Delivered Record Quarterly Revenue of $116 Million, up 58% YoY
Successfully Launched Pelican Tech Demo
Shipped Tanager-2 & SuperDove Satellites to Vandenburg for Launch
End of Period Cash, Cash Equivalents, and Short-Term Investments Increased 219% YoY to $865 Million
SAN FRANCISCO--(BUSINESS WIRE)--September 03, 2026--
Planet Labs PBC (NYSE: PL) ("Planet" or the "Company"), a leading provider of daily data and insights about change on Earth, today announced financial results for the period ended July 31, 2026.
"Planet delivered an outstanding second quarter, with record revenue of $116.1 million, representing 58% year-over-year growth and our fourth consecutive quarter of meeting or exceeding the Rule of 40," said Will Marshall, Planet's Co-Founder, Chief Executive Officer and Chairperson. "The team continues to demonstrate strong execution, highlighted by our satellite handover for the Swedish Armed Forces and landmark contract wins in August with the NGA and the German government. We've seen incredible traction in satellite services and our pipeline has continued to expand. To capture this momentum, our strategy pairs AI-enabled analytics with sovereign satellite services, merging our core growth vectors into an even more powerful offering."
Ashley Johnson, Planet's President and Chief Financial Officer, added, "Our strong top-line performance is translating to significant operating leverage, exceeding our expectations on non-GAAP gross margins and driving adjusted EBITDA profit of $13.9 million for the quarter." Ms. Johnson continued, "This strong performance, including year-to-date adjusted free cash flow of $28.8 million and an ending balance of cash, cash equivalents and short-term investments of $865.4 million, allows us the strategic flexibility to confidently invest behind our core growth initiatives while continuing to drive sustainable, long-term cash flow generation."
Second Quarter of Fiscal Year 2027 Financial and Key Metric Highlights:
-- Second quarter revenue increased 58% year-over-year to a record $116.1
million.
-- Percent of recurring annual contract value $(ACV)$ was 98% as of the end
of the second quarter.
-- Second quarter gross margin was 57%, compared to 58% in the second
quarter of fiscal year 2026. Second quarter non-GAAP gross margin was 59%,
compared to 61% in the second quarter of fiscal year 2026.
-- Second quarter net loss was ($9.4) million, compared to ($22.6) million
in the second quarter of fiscal year 2026.
-- Second quarter adjusted EBITDA profit was $13.9 million, compared to
$6.4 million in the second quarter of fiscal year 2026.
-- Second quarter GAAP net loss per share was ($0.03) and non-GAAP net
income per share was $0.02.
-- Ended the quarter with approximately $753.1 million in Remaining
Performance Obligations (RPOs), of which approximately 46% apply to the
next twelve months and approximately 68% to the next 24 months. Second
quarter backlog was approximately $814.9 million, of which approximately
50% apply to the next twelve months and approximately 70% to the next 24
months.
-- Year-to-date net cash provided by operating activities was $68.4
million, year-to-date free cash flow was $21.3 million, and year-to-date
adjusted free cash flow was $28.8 million.
-- Cash, cash equivalents and short-term investments were $865.4 million
at the end of the second quarter. During the quarter, Planet raised
approximately $120 million from stock sales under its At-The-Market
program, at an average net sale price of $31.95 per share after
expenses.
Please see "Planet's Use of Non-GAAP Financial Measures" below for a discussion on how Planet calculates the non-GAAP financial measures presented herein. In addition, reconciliations to the most directly comparable U.S. GAAP financial measures are provided in the tables at the end of this release.
Recent Business Highlights:
Growing Customer and Partner Relationships
-- National Geospatial-Intelligence Agency: In August, Planet received a
new $8 million OTA award from the National Geospatial-Intelligence Agency
(NGA) to deploy Planet's Global Monitoring Service $(GMS)$.
-- German Federal Ministry of the Interior $(BMI)$: German Civil Government:
In August, the German government announced that Planet was awarded a
tender for dedicated capacity Satellite Services. The tender award
includes options and has a maximum possible value of EUR25 million over 5
years.
-- European Defense & Intelligence Customer: In August, Planet was awarded
a 7-figure, 1-year agreement with a European government customer to
supply high-resolution global Mosaics and dedicated professional services
support for operational planning.
-- Rwanda Space Agency: During the quarter, Planet has signed a new
contract with the Rwanda Space Agency to provide national high resolution
data and analytics to be used in diverse applications across Government
Ministries, Departments and Agencies, as well as public universities. The
satellite imagery data will be used in policy and decision support on
agriculture, urban management, spatial planning, disaster response,
amongst other applications. This deal marks Planet's first national
program of its kind in Africa.
-- New Mexico State Land Office: During the quarter, Planet signed a
1-year contract renewal with the New Mexico State Land Office (NMSLO).
Since 2019, this long-standing partnership has evolved into a
sophisticated, multi-product strategy that enables NMSLO to monitor,
protect, and manage more than 9 million acres of public trust land.
-- Data Center Monitoring: In August, Planet signed a renewal with a
hyperscaler AI developer for global monitoring of data centers and
semi-conductor manufacturing facility construction. Planet's Pelican high
resolution data is used to track milestones of construction for these
facilities, which are strong indicators of supply chain health and
computing capacity.
-- FarmQA: Planet partnered with FarmQA to develop and commercialize
AI-powered agronomic intelligence tools for enterprise agriculture. The
first application of the collaboration is already in the field: an
AI-driven sugar beet yield estimation model, currently being piloted with
multiple sugar beet cooperatives during the 2026 growing season.
-- Braga Technologies: Planet partnered with Braga Technologies to
integrate Planet's high-frequency satellite data into Braga Technologies'
Spatial Intelligence platform, enabling automated change detection and
near-real-time analytics for natural resource management and civil
government applications.
Technology and Operational Updates
-- Successfully Launched Pelican-11 Satellite: In July, Planet launched
the Pelican-11 technical demonstration satellite, bringing the total
number of high-resolution Pelicans on orbit to 10.
-- Shipped Tanager-2 and SuperDoves to Launch Site: Earlier this week,
Planet announced that the Tanager-2 satellite and 18 SuperDove satellites
(Flock 4J) were shipped to Vandenberg Space Force Base in California
ahead of its launch aboard the upcoming Transporter-18 mission with
SpaceX. This will be Planet's third launch this year.
-- Isar Partnership: Planet announced a strategic launch agreement with
European space company Isar Aerospace. Under the agreement, Isar
Aerospace will launch one of Planet's Pelican satellites, with additional
satellites planned for future launches. With both the satellite and
rocket being built in Germany, this launch will be a national first for
the country.
-- Berlin Manufacturing: Planet is rapidly scaling its European presence
with the strategic expansion of its Berlin facility, marking a major
milestone in its manufacturing capability. As of September 1, Planet will
begin the initial facility set-up and operational readiness activities.
Manufacturing is scheduled to begin this year.
-- London Office: Over the summer, Planet opened a new office in London,
serving as a national hub for AI and analytics partnerships. Its
strategic location, steps away from Westminster and Whitehall,
facilitates deeper engagement with policymakers and key stakeholders in
the UK government and NATO alliance representatives.
-- Planet AI Application: Planet's agentic AI app has progressed to an
open beta phase. This pioneering tool is focused on making Planet's
massive global data archive queryable through natural language. By
leveraging Planet's daily data and integrating LLMs, it can help lower
the barriers to entry for non-technical users in emerging markets,
allowing teams without geospatial expertise to accelerate their adoption
of Planet's products.
Financial Outlook
For the third quarter of fiscal year 2027, ending October 31, 2026, Planet expects revenue to be in the range of approximately $101 million to $105 million. Non-GAAP gross margin is expected to be in the range of approximately 56% to 58%. Adjusted EBITDA loss is expected to be in the range of approximately ($6) to ($1) million for the quarter. Capital expenditures are expected to be in the range of approximately $30 million and $37 million for the quarter.
For the full fiscal year 2027, Planet expects revenue to be in the range of approximately $430 million to $441 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%. Adjusted EBITDA profit is expected to be in the range of approximately $3 and $10 million. Capital expenditures are expected to be in the range of approximately $100 million and $115 million for the year.
Planet has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization, are uncertain or out of Planet's control and cannot be reasonably predicted. The actual amount of these expenses during the quarter and full fiscal year will have a significant impact on Planet's future GAAP financial results. Accordingly, a reconciliation of Planet's non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts.
The foregoing forward-looking statements reflect Planet's expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.
Webcast and Conference Call Information
Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, September 3, 2026. The webcast can be accessed at www.planet.com/investors/. The webcast replay will be available at the same location approximately two hours following the event and will remain accessible for at least 1 year. If you would prefer to register for the conference call, please go to the following link: https://events.q4inc.com/attendee/465806785. You will then receive your access details via email.
Additionally, a supplemental presentation has been provided on Planet's investor relations page.
About Planet Labs PBC
Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to customers comprising the world's leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X.
Channels for Disclosure of Information
Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its website could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.
Planet's Use of Non-GAAP Financial Measures
This press release includes non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described further below, non-GAAP loss from operations, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, adjusted EBITDA, backlog, free cash flow, and adjusted free cash flow, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these non-GAAP financial measures because they are used by management to evaluate the Company's core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.
Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company's. Further, certain of the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy.
Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP gross profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, and employer payroll taxes related to earnout share vesting. The Company defines non-GAAP gross margin as non-GAAP gross profit divided by revenue.
Non-GAAP Expenses: The Company defines and calculates non-GAAP cost of revenue, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, and non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employer payroll taxes related to earnout share vesting, that are classified within each of the corresponding U.S. GAAP financial measures.
Non-GAAP Loss from Operations: The Company defines and calculates non-GAAP loss from operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employer payroll taxes related to earnout share vesting.
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Diluted Share: The Company defines and calculates non-GAAP net income (loss) as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expense, employer payroll taxes related to earnout share vesting, change in fair value of warrant liabilities, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates non-GAAP net income (loss) per diluted share as non-GAAP net income (loss) divided by diluted weighted-average common shares outstanding.
Adjusted EBITDA: The Company defines and calculates adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, other income (expense), net, restructuring costs, certain litigation expenses, and employer taxes related to earnout share vesting.
The Company presents non-GAAP gross profit, non-GAAP gross margin, certain non-GAAP expenses described above, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per diluted share and adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet's industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company's core operating performance.
Backlog: The Company defines and calculates backlog as remaining performance obligations plus the cancelable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options.
An increasing and meaningful portion of the Company's revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company's expected future revenues. Management uses backlog to more effectively forecast the Company's future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company's future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company's control, and as a result, the Company may fail to realize the full value of such contracts.
Free Cash Flow: The Company defines and calculates free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs.
The Company presents free cash flow because it believes free cash flow provides useful supplemental information to help investors understand underlying trends in the Company's business and liquidity. Management uses free cash flow, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning.
Adjusted Free Cash Flow: The Company defines and calculates adjusted free cash flow as free cash flow excluding non-recurring payments related to litigation settlements.
The Company presents adjusted free cash flow because it believes it provides useful supplemental information to help investors understand underlying trends in the Company's business and liquidity by excluding the impact of non-recurring events. Management uses these metrics, in addition to GAAP measures, to help manage our business, prepare budgets, and for annual planning.
Rule of 40: The Company defines and calculates Rule of 40 as the sum of year-over-year revenue growth and Adjusted EBITDA margin as a percent of revenue. The Company may refer to a "Rule of" number other than 40 to refer to the sum of revenue growth and Adjusted EBITDA margin as a percent of revenue for the period given.
Other Key Metrics
ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates annual contract value ("ACV") for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract. ACV includes imagery licensing arrangements, data solutions, and dedicated image tasking capacity but excludes customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value.
The Company also calculates EoP ACV book of business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV book of business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Planet Insights Platform self-service paying users, as well as the value of any satellite services contracts. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV book of business. The Company does not annualize short-term contracts in calculating its EoP ACV book of business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period.
Percent of Recurring ACV: Percent of recurring ACV is the portion of the total EoP ACV book of business that is recurring in nature. The Company defines EoP ACV book of business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts. ACV includes imagery licensing arrangements, data solutions, and dedicated image tasking capacity but excludes customers that are exclusively Planet Insights Platform (which has integrated the former Sentinel Hub platform) self-service paying users, as well as the value of any satellite services contracts. The Company defines percent of recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Planet Insights Platform self-service paying users) divided by the total dollar value of all contracts in our EoP ACV book of business. The Company believes percent of recurring ACV is useful to investors to better understand how much of the Company's revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks percent of recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management's calculation of percent of recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV book of business, which is used as part of the calculation of percent of recurring ACV.
Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines capital expenditures as a percentage of revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital expenditures as a percentage of revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company's data services and related revenue, and to provide a comparable view of the Company's performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company's data to clients. As a result of the Company's strategy and business model, the Company's capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company's performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes capital expenditures as a percentage of revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company's relative capital efficiency.
Net Dollar Retention Rate: The Company defines Net Dollar Retention Rate as the percentage of ACV generated by existing customers in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company defines existing customers as customers with an active contract with the Company. The Company believes Net Dollar Retention Rate is a useful metric for investors as it can be used to measure its ability to retain and grow revenue generated from its existing customers, on which its ability to drive long-term growth and profitability is, in part, dependent. The Company uses Net Dollar Retention Rate to assess customer adoption of new products, inform opportunities to make improvements across its products, identify opportunities to improve operations, and manage go to market functions, as well as to understand how much future growth may come from cross-selling and up-selling customers. Management applies judgment in determining the value of active contracts in a given period, as set forth in the definition of ACV.
Net Dollar Retention Rate including Winbacks: The Company assesses two metrics for net dollar retention--Net Dollar Retention Rate, as described above, and Net Dollar Retention Rate including winbacks. A winback is a previously existing customer that was inactive at the start of the measurement period but has reactivated during the measurement period. The reactivation period must be within 24 months from the last active contract with the customer; otherwise, the customer is counted as a new customer and therefore excluded from the retention rate metrics. The Company defines Net Dollar Retention Rate including winbacks as the percentage of ACV generated by existing customers and winbacks in a given period as compared to the ACV of all contracts at the beginning of the fiscal year from the same set of existing customers. The Company believes this metric is useful to investors as it captures the value of customer contracts that resume business with the Company after being inactive and thereby provides a quantification of the Company's ability to recapture lost business. Management uses this metric to understand the adoption of our products and long-term customer retention, as well as the success of marketing campaigns and sales initiatives in re-engaging inactive customers. Beyond the judgments underlying managements' calculation of Net Dollar Retention Rate set forth above, there are no additional assumptions or estimates made in connection with Net Dollar Retention Rate including winbacks.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "expect," "estimate," "project," "budget," "forecast," "target," "anticipate," "intend," "develop," "evolve," "plan," "seek," "may," "will," "could," "can," "should," "would," "believes," "predicts," "potential," "strategy," "opportunity," "aim," "conviction," "continue," "positioned," "structured" or the negative of these words or other similar terms or expressions that concern Planet's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet's financial guidance and outlook, expected financial and operating results, the expected value of contracts that Planet has entered into and the timing and amount of revenue that Planet will recognize, Planet's growth opportunities, Planet's estimates of market opportunity and the size of its addressable market, the capacity and speed of Planet's manufacturing capabilities, the capacity and speed of Planet's manufacturing capabilities, Planet's expectations regarding future product development and performance, including with respect to AI, Planet's expectations regarding the launch and operations of its satellites, including with respect to timing, and Planet's expectations regarding its strategies with respect to its markets and customers, including trends in customer demand and the expansion of its international operations. Planet's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet's ability to forecast Planet's performance due to Planet's limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet's filings with the Securities and Exchange Commission ("SEC"), including Planet's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent filings with the SEC that Planet may make. All forward-looking statements reflect Planet's beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet's results for the quarter ended July 31, 2026, are not necessarily indicative of its operating results for any future periods.
PLANET
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) July 31, 2026 January 31, 2026
--------------- --------------------
Assets
Current assets
Cash and cash equivalents $ 415,130 $ 229,441
Restricted cash and cash
equivalents, current 1,891 642
Short-term investments 450,288 410,649
Accounts receivable, net 59,870 83,528
Inventories 8,852 6,118
Prepaid expenses and other
current assets 62,759 44,984
---------- -------------
Total current assets 998,790 775,362
Property and equipment, net 176,090 150,573
Capitalized internal-use
software, net 22,051 21,475
Goodwill 142,701 143,452
Intangible assets, net 28,431 26,633
Restricted cash and cash
equivalents, non-current 6,607 5,471
Operating lease right-of-use
assets 48,871 14,588
Other non-current assets 7,423 8,132
---------- -------------
Total assets $ 1,430,964 $ 1,145,686
========== =============
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable $ 10,355 $ 10,612
Accrued and other current
liabilities 56,078 55,874
Deferred revenue 281,215 220,572
Liability from early exercise
of stock options -- 1,793
Operating lease liabilities,
current 3,622 7,296
Public and private placement
warrant liabilities -- 173,308
---------- -------------
Total current liabilities 351,270 469,455
Deferred revenue 17,364 27,522
Deferred hosting costs 1,885 4,034
Operating lease liabilities,
non-current 46,746 8,300
Convertible notes 448,255 446,884
Other non-current liabilities 1,093 1,060
---------- -------------
Total liabilities 866,613 957,255
---------- -------------
Stockholders' equity
Common stock 36 34
Additional paid-in capital 2,159,029 1,631,896
Accumulated other
comprehensive income 3,372 6,362
Accumulated deficit (1,598,086) (1,449,861)
---------- -------------
Total stockholders' equity 564,351 188,431
---------- -------------
Total liabilities and
stockholders' equity $ 1,430,964 $ 1,145,686
========== =============
PLANET
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended July 31, Six Months Ended July 31,
---------------------------- ------------------------------
(in thousands,
except share and
per share
amounts) 2026 2025 2026 2025
------------ ------------ ------------ ------------
Revenue $ 116,052 $ 73,386 $ 210,202 $ 139,651
Cost of revenue 50,420 31,118 94,169 60,780
----------- ----------- ----------- -----------
Gross profit 65,632 42,268 116,033 78,871
Operating expenses
Research and
development 35,156 24,155 68,576 47,229
Sales and
marketing 21,498 17,574 44,280 33,888
General and
administrative 22,487 18,499 51,574 38,485
----------- ----------- ----------- -----------
Total operating
expenses 79,141 60,228 164,430 119,602
----------- ----------- ----------- -----------
Loss from
operations (13,509) (17,960) (48,397) (40,731)
----------- ----------- ----------- -----------
Interest income 6,433 2,172 11,586 4,056
Interest expense (1,439) (317) (2,885) (816)
Change in fair
value of warrant
liabilities -- (5,679) (106,474) 4,708
Other income
(expense), net (105) (311) (311) (1,012)
----------- ----------- ----------- -----------
Total other
income
(expense),
net 4,889 (4,135) (98,084) 6,936
----------- ----------- ----------- -----------
Loss before
provision for
income taxes (8,620) (22,095) (146,481) (33,795)
Provision for
income taxes 733 497 1,744 1,425
----------- ----------- ----------- -----------
Net loss $ (9,353) $ (22,592) $ (148,225) $ (35,220)
=========== =========== =========== ===========
Basic and diluted
net loss per share
attributable to
common
stockholders $ (0.03) $ (0.07) $ (0.42) $ (0.12)
=========== =========== =========== ===========
Basic and diluted
weighted-average
common shares
outstanding used
in computing net
loss per share
attributable to
common
stockholders 359,594,052 304,129,204 352,675,790 302,230,578
PLANET
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three Months Ended Six Months Ended July
July 31, 31,
-------------------- -----------------------
(in thousands) 2026 2025 2026 2025
-------- -------- --------- --------
Net loss $ (9,353) $(22,592) $(148,225) $(35,220)
Other comprehensive
income (loss), net of
tax:
Foreign currency
translation
adjustment (1,102) 291 (1,830) 5,066
Change in fair value
of
available-for-sale
securities (447) (133) (1,160) (117)
------- ------- -------- -------
Other comprehensive
income (loss), net of
tax (1,549) 158 (2,990) 4,949
------- ------- -------- -------
Comprehensive loss $(10,902) $(22,434) $(151,215) $(30,271)
======= ======= ======== =======
PLANET
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended July 31,
-------------------------------
(in thousands) 2026 2025
--------------- ----------
Operating activities
Net loss $ (148,225) $ (35,220)
Adjustments to reconcile net loss to
net cash provided by operating
activities
Depreciation and amortization 21,977 21,704
Stock-based compensation, net of
capitalized cost 33,521 25,998
Change in fair value of warrant
liabilities 106,474 (4,708)
Change in fair value of contingent
consideration -- 676
Other 262 1,538
Changes in operating assets and
liabilities
Accounts receivable 23,946 2,363
Inventories (552) --
Prepaid expenses and other assets (11,468) 272
Accounts payable, accrued and
other liabilities (2,536) (4,342)
Deferred revenue 47,083 75,813
Deferred hosting costs (2,094) 1,026
----------- ---------
Net cash provided by operating
activities 68,388 85,120
----------- ---------
Investing activities
Purchases of property and
equipment (44,656) (28,410)
Capitalized internal-use software (2,435) (2,420)
Maturities of available-for-sale
securities 113,045 27,131
Sales of available-for-sale
securities 56,458 9,254
Purchases of available-for-sale
securities (208,530) (22,361)
Purchases of licensed imagery
intangible assets (535) (892)
Other (350) --
----------- ---------
Net cash used in investing activities (87,003) (17,698)
----------- ---------
Financing activities
Proceeds from the exercise of
common stock options 4,388 8,451
Payments for withholding taxes
related to the net share
settlement of equity awards (26,040) (12,436)
Proceeds from employee stock
purchase program 2,608 1,163
Payments of contingent
consideration for business
acquisitions -- (4,820)
Proceeds from the exercise of
warrants 107,801 --
Proceeds from ATM Equity Offering 122,398 --
Issuance costs related to ATM
Equity Offerings (2,012) --
Other (138) (2,521)
----------- ---------
Net cash provided by (used in)
financing activities 209,005 (10,163)
----------- ---------
Effect of exchange rate changes on
cash and cash equivalents, and
restricted cash and cash
equivalents (2,316) 5,677
----------- ---------
Net increase in cash and cash
equivalents, and restricted cash and
cash equivalents 188,074 62,936
Cash and cash equivalents, and
restricted cash and cash equivalents
at the beginning of the period 235,554 129,994
----------- ---------
Cash and cash equivalents, and
restricted cash and cash equivalents
at the end of the period $ 423,628 $ 192,930
=========== =========
PLANET
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
Three Months Ended Six Months Ended July
July 31, 31,
------------------- -----------------------
(in thousands) 2026 2025 2026 2025
------- -------- --------- --------
Net loss $(9,353) $(22,592) $(148,225) $(35,220)
Interest income (6,433) (2,172) (11,586) (4,056)
Interest
expense 1,439 317 2,885 816
Income tax
provision 733 497 1,744 1,425
Depreciation
and
amortization 10,788 10,622 21,977 21,704
Change in fair
value of
warrant
liabilities -- 5,679 106,474 (4,708)
Stock-based
compensation 17,060 13,456 33,521 25,998
Restructuring
costs -- -- -- 20
Certain
litigation
expenses (1) (411) 288 5,800 615
Employer
payroll taxes
related to
earnout share
vesting -- -- (6) --
Other (income)
expense, net 105 311 311 1,012
------ ------- -------- -------
Adjusted EBITDA $13,928 $ 6,406 $ 12,895 $ 7,606
------ ------- -------- -------
(1) Expenses relating to non-ordinary course legal matters.
PLANET
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
Three Months Ended July
31, Six Months Ended July 31,
-------------------------- --------------------------
(In thousands) 2026 2025 2026 2025
-------- -------- -------- --------
Reconciliation of
cost of revenue:
GAAP cost of
revenue $ 50,420 $ 31,118 $ 94,169 $ 60,780
Less:
Stock-based
compensation 1,869 1,872 3,673 3,413
Less:
Amortization
of acquired
intangible
assets 815 708 1,635 1,399
Less: Employer
payroll taxes
related to
earnout share
vesting -- -- (57) --
Less:
Restructuring
costs -- -- -- 15
------- ------- ------- -------
Non-GAAP cost of
revenue $ 47,736 $ 28,538 $ 88,918 $ 55,953
======= ======= ======= =======
Reconciliation of
gross profit:
GAAP gross profit $ 65,632 $ 42,268 $116,033 $ 78,871
Add:
Stock-based
compensation 1,869 1,872 3,673 3,413
Add:
Amortization
of acquired
intangible
assets 815 708 1,635 1,399
Add: Employer
payroll taxes
related to
earnout share
vesting -- -- (57) --
Add:
Restructuring
costs -- -- -- 15
------- ------- ------- -------
Non-GAAP gross
profit $ 68,316 $ 44,848 $121,284 $ 83,698
======= ======= ======= =======
GAAP gross margin 57% 58% 55% 56%
Non-GAAP gross
margin 59% 61% 58% 60%
Reconciliation of
operating
expenses:
GAAP research and
development $ 35,156 $ 24,155 $ 68,576 $ 47,229
Less:
Stock-based
compensation 6,007 4,332 11,686 8,369
Less: Employer
payroll taxes
related to
earnout share
vesting -- -- (55) --
------- ------- ------- -------
Non-GAAP research
and development $ 29,149 $ 19,823 $ 56,945 $ 38,860
======= ======= ======= =======
GAAP sales and
marketing $ 21,498 $ 17,574 $ 44,280 $ 33,888
Less:
Stock-based
compensation 2,800 2,010 5,912 3,939
Less:
Amortization
of acquired
intangible
assets 131 132 263 224
Less: Employer
payroll taxes
related to
earnout share
vesting -- -- 4 --
Less:
Restructuring
costs -- -- -- 6
------- ------- ------- -------
Non-GAAP sales
and marketing $ 18,567 $ 15,432 $ 38,101 $ 29,719
======= ======= ======= =======
GAAP general and
administrative $ 22,487 $ 18,499 $ 51,574 $ 38,485
Less:
Stock-based
compensation 6,384 5,242 12,250 10,277
Less:
Amortization
of acquired
intangible
assets 23 37 46 66
Less: Employer
payroll taxes
related to
earnout share
vesting -- -- 102 --
Less:
Restructuring
costs -- -- -- (1)
Less: Certain
litigation
expenses (411) 288 5,800 615
------- ------- ------- -------
Non-GAAP general
and
administrative $ 16,491 $ 12,932 $ 33,376 $ 27,528
======= ======= ======= =======
Reconciliation of
loss from
operations
GAAP loss from
operations $(13,509) $(17,960) $(48,397) $(40,731)
Add:
Stock-based
compensation 17,060 13,456 33,521 25,998
Add:
Amortization
of acquired
intangible
assets 969 877 1,944 1,689
Add: Employer
payroll taxes
related to
earnout share
vesting -- -- (6) --
Add:
Restructuring
costs -- -- -- 20
Add: Certain
litigation
expenses (411) 288 5,800 615
------- ------- ------- -------
Non-GAAP income
(loss) from
operations $ 4,109 $ (3,339) $ (7,138) $(12,409)
======= ======= ======= =======
Three Months Ended July 31, Six Months Ended July 31,
---------------------------- ------------------------------
(In thousands,
except share and
per share
amounts) 2026 2025 2026 2025
------------ ------------ ------------ ------------
Reconciliation of
net loss
GAAP net loss $ (9,353) $ (22,592) $ (148,225) $ (35,220)
Add:
Stock-based
compensation 17,060 13,456 33,521 25,998
Add:
Amortization
of acquired
intangible
assets 969 877 1,944 1,689
Add: Employer
payroll taxes
related to
earnout share
vesting -- -- (6) --
Add:
Restructuring
costs -- -- -- 20
Add: Certain
litigation
expenses (411) 288 5,800 615
Add: Change in
fair value of
warrant
liabilities -- 5,679 106,474 (4,708)
Income tax effect
of non-GAAP
adjustments -- 118 -- 118
----------- ----------- ----------- -----------
Non-GAAP net
income (loss) $ 8,265 $ (2,174) $ (492) $ (11,488)
=========== =========== =========== ===========
Reconciliation of
net income (loss)
per share,
diluted
GAAP net loss $ (9,353) $ (22,592) $ (148,225) $ (35,220)
Non-GAAP net
income (loss) $ 8,265 $ (2,174) $ (492) $ (11,488)
Add: Non-GAAP
interest
expense, net
of tax related
to the 2030
Notes 1,262 -- -- --
Numerator used in
computing
non-GAAP net
income (loss)
per share,
diluted $ 9,527 $ (2,174) $ (492) $ (11,488)
GAAP net loss per
share, basic and
diluted (1) $ (0.03) $ (0.07) $ (0.42) $ (0.12)
Add:
Stock-based
compensation 0.04 0.04 0.10 0.09
Add:
Amortization
of acquired
intangible
assets -- -- 0.01 0.01
Add: Employer
payroll taxes
related to
earnout share
vesting -- -- -- --
Add:
Restructuring
costs -- -- -- --
Add: Certain
litigation
expenses -- -- 0.02 --
Add: Change in
fair value of
warrant
liabilities -- 0.02 0.30 (0.02)
Income tax effect
of non-GAAP
adjustments -- -- -- --
Adjustment to
total fully
diluted earnings
per share (2) 0.01 -- -- --
----------- ----------- ----------- -----------
Non-GAAP net
income (loss)
per share,
diluted (2) (3)
(4) $ 0.02 $ (0.01) $ (0.00) $ (0.04)
=========== =========== =========== ===========
Weighted-average
shares used in
computing GAAP
net loss per
share, basic and
diluted (1) 359,594,052 304,129,204 352,675,790 302,230,578
Weighted-average
shares used in
computing
Non-GAAP net
income (loss)
per share,
diluted (3) 431,394,299 304,129,204 352,675,790 302,230,578
(1) Basic and diluted GAAP net loss per share was the same for each period
presented as the inclusion of all potential Class A common stock and Class B
common stock outstanding would have been anti-dilutive.
(2) The sum of the fully diluted earnings per share impact of individual
reconciling items may not total to fully diluted non-GAAP net income per share
due to the weighted-average shares used in computing the GAAP net loss per
share differs from the weighted-average shares used in computing the non-GAAP
net income per share. The GAAP net loss per share calculation uses a lower
share count as it excludes potentially dilutive shares, which are included in
calculating the non-GAAP net income per share.
(3) Non-GAAP net income (loss) per share, diluted is calculated using
weighted-average shares, adjusted for dilutive potential shares assumed
outstanding during the period. No adjustment was made to weighted-average
shares for any period presented in a Non-GAAP net loss position as the
inclusion of all potential Class A common stock and Class B common stock
outstanding would have been anti-dilutive.
(4) Totals may not sum due to rounding. Figures are calculated based upon the
underlying non-rounded data.
PLANET
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
The table below reconciles Backlog to remaining performance obligations
for the periods indicated:
(in thousands) July 31, 2026 January 31, 2026
--------------- ------------------
Remaining performance obligations $ 753,117 $ 852,435
Cancelable amount of contract
value 61,746 47,992
----------- --- -------------
Backlog $ 814,863 $ 900,427
----------- --- -------------
For remaining performance obligations as of July 31, 2026, the Company
expects to recognize approximately 46% within the next 12 months,
approximately 68% within the next 24 months, and the remainder
thereafter. For Backlog as of July 31, 2026, the Company expects to
recognize approximately 50% within the next 12 months, approximately 70%
within the next 24 months, and the remainder thereafter.
PLANET
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
The table below reconciles free cash flow and adjusted free cash flow
to net cash provided by operating activities for the periods
indicated:
Six Months Ended July 31,
-------------------------------
(in thousands) 2026 2025
--------------- ----------
Net cash provided by operating
activities $ 68,388 $ 85,120
Purchases of property and
equipment (44,656) (28,410)
Capitalized internal-use software (2,435) (2,420)
--- ---------- ---------
Free cash flow $ 21,297 $ 54,290
Litigation settlement payments 7,530 --
--- ---------- ---------
Adjusted free cash flow $ 28,827 $ 54,290
--- ---------- ---------
View source version on businesswire.com: https://www.businesswire.com/news/home/20260903433245/en/
CONTACT: Investor Contact
Cleo Palmer-Poroner
Planet Labs PBC
ir@planet.com
Press Contact
Trevor Hammond
Planet Labs PBC
press@planet.com