Planet Labs PBC announced robust financial results for its fiscal fourth quarter and full year 2026, ending January 31, 2026. The company achieved record annual revenue and marked its first full year of adjusted EBITDA profitability alongside positive free cash flow.5250
Q4 FY2026 Financial Highlights
Revenue surged 41% year-over-year to $86.8 million. GAAP gross margin stood at 54%, while non-GAAP gross margin reached 57%. Adjusted EBITDA showed a profit of $2.3 million. The quarter included a net loss of $152.5 million, primarily due to a $122.6 million revaluation loss on warrant liabilities. GAAP net loss per share was $0.48, with non-GAAP at $0.00.52
Full Year FY2026 Results
Full-year revenue climbed 26% to $307.7 million. Non-GAAP gross margin was 59%. Adjusted EBITDA turned profitable at $15.5 million, compared to a $10.6 million loss the prior year. Free cash flow reached $52.9 million, supported by $134.4 million in net cash from operating activities. Cash, cash equivalents, and short-term investments grew 188% to $640.1 million. Remaining performance obligations (RPOs) expanded 106% to $852 million, and backlog rose 79% to over $900 million. Percent of recurring annual contract value hit 98%.5251
Strategic Business Developments
Planet secured key contracts, including a multi-year low nine-figure satellite services deal with the Swedish Armed Forces, a seven-figure extension from the U.S. Defense Innovation Unit, and selection by NATO for space-based surveillance. Additional wins encompassed renewals and expansions with German BKG, the Slovenian government, U.S. Missile Defense Agency’s SHIELD IDIQ, and SDG&E. Partnerships advanced with AiDASH for wildfire mitigation and Google for R&D on space-based data centers. The company launched 40 satellites and collaborated with NVIDIA on a GPU-native AI engine.52
Executive Commentary
Will Marshall, Co-Founder, CEO, and Chairperson, stated, “Planet had a transformational year driven by strong momentum in satellite services… We delivered record revenue, with Q4 growing 41% year-on-year, and ended the year with $900 million of backlog… We’re leaning in and investing in the huge market opportunity in front of us. Just as satellite services were transformative last year, we expect AI to be transformative this year.”52
Ashley Whitfield Johnson, President and CFO, noted, “We delivered record revenue, our first fiscal year of Adjusted EBITDA and free cash flow profitability, and closed the year with $640 million of cash… Achieving these major milestones is a direct reflection of the hard work and dedication of our global teams.”52
FY2027 Guidance
For Q1 FY2027, revenue guidance is $87 million to $91 million, with non-GAAP gross margin of 49% to 51%, adjusted EBITDA loss of $6 million to $3 million, and capex of $17 million to $23 million. Full-year FY2027 targets include revenue of $415 million to $440 million, non-GAAP gross margin of 50% to 52%, adjusted EBITDA profit of $0 to $10 million, and capex of $80 million to $95 million.5251
Key Insights from Q&A
Executives highlighted AI advancements via NVIDIA partnership for faster data processing and the Sun Catcher project with Google as an early demo for space CPUs. Geopolitical tensions boost demand for data and sovereign satellite systems. Europe saw strong performance from defense deals. Commercial growth focuses on AI-enabled generic solutions to accelerate adoption. Net dollar retention was 116%, with defense and intelligence revenue up over 50%.5149
