Planet Reports Financial Results for Second Quarter of Fiscal Year 2027

Delivered Record Quarterly Revenue of $116 Million, up 58% YoY
Successfully Launched Pelican Tech Demo
Shipped Tanager-2 & SuperDove Satellites to Vandenburg for Launch
End of Period Cash, Cash Equivalents, and Short-Term Investments Increased 219% YoY to $865 Million

SAN 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 July 31, 2026.

“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. “The team continues to demonstrate strong execution, highlighted by our satellite handover for the Swedish Armed Forces and landmark contract wins in August with the NGA and the German government. We’ve seen incredible traction in satellite services and our pipeline has continued to expand. To capture this momentum, our strategy pairs AI-enabled analytics with sovereign satellite services, merging our core growth vectors into an even more powerful offering.”

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “Our strong top-line performance is translating to significant operating leverage, exceeding our expectations on non-GAAP gross margins and driving adjusted EBITDA profit of $13.9 million for the quarter.” Ms. Johnson continued, “This strong performance, including year-to-date adjusted free cash flow of $28.8 million and an ending balance of cash, cash equivalents and short-term investments of $865.4 million, allows us the strategic flexibility to confidently invest behind our core growth initiatives while continuing to drive sustainable, long-term cash flow generation.”

Second Quarter of Fiscal Year 2027 Financial and Key Metric Highlights:

• Second quarter revenue increased 58% year-over-year to a record $116.1 million.
• Percent of recurring annual contract value (ACV) was 98% as of the end of the second quarter.
• Second quarter gross margin was 57%, compared to 58% in the second quarter of fiscal year 2026. Second quarter non-GAAP gross margin was 59%, compared to 61% in the second quarter of fiscal year 2026.
• Second quarter net loss was ($9.4) million, compared to ($22.6) million in the second quarter of fiscal year 2026.
• Second quarter adjusted EBITDA profit was $13.9 million, compared to $6.4 million in the second quarter of fiscal year 2026.
• Second quarter GAAP net loss per share was ($0.03) and non-GAAP net income per share was $0.02.
• Ended the quarter with approximately $753.1 million in Remaining Performance Obligations (RPOs), of which approximately 46% apply to the next twelve months and approximately 68% to the next 24 months. Second quarter backlog was approximately $814.9 million, of which approximately 50% apply to the next twelve months and approximately 70% to the next 24 months.
• 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.
• Cash, cash equivalents and short-term investments were $865.4 million at the end of the second quarter. 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.

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

• National Geospatial-Intelligence Agency: In August, Planet received a new $8 million OTA award from the National Geospatial-Intelligence Agency (NGA) to deploy Planet’s Global Monitoring Service (GMS).
• German Federal Ministry of the Interior (BMI): German Civil Government: In August, the German government announced that Planet was awarded a tender for dedicated capacity Satellite Services. The tender award includes options and has a maximum possible value of €25 million over 5 years.
• European Defense & Intelligence Customer: In August, Planet was awarded a 7-figure, 1-year agreement with a European government customer to supply high-resolution global Mosaics and dedicated professional services support for operational planning.
• Rwanda Space Agency: During the quarter, Planet has signed a new contract with the Rwanda Space Agency to provide national high resolution data and analytics to be used in diverse applications across Government Ministries, Departments and Agencies, as well as public universities. The satellite imagery data will be used in policy and decision support on agriculture, urban management, spatial planning, disaster response, amongst other applications. This deal marks Planet’s first national program of its kind in Africa.
• New Mexico State Land Office: During the quarter, Planet signed a 1-year contract renewal with the New Mexico State Land Office (NMSLO). Since 2019, this long-standing partnership has evolved into a sophisticated, multi-product strategy that enables NMSLO to monitor, protect, and manage more than 9 million acres of public trust land.
• Data Center Monitoring: In August, Planet signed a renewal with a hyperscaler AI developer for global monitoring of data centers and semi-conductor manufacturing facility construction. Planet's Pelican high resolution data is used to track milestones of construction for these facilities, which are strong indicators of supply chain health and computing capacity.
• FarmQA: Planet partnered with FarmQA to develop and commercialize AI-powered agronomic intelligence tools for enterprise agriculture. The first application of the collaboration is already in the field: an AI-driven sugar beet yield estimation model, currently being piloted with multiple sugar beet cooperatives during the 2026 growing season.
• Braga Technologies: Planet partnered with Braga Technologies to integrate Planet’s high-frequency satellite data into Braga Technologies’ Spatial Intelligence platform, enabling automated change detection and near-real-time analytics for natural resource management and civil government applications.

Technology and Operational Updates

• Successfully Launched Pelican-11 Satellite: In July, Planet launched the Pelican-11 technical demonstration satellite, bringing the total number of high-resolution Pelicans on orbit to 10.
• Shipped Tanager-2 and SuperDoves to Launch Site: Earlier this week, Planet announced that the Tanager-2 satellite and 18 SuperDove satellites (Flock 4J) were shipped to Vandenberg Space Force Base in California ahead of its launch aboard the upcoming Transporter-18 mission with SpaceX. This will be Planet’s third launch this year.
• Isar Partnership: Planet announced a strategic launch agreement with European space company Isar Aerospace. Under the agreement, Isar Aerospace will launch one of Planet’s Pelican satellites, with additional satellites planned for future launches. With both the satellite and rocket being built in Germany, this launch will be a national first for the country.
• Berlin Manufacturing: Planet is rapidly scaling its European presence with the strategic expansion of its Berlin facility, marking a major milestone in its manufacturing capability. As of September 1, Planet will begin the initial facility set-up and operational readiness activities. Manufacturing is scheduled to begin this year.
• London Office: Over the summer, Planet opened a new office in London, serving as a national hub for AI and analytics partnerships. Its strategic location, steps away from Westminster and Whitehall, facilitates deeper engagement with policymakers and key stakeholders in the UK government and NATO alliance representatives.
• Planet AI Application: Planet’s agentic AI app has progressed to an open beta phase. This pioneering tool is 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 lower the barriers to entry for non-technical users in emerging markets, allowing teams without geospatial expertise to accelerate their adoption of Planet’s products.

Financial Outlook

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

For the full fiscal year 2027, Planet expects revenue to be in the range of approximately $430 million to $441 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%. Adjusted EBITDA profit is expected to be in the range of approximately $3 and $10 million. Capital expenditures are expected to be in the range of approximately $100 million and $115 million for the year.

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 quarter and full fiscal year 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, September 3, 2026. The webcast can be accessed at www.planet.com/investors/. The webcast replay will be available at the same location approximately two hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: https://events.q4inc.com/attendee/465806785. 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 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.

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 website 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 income (loss), non-GAAP net income (loss) per diluted share, adjusted EBITDA, backlog, free cash flow, and adjusted free cash flow, 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 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.

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, restructuring costs, and employer payroll taxes related to earnout share vesting. 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 employer payroll taxes related to earnout share vesting, 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 employer payroll taxes related to earnout share vesting.

Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Diluted Share: The Company defines and calculates non-GAAP net income (loss) as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expense, employer payroll taxes related to earnout share vesting, change in fair value of warrant liabilities, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates non-GAAP net income (loss) per diluted share as non-GAAP net income (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 provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employer taxes related to earnout share vesting.

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 cancelable 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.

Free Cash Flow: The Company defines and calculates free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs.

The Company presents free cash flow because it believes free cash flow provides useful supplemental information to help investors understand underlying trends in the Company’s business and liquidity. Management uses free cash flow, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning.

Adjusted Free Cash Flow: The Company defines and calculates adjusted free cash flow as free cash flow excluding non-recurring payments related to litigation settlements.

The Company presents adjusted free cash flow because it believes it provides useful supplemental information to help investors understand underlying trends in the Company’s business and liquidity by excluding the impact of non-recurring events. Management uses these metrics, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning.

Rule of 40: The Company defines and calculates Rule of 40 as the sum of year-over-year revenue growth and Adjusted EBITDA margin as a percent of revenue. The Company may refer to a “Rule of” number other than 40 to refer to the sum of revenue growth and Adjusted EBITDA margin as a percent of revenue for the period given.

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. ACV includes imagery licensing arrangements, data solutions, and dedicated image tasking capacity but excludes customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. 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 Planet Insights Platform self-service paying users, as well as the value of any satellite services contracts. 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. ACV includes imagery licensing arrangements, data solutions, and dedicated image tasking capacity but excludes customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. 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 Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV book of business.

Investor Contact
Cleo Palmer-Poroner
Planet Labs PBC
ir@planet.com

Press Contact
Trevor Hammond
Planet Labs PBC
press@planet.com