Delivered Record Quarterly Revenue of $116 Million, up 58% YoY

Successfully Launched Pelican Tech Demo

Shipped Tanager-2 & SuperDove Satellites to Vandenburg for Launch

End of Period Cash, Cash Equivalents, and Short-Term Investments Increased 219% YoY to $865 Million

SAN FRANCISCO--(BUSINESS WIRE)--September 03, 2026-- 

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 July 31, 2026.

"Planet delivered an outstanding second quarter, with record revenue of $116.1 million, representing 58% year-over-year growth and our fourth consecutive quarter of meeting or exceeding the Rule of 40," said Will Marshall, Planet's Co-Founder, Chief Executive Officer and Chairperson. "The team continues to demonstrate strong execution, highlighted by our satellite handover for the Swedish Armed Forces and landmark contract wins in August with the NGA and the German government. We've seen incredible traction in satellite services and our pipeline has continued to expand. To capture this momentum, our strategy pairs AI-enabled analytics with sovereign satellite services, merging our core growth vectors into an even more powerful offering."

Ashley Johnson, Planet's President and Chief Financial Officer, added, "Our strong top-line performance is translating to significant operating leverage, exceeding our expectations on non-GAAP gross margins and driving adjusted EBITDA profit of $13.9 million for the quarter." Ms. Johnson continued, "This strong performance, including year-to-date adjusted free cash flow of $28.8 million and an ending balance of cash, cash equivalents and short-term investments of $865.4 million, allows us the strategic flexibility to confidently invest behind our core growth initiatives while continuing to drive sustainable, long-term cash flow generation."

Second Quarter of Fiscal Year 2027 Financial and Key Metric Highlights:

   --  Second quarter revenue increased 58% year-over-year to a record $116.1 
      million. 
 
   --  Percent of recurring annual contract value $(ACV)$ was 98% as of the end 
      of the second quarter. 
 
   --  Second quarter gross margin was 57%, compared to 58% in the second 
      quarter of fiscal year 2026. Second quarter non-GAAP gross margin was 59%, 
      compared to 61% in the second quarter of fiscal year 2026. 
 
   --  Second quarter net loss was ($9.4) million, compared to ($22.6) million 
      in the second quarter of fiscal year 2026. 
 
   --  Second quarter adjusted EBITDA profit was $13.9 million, compared to 
      $6.4 million in the second quarter of fiscal year 2026. 
 
   --  Second quarter GAAP net loss per share was ($0.03) and non-GAAP net 
      income per share was $0.02. 
 
   --  Ended the quarter with approximately $753.1 million in Remaining 
      Performance Obligations (RPOs), of which approximately 46% apply to the 
      next twelve months and approximately 68% to the next 24 months. Second 
      quarter backlog was approximately $814.9 million, of which approximately 
      50% apply to the next twelve months and approximately 70% to the next 24 
      months. 
 
   --  Year-to-date net cash provided by operating activities was $68.4 
      million, year-to-date free cash flow was $21.3 million, and year-to-date 
      adjusted free cash flow was $28.8 million. 
 
   --  Cash, cash equivalents and short-term investments were $865.4 million 
      at the end of the second quarter. During the quarter, Planet raised 
      approximately $120 million from stock sales under its At-The-Market 
      program, at an average net sale price of $31.95 per share after 
      expenses. 

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: In August, Planet received a 
      new $8 million OTA award from the National Geospatial-Intelligence Agency 
      (NGA) to deploy Planet's Global Monitoring Service $(GMS)$. 
 
   --  German Federal Ministry of the Interior $(BMI)$: German Civil Government: 
      In August, the German government announced that Planet was awarded a 
      tender for dedicated capacity Satellite Services. The tender award 
      includes options and has a maximum possible value of EUR25 million over 5 
      years. 
 
   --  European Defense & Intelligence Customer: In August, Planet was awarded 
      a 7-figure, 1-year agreement with a European government customer to 
      supply high-resolution global Mosaics and dedicated professional services 
      support for operational planning. 
 
   --  Rwanda Space Agency: During the quarter, Planet has signed a new 
      contract with the Rwanda Space Agency to provide national high resolution 
      data and analytics to be used in diverse applications across Government 
      Ministries, Departments and Agencies, as well as public universities. The 
      satellite imagery data will be used in policy and decision support on 
      agriculture, urban management, spatial planning, disaster response, 
      amongst other applications. This deal marks Planet's first national 
      program of its kind in Africa. 
 
   --  New Mexico State Land Office: During the quarter, Planet signed a 
      1-year contract renewal with the New Mexico State Land Office (NMSLO). 
      Since 2019, this long-standing partnership has evolved into a 
      sophisticated, multi-product strategy that enables NMSLO to monitor, 
      protect, and manage more than 9 million acres of public trust land. 
 
   --  Data Center Monitoring: In August, Planet signed a renewal with a 
      hyperscaler AI developer for global monitoring of data centers and 
      semi-conductor manufacturing facility construction. Planet's Pelican high 
      resolution data is used to track milestones of construction for these 
      facilities, which are strong indicators of supply chain health and 
      computing capacity. 
 
   --  FarmQA: Planet partnered with FarmQA to develop and commercialize 
      AI-powered agronomic intelligence tools for enterprise agriculture. The 
      first application of the collaboration is already in the field: an 
      AI-driven sugar beet yield estimation model, currently being piloted with 
      multiple sugar beet cooperatives during the 2026 growing season. 
 
   --  Braga Technologies: Planet partnered with Braga Technologies to 
      integrate Planet's high-frequency satellite data into Braga Technologies' 
      Spatial Intelligence platform, enabling automated change detection and 
      near-real-time analytics for natural resource management and civil 
      government applications. 

Technology and Operational Updates

   --  Successfully Launched Pelican-11 Satellite: In July, Planet launched 
      the Pelican-11 technical demonstration satellite, bringing the total 
      number of high-resolution Pelicans on orbit to 10. 
 
   --  Shipped Tanager-2 and SuperDoves to Launch Site: Earlier this week, 
      Planet announced that the Tanager-2 satellite and 18 SuperDove satellites 
      (Flock 4J) were shipped to Vandenberg Space Force Base in California 
      ahead of its launch aboard the upcoming Transporter-18 mission with 
      SpaceX. This will be Planet's third launch this year. 
 
   --  Isar Partnership: Planet announced a strategic launch agreement with 
      European space company Isar Aerospace. Under the agreement, Isar 
      Aerospace will launch one of Planet's Pelican satellites, with additional 
      satellites planned for future launches. With both the satellite and 
      rocket being built in Germany, this launch will be a national first for 
      the country. 
 
   --  Berlin Manufacturing: Planet is rapidly scaling its European presence 
      with the strategic expansion of its Berlin facility, marking a major 
      milestone in its manufacturing capability. As of September 1, Planet will 
      begin the initial facility set-up and operational readiness activities. 
      Manufacturing is scheduled to begin this year. 
 
   --  London Office: Over the summer, Planet opened a new office in London, 
      serving as a national hub for AI and analytics partnerships. Its 
      strategic location, steps away from Westminster and Whitehall, 
      facilitates deeper engagement with policymakers and key stakeholders in 
      the UK government and NATO alliance representatives. 
 
   --  Planet AI Application: Planet's agentic AI app has progressed to an 
      open beta phase. This pioneering tool is focused on making Planet's 
      massive global data archive queryable through natural language. By 
      leveraging Planet's daily data and integrating LLMs, it can help lower 
      the barriers to entry for non-technical users in emerging markets, 
      allowing teams without geospatial expertise to accelerate their adoption 
      of Planet's products. 

Financial Outlook

For the third quarter of fiscal year 2027, ending October 31, 2026, Planet expects revenue to be in the range of approximately $101 million to $105 million. Non-GAAP gross margin is expected to be in the range of approximately 56% to 58%. Adjusted EBITDA loss is expected to be in the range of approximately ($6) to ($1) million for the quarter. Capital expenditures are expected to be in the range of approximately $30 million and $37 million for the quarter.