Planet Labs (PL) investor relations material

Executive summary

• Achieved record Q2 revenue of $116.1 million, up 58% year-over-year, driven by strong execution in satellite services, AI-enabled solutions, and major contract wins across government and commercial sectors.

• Net loss narrowed to $9.4 million from $22.6 million in the prior year quarter, reflecting improved operating leverage.

• Expanded global presence with new contracts in Africa, Europe, and the US, and opened new offices and manufacturing facilities.

• AI-enabled solutions and daily scan capabilities are expanding market opportunities and customer base.

• Over $4 billion in identified satellite services pipeline, with $1 billion qualified as near-term opportunities.

Financial highlights

• Q2 revenue: $116.1 million, up 58% year-over-year; defense and intelligence revenue up 90% year-over-year.

• Non-GAAP gross margin: 59% (down from 61% YoY); adjusted EBITDA profit: $13.9 million.

• Net loss: $9.4 million for the quarter; cash, cash equivalents, and short-term investments: $865.4 million at Q2 end.

• Year-to-date adjusted free cash flow: $28.8 million; net cash from operations: $68.4 million.

• Backlog: $815 million (up 11% YoY); RPO: $753.1 million.

Outlook and guidance

• Q3 revenue guidance: $101–$105 million; non-GAAP gross margin: 56–58%; adjusted EBITDA loss expected between $(6) million and $(1) million.

• Full-year revenue guidance raised to $430–$441 million (40–43% YoY growth); non-GAAP gross margin: 55–57%.

• FY2027 adjusted EBITDA profit expected between $3 million and $10 million; CapEx planned at $100–$115 million.

• Focused on maintaining adjusted free cash flow positivity and delivering Rule of 40 for the fiscal year.