positioned for growth going forward." Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We saw significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins, as well as the continued progress on our path to profitability. I’m pleased to confirm that we’re on track to achieve our target of Adjusted EBITDA profitability next quarter. Meanwhile, we’re reducing our cash burn and our balance sheet remains strong with approximately $242 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.” Third Quarter of Fiscal 2025 Financial and Key Metric Highlights: Recent Business Highlights: Growing Customer and Partner Relationships New Technologies and Products Impact and ESG Fourth Quarter Financial Outlook For the fourth quarter of fiscal year 2025, ending January 31, 2025, Planet expects revenue to be in the range of approximately $61 million to $63 million. Non-GAAP Gross Margin is expected to be in the range of approximately 63% to 65%. Adjusted EBITDA is expected to be in the range of approximately $0 to $2 million for the quarter. Capital Expenditures are expected to be in the range of approximately $8 million and $11 million for the quarter. Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the fourth quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. The foregoing forward-looking statements reflect Planet’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Webcast and Conference Call Information Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, December 9, 2024. The webcast can be accessed at www.planet.com/investors/ . A replay will be available approximately 2 hours following the event. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=00196caf&confId=74075 . You will then receive your access details via email. Additionally, a supplemental presentation has been provided on Planet’s investor relations page. About Planet Labs PBC Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to over 1,000 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space’. Channels for Disclosure of Information Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Planet’s Use of Non-GAAP Financial Measures This press release includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described further below, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share, Adjusted EBITDA and Backlog, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets classified as cost of revenue, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. The Company defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue. Non-GAAP Expenses: The Company defines and calculates Non-GAAP cost of revenue, Non-GAAP research and development expenses, Non-GAAP sales and marketing expenses, and Non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, that are classified within each of the corresponding U.S. GAAP financial measures. Non-GAAP Loss from Operations: The Company defines and calculates Non-GAAP Loss from Operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. Non-GAAP Net Loss and Non-GAAP Net Loss per Diluted Share: The Company defines and calculates Non-GAAP Net Loss as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by diluted weighted-average common shares outstanding. Adjusted EBITDA: The Company defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, non-operating income and expenses such as foreign currency exchange gain or loss, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. The Company presents Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share and Adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company’s core operating performance. Backlog: The Company defines and calculates Backlog as remaining performance obligations plus the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. An increasing and meaningful portion of the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents Backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes Backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company’s. Further, certain of the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy. Other Key Metrics ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Sentinel Hub self-service paying users. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company also calculates EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. The Company does not annualize short-term contracts in calculating its EoP ACV Book of Business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period. Percent of Recurring ACV: Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. The Company defines Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Sentinel Hub self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. The Company believes Percent of Recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV. EoP Customer Count: The Company defines EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Sentinel Hub self-service paying users. For EoP Customer Count, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company’s data or services. The Company sells directly to customers, as well as indirectly through its partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with the Company, is counted only once. For example, if a customer utilizes multiple products of Planet, the Company only counts that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP Customer Count, the Company does not include users that only utilize the Company’s self-service Sentinel Hub web based ordering system, which the Company acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. The Company believes excluding these users from EoP Customer Count creates a more useful metric, as the Company views the Sentinel Hub starter packages as entry points for smaller accounts, leading to broader awareness of the Company’s solutions throughout their networks and organizations. The Company believes EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company’s platform and is a measure of the Company’s success in growing its market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company’s data or services. Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned” or the negative of these words or other similar terms or expressions that concern Planet’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet’s financial guidance and outlook, Planet’s path to profitability (including on an Adjusted EBITDA basis) and target for achieving Adjusted EBITDA profitability, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, and Planet’s expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet’s ability to forecast Planet’s performance due to Planet’s limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet’s filings with the Securities and Exchange Commission (“SEC”), including Planet’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024, and any subsequent filings with the SEC Planet may make. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet’s results for the quarter ended October 31, 2024, are not necessarily indicative of its operating results for any future periods. PLANET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 138,969 $ 83,866 Restricted cash and cash equivalents, current 6,525 8,360 Short-term investments 103,255 215,041 Accounts receivable, net 38,853 43,320 Prepaid expenses and other current assets 13,992 19,564 Total current assets 301,594 370,151 Property and equipment, net 116,920 113,429 Capitalized internal-use software, net 18,259 14,973 Goodwill 137,411 136,256 Intangible assets, net 29,231 32,448 Restricted cash and cash equivalents, non-current 4,437 9,972 Operating lease right-of-use assets 20,829 22,339 Other non-current assets 2,083 2,429 Total assets $ 630,764 $ 701,997 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 3,572 $ 2,601 Accrued and other current liabilities 43,670 44,779 Deferred revenue 66,462 72,327 Liability from early exercise of stock options 6,275 8,964 Operating lease liabilities, current 9,105 7,978 Total current liabilities 129,084 136,649 Deferred revenue 11,230 5,293 Deferred hosting costs 6,665 7,101 Public and private placement warrant liabilities 1,835 2,961 Operating lease liabilities, non-current 13,819 16,952 Contingent consideration 2,871 5,885 Other non-current liabilities 655 9,138 Total liabilities 166,159 183,979 Stockholders’ equity Common stock 28 28 Additional paid-in capital 1,631,077 1,596,201 Accumulated other comprehensive income 1,347 1,594 Accumulated deficit (1,167,847 ) (1,079,805 ) Total stockholders’ equity 464,605 518,018 Total liabilities and stockholders’ equity $ 630,764 $ 701,997 PLANET CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Revenue $ 61,266 $ 55,380 $ 182,798 $ 161,844 Cost of revenue 23,749 29,350 81,288 81,375 Gross profit 37,517 26,030 101,510 80,469 Operating expenses Research and development 25,216 33,002 78,055 87,929 Sales and marketing 16,795 20,774 62,013 66,209 General and administrative 18,114 20,112 58,198 62,161 Total operating expenses 60,125 73,888 198,266 216,299 Loss from operations (22,608 ) (47,858 ) (96,756 ) (135,830 ) Interest income 2,414 3,445 8,292 11,753 Change in fair value of warrant liabilities 198 6,833 1,126 14,004 Other income (expense), net (60 ) (69 ) 660 894 Total other income, net 2,552 10,209 10,078 26,651 Loss before provision for income taxes (20,056 ) (37,649 ) (86,678 ) (109,179 ) Provision for income taxes 25 355 1,364 1,244 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Basic and diluted net loss per share attributable to common stockholders $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 293,338,324 284,197,733 290,674,554 277,252,951 PLANET CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 52 (1,667 ) (159 ) (1,543 ) Change in fair value of available-for-sale securities 48 89 (88 ) (970 ) Other comprehensive income (loss), net of tax 100 (1,578 ) (247 ) (2,513 ) Comprehensive loss $ (19,981 ) $ (39,582 ) $ (88,289 ) $ (112,936 ) PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended October 31, (In thousands) 2024 2023 Operating activities Net loss $ (88,042 ) $ (110,423 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 36,365 36,033 Stock-based compensation, net of capitalized cost 36,467 44,611 Change in fair value of warrant liabilities (1,126 ) (14,004 ) Change in fair value of contingent consideration 3,161 (923 ) Other (932 ) (3,538 ) Changes in operating assets and liabilities Accounts receivable 5,487 (3,872 ) Prepaid expenses and other assets 8,499 9,483 Accounts payable, accrued and other liabilities (7,731 ) (20,706 ) Deferred revenue 71 19,557 Deferred hosting costs (298 ) (92 ) Net cash used in operating activities (8,079 ) (43,874 ) Investing activities Purchases of property and equipment (32,694 ) (29,086 ) Capitalized internal-use software (4,145 ) (3,266 ) Maturities of available-for-sale securities 57,046 142,903 Sales of available-for-sale securities 162,341 40,072 Purchases of available-for-sale securities (105,582 ) (166,169 ) Business acquisition, net of cash acquired (1,068 ) (7,542 ) Purchases of licensed imagery intangible assets (4,558 ) — Other (300 ) (944 ) Net cash provided by (used in) investing activities 71,040 (24,032 ) Financing activities Proceeds from the exercise of common stock options 332 6,770 Payments for withholding taxes related to the net share settlement of equity awards (7,328 ) (7,112 ) Proceeds from employee stock purchase program 1,083 — Payments of contingent consideration for business acquisitions (8,783 ) — Other (606 ) (15 ) Net cash used in financing activities (15,302 ) (357 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 74 (65 ) Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 47,733 (68,328 ) Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period 102,198 188,076 Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period $ 149,931 $ 119,748 PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Interest income (2,414 ) (3,445 ) (8,292 ) (11,753 ) Income tax provision 25 355 1,364 1,244 Depreciation and amortization 10,117 13,625 36,365 36,033 Change in fair value of warrant liabilities (198 ) (6,833 ) (1,126 ) (14,004 ) Stock-based compensation 11,829 12,598 36,467 44,611 Restructuring costs (1) 25 7,341 10,524 7,341 Employee transaction bonuses in connection with the Sinergise business combination (2) — 2,317 — 2,317 Certain litigation expenses (3) 395 — 395 — Other (income) expense, net 60 69 (660 ) (894 ) Adjusted EBITDA $ (242 ) $ (11,977 ) $ (13,005 ) $ (45,528 ) (1) As part of the 2024 headcount reduction, we recognized immaterial severance and other employee costs for the three months ended October 31, 2024 and $10.5 million of severance and other employee costs for the nine months ended October 31, 2024. For the three and nine months ended October 31, 2024, the restructuring related stock-based compensation benefit of $1.4 million is included on its respective line item. As part of the 2023 headcount reduction, we recognized $7.3 million of severance and other employee costs for the three and nine months ended October 31, 2023. For the three and nine months ended October 31, 2023, the restructuring related stock-based compensation benefit of $1.5 million is included on its respective line item. (2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated from the purchase consideration we paid for the acquisition. (3) Expenses relating to the Delaware class action lawsuit. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of cost of revenue: GAAP cost of revenue $ 23,749 $ 29,350 $ 81,288 $ 81,375 Less: Stock-based compensation 745 888 2,563 2,855 Less: Amortization of acquired intangible assets 759 796 2,298 1,674 Less: Restructuring costs 128 563 1,312 563 Less: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP cost of revenue $ 22,117 $ 26,836 $ 75,115 $ 76,016 Reconciliation of gross profit: GAAP gross profit $ 37,517 $ 26,030 $ 101,510 $ 80,469 Add: Stock-based compensation 745 888 2,563 2,855 Add: Amortization of acquired intangible assets 759 796 2,298 1,674 Add: Restructuring costs 128 563 1,312 563 Add: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP gross profit $ 39,149 $ 28,544 $ 107,683 $ 85,828 GAAP gross margin 61 % 47 % 56 % 50 % Non-GAAP gross margin 64 % 52 % 59 % 53 % PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of operating expenses: GAAP research and development $ 25,216 $ 33,002 $ 78,055 $ 87,929 Less: Stock-based compensation 4,294 5,655 12,120 18,555 Less: Restructuring costs (76 ) 3,297 3,464 3,297 Less: Employee transaction bonuses in connection with the Sinergise business combination — 1,891 — 1,891 Non-GAAP research and development $ 20,998 $ 22,159 $ 62,471 $ 64,186 GAAP sales and marketing $ 16,795 $ 20,774 $ 62,013 $ 66,209 Less: Stock-based compensation 1,655 1,626 6,863 7,827 Less: Amortization of acquired intangible assets 129 261 473 665 Less: Restructuring costs 24 1,943 4,457 1,943 Less: Employee transaction bonuses in connection with the Sinergise business combination — 41 — 41 Non-GAAP sales and marketing $ 14,987 $ 16,903 $ 50,220 $ 55,733 GAAP general and administrative $ 18,114 $ 20,112 $ 58,198 $ 62,161 Less: Stock-based compensation 5,135 4,429 14,921 15,374 Less: Amortization of acquired intangible assets 36 93 151 254 Less: Restructuring costs (51 ) 1,538 1,291 1,538 Less: Employee transaction bonuses in connection with the Sinergise business combination — 118 — 118 Less: Certain litigation expenses 395 — 395 — Non-GAAP general and administrative $ 12,599 $ 13,934 $ 41,440 $ 44,877 Reconciliation of loss from operations GAAP loss from operations $ (22,608 ) $ (47,858 ) $ (96,756 ) $ (135,830 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Non-GAAP loss from operations $ (9,435 ) $ (24,452 ) $ (46,448 ) $ (78,968 ) PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Reconciliation of net loss GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Income tax effect of non-GAAP adjustments 914 — 1,326 — Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) Reconciliation of net loss per share, diluted GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) GAAP net loss per share, basic and diluted (1) $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Add: Stock-based compensation 0.04 0.04 0.13 0.16 Add: Amortization of acquired intangible assets — — 0.01 0.01 Add: Restructuring costs — 0.03 0.04 0.03 Add: Employee transaction bonuses in connection with the Sinergise business combination — 0.01 — 0.01 Add: Certain litigation expenses — — — — Income tax effect of non-GAAP adjustments — — — — Non-GAAP net loss per share, diluted (2) (3) $ (0.02 ) $ (0.05 ) $ (0.13 ) $ (0.19 ) Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 Weighted-average shares used in computing Non-GAAP net loss per share, diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 (1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (2) Non-GAAP net loss per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) The table below reconciles Backlog to remaining performance obligations for the periods indicated: (in thousands) October 31, 2024 January 31, 2024 Remaining performance obligations $ 145,890 $ 132,571 Cancellable amount of contract value 86,250 109,821 Backlog $ 232,140 $ 242,392 For remaining performance obligations as of October 31, 2024, the Company expects to recognize approximately 82% over the next 12 months, approximately 98% over the next 24 months, and the remainder thereafter. For Backlog as of October 31, 2024, the Company expects to recognize approximately 70% over the next 12 months, approximately 91% over the next 24 months, and the remainder thereafter. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209391021/en/ CONTACT: Investor Contact Chris Genualdi / Cleo Palmer-Poroner Planet Labs PBC ir@planet.comPress Contact Claire Bentley Dale Planet Labs PBC comms@planet.com KEYWORD: CALIFORNIA BRAZIL UNITED STATES SOUTH AMERICA NORTH AMERICA LATIN AMERICA EUROPE GERMANY INDUSTRY KEYWORD: SOFTWARE MOBILE/WIRELESS NETWORKS OTHER DEFENSE PROFESSIONAL SERVICES HARDWARE DATA MANAGEMENT TECHNOLOGY DEFENSE SATELLITE OTHER TECHNOLOGY ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) SOURCE: Planet Copyright Business Wire 2024. PUB: 12/09/2024 04:08 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209391021/en Copyright Business Wire 2024.

If you’re a Hallmarkie, you know that Andrew Walker is one of the faces of the channel. And what a face it is. It’s like The CW used an AI lab to create a leading man made of the best parts of Glen Powell , Ryan Eggold , and a young Clint Eastwood . It’s insulting really, how he just walks around with that thing out in the open, making the rest of us normies look like something out of Middle Earth. Thankfully, Walker is one of the authentically good ones. Humble, engaging, totally Canadian, and a dang workhorse. The Montreal-born actor-producer has shot six movies for Hallmark this year, including Countdown to Christmas’s Jingle Bell Run and Three Wiser Men and a Boy ! On top of that, he’s also a husband, father of two sons, and an entrepreneur, having co-founded the SkinMason skincare line ... which is clearly working, since there are zero signs of fatigue on his matinee-idol mug. “Obviously I use skincare on a daily basis, and when I wrap from set, I’m always washing my face off,” he explains of the inspiration behind SkinMason. “I have used very abrasive products that have given me skin [issues], I’ve broken out, I’ve had rashes. I used to have these little alcohol wipes to take the rest of my makeup off.” During a dinner with his friend Dr. Hussein Kanji, a heart and lung surgeon who’s “always working with different types of products for [organ] detoxification and antioxidants,” the two agreed to partner on a product line. SkinMason “He had an idea for a very simple yet effective skincare brand, ideally targeted to men to start with, because the women’s space is so massive...but women and men can use the same skincare,” Walker continues. “And I said I’d love to venture into this, first off, because my wife [Cassandra] always scolded me for using way too much of her expensive skincare products—I don’t know what to use! It’s like, there’s so many products out there.” Two years later, Walker and Kanji had the first two core products of the line, exfoliating wipes and a serum, which were soon followed by their new moisturizer. “We don’t even call it a moisturizer. It’s a bioactive cream.” Noting that Jean Carruthers, the co-innovator of Botox, has endorsed all of their products, Walker explains that their formula boasts retinoid, Vitamins C, and phospholipids that rebuild collagen. The SkinMason site is having a 40 percent off Black Friday sale and you can order each item individually or as a set, with a VIP subscription for regular refill orders at a 10 percent discount. Better yet, he laughs, “My wife has now turned on to using my products!” Andrew Walker / Instagram Speaking of his wife, how do the Walkers plan to spend the holidays? “With family,” he immediately offers. “We moved up to Vancouver for a year and it’s been amazing. It’s been quiet because we live next to a forest. So the holidays this year are just going to be family and trying to take a moment to put away the phones, put away technology, and just focus my time on my kids and my wife and each other.” Now that is a good look for everyone. Three Wiser Men and a Boy & Jingle Bell Run , Streaming Now, Hallmark+ More Headlines:

Petco Health + Wellness Company, Inc. Reports Third Quarter 2024 Earnings ResultsAs U.S. president-elect Donald Trump threatens Canada with major tariffs, sounding alarms over the number of people and drugs illegally crossing into America, Conservative Leader Pierre Poilievre and some premiers say they agree that more could be done. Trump is threatening to implement the 25 per cent tariff on day one of his presidency, until both Canada and Mexico address the "long simmering problem" of drugs and illegal immigrants crossing into the United States. "We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!" Trump wrote on the social media platform Truth Social Monday night. Trump also wrote: "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" In a press conference in response on Tuesday, Poilievre called on Prime Minister Justin Trudeau to "put partisanship aside" and "fully reverse his liberalization of drugs" to prevent more overdoses. "I don't want to stop drug overdoses to please Donald Trump, I want to stop drug overdoses so that there's not one more mother with her face buried in a pillow sobbing that she just lost her kid after 47,000 other Canadians have died," Poilievre said. Ontario Premier Doug Ford also responded to Trump's tariff threat, telling reporters on Tuesday that "Canada is no Mexico," and adding that he "found his comments unfair." "One ounce of any illegal drug is one ounce too many going back and forth across the border," Ford said, before pointing the finger at the issue of drugs being moved from Mexico and through the United States before being brought into Canada. "The threat is serious," he said. "We need to do better on our borders." Alberta Premier Danielle Smith said in an interview on CTV News Channel's Power Play that Canada needs to work on addressing several of Trump's concerns, from the border, to worries China is using Mexico as a backdoor into North American free trade, to defence spending. "But I would say that the best thing that we could do would be to start hiring a border patrol so that we can guarantee that we aren't having a free flow of drugs and illegal migrants across the border," Smith told host Vassy Kapelos. "We've got to address the issues that have been identified as pressure points and alleviate them," she added. "We have a common interest in trying to get a handle on our border issues, and a common interest in trying to get a handle on the organized crime that is bringing fentanyl onto our streets," Smith said. Responding to Trump's threat, and the deluge of reaction, Public Safety Minister Dominic LeBlanc told reporters Tuesday that work is done "daily," between U.S. and Canadian law enforcement, to address illegal border activity. "Intelligence information is shared between both countries, including in the fight against fentanyl and the toxic drug crisis that is affecting Canadians and Canadian families as it is the United States," LeBlanc said. Deputy Prime Minister Chrystia Freeland said that the Canadian government knew the border was going to be a top issue with the incoming administration and they've been working behind the scenes to prepare. Trudeau told reporters on his way into Tuesday's cabinet meeting that he spoke with Trump Monday night but didn't specify what the two discussed beyond "some of the challenges that we can work on together." A senior government source told CTV News, meanwhile, that the two discussed the fentanyl problem in both countries during their first phone call after election day, earlier this month. A U.S. Customs and Border Protection officer canine unit searches vehicles at the Peace Bridge Port of Entry in Buffalo, N.Y., May 23, 2023. THE CANADIAN PRESS/Cole Burston What does the data say? Statistics from America's own border agency, however, show it's seizing only a fraction of the illegal drugs at the Canadian border compared to Mexico's. According to U.S. Customs and Border Protection (CBP), the agency has seized 43 lbs of fentanyl at the Canada-U.S. border in the last year, excluding October, compared to 21,148 lbs at its southern border with Mexico in the same time period. In 2023 and 2022, CBP states it seized two lbs and 14 lbs of fentanyl, respectively, at the Canadian border. At the border with Mexico, the agency seized more than 26,700 lbs of fentanyl, and more than 14,100 lbs, in 2023 and 2022, respectively. And, data obtained by the Washington, D.C.-based public policy research Cato Institute — citing information obtained through a freedom of information request — states 80 per cent of the individuals caught with fentanyl during border crossings at ports of entry from 2019 to 2024 were U.S. citizens. The Canada Border Services Agency (CBSA) has publicly available data for the amount of illegal goods seized at the border, but does not break down the country of origin for those illegal goods. The statistics related to illegal drug seizures at the U.S. border with Canada compared to Mexico's is in line with those related to encounters between CBP and individuals illegally attempting to cross the border. According to CBP, in the last year, but excluding October, there were 23,721 encounters at the Canada-U.S. border. At the U.S. southern border with Mexico, there were more than 1.5 million. LeBlanc said Tuesday the Canadian government is working with law enforcement to provide additional resources, whether they're required to staunch the flow of illegal drugs, human crossings, or both. "In recent days, I've worked with the RCMP and Border Services about continuing to support them in terms of acquiring new technologies, drones, helicopters, additional human resources necessary in the case of surge requirements," LeBlanc said Tuesday. "All of this work is being done and has been done for many months." He also said he doesn't think it's "about thickening or thinning the border," but rather working with American officials to "have an efficient, effective border that's secure for both countries." "And it's not an either-or choice," he said. With files from CTV News' Colton Praill, Rachel Aiello, Mike Le Couteur and Brennan MacDonaldSAN FRANCISCO , Dec. 5, 2024 /PRNewswire/ -- Silicon Valley's seasoned veterans in retail and e-commerce are rallying behind Jingo , a bold leap forward in transforming the online shopping experience. By blending personalization with advanced technology, Jingo is rethinking the way shoppers discover products and how brands connect with their audiences. A Powerhouse Backing Founded by e-commerce veterans, Ujjal Pathak and Rohan Bhanot , who bring years of experience building online shopping platforms, Jingo has secured backing from a powerhouse group of investors and advisors with expertise from leading companies such as Pinterest, Walmart, Minted, eBay, Square, Nike, Klarna, and Intuit. Their collective knowledge in e-commerce, retail, and fintech provides the strategic guidance needed to bring Jingo's vision of a smarter, more equitable shopping platform to life. Solving the Real Problem in E-Commerce Amazon has been shaping online shopping for nearly 30 years, while Walmart has stood as a retail giant for over 60. While these platforms revolutionized e-commerce for past generations, Jingo is built from the ground up to meet the needs of today's digitally native consumers. Designed with Gen Z and Millennials in mind, Jingo delivers a shopping experience that feels intuitive, personal, and deeply connected to modern lifestyles. For customers, the challenge isn't simply finding products—it's making better decisions . Endless choices often lead to decision fatigue and frustration. Jingo tackles this by prioritizing relevance over sheer quantity. Using machine learning, the platform curates and presents personalized assortments early in the shopping journey, showing the most relevant products at the right time. This thoughtful approach fosters confidence and transforms decision-making into an enjoyable process. For brands and sellers, major marketplace platforms often tie visibility to significant advertising spend, creating barriers for smaller players. Jingo flips this model by leveraging advanced machine learning to surface products only to customers with genuine interest. This precision eliminates waste, reduces noise, and ensures that every connection between brands and customers feels meaningful. Empowered by tools like real-time insights, predictive analytics, and curated discovery, brands can optimize inventory, anticipate trends, and connect with their ideal audience without relying on costly campaigns or third-party tools. Jingo is creating a marketplace where both customers and sellers thrive, redefining how value is delivered in online shopping. A Transformative Vision for the Future Jingo's ambitions go far beyond optimizing today's online shopping experience. The platform is building toward a future where commerce is redefined through intelligent systems that seamlessly integrate into users' lives. Imagine a world where shopping evolves from a process you initiate to an experience that happens intuitively. Jingo's end-state vision is to create intelligent systems capable of learning, adapting, and acting on behalf of users , delivering personalized, proactive, and effortless commerce. This approach points to a future where products appear at your doorstep before you even think about shopping, making commerce an invisible yet integral part of daily life. By designing systems that dynamically adapt and provide proactive support, Jingo aims to fundamentally change the way consumers and brands interact, setting a new standard for convenience, personalization, and connection. Flipping the Script for Brands and Sellers Beyond offering better targeting, Jingo is reimagining the commission structure to create a fairer and more seller-focused marketplace. For the first 1,000 brands and sellers who join, Jingo introduces a groundbreaking model: These incentives, coupled with Jingo's advanced tools like predictive analytics and real-time insights, empower sellers to focus on delivering quality products while Jingo ensures they reach the right customers. By reducing the noise-to-signal ratio, brands can build lasting, loyalty-driven relationships in a transparent and equitable ecosystem. Brands and sellers interested in being part of this transformative journey can contact the Jingo team at partner@jingo.app A Bold Vision for E-Commerce With the support of Silicon Valley's leading minds, Jingo is setting a new benchmark for what online shopping can achieve. By addressing decision-making challenges for consumers and creating deeper, more equitable connections for brands, Jingo is leading the next wave of e-commerce innovation. To celebrate its launch, Jingo is running a referral campaign from December 6, 2024 , to February 28, 2025 . Participants can earn credits to shop on the platform once it's live, with prizes of $50,000 for the top referrer, $30,000 for second place, and $10,000 for third. Jingo is more than a platform—it's a movement toward smarter, more personalized, and intuitive commerce. By building systems that anticipate, simplify, and deliver, Jingo is shaping the future of shopping for consumers and sellers alike. Get in Touch For PR inquiries, strategic partnerships, or more information, contact contact@jingo.app View original content to download multimedia: https://www.prnewswire.com/news-releases/redefining-the-future-of-shopping-jingo-gains-silicon-valleys-backing-302324337.html SOURCE Jingo Technologies, Inc.