Is Planet Labs Stock Stronger Than It Looks?

Investors often view Planet Labs (PL) simply as a vendor of satellite imagery, but the company's business model is expanding. It now builds and operates custom satellites for government clients, and this emerging hardware focus may matter more than the share price suggests. A stark contradiction remains, however: the company continues to report a loss, and the stock has lost 50% in six months. So, how much do government satellites already add to Planet's sales.