# PL earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/PL) · [Earnings tab](https://www.lopjlb.com/stock/PL?tab=earnings) Updated: 2026-09-03T07:07:07 Quarters analyzed: 8 ## Latest CallCard · Q1 Planet delivered record $94M revenue (+42% YoY), hit Rule of 40, secured multiple defense contracts, launched three Pelican satellites and advanced AI products, signaling strong growth momentum. **Guidance:** maintained — Management did not indicate any change to guidance, focusing on execution and growth. **Tone:** mgmt 0.7 · Q&A pressure 0.4 · divergence 0.3 Delivered record revenue, 42% growth, Rule of 40, new satellite launches and defense wins show optimism. ### Demand visibility Robust demand across defense, international government and commercial sectors. Wins include U.S. Navy vessel‑detection contract, NGA maritime surveillance extensions, Swedish Armed Forces satellite, 7‑figure contracts with Greece, Czech Republic and Scottish agriculture, and expanding commercial agriculture and energy customers. ### Margins / costs Non‑GAAP gross margin at 56% with low marginal cost for data delivery. Management highlighted that delivering data incurs relatively low marginal cost, allowing high‑margin upside when revenue grows. ### Capital allocation Prioritizing growth, market capture and buying down supply‑chain risk while maintaining a strong balance sheet. "When we think about capital allocation... the investments that we're making are really prioritizing growth and market capture." Management also said they have most of what they need for M&A and will look for accretive opportunities. ### Milestones - **Three Pelican satellite launches (incl. Sweden)** [delivered]: Launched three Pelican satellites, Sweden's first sovereign reconnaissance satellite, 4 months after contract signing. - **Pelican 11 shipment for Transporter‑17** [on_track]: Shipped to Vandenberg ahead of launch on SpaceX Transporter‑17 mission. - **Gen 2 Pelican tech demo** [on_track]: First Gen 2 Pelican technology demonstration scheduled for launch later this year. - **AI app private beta** [new]: Early customer access to AI app enabling natural‑language search of Planet’s data archive. - **SuperRes feature launch** [delivered]: AI‑powered SuperRes improves PlanetScope data to 2‑meter resolution. - **Tanager SWIR instrument design partnership** [new]: Collaboration with Carbon Mapper and NASA JPL to design short‑wave infrared satellite instrument. - **Greek government 2‑year contract** [delivered]: 7‑figure agreement supporting national satellite space project. - **Czech Republic agricultural analytics contract** [delivered]: 2‑year 7‑figure deal for satellite imagery and AI analytics for ~25,000 farms. ### Fears / risks - **Supply chain risk**: Potential disruptions mitigated by buying components in advance; management says no material issues currently. - **Launch competition**: Increased competition for launch slots could affect schedules, though company cites experience with many providers. - **Government contract concentration**: Heavy reliance on defense and intelligence contracts may expose revenue to geopolitical shifts. - **AI product adoption**: New AI app and SuperRes are early‑stage; market uptake and scalability remain uncertain. - **Capital allocation balance**: Balancing growth investments with profitability could pressure margins. - **M&A integration risk**: Future acquisitions could be accretive but carry integration risk. - **Geopolitical risk**: Demand driven by geopolitics; changes could affect international government orders. ### Key quotes > “Planet had another excellent quarter, delivering record revenue and signing an 8-figure deal with an international customer.” — William Marshall > “Revenue for the first quarter came in at a record $94 million, representing approximately 42% year-over-year growth.” > “We also successfully launched 3 additional Pelican satellites, including 1 for Sweden, their first sovereign reconnaissance satellites just 4 months after contract signing.” > “So I'd say the investments that we're making are really prioritizing growth and market capture.” > “As for supply chain, nothing material to point out, but we -- but one of the things we looked, of course, look at is buying down risk in supply chain by buying components.” ## Quarter one-liners - **2027 Q1:** Planet delivered record $94M revenue (+42% YoY), hit Rule of 40, secured multiple defense contracts, launched three Pelican satellites and advanced AI products, signaling strong growth momentum. - **2026 Q4:** Planet Labs posted record $308M revenue, 41% Q4 growth and first full‑year non‑GAAP profitability, backed by a $900M backlog and expanding AI and satellite services initiatives. - **2026 Q3:** Planet Labs posted $81.3M revenue (+33% YoY), strong defense wins and a robust backlog, while announcing new contracts, Berlin plant expansion, Owl fleet and SunCatcher R&D, and raised full-year guidance. - **2026 Q2:** Planet Labs posted $73.4M revenue (+20% YoY) in Q2 FY2026, lifted non‑GAAP margin to 61%, achieved a second quarter of free‑cash‑flow profitability and a 245% backlog surge, while highlighting strong demand for AI‑enabled data solutions and new satellite‑services contracts. - **2026 Q1:** Planet Labs posted 10% revenue growth, $1.2M adjusted EBITDA, first positive free cash flow, strong defense demand and a growing backlog, while noting budget and AI uncertainties. - **2025 Q4:** Planet Labs achieved first adj. EBITDA-positive quarter, signed $230M JSAT satellite services deal, grew backlog 115% QoQ to ~$0.5B, and guided FY26 revenue $260-280M with aim to double growth rate in FY27. - **2025 Q3:** Planet Labs posted record $61.3M revenue (+11% YoY), record 64% non‑GAAP margin and narrowed adjusted EBITDA loss, while highlighting large government contracts, AI‑driven pipeline and upcoming Tanager and Pelican satellite launches. - **2025 Q2:** Planet Labs posted record $61.1M Q2 revenue (+14% YoY), strong govt demand, launched Tanager and 36 SuperDoves, restructured to cut costs and target EBITDA profitability by Q4 while guiding Q3 revenue $61‑64M. ## Guidance path 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:maintained → 2026 Q3:raised → 2026 Q4:raised → 2027 Q1:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/PL`