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As Planet Labs and its rivals continue to put more satellites in the air and streamline operations, the price of images should come down.
Source: https://investorplace.com/2023/08/the-3-most-undervalued-space-stocks-to-buy-now-august-2023/
For Planet Labs with a strong balance sheet and strong revenue I focus Gross Profit / Enterprise Value.
While stock-based compensation is a constant topic of discussion for Planet Labs in my opinion the dilution isn't as large of a factor as other post-SPAC companies.