The Q2 beat is a positive data point, but the Q3 revenue guidance implies a sequential decline of 9-13%, which will likely dominate the narrative. Monitor the earnings call for details on the Q3 slowdown and whether the ATM program continues. The stock may trade down on the weak guide despite the headline beat.
Price Chart
Executive Summary
Planet Labs reported Q2 FY2027 revenue of $116.1M (+58% YoY), significantly beating the $104.2M consensus, and delivered non-GAAP net income of $0.02 per share versus a consensus estimate of -$0.02. The company generated $13.9M in adjusted EBITDA profit and $28.8M in year-to-date adjusted free cash flow, but guided Q3 revenue ($101-105M) well below the Q2 run rate and lowered its full-year FY2027 revenue outlook to $430-441M from the prior $425-441M range midpoint, signaling a sharp deceleration. The strong Q2 beat is overshadowed by the weak Q3 guide and the dilutive overhang from $120M in ATM stock sales during the quarter at an average price of $31.95/share, creating a mixed picture for traders.
Key Financial Metrics
Key Facts
- Q2 FY2027 revenue of $116.1M (+58% YoY) beat $104.2M consensus.
- Non-GAAP EPS of $0.02 vs consensus -$0.02 (193.8% beat).
- Adjusted EBITDA profit of $13.9M, up from $6.4M YoY.
- Q3 FY2027 revenue guidance of $101-105M implies a sharp sequential decline from Q2's $116.1M.
- Full-year FY2027 revenue guidance narrowed to $430-441M, down from the prior midpoint of ~$433M.
- Raised ~$120M from ATM stock sales at an average net price of $31.95/share, causing dilution.
- Year-to-date adjusted free cash flow of $28.8M; cash and investments of $865.4M.
Financial Impact
Q2 revenue beat consensus by ~$11.9M (11.4%), but Q3 guidance midpoint of $103M is ~11% below Q2 actuals, signaling a sharp deceleration.
Risk Factors
- Sharp Q3 revenue guidance deceleration suggests lumpy government contract timing or demand pause.
- Dilution from $120M ATM offering at $31.95/share overhangs the stock.
- Full-year FY2027 revenue guidance midpoint of ~$435.5M is only ~3% above the prior range midpoint, implying H2 growth slows materially.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-381874 |
| Document: pl-20260903.htm | 0001193125-26-381874 |
| Document: 0001193125-26-381874-index-headers.html | 0001193125-26-381874 |
| Document: 0001193125-26-381874-index.html | 0001193125-26-381874 |
| Document: 0001193125-26-381874.txt | 0001193125-26-381874 |
| 8-K Data (Synthetic) | 0001193125-26-381874 |
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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