Planet Posts Record Revenue in Second Quarter of Fiscal 2027

Planet Labs PBC (PL ) reported record quarterly revenue of $116.1 million for the second quarter of its fiscal year 2027, a 58% increase from the same period a year earlier, according to results the company published on September 3, 2026. The Earth-imaging satellite operator, which is listed on the New York Stock Exchange under PL, said the quarter ended July 31, 2026.

Net loss narrowed to $9.4 million, compared with a net loss of $22.6 million in the second quarter of fiscal 2026. GAAP gross margin was 57%, down from 58% a year earlier, while non-GAAP gross margin was 59%, compared with 61% in the prior-year period. GAAP net loss per share was $0.03, and the company reported non-GAAP net income per share of $0.02. Adjusted EBITDA profit reached $13.9 million, up from $6.4 million a year earlier. Recurring annual contract value accounted for 98% of the end-of-period book of business.

Planet ended the quarter with approximately $753.1 million in remaining performance obligations, of which approximately 46% apply to the next twelve months and approximately 68% to the next 24 months. Backlog stood at approximately $814.9 million, with approximately 50% expected to be recognized within the next twelve months and approximately 70% within the next 24 months.

Cash, cash equivalents and short-term investments totaled $865.4 million at the end of the quarter, a 219% increase year over year, the company reported. During the quarter, Planet raised approximately $120 million from stock sales under its At-The-Market program at an average net sale price of $31.95 per share after expenses. Year-to-date net cash provided by operating activities was $68.4 million, year-to-date free cash flow was $21.3 million, and year-to-date adjusted free cash flow was $28.8 million.

“Planet delivered an outstanding second quarter, with record revenue of $116.1 million, representing 58% year-over-year growth and our fourth consecutive quarter of meeting or exceeding the Rule of 40,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. Planet defines the Rule of 40 as the sum of year-over-year revenue growth and adjusted EBITDA margin as a percent of revenue.

Ashley Johnson, Planet’s President and Chief Financial Officer, said the company’s top-line performance translated into operating leverage, with non-GAAP gross margins exceeding its expectations and driving the quarter’s adjusted EBITDA profit. Johnson added that the results, including the $865.4 million balance of cash, cash equivalents and short-term investments, give the company flexibility to invest behind its core growth initiatives.

Contract Wins and Customer Agreements

The company cited several government and commercial agreements reached during or after the quarter. In August, Planet received a new $8 million Other Transaction Agreement award from the National Geospatial-Intelligence Agency to deploy its Global Monitoring Service. Also in August, the German government awarded Planet a tender for dedicated-capacity satellite services that includes options and has a maximum possible value of €25 million over five years. Planet was also awarded a seven-figure, one-year agreement with a European government customer to supply high-resolution global Mosaics and dedicated professional services support for operational planning.

During the quarter, Planet signed a contract with the Rwanda Space Agency to provide national high-resolution data and analytics for use across government ministries, departments, agencies and public universities. The imagery will support policy and decision-making on agriculture, urban management, spatial planning and disaster response, among other applications. The company described the deal as its first national program of its kind in Africa.

Planet also signed a one-year contract renewal with the New Mexico State Land Office, a partnership in place since 2019 that enables the office to monitor, protect and manage more than 9 million acres of public trust land. In August, Planet signed a renewal with a hyperscaler AI developer for global monitoring of data centers and semiconductor manufacturing facility construction, using Pelican high-resolution data to track construction milestones. The company also announced partnerships with FarmQA, on AI-powered agronomic intelligence tools including a sugar beet yield estimation model being piloted during the 2026 growing season, and with Braga Technologies, which is integrating Planet’s high-frequency satellite data into its Spatial Intelligence platform.

Fleet and Operations Updates

On July 7, 2026, Planet launched the Pelican-11 satellite, a technical demonstration spacecraft for the second generation of its high-resolution Pelican fleet, aboard SpaceX’s (SPCX ) Transporter-17 rideshare mission from Vandenberg Space Force Base. The company reported that the launch brought the total number of high-resolution Pelicans on orbit to 10.

On August 31, 2026, Planet announced that its Tanager-2 satellite and 18 SuperDove satellites, designated Flock 4J, had arrived at Vandenberg Space Force Base ahead of launch aboard SpaceX’s upcoming Transporter-18 mission. The company said it will be Planet’s third launch of 2026.

Planet also announced a strategic launch agreement with Isar Aerospace under which the European space company will launch one of Planet’s Pelican satellites, with additional satellites planned for future launches. With both the satellite and the rocket built in Germany, the launch will be a national first for the country, the companies said.

The company is expanding its Berlin manufacturing facility, with initial facility set-up and operational readiness activities beginning September 1 and manufacturing scheduled to begin this year. Planet also opened a new office in London over the summer, serving as a national hub for AI and analytics partnerships, and said its agentic AI application has progressed to an open beta phase.

Financial Outlook

For the third quarter of fiscal 2027, ending October 31, 2026, Planet expects revenue in the range of approximately $101 million to $105 million. Non-GAAP gross margin is expected to be approximately 56% to 58%, and adjusted EBITDA loss is expected to be approximately $6 million to $1 million. Capital expenditures are expected to be approximately $30 million to $37 million for the quarter.

For the full fiscal year 2027, Planet expects revenue of approximately $430 million to $441 million, non-GAAP gross margin of approximately 55% to 57%, and adjusted EBITDA profit of approximately $3 million to $10 million. Capital expenditures are expected to be approximately $100 million to $115 million for the year. Planet said it 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 its control and cannot be reasonably predicted.