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    PL
    Earnings call· Apr 2026(Q1 FY27)

    Planet Labs PBC Q1 FY27 earnings call PL

    Jun 4, 2026 Source

    Executive summary

    Planet Labs PBC Q1 FY27 — Record Revenue and Strong Defense & Intelligence Growth

    Planet Labs delivered a strong quarter, marked by record revenue and continued momentum in Defense & Intelligence, underpinned by rapid satellite deployment and AI innovation. The company is strategically investing in next-generation satellites and AI-powered solutions to sustain high growth and expand market reach, while maintaining financial discipline and aiming for annual free cash flow positivity.

    Highlights

    5

    • Generated record revenue of $94 million, representing approximately 42% year-over-year growth.

    • Achieved Rule of 40 for the third sequential quarter, demonstrating balanced growth and profitability.

    • End-of-period backlog reached approximately $906 million, equating to approximately 72% growth year-on-year.

    • Defense and Intelligence revenue grew over 65% year-on-year, driven by strong demand and new contract wins.

    • Successfully launched 3 additional Pelican satellites, including Sweden's first sovereign reconnaissance satellite, just 4 months after contract signing.

    Concerns

    2

    • Civil government revenue was approximately flat year-over-year, primarily due to a reduction in the contract with NASA.

    • Indefinite restriction for public access to Middle East imagery, though core customers retain immediate access.

    Guidance & targets

    10
    CategoryTargetConfidence
    Q2 FY27 Revenue
    $102 million to $107 million
    high materiality
    High
    Q2 FY27 Non-GAAP gross margin
    52% and 55%
    medium materiality
    Medium
    Q2 FY27 Adjusted EBITDA profit
    breakeven and $5 million
    medium materiality
    Medium
    Q2 FY27 Capital expenditures
    $21 million to $27 million
    medium materiality
    Medium
    Full fiscal year 2027 Revenue
    $425 million and $441 million
    high materiality
    High
    Full fiscal year 2027 Non-GAAP gross margin
    52% and 54%
    medium materiality
    Medium
    Full fiscal year 2027 Adjusted EBITDA profit
    breakeven and $10 million
    medium materiality
    Medium
    Full fiscal year 2027 Rule of 40
    deliver
    high materiality
    High
    Full fiscal year 2027 Capital expenditures
    $80 million to $95 million
    medium materiality
    Medium
    Full fiscal year 2027 Free cash flow
    positive
    high materiality
    High

    Segment performance

    7
    SegmentRevenueYoYQoQMargin
    Defense & Intelligence
    Driven by strong performance in data subscription solutions and satellite services.
    		—over 65%——
    Commercial
    Reflecting focus on landing and expanding in large opportunities and leveraging AI-enabled solutions.
    		—over 20%——
    Civil Government
    Primarily due to the reduction in contract with NASA.
    		—approximately flat——
    Asia Pacific
    Regional revenue growth.
    		—approximately 25%——
    North America
    Regional revenue growth.
    		—approximately 25%——
    EMEA
    Regional revenue growth.
    		—86%——
    Latin America
    Regional revenue growth.
    		—7%——

    Operational metrics

    8
    Non-GAAP gross margin
    56%vs 59% in Q1 FY26
    Q1 FY27

    Reflecting investments in support of satellite services contracts, new satellite launches, and AI-enabled partner solutions. Better than expected due to strong bookings and revenue mix.

    Adjusted EBITDA loss
    $1 million
    Q1 FY27

    Better than expected as revenue outperformance largely dropped to the bottom line.

    Capital expenditures
    $18 million
    Q1 FY27

    Includes capitalized software development. On the lower end of guidance range based on timing of procurements.

    Cash, cash equivalents and short-term investments
    $731 millionup over $500 million year-on-year
    end of Q1 FY27

    Driven by issuance of convertible debt, positive trailing 12 months free cash flow, and approximately $108 million in proceeds from exercises of public warrants.

    Brazil deforestation program total impact
    USD 5.3 billion
    as of April 2026

    Generated from government's investment in the program.

    Brazil illegal deforestation reduction
    over 60%from over 19,000 square kilometers in 2022 to under 7,500 square kilometers in 2025
    2022 to 2025

    Achieved in 3 years through the program.

    Panama monitored area
    over 50,000 hectares
    nationwide

    Monitored by the Panamanian Ministry of the Environment using Planet's early warning systems.

    Panama response time improvement
    from weeks to mere days
    current

    For fires and deforestation, transitioning from reactive to near real-time monitoring.

    Industry KPIs

    2
    MetricValueDetails
    Retention rate113%%
    Revenue model mix99%%

    Orderbook & backlog

    2
    End-of-period backlog$906 millionend of Q1 FY27

    up approximately 72% year-on-year

    Includes contracts with termination for convenience clause. Approximately 40% applies to the next 12 months and 69% to the next 24 months.

    Remaining performance obligations (RPOs)$816 millionend of Q1 FY27

    up over 80% year-over-year

    Approximately 35% apply to the next 12 months and 66% to the next 24 months.

    Product announcements

    4
    ProductTypeDetails
    AI applaunch
    SuperRreslaunch
    Tanager spacecraft (specialized short-wave infrared-only iteration)update
    Pelican 11 (Gen 2 Pelican satellites)milestone

    Deals & partnerships

    13
    International defense and intelligence customerdedicated capacity deal8-figure1-year

    Integrated across Pelican, SkySat and PlanetScope constellations.

    U.S. Navycontract renewal$7.5 million6-month

    Part of recent customer wins with the U.S. government.

    U.S. National Geospatial Intelligence Agency (NGA)contract extension$21.9 million1-year

    Part of recent customer wins with the U.S. government.

    NGAnew award

    Part of recent customer wins with the U.S. government.

    Swedish Armed Forcesdedicated capacity deal

    Launch occurred just 4 months after contract award. Part of previously announced satellite services deals.

    Greek governmentagreement7-figure2-year

    Signed through the European Space Agency on behalf of the Hellenic Ministry of Digital Governance and the Hellenic Space Center.

    State Agricultural Intervention Fund of the Czech Republiccontract7-figure2-year

    Won through the European Space Agency.

    Scottish Agriculture and Rural Economy Directorateaward7-figure

    Onboarded with partner Computer Center, award closed at the end of Q4.

    John DeereSupplier Sustainability Award

    Award for 2025.

    Nave analyticscustomer renewal

    Partnered since 2022.

    Watch Dutynew customer

    Nonprofit public safety platform.

    Bezos Earth Fundfunding for program12 months

    Supports Planet's tropical Forest Observatory program.

    Carbon Mapper and NASA's Jet Propulsion Laboratoryagreement

    Aimed at accelerating and building upon the existing Canada satellite mission by enhancing atmospheric gas detection and supporting commercial use cases like fire fuel monitoring.

    Capital programs

    1
    Pelican manufacturing capacity expansionunderway

    Benefit: Approximately doubling manufacturing capacity in San Francisco and Berlin.

    Scaling up manufacturing capacity to lean into market demand and build out next-generation fleets.

    Risks & headwinds

    5
    Reduction in NASA contractQ1 FY27

    Civil government revenue approximately flat year-over-year.

    Mitigation: Strong momentum with other civil government customers, particularly in Europe.

    Middle East imagery access restrictionSince early April

    Indefinite restriction for public access to imagery in the conflict region.

    Mitigation: Core customers continue to have immediate access; managed access program for media clients; intent to unwind restriction as conflict resolves.

    Geopolitical trends and political uncertaintyOngoing

    Driving demand for sovereign space capabilities but also creating a complex operating environment.

    Mitigation: Planet provides rapid and affordable solutions for information access and threat monitoring, which is highly valued in uncertain times.

    Launch market competitivenessCurrent

    Launch market is 'a little bit more competitive' than it used to be.

    Mitigation: Planet has experience working with many different launch providers (40 rockets, 10 different launch vehicles) and anticipates increased competitiveness from new players in the sector.

    Supply chain constraintsCurrent

    Nothing material to point out.

    Mitigation: Proactively buying down risk in the supply chain by purchasing components in advance and focusing on growth where necessary to shore up risk.

    Q&A highlights

    9

    Can you rank order remaining opportunities among intelligence customers (international vs. US) and provide color on near-term award opportunities?

    Management stated the pipeline remains robust and has increased since the last Analyst Day, balanced geographically. Planet is well-positioned due to its rapid execution capabilities, offering immediate data access and quick sovereign satellite launches, citing Sweden's satellite launch within four months as an example.

    “We are very well positioned on the basis that we've got great solutions. We can get these customers up and running on our data and AI-based solutions very quickly, while we also rapidly move them through our pipeline of production or a production line to get their first sovereign satellites into orbit.”

    asked by Colin Canfield · answered by Ashley Whitfield Johnson

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Financial Performance & Backlog Growth

    Planet Labs reported a record Q1 FY27 revenue of $94 million, marking a 42% year-over-year increase. The company achieved the Rule of 40 for the third consecutive quarter, indicating a strong balance of growth and profitability. End-of-period backlog grew significantly to $906 million, up 72% year-over-year, providing substantial visibility for future revenue projections and supporting the raised full-year guidance.

    02

    Defense & Intelligence Dominance

    The Defense & Intelligence (D&I) sector demonstrated exceptional strength, with revenue growing over 65% year-over-year, driven by robust demand for data subscriptions and satellite services. Key contract awards included a $7.5 million renewal with the U.S. Navy, a $21.9 million one-year extension with the NGA for maritime surveillance, and a new NGA award for global monitoring. An 8-figure, one-year dedicated capacity deal was also secured with an international defense and intelligence customer.

    03

    Rapid Satellite Deployment & Sovereign Capabilities

    Planet successfully launched three additional Pelican satellites, notably deploying Sweden's first sovereign reconnaissance satellite just four months after contract signing. This rapid execution, which provides immediate data access and quick sovereign satellite deployment, is a critical differentiator for Planet. The company's ability to deliver solutions in months rather than years positions it strongly to meet urgent international demand for space capabilities.

    04

    Expanding Civil Government & Commercial Reach

    Despite civil government revenue remaining flat year-over-year due to a reduction in the NASA contract, Planet secured significant European deals. These included a 7-figure, two-year agreement with the Greek government for its National Satellite Space project and a 7-figure, two-year contract with the Czech Republic for agricultural monitoring. The commercial sector also saw strong growth, up over 20% year-over-year, with positive trends in agriculture, including a John Deere Supplier Sustainability Award, and new maritime domain awareness solutions.

    05

    AI-Powered Innovation

    Planet is at the forefront of AI innovation, launching an AI app in private beta that allows natural language querying of its massive global data archive, aiming to lower the barrier to entry for non-technical users. The company also introduced SuperRres, an AI-powered technology that improves PlanetScope data resolution to a 2-meter class visual product. Furthermore, the Pelican 11, a Gen 2 Pelican tech demo expected to provide 30-centimeter class imagery, was shipped for launch, promising more real-time insights.

    06

    Social Impact & Operational Efficiency

    Planet's data is driving tangible social impact, as evidenced by its partnership with the Brazilian government, which has reduced illegal deforestation by over 60% and generated $5.3 billion in impact from fines and seizures. The Panamanian Ministry of the Environment, utilizing Planet's early warning systems, has improved response times for fires and deforestation from weeks to days across 50,000 hectares, demonstrating the real-world value of Planet's data.

    AI-generated summary of the company’s earnings call. Not investment advice.