Planet Labs PBC Experiences Strong Revenue Growth and Strategic Partnerships, Backlog Rises 245% YoY

Planet Labs PBC reported a 20% YoY revenue growth, reaching $73.4 million for Q2 2026. The company achieved its third consecutive quarter of adjusted EBITDA profitability, with a profit of $6.4 million. The backlog increased by 245% YoY to $736.1 million, providing strong revenue visibility. However, revenue from the civil government sector declined by 4% YoY, and North America revenue was roughly flat YoY. Capital expenditures were at the upper end of guidance, driven by satellite launches and procurements.

Planet Labs PBC, a leading provider of daily data and insights about Earth, has released its financial results for the second quarter of fiscal year 2026, ending July 31, 2025. The company reported record revenue and significant growth in key financial metrics, reflecting strong business momentum and strategic advancements.

Financial Highlights
For the second quarter of fiscal year 2026, Planet Labs PBC achieved a record revenue of $73.4 million, marking a 20% year-over-year increase [1]. The company's gross margin improved to 58%, up from 53% in the same period last year. On a non-GAAP basis, the gross margin was 61%, compared to 58% in the previous year. The net loss for the quarter was reduced to $22.6 million from $38.7 million in Q2 FY2025. Additionally, the company reported an adjusted EBITDA profit of $6.4 million, a significant improvement from a $4.4 million loss in the same quarter last year.

Business and Operational Highlights
Planet Labs PBC has seen substantial growth in its backlog, which increased by 245% year-over-year to $736.1 million [1]. The company also reported a 516% year-over-year increase in remaining performance obligations (RPOs) to $690.1 million. Key contracts with the German government, NATO, and the U.S. Department of Defense underscore the growing demand for Planet's Earth intelligence capabilities. Operationally, Planet successfully launched two high-resolution Pelican satellites, further enhancing its data and insights offerings. The company also celebrated the one-year anniversary of the Tanager-1 satellite, which has been instrumental in detecting over 5,500 methane and CO2 plumes.

Strategic Initiatives and Corporate Developments
Planet Labs PBC has secured several significant contracts, including a €240 million multi-year satellite services agreement funded by the German government and a landmark investment from NATO for persistent space-based surveillance. The company also expanded its contract with the U.S. Navy for Maritime Domain Awareness over the Pacific Ocean region.

Management's Perspective
Will Marshall, Planet’s Co-Founder, CEO, and Chairperson, highlighted the company's strong momentum and the critical role of its Earth intelligence in addressing global challenges. Ashley Johnson, President and CFO, emphasized the record revenue, adjusted EBITDA profitability, and positive free cash flow, noting the significant backlog that provides visibility into future financial performance.

Future Outlook
For the third quarter of fiscal year 2026, Planet Labs PBC expects revenue to be in the range of $71 million to $74 million, with a non-GAAP gross margin between 55% and 56%. The adjusted EBITDA loss is projected to be between $4 million and $0. For the full fiscal year 2026, the company anticipates revenue between $281 million and $289 million, with a non-GAAP gross margin of 55% to 57% and an adjusted EBITDA loss ranging from $7 million to $0.

References:
[1] https://www.tradingview.com/news/tradingview:5010e5750a3db:0-planet-labs-pbc-reports-financial-results-for-q2-fy2026/
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_PLXFE7DC9:0-geospatial-solutions-provider-planet-labs-q2-revenue-up-20-beats-estimates/
[3] https://www.investing.com/news/company-news/planet-labs-q2-2026-slides-record-revenue-and-245-backlog-growth-93CH-4228741