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Investor Relations14 Oct 2025
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Planet Labs (PL) investor relations material
Planet Labs Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary8 Sep, 2025
Executive summary
Achieved record Q2 revenue of $73.4 million, up 20% year-over-year, driven by Defense & Intelligence and Commercial sectors, with 98% recurring ACV.
Net loss narrowed to $22.6 million from $38.7 million year-over-year; adjusted EBITDA turned positive at $6.4 million, marking the third consecutive quarter of profitability.
Backlog surged 245% year-over-year to $736.1 million, with 35% expected to be recognized within 12 months, providing strong revenue visibility.
Major multi-year contracts secured with the German government (€240 million), JSAT ($230 million), U.S. Department of Defense, NRO, NATO, and US Navy, driving growth and backlog.
Successfully launched two high-resolution Pelican satellites, expanding next-gen fleet and technological capabilities.
Financial highlights
Q2 revenue: $73.4 million, up 20% year-over-year; non-GAAP gross margin improved to 61% from 58% prior year.
Adjusted EBITDA was $6.4 million, up from a $4.4 million loss in the prior year quarter.
Free cash flow for Q2 was $46.3 million, with year-to-date net cash from operating activities at $85.1 million and free cash flow at $54.3 million.
Cash, cash equivalents, and short-term investments totaled $271.5 million at quarter end, up $45.4 million sequentially.
Backlog and RPOs surged, with RPOs up 516% year-over-year to $690.1 million.
Outlook and guidance
Q3 revenue guidance: $71–$74 million; FY26 revenue: $281–$289 million.
Non-GAAP gross margin expected at 55–57% for Q3 and FY26.
Adjusted EBITDA for Q3: $(4) million to break even; FY26: $(7) million to break even.
Capital expenditures planned at $18–$24 million for Q3 and $65–$75 million for FY26, focused on satellite fleet expansion.
Free cash flow positive expected for the full year, over a year ahead of prior target.
When does German contract revenue recognition begin?
What is the FY26 capital expenditure forecast?
How many methane plumes detected by Tanager-1?
Satellite services working capital benefits
Commercial sector growth drivers and outlook
Tanager fleet monetization and future potential
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Next Planet Labs earnings date
Investor Day 202516 Oct, 2025
Next Planet Labs earnings date
Investor Day 202516 Oct, 2025
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Frequently asked questions
Capturing the changing dynamics of planet Earth
Planet Labs is an Earth imaging company that utilizes a constellation of small satellites to capture detailed imagery of our planet. Their satellite fleet is designed to provide global coverage and collect high-resolution data on a daily basis. Planet Labs offers valuable insights into various applications, including agriculture, environmental monitoring, urban planning, and disaster response. By providing timely and accurate information and imagery, Planet Labs contributes to a better understanding of the situation on the ground and provides data that would otherwise be difficult to source.
A true bird's eye perspective
Planet Labs supplies a comprehensive suite of Earth observation data and analytics solutions to its customers. The imagery captured by their satellites is processed and analyzed to extract valuable insights and information for various industries and applications. Customers can access a wide range of data products, including imagery, geospatial analytics, change detection, and monitoring services. These offerings enable their customers to gain insights into environmental changes, and monitor specific areas of interest with precision and accuracy. Planet Labs also utilize AI in their day-to-day business through the help of strategic partnerships.
The service itself
The service that Planet Labs offers combines cutting-edge satellite technology, data analytics, and cloud-based software. Due to the fact that data is collected every day it allows users to track changing dynamics on the ground with accuracy and almost in real-time. Customers can access this data through a user-friendly platform, where they can explore, analyze, and extract actionable intelligence from the vast collection of imagery. Companies operating in the same, relatively niche, industry include names such as Maxar and Airbus’s satellite imaging division.
Helping customers make sense of the situation on the ground
Planet labs provides various industries, including agriculture, forestry, environmental monitoring, urban planning, and disaster response, with the information needed for better decision-making, resource management, and risk assessment. Whether it's monitoring crop health, assessing deforestation, mapping urban areas, or tracking natural disasters, Planet Labs offers a powerful and comprehensive solution for understanding and managing our planet's changing dynamics as they unfold over time.
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