Planet Labs Earnings Lift After Record Revenue

Planet Labs PBC (NYSE: PL) reported earnings on March 19, 2026, showing record revenue and its first fiscal-year adjusted EBITDA profit. The results prompted the company to raise its FY2027 revenue guidance, drawing investor attention to its satellite-data growth trajectory.

Record Results and Cash Flow

For the fiscal year ended January 31, 2026, Planet Labs reported revenue of $307.7 million, up 26% year-over-year. Fourth-quarter revenue reached $86.8 million, a 41% increase from the prior year’s quarter. The company posted adjusted EBITDA of $15.5 million for the full year, marking its first annual adjusted EBITDA profit, and $2.3 million in the fourth quarter.

On a GAAP basis, Planet Labs recorded a fourth-quarter net loss of $152.5 million, which included a $122.6 million loss from warrant-liability revaluation. The full-year net loss was $246.9 million, including a $161.4 million warrant-liability revaluation loss. Gross margins narrowed in the quarter, with GAAP gross margin at 54% and non-GAAP at 57%, compared with 56% and 59% respectively for the full year.

The company ended the fiscal year with improved cash generation. Net cash from operating activities totaled $134.4 million, and free cash flow was $52.9 million. Planet Labs closed the quarter with $640.1 million in cash, cash equivalents, and short-term investments, up 188% year-over-year.

Backlog, Guidance, and Partnerships

Remaining performance obligations rose 106% year-over-year to $852 million, while backlog exceeded $900 million, up 79% from a year earlier. Recurring annual contract value accounted for 98% of total ACV at fiscal year-end. These contract metrics support the company’s growth plans.

Planet Labs set FY2027 revenue guidance between $415 million and $440 million, surpassing prior analyst estimates near $380 million. This signals a more aggressive growth target for the fiscal year ending January 31, 2027.

Operational momentum continued with the launch of 40 satellites in fiscal 2026. The company also announced a research and development partnership with Google to explore data centers in space. Separately, Planet Labs revealed plans to build a GPU-native artificial intelligence engine with NVIDIA to enhance planetary intelligence.

Co-founder, CEO, and chairperson Will Marshall said, “Planet had a transformational year driven by strong momentum in satellite services, including most recently with Sweden, as well as launching 40 satellites, and inking an R&D partnership with Google to explore data centers in space.”

The raised guidance frames management’s targets for fiscal 2027. Execution on backlog and partnerships will be key indicators as the company advances through the year, potentially reshaping the investment outlook for Planet Labs stock.