Planet Labs Surges on Record Revenue and Backlog Growth

In the second quarter of fiscal 2026, satellite imaging company Planet Labs PBC (NYSE:PL) experienced a surge in its business, reporting results that exceeded Wall Street's expectations. The company's revenue rose 20% from the same period a year earlier, reaching $73.39 million, well above the analyst consensus of $65.74 million.

Planet Labs also saw a significant improvement in its financial performance, with a GAAP net loss of $22.6 million, or 7 cents per share, compared to a loss of $38.7 million, or 13 cents per share, a year ago. On a non-GAAP basis, the company's net loss per share was 3 cents, beating expectations for a 4-cent loss. Adjusted EBITDA also turned positive, reaching $6.4 million, compared to a loss of $4.4 million in the prior-year quarter.

The company's strong results were driven by record growth in its backlog, which surged 245% year-over-year to $736.1 million. Planet Labs also secured several high-profile contracts during the quarter, including a 240 million euros multi-year agreement with the German government, expanded work with NATO and the U.S. Navy, and additional deals with the U.S. Department of Defense, U.S. National Reconnaissance Office, the U.K.'s Rural Payments Agency, SwissRe, and Farmdar.

Looking ahead, Planet Labs raised its revenue guidance for fiscal 2026 to $281 million to $289 million, up from its previous range of $265 million to $280 million, though still below the $328.38 million analyst consensus. The company also expects non-GAAP gross margin to be in the range of 55% to 57%, and adjusted EBITDA between a $7 million loss and breakeven.