Planet Labs PBC Delivers Strong Q2 Performance, Provides Optimistic Guidance

Planet Labs PBC (NYSE: PL) reported impressive financial results for the second quarter of fiscal year 2026, showcasing significant growth in revenue and backlog. The company also provided guidance for the upcoming quarters, indicating a positive outlook for future growth.

Planet Labs PBC Reports Record Revenue of $73.4M in Second Quarter

Planet Labs PBC has reported a record revenue of $73.4 million for the second quarter of fiscal year 2026, marking a 20% increase compared to the same period last year. This performance surpassed the expected revenue of $65.88 million, reflecting the company’s strong market position and growing demand for its Earth intelligence services. The company’s gross margin improved to 58%, up from 53% in the previous year, while the non-GAAP gross margin reached 61%, compared to 58% in the second quarter of fiscal year 2025.

The company reported a net loss of $22.6 million, a significant improvement from the $38.7 million loss recorded in the same quarter of the previous fiscal year. The adjusted EBITDA was a positive $6.4 million, compared to a loss of $4.4 million in the prior year. The GAAP net loss per share was $0.07, while the non-GAAP net loss per share was in line with expectations at $0.03. This performance highlights the company’s ability to manage expenses effectively while continuing to invest in growth opportunities.

Planet Labs PBC’s backlog reached $736.1 million, up 245% year-over-year, while remaining performance obligations increased by 516% to $690.1 million. This substantial growth in backlog and performance obligations demonstrates the company’s strong sales execution and the increasing demand for its services across various sectors, including government and commercial clients. The company ended the quarter with approximately $271.5 million in cash, cash equivalents, and short-term investments, reflecting a sequential increase of $45.4 million.

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Planet Labs Provides Optimistic Guidance for Third Quarter of Fiscal Year 2026

Looking ahead, Planet Labs PBC has provided guidance for the third quarter of fiscal year 2026, with expected revenue in the range of $71 million to $74 million. The company anticipates a non-GAAP gross margin between 55% and 56%, with an adjusted EBITDA loss projected to be between $4 million and $0. Capital expenditures for the quarter are expected to range from $18 million to $24 million. This guidance reflects the company’s confidence in its ability to maintain growth momentum while managing operational expenses.

For the full fiscal year 2026, Planet Labs PBC expects revenue to be in the range of $281 million to $289 million, with a non-GAAP gross margin between 55% and 57%. The adjusted EBITDA loss is projected to be between $7 million and $0, indicating the company’s focus on achieving profitability in the near term. Capital expenditures for the year are expected to be between $65 million and $75 million, supporting the company’s strategic initiatives and expansion plans.

Planet Labs PBC’s optimistic guidance is supported by its strong market position and the growing demand for its innovative solutions. The company’s recent contract wins, including significant deals with the U.S. Department of Defense, NATO, and the German government, underscore its ability to deliver critical insights and data to a diverse range of clients. With the successful launch of two high-resolution Pelican satellites, Planet Labs PBC is well-positioned to continue its growth trajectory and capitalize on emerging opportunities in the Earth intelligence market.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.