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09/08/2025 – 07:05 AM
Delivered Record Revenue in Q2 of $73.4 million, Up +20% YoY
Increased RPOs +516% YoY to $690.1 Million; Backlog +245% YoY to $736.1 Million
Generated $85.1 Million of Year-to-Date Net Cash Provided by Operating Activities
Delivered Year-to-Date Positive Free Cash Flow of $54.3 Million
Successfully Launched 2 High Resolution Pelican Satellites
SAN FRANCISCO — Planet Labs PBC (PL), a leading provider of daily data and insights about Earth, announced its financial results for the second quarter of fiscal year 2026, ended July 31, 2025.
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog,” stated Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security.” He further added, “We are continuing to innovate with the recent launch of two additional next-generation Pelican satellites, with more on the horizon, reinforcing our commitment to delivering the most comprehensive and timely data and insights to our customers worldwide.” This focus on next-generation satellite deployment underscores Planet’s commitment to advanced technological capabilities, which is increasingly relevant in the competitive Earth observation market.
Ashley Johnson, Planet’s President and Chief Financial Officer, noted, “We delivered record revenue, our third quarter of adjusted EBITDA profitability, and our second quarter of positive free cash flow.” She emphasized that “We are pleased to see our investments in the business start to generate meaningful revenue growth rate acceleration, and our significant backlog gives us good visibility into FY’27 and beyond. Turning to the balance sheet, we ended the quarter with approximately $271.5 million of cash, cash equivalents, and short-term investments, an increase of approximately $45.4 million sequentially.” This substantial cash reserve positions Planet favorably for continued investment in R&D and expansion of its market reach. According to CFO Ashley Johnson, investments in the business are starting to generate meaningful revenue growth rate acceleration. This would be a crucial metric to watch in coming quarters, as consistent growth will be vital for investor confidence. A visibility into FY’27 and beyond provides a further reassurance about long term growth potential of the company.
Second Quarter of Fiscal Year 2026 Financial and Key Metric Highlights:
- Second quarter revenue increased 20% year-over-year to a record $73.4 million. Planet’s revenue growth rate exceeds a number of its competitors, suggesting a strong market adoption of its satellite data services. Market analysts are also watching Planet’s capacity to sustain these high rates as it scales.
- Percent of recurring annual contract value (ACV) for the second quarter was 98%. This is indicative of a stable business model and high customer retention, which is particularly important for subscription-based revenue models.
- Second quarter gross margin was 58%, compared to 53% in the second quarter of fiscal year 2025. Second quarter non-GAAP gross margin was 61%, compared to 58% in the second quarter of fiscal year 2025. This indicates improved operational efficiency and effective cost management. As Planet continues integrating new technologies, it should be expected that its efficiency should continue to deliver on increasing growth numbers.
- Second quarter net loss was ($22.6) million, compared to ($38.7) million in the second quarter of fiscal year 2025.
- Second quarter adjusted EBITDA was $6.4 million of profit, compared to a ($4.4) million loss in the second quarter of fiscal year 2025.
- Second quarter GAAP net loss per share was ($0.07) and non-GAAP net loss per share was ($0.03).
- Year-to-date net cash provided by operating activities was $85.1 million, and year-to-date free cash flow was $54.3 million.
- Ended the quarter with $271.5 million in cash, cash equivalents and short-term investments.
Please see “Planet’s Use of Non-GAAP Financial Measures” below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release.
Recent Business Highlights:
Growing Customer and Partner Relationships
- U.S. Department of Defense: The Defense Innovation Unit (DIU), part of the U.S. DoD, exercised a seven-figure option under its existing Hybrid Space Architecture (HSA) pilot with Planet. This option expands the capacity of the DIU pilot announced by Planet on July 1, 2025, which is designed to deliver vital indications and warnings. The short-term contract demonstrates how customers can leverage Planet data to monitor sites of strategic interest for critical changes and threats.
- U.S. National Reconnaissance Office: The NRO has expanded its contract with Planet under the Electro-Optical Commercial Layer (EOCL) program, to include PlanetScope monitoring and Maritime Domain Awareness in support of national security, counternarcotics, and disaster response efforts. This award is incremental to the contract option announced in July, which extended Planet’s provision of daily monitoring and high-resolution tasking data, maintaining its prior EOCL performance level from June through October 2025.
- United Kingdom Rural Payments Agency: Planet signed a renewal with the UK RPA. Under this seven figure ACV, multi-year agreement, the UK government will use Planet’s data to support its Environmental Land Management scheme, which involves countrywide monitoring of a wide range of environmental and agricultural features. This deal was won with Planet partner Earth-i.
- SwissRe: Planet is continuing to partner with SwissRe, a leading global reinsurer, for innovative drought insurance solutions. As part of this relationship, SwissRe leveraged PlanetScope and NDVI data to create a new drought insurance policy in Syria that provided early assistance to nearly 120,000 people and resulted in a multi-million dollar payout, demonstrating the power of Planet data in addressing food and essential needs in crisis situations.
- Farmdar: Planet announced a new six-figure ACV contract with Farmdar, a global agriculture technology company. Through this contract, Farmdar has access to Planet’s deep archive of PlanetScope data, including Planet Basemaps, to inform its crop insights platform, enabling more precise crop detection, geographical boundary identification, and arable land mapping.
Planet closed significant deals including with the U.S. Navy, NATO, and a satellite services agreement funded by the German government.
- German-Funded Satellite Services: Planet secured a pivotal €240 million multi-year satellite services contract in support of European peace and security. The contract, which includes a large renewal component, will provide dedicated capacity and direct downlink services on Planet’s Pelican satellites, alongside access to PlanetScope and SkySat data and AI-enabled solutions for enhanced situational and maritime domain awareness. This agreement reinforces Planet’s position as a trusted partner and is a powerful reflection of the growing demand for our capabilities in a rapidly changing geopolitical landscape. Planet expects to begin recognizing revenue from this contract in January 2026, ramping up over several years. The size and scope of the German government contract provides great revenue stability and validates the importance of high resolution, precision sattelite imagery.
- NATO: Allied Command Transformation, NATO’s Strategic Warfare Development Command, selected Planet for a landmark investment to deliver persistent space-based surveillance and enhanced indications and warnings capabilities. This agreement reinforces NATO’s commitment to maintaining a technological edge through advanced daily monitoring. The contract solidifies Planet’s position as a trusted and essential partner for customers seeking to bolster their strategic capabilities in a rapidly changing geopolitical landscape.
- U.S. Navy: Planet signed a seven-figure expansion with the U.S. Navy to provide Maritime Domain Awareness over the Pacific Ocean region.
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