Planet Labs Pbc Stock Earnings Reports

Planet Labs reported solid Q2 FY2026 results driven by strength in Defense & Intelligence and expanding satellite services. Key financials: revenue of $73.4M (+~20% YoY), non‑GAAP gross margin of 61% (up from 58% YoY), adjusted EBITDA profit of $6.4M (third consecutive profitable quarter), and year‑to‑date free cash flow of $54.3M (FCF margin ~39%). Backlog and RPOs expanded materially (backlog ~$736M, up ~245% YoY; RPOs ~$690M, up ~516% YoY), providing multi‑year revenue visibility. Planet highlighted strong demand and contract wins: a EUR 240M multiyear satellite services collaboration with Germany, a multiyear JSAT contract contribution, expanded EOCL work with the U.S. NRO, an additional Defense Innovation Unit option, and customer wins with NATO, U.S. DoD, SynMax (Germany partner), Farmdar, and Swiss Re. Operational progress: Pelican and Tanager satellite launches and ramped production (4 Pelicans in orbit, Pelican/Tanager commissioning underway); partnerships with Anthropic, Google, and NVIDIA to embed AI across product stack. Guidance: Q3 revenue $71M–$74M, non‑GAAP gross margin 55%–57%, adjusted EBITDA (Q3) -$4M to breakeven; FY revenue raised to $281M–$289M, non‑GAAP gross margin 55%–57%, adjusted EBITDA (FY) -$7M to breakeven, CapEx $65M–$75M. Management expects to be free cash flow positive for the fiscal year, ahead of prior targets. Risks noted: variability in government usage/timing, contract termination-for-convenience clauses in some U.S. federal contracts, and near‑term margin variability driven by revenue mix and satellite build phases.