Planet Labs Q1 revenue jumps 42% on contract gains

Planet Labs PBC

04/06/2026 21:22

Overview
US geospatial solutions provider's fiscal Q1 revenue rose 42% yr/yr, beating analyst expectations
Adjusted EPS for fiscal Q1 beat analyst expectations
Company's net loss widened due to a $106.5 mln non-cash warrant revaluation charge

Outlook
Planet sees Q2 revenue between $102 mln and $107 mln
Company expects FY27 revenue of $425 mln to $441 mln
Planet forecasts FY27 adjusted EBITDA profit of $0 to $10 mln

Result Drivers
CONTRACT WINS - Large new contracts with international government, U.S. defense, and intelligence agencies drove revenue growth
BACKLOG AND RPO GROWTH - Backlog rose 72% yr/yr and remaining performance obligations increased 81%, providing greater visibility into future revenue
SATELLITE LAUNCHES AND AI INVESTMENTS - Successful launches of Pelican satellites and new AI-powered products supported growth and market positioning

Company press release: ID:nBwbpfGMJa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$94.15 mln
$89.85 mln (11 Analysts)
Q1 Adjusted EPS
Beat
-$0.03
-$0.04 (8 Analysts)
Q1 EPS
 
-$0.40
 
Q1 Net Income
 
-$138.87 mln
 
Q1 Gross Margin
 
54%
 
Q1 Adjusted Gross Margin
 
56%
 
Q1 Gross Profit
 
$50.40 mln
 
Q1 Operating Expenses
 
$85.29 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the aerospace & defense peer group is "buy"
Wall Street's median 12-month price target for Planet Labs PBC is $35.50, about 17.7% below its June 3 closing price of $43.13

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)