#Planet Labs Reports Strong Q1 2027 Revenue
Planet Labs PBC (NYSE: PL) reported record revenue of $94.2 million for the first quarter of fiscal year 2027, ended April 30, 2026, an increase of 42% compared with the same quarter of the prior fiscal year.
The result marks the highest quarterly revenue in the company's history as a public company. Planet operates the largest commercial Earth observation satellite fleet, competing in the geospatial intelligence sector alongside other commercial imagery providers and government-operated programs. Demand for satellite-derived data has expanded across defense, agriculture, and environmental monitoring markets in recent years.
#Backlog and Contracted Revenue Reach $906 Million
Remaining performance obligations rose 81% year-over-year to $816 million at the end of the quarter. Backlog, which includes cancelable contract value in addition to remaining performance obligations, grew 72% year-over-year to over $906 million.
The company ended the quarter with $730.8 million in cash, cash equivalents, and short-term investments, an increase of 223% year-over-year. The increase reflects approximately $107.8 million in proceeds from the exercise of public warrants following Planet's announcement of a warrant redemption during the quarter. All outstanding private placement warrants were also exercised on a cashless basis during the period.
GAAP net loss for the quarter was $138.9 million, compared with $12.6 million in the first quarter of fiscal 2026. The current-quarter loss included approximately $106.5 million in non-cash charges from the revaluation of warrant liabilities related to stock price movements during the period. Planet said warrant-related revaluations will not recur in future quarters following the completion of the warrant redemption.
Adjusted EBITDA loss was $1.0 million, compared with adjusted EBITDA profit of $1.2 million in the prior-year period. Non-GAAP gross margin was 56%, compared with 59% in the first quarter of fiscal 2026.
"Planet is executing with speed and focus, evidenced by the successful launch of Sweden's first sovereign reconnaissance satellite just four months after contract signing," said Will Marshall, Co-Founder, Chief Executive Officer and Chairperson, in the earnings release.
#Government Contracts Drive Revenue Across Defense and Agriculture
The National Geospatial-Intelligence Agency awarded Planet a $21.9 million, one-year contract extension for maritime surveillance under the Luno B Indefinite Delivery, Indefinite Quantity vehicle. The NGA also awarded a separate contract for Planet's Global Monitoring Service to support crisis response.
The U.S. Navy awarded a six-month, $7.5 million contract renewal for vessel detection and monitoring across areas of interest in the Pacific. Planet also signed a two-year, seven-figure agreement with the Greek government, executed through the European Space Agency, to support the country's national satellite space program.
A two-year, seven-figure contract with the Czech Republic's State Agricultural Intervention Fund will provide satellite imagery and analytics to support an agricultural payments and monitoring system covering approximately 25,000 agricultural holdings.
#Planet Launches Three Pelican Satellites Including Sweden's First Sovereign Reconnaissance Satellite
In May, Planet launched three additional Pelican satellites aboard a SpaceX vehicle, bringing the total number of Pelicans on orbit to nine. The mission included the Swedish Armed Forces' first sovereign reconnaissance satellite, delivered approximately four months after contract signing.
Planet also launched a private beta of an AI application designed to allow users to query its global data archive through natural language. The company separately announced SuperRes, an AI-powered technology described as improving PlanetScope imagery to a 2-meter-class resolution.
#Outlook and Key Risks
For the second quarter of fiscal 2027, ending July 31, 2026, Planet projected revenue in the range of $102 million to $107 million, with adjusted EBITDA profit of $0 to $5 million.
For the full fiscal year 2027, Planet projected revenue in the range of $425 million to $441 million, with adjusted EBITDA profit of $0 to $10 million.
Ashley Johnson, President and Chief Financial Officer, said in the earnings release that backlog growth of 72% year-over-year provides "excellent visibility and predictability" into future revenue, though she attributed the characterisation to management's outlook.
Risks to the outlook include macroeconomic conditions, execution dependencies across a growing government contract portfolio, the capital-intensive nature of satellite manufacturing and launch, litigation costs, and foreign currency exposure. Government contracts may include termination-for-convenience clauses, and Planet said it may not realise the full value of backlog as a result. Actual results may differ materially from forward-looking projections, as described in Planet's filings with the Securities and Exchange Commission.