Planet Labs PBC Reports Record Q1 Revenue Growth

Planet Labs Pbc ( (PL) ) has released its Q1 earnings. Here is a breakdown of the information Planet Labs Pbc presented to its investors.

Planet Labs PBC, a prominent provider of global satellite imagery and geospatial solutions, has reported its financial results for the first quarter of fiscal year 2026, showcasing a record revenue of $66.3 million, marking a 10% increase year-over-year. The company, known for its mission to image the world daily, continues to expand its satellite services and AI-enabled solutions to meet growing demand.

In the first quarter, Planet Labs achieved significant financial milestones, including a 262% year-over-year increase in remaining performance obligations to $451.9 million and a 140% increase in backlog to $527.0 million. The company also reported its first-ever quarter of positive free cash flow at $8.0 million and a net cash provision from operating activities of $17.3 million. Despite a net loss of $12.6 million, this was a marked improvement from the $29.3 million loss in the same period last year.

Key strategic developments include securing an eight-figure contract with a European defense and intelligence customer and a $95 million contract with the California Air Resource Board for methane data services. Additionally, Planet expanded its contracts with the German government and the Welsh government, enhancing its global footprint and service offerings.

Looking ahead, Planet Labs expects second-quarter revenue to range between $65 million and $67 million, with a non-GAAP gross margin of 56% to 57%. The company anticipates continued growth and strategic expansion, leveraging its robust satellite data capabilities and AI-driven insights to capture new market opportunities and drive long-term value for stakeholders.