Planet Labs (PL) investor relations material

Executive summary

• Achieved record quarterly revenue of $94.2 million, up 42% year-over-year, driven by strong defense, intelligence, and commercial sector performance and major contract wins across government and international clients.

• Launched three new Pelican satellites, including Sweden's first sovereign reconnaissance satellite, expanding high-resolution imaging capabilities within four months of contract signing.

• Advanced AI initiatives, including the launch of SuperRes for enhanced imagery and a private beta of a natural language AI application for data analytics.

• RPOs increased 81% year-over-year to $816 million; backlog rose 72% year-over-year to $906 million.

• Ended the quarter with $731 million in cash, cash equivalents, and short-term investments, up over $500 million year-over-year.

Financial highlights

• Q1 revenue reached $94.2 million, a 42% increase year-over-year; recurring ACV was 99% of end-of-period ACV.

• Non-GAAP gross margin was 56%, down from 59% in the prior year; GAAP gross margin was 54%.

• Adjusted EBITDA loss was $1 million, better than expected due to revenue outperformance.

• Net loss widened to $138.9 million, primarily due to increased operating expenses and warrant liability changes.

• Free cash flow for the quarter was -$2.5 million; net cash from operating activities was $15.4 million.

Outlook and guidance

• Q2 revenue expected between $102 million and $107 million; non-GAAP gross margin projected at 52%–55%.

• Full-year fiscal 2027 revenue guidance raised to $425 million–$441 million; non-GAAP gross margin expected between 52% and 54%.

• Adjusted EBITDA profit for fiscal 2027 expected between breakeven and $10 million.

• Capital expenditures planned at $80 million–$95 million for the year, focused on next-generation satellites and scaling AI-enabled solutions.

• Expectation to remain free cash flow positive on an annual basis.