Planet Reports Financial Results for First Quarter of Fiscal Year 2027

Delivered Record Quarterly Revenue of $94 Million, up 42% YoY Increased RPOs +81% YoY to $816 Million; Backlog +72% YoY to over $906 Million Successfully Launched 3 Pelican Satellites, Including Sweden’s First Sovereign Reconnaissance Satellite End of Period Cash, Cash Equivalents, and Short-Term Investments Increased 223% YoY to $731 MillionSAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about change on Earth, today announced financial results for the period ended April 30, 2026. “Planet’s excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Planet is executing with speed and focus, evidenced by the successful launch of Sweden’s first sovereign reconnaissance satellite just four months after contract signing. By investing in AI, we are positioning Planet at the forefront of the industry and pioneering ways to make planetary-scale insights available and actionable to more users than ever before.” Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered record revenue of $94.2 million, accelerating our top-line growth to 42% year-over-year, driven by exceptional execution across our global go-to-market and delivery teams. The momentum in our business is further reflected in our backlog, which grew 72% year-over-year to over $906 million, providing us with excellent visibility and predictability into our future growth.” Ms. Johnson continued, “We also announced the redemption of our outstanding public warrants, generating approximately $108 million in proceeds from exercises. We ended the quarter with $731 million of cash, cash equivalents, and short-term investments, giving us a fortress balance sheet to confidently invest behind our core growth initiatives while maintaining our operational discipline.” First Quarter of Fiscal Year 2027 Financial and Key Metric Highlights: First quarter revenue increased 42% year-over-year to a record $94.2 million. Percent of recurring annual contract value (ACV) was 99% as of the end of the first quarter. First quarter gross margin was 54%, compared to 55% in the first quarter of fiscal year 2026. First quarter non-GAAP gross margin was 56%, compared to 59% in the first quarter of fiscal year 2026. First quarter net loss was ($138.9) million, compared to ($12.6) million in the first quarter of fiscal year 2026. The first quarter of fiscal year 2027 net loss included an approximate ($106.5) million revaluation loss from the change in fair value of warrant liabilities related to stock price appreciation during the period. Planet announced the redemption of all of its outstanding public warrants during the quarter, resulting in approximately $107.8 million of proceeds from exercises of the public warrants. Additionally, the remaining private placement warrants were exercised on a cashless basis during the quarter. Consequently, revaluations from the change in the fair value of public warrant liabilities will not occur in future quarters. First quarter adjusted EBITDA loss was ($1.0) million, compared to $1.2 million in the first quarter of fiscal year 2026. First quarter GAAP net loss per share was ($0.40) and non-GAAP net loss per share was ($0.03). First quarter GAAP net loss per share included an approximate ($0.31) impact from the change in fair value of warrant liabilities related to stock price appreciation during the period. First quarter net cash provided by operating activities was $15.4 million, and first quarter free cash flow was ($2.5) million. Ended the quarter with $730.8 million in cash, cash equivalents and short-term investments. Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release. Recent Business Highlights: Growing Customer and Partner Relationships International Government Customer: During the quarter, Planet signed an eight-figure, one-year contract with an international Defense & Intelligence customer for dedicated capacity services from on-orbit satellites. This contract has provided the customer immediate access to high-resolution tasking capacity and advanced analytic solutions integrated across Planet’s Pelican, SkySat, and PlanetScope constellations. National Geospatial-Intelligence Agency: During the quarter, the NGA awarded Planet a $21.9 million, one-year contract extension for maritime surveillance under the Luno B Indefinite Delivery, Indefinite Quantity (IDIQ) for Advanced Analytics for Maritime Operations and Reconnaissance (AAMOR). Separately, Planet also received a new award from the NGA for its Global Monitoring Service to support crisis response. These awards reinforce the U.S. government’s commitment to integrating commercial, AI-enabled geospatial intelligence into its national security architecture. These milestones underscore Planet’s position as a vital partner for customers seeking persistent monitoring to accelerate critical decision-making in a dynamic geopolitical landscape. U.S. Navy: During the quarter, Planet was awarded a six-month, $7.5 million contract renewal by the U.S. Navy for vessel detection and monitoring over key areas of interest throughout the Pacific. Greek Government: During the quarter, Planet was awarded a two-year, 7-figure agreement with the Greek government to support the country’s National Satellite Space Project. Signed through the European Space Agency (ESA) on behalf of the Hellenic Ministry of Digital Governance and the Hellenic Space Center, this contract will support historical change analysis, trend detection, rapid response during critical events, and the integration of satellite data into national monitoring workflows. Czech Paying Agency: During the quarter, Planet signed a two-year, 7-figure contract to provide satellite imagery and AI-powered analytics to the State Agricultural Intervention Fund (SZIF) of the Czech Republic. This deal will support the country-wide agricultural payments and monitoring system serving approximately 25,000 agricultural holdings across the Czech Republic. Scottish Government: In January, Planet received a 7-figure award from the Agricultural and Rural Economy Directorate with partner Computacenter for PlanetScope data and advanced analytics to support the Agricultural Reform Route Map. Planet's deep archive of data and AI analysis will aid in the country's agricultural transition by rewarding farmers who focus on sustainable food production, biodiversity, and net-zero emissions. John Deere: During the quarter, Planet was awarded a John Deere Supplier Sustainability Award for 2025. This award highlights the value of Planet's satellite data in powering next-generation precision agriculture technologies, helping to improve on-farm efficiency and positive environmental impact for John Deere. Nave Analytics: During the quarter, Nave Analytics, an AgTech company focused on scalable geospatial intelligence for irrigation and water management, signed a renewal. Since 2022, Nave Analytics has partnered with Planet, incorporating Planetary Variables such as Surface Soil Moisture and Biomass Proxy into its data fusion framework. Nave’s products provide farmers and their trusted advisors with near real-time data streams covering all components of the field water balance, planting and irrigation decision risks, and operational sustainability impacts. Watch Duty: During the quarter, Watch Duty became a new customer. Watch Duty is a non-profit public safety platform that provides real-time wildfire tracking, mapping, and emergency alerts, particularly in remote regions of the US where satellite imagery fills critical gaps in radio traffic and on-the-ground reporting. Watch Duty has begun integrating Planet’s imagery and data into their platform for mutual customers, with a lighthouse customer in the energy sector. Bezos Earth Fund: Supported by funding from the Bezos Earth Fund, Planet's Tropical Forest Observatory program is providing 15 environmental and research institutions with 12 months of Planet Monthly Mosaics and PlanetScope data. These broad-area monitoring products are utilized to track changes across the Amazon biome, empowering these institutions to help halt and reverse tropical forest loss. New Technologies and Products Successfully Launched 3 Pelican Satellites: In May, Planet launched three additional AI-enabled Pelican satellites aboard a SpaceX launch vehicle, bringing the total number of high-resolution Pelicans on orbit to nine. Notably, this mission included the Swedish Armed Forces’ first sovereign reconnaissance satellite, which launched just over four months after their contract was signed. Planet AI Application: Planet launched the private beta of a new AI application, a pioneering tool focused on making Planet’s massive global data archive queryable through natural language. By leveraging Planet’s daily data and integrating LLMs, it can help non-technical users to search the data through space and time, conduct complex time-series analysis, generate answers, and produce automated insights and analytic reports at speed and scale. SuperRes: In May, Planet announced SuperRes, an AI-powered technology to improve the resolution of PlanetScope data into a 2m-class resolution visual solution, providing clarity for human-in-the-loop analysis with scale and frequency. New Tanager Satellite: During the quarter, Planet announced an agreement with partners Carbon Mapper and the Jet Propulsion Laboratory to design a specialized, shortwave infrared only iteration of the Tanager spacecraft. This design would expand the swath width of the instrument, enabling more imaging area per collect. This new satellite is aimed at accelerating and building upon the existing Tanager satellite mission by enhancing atmospheric gas detection and supporting commercial use cases like fire fuel monitoring. Shipped Pelican-11 to Launch Site: Earlier this week, Planet announced that the Pelican-11 satellite was shipped to Vandenberg Space Force Base in California ahead of its launch aboard the upcoming Transporter-17 mission with SpaceX. This technology demonstration is the first of the Gen-2 Pelican satellites, which are expected to progress to providing up to 30cm-class imagery. Financial OutlookRead the full story here

Planet Reports Financial Results for First Quarter of Fiscal Year 2027

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