The raised full-year guidance and accelerating backlog growth signal strong demand visibility, particularly from government contracts. The warrant redemption eliminates future dilution and adds cash. Watch for Q2 revenue to hit the $102M+ guided range to confirm momentum. The slight Q1 revenue miss vs consensus may cause short-term volatility, but the raised outlook is the dominant signal.
Price Chart
Executive Summary
Planet Labs reported Q1 FY2027 revenue of $94.2M (+42% YoY), a record, but slightly below the $100.9M consensus. Non-GAAP EPS of -$0.03 matched estimates. The company raised its full-year FY2027 revenue guidance to $425M-$441M (from $415M-$440M) and guided Q2 revenue to $102M-$107M, above consensus. Backlog grew 72% YoY to $906M, and the company completed warrant redemptions, adding ~$108M in cash. The beat was driven by strong government contract execution and satellite services momentum.
Key Financial Metrics
Key Facts
- Q1 FY2027 revenue of $94.2M, up 42% YoY, a record (consensus $100.9M — slight miss on top line)
- Non-GAAP EPS of -$0.03, in line with consensus estimates
- Full-year FY2027 revenue guidance raised to $425M-$441M (from $415M-$440M)
- Q2 FY2027 revenue guidance of $102M-$107M, above consensus
- Backlog grew 72% YoY to $906M; RPOs +81% YoY to $816M
- Warrant redemptions generated ~$108M in proceeds; cash and investments rose to $731M (up 223% YoY)
- GAAP net loss of -$138.9M included a -$106.5M non-cash warrant revaluation charge; adjusted EBITDA loss of -$1.0M
- Launched 3 Pelican satellites, including Sweden's first sovereign reconnaissance satellite
Financial Impact
Revenue beat on raised guidance; warrant redemption strengthens balance sheet by ~$108M
Risk Factors
- Revenue slightly below consensus ($94.2M vs $100.9M) could pressure the stock near-term
- Adjusted EBITDA swung to a loss of -$1.0M from +$1.2M a year ago; profitability path remains uncertain
- GAAP gross margin contracted to 54% from 55% YoY; non-GAAP gross margin to 56% from 59%
- Heavy reliance on government contracts with termination-for-convenience clauses
- Stock-based compensation remains a significant expense ($16.5M in the quarter)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-257401 |
| Document: pl-20260604.htm | 0001193125-26-257401 |
| Document: 0001193125-26-257401-index-headers.html | 0001193125-26-257401 |
| Document: 0001193125-26-257401-index.html | 0001193125-26-257401 |
| Document: 0001193125-26-257401.txt | 0001193125-26-257401 |
| 8-K Data (Synthetic) | 0001193125-26-257401 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 28d ago | 8-K | $18.12 $17.81 | ▼ −1.71% | ▼ −1.16% | $17.34 (−4.28%) |
Jul 16, 2026 11w ago | Insider Cluster | $22.09 $22.47 | ▲ +1.72% | ▲ +2.71% | $17.34 (−21.48%) |
Jul 14, 2026 11w ago | Insider Cluster | $25.56 $24.90 | ▼ −2.58% | ▼ −2.98% | $17.34 (−32.14%) |
Jul 14, 2026 11w ago | Insider Cluster | $25.56 $24.90 | ▼ −2.58% | ▼ −2.98% | $17.34 (−32.14%) |
Jun 11, 2026 16w ago | Institutional Cluster | $34.17 $31.15 | ▼ −8.84% | ▼ −9.38% | $17.34 (−49.24%) |
Jun 5, 2026 17w ago | 8-K | $32.22 $32.74 | ▼ −1.61% | ▼ −1.39% | $17.34 (+46.17%) |
Jun 5, 2026 17w ago | 424B5 | $32.22 $32.74 | ▼ −1.61% | ▼ −1.39% | $17.34 (+46.17%) |
Jun 5, 2026 17w ago | S-3ASR | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | $17.34 (−46.17%) |
Jun 5, 2026 17w ago | 10-K/A | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | $17.34 (−46.17%) |
Jun 4, 2026 17w ago | 8-K | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | $17.34 (−46.17%) |
US Market Status
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