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- **Record Growth**: Q3 rev $81.3M (+33% YoY), 4th straight EBITDA profit
- **Gov Dominance**: Defense & Intelligence up 70% YoY, $12.8M NGA contract
- **Strategic Wins**: AXA partnership, NATO expansion, Berlin satellite factory
- **Future Tech**: Owl fleet 2026, Suncatcher with Google 2027
- **Financial Strength**: $677M cash, 216% YoY backlog, EBITDA $5.6M
- **2027 Vision**: EBITDA breakeven, 27% rev growth, free cash flow positive

**【CEO Summary Section】**
- **Revenue Growth**: $81.3M (33% YoY), with Defense & Intelligence up 70% YoY and Civil Govt up 15% QoQ. Adjusted EBITDA profit of $5.6M, 4th sequential quarter positive. Backlog $734.5M (216% YoY). 
- **Strategic Wins**: 
  - $12.8M Luno B contract with NGA for AI maritime analytics
  - $7.5M Navy renewal for vessel detection
  - NATO expansion with 7-figure contract
  - AXA partnership for insurance claims processing
- **Satellite Execution**: 
  - 2 Pelican HR satellites launched, 36 SuperDoves deployed
  - Berlin manufacturing facility to double capacity
- **Future Projects**: 
  - Owl fleet (1m res, low latency) demo late 2026
  - Suncatcher with Google (TPUs in space) prototypes 2027
- **Acquisition**: Bedrock AI for national security solutions

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Defense & Intelligence: 70% YoY growth
  - Civil Govt: 1% YoY, NASA $13M task order
  - Commercial: Down due to ag seasonality
- **Financial Metrics**: 
  - Non-GAAP gross margin 60%
  - Net cash from ops $114M, free cash flow $55M
  - RPO $672M (361% YoY), 33% next 12 months
- **Guidance**: 
  - Q4 2026: $76-80M rev (27% YoY), EBITDA loss $7-5M
  - FY2026: $297-301M rev, EBITDA $6-8M
- **Capital Structure**: 
  - $460M convertible debt at 0.5%, $677M cash
  - CapEx $81-85M FY2026 for satellite fleets

**【Q&A Highlights】**
- **Pipeline Execution**: 20+ gov contracts pipeline, 6+ high-probability deals
- **Suncatcher Viability**: Early R&D phase, aligned with Owl bus design
- **Commercial Growth**: AXA partnership scales to 1M+ insurance clients
- **JSAT Deal**: On track, contributing to Q3 upside
- **2027 Outlook**: EBITDA breakeven target, 27% rev growth rate

Planet Labs PBC (PL) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PL

PL fundamentals

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