Planet Reports Financial Results for Third Quarter of Fiscal Year 2026

Delivered Record Revenue in Q3 of $81 Million, Up +33% YoY
Increased RPOs +361% YoY to $672 Million; Backlog +216% YoY to $734 Million
Generated $114 Million of Year-to-Date Net Cash Provided by Operating Activities
End of Period Cash, Cash Equivalents, and Short-Term Investments Increased 180% YoY to $677 Million
Successfully Launched 2 High Resolution Pelican Satellites & 36 SuperDove Satellites

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 October 31, 2025.

“We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals. We’re seeing strong traction with our AI-enabled global monitoring solutions, demonstrated by our recent award under the NGA’s Luno B program and expansion with NATO. We’re announcing our acquisition of Bedrock Research, an AI-enabled solutions company, to accelerate our roadmap in support of this demand,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Since the end of the quarter, we have successfully launched another 2 Pelican satellites as well as 36 Super Doves and announced an R&D initiative with Google to explore scaled AI computing in space.”

Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered record revenue, our fourth consecutive quarter of adjusted EBITDA profitability, and our third consecutive quarter of positive free cash flow.” Ms. Johnson continued, “We are pleased to have raised $460 million of convertible debt to strengthen our balance sheet, ending the quarter with approximately $677 million of cash, cash equivalents, and short-term investments.”

Third Quarter of Fiscal Year 2026 Financial and Key Metric Highlights:

• Third quarter revenue increased 33% year-over-year to a record $81.3 million.
• Percent of recurring annual contract value (ACV) for the third quarter was 97%.
• Third quarter gross margin was 57%, compared to 61% in the third quarter of fiscal year 2025.
• Third quarter non-GAAP gross margin was 60%, compared to 64% in the third quarter of fiscal year 2025.
• Third quarter net loss was ($59.2) million, compared to ($20.1) million in the third quarter of fiscal year 2025.
• Third quarter adjusted EBITDA was $5.6 million of profit, compared to a ($0.2) million loss in the third quarter of fiscal year 2025.
• Third quarter GAAP net loss per share was ($0.19) and non-GAAP net loss per share was ($0.00).
• Year-to-date net cash provided by operating activities was $113.7 million, and year-to-date free cash flow was $55.2 million.
• Ended the quarter with $677.3 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

• National Geospatial-Intelligence Agency: As announced in October, Planet received a $12.8 million initial prime contractor award from the NGA under the Luno B program. The award, which was won with partner SynMax, is for Advanced Analytics for Maritime Operations and Reconnaissance. Under this program, Planet and SynMax will provide the NGA with AI-enabled Maritime Domain Awareness solutions, which include vessel detections and monitoring over key areas of interest in Asia-Pacific.
• National Reconnaissance Office: The NRO renewed its baseline contract for PlanetScope broad area monitoring data under the Electro-Optical Commercial Layer program for $13.2 million through June 2026. Planet was also awarded a Contract Line Item Number (CLIN) on its existing EOCL contract that establishes the framework for NRO to order high-resolution Pelican imagery.
• National Aeronautics and Space Administration: During Q3, NASA awarded Planet a task order for $13.5 million under the Commercial Satellite Data Acquisition (CSDA) contract to continue providing PlanetScope data in support of the agency’s Earth science mission. In November, Planet received an additional task order for $900,000 for high resolution tasked imagery to support disaster response and recovery.
• U.S. Navy: As announced in October, 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.
• NATO: In November, NATO awarded Planet a seven-figure contract expansion to deliver persistent space-based surveillance and enhanced indications and warnings. The short-term contract will expand NATO’s use of Planet global monitoring solutions.
• International Defense & Intelligence Customer: As previously announced, Planet won an 8 figure renewal with a longstanding international defense and intelligence customer for high-resolution imagery.
• AXA Digital Commercial Platform: Planet has signed a new operational contract with AXA DCP, an affiliate of one of the world's leading insurance groups, following a successful Proof of Concept. AXA DCP will integrate data from Planet Basemaps, medium-resolution monitoring satellites, and high-resolution tasking fleets directly into its DCP application to enhance claim processing efficiency and accuracy for property management.
• Tennessee Department of Environment and Conservation: Planet and partner Skytec won a new contract with the Tennessee Department of Environment and Conservation to monitor and track wetlands health in Tennessee. The multi-year, $1.2 million contract provides TDEC with Planet’s broad area monitoring product, which in turn powers Skytec’s Wetland Identification Model, helping the state better monitor, protect, and plan around critical ecosystems.

New Technologies and Products

• Successfully Launched 2 High Resolution Pelican Satellites and 36 SuperDove Satellites: On November 28, 2025, Planet’s cutting edge Pelican and SuperDove satellites were launched to orbit aboard a SpaceX launch vehicle. Planet has successfully contacted Pelican-3, Pelican-4, and all 36 SuperDoves, and they are now undergoing routine commissioning.
• Berlin Satellite Manufacturing Facility: Planet announced plans to open a new satellite manufacturing facility for the production of next-generation, high-resolution Pelican satellites in Germany. This strategic decision is intended to help Planet meet growing demand from the European market.
• Owl Next Generation Monitoring: Planet announced its plan for Owl, the Next Generation Monitoring fleet. Owl is designed for near-daily, 1 meter class imagery at a low latency. The first tech demo is currently scheduled for late 2026. The satellite design includes NVIDIA graphics processing units to enable AI at the edge and is expected to upgrade the SuperDove constellation over time.
• Bedrock Research: In November, Planet acquired Bedrock Research, an AI solutions company based in Denver, Colorado. The Bedrock team brings expertise at the intersection of remote sensing, AI, and national security. They have developed a proven and effective workflow for applying AI to Planet’s data to build and scale global monitoring solutions, particularly in the Defense & Intelligence sector.
• Google: Google has partnered with Planet to support a research initiative called Project Suncatcher. As previously announced, Suncatcher aims to put Google’s Tensor Processing Units (TPUs) in space, where they can leverage the energy of the sun and shed excess heat into the cold of space. Suncatcher is synergistic with Planet’s technology development roadmap for its next generation Owl satellite, leveraging the same satellite bus. The ultimate goal of the project is to explore the opportunity for scaled Artificial Intelligence computing in space. Planet is contracted to deploy two prototype satellites, targeting launch in 2027.

Financial Outlook

For the fourth quarter of fiscal year 2026, ending January 31, 2026, Planet expects revenue to be in the range of approximately $76 million to $80 million. Non-GAAP gross margin is expected to be in the range of approximately 50% to 52%. Adjusted EBITDA loss is expected to be in the range of approximately ($7) million to ($5) million for the quarter. Capital expenditures are expected to be in the range of approximately $22 million and $26 million for the quarter.

For the full fiscal year 2026, Planet expects revenue to be in the range of approximately $297 million to $301 million. Non-GAAP gross margin is expected to be in the range of approximately 57% to 58%. Adjusted EBITDA profit is expected to be in the range of approximately $6 million and $8 million. Capital expenditures are expected to be in the range of approximately $81 million and $85 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 fourth quarter of fiscal year 2026 and full fiscal year 2026 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, December 10, 2025. 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/821439372. 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 (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space’.

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 blog 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 and 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, and restructuring costs. 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, and certain litigation expenses, 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, and certain litigation expenses.

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, 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.

Beginning in the three months ended October 31, 2025, the Company revised its definition of Non-GAAP Net Income (Loss) to exclude the impact of the change in fair value of warrant liabilities. Management believes that the impact from the change in fair value of warrant liabilities is not indicative of the core operating performance of the Company due to volatility related to the Company's stock price. The comparable prior period figures have been retrospectively adjusted to conform to this new presentation.

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, and certain litigation expenses.

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.

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, excluding 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, excluding 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. The Company believes percent of recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks percent of recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of percent of recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV book of business, which is used as part of the calculation of percent of recurring ACV.

EoP Customer Count: The Company defines EoP customer count as the total count of all existing customers at the end of the period excluding customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users. For EoP customer count, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company’s data or services.

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

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