Planet Labs PBC reported record revenue of $86.8 million for its fiscal fourth quarter, a 41% increase from the same period a year earlier. The figure represents the highest quarterly top line the company has ever posted.
The company’s Defense & Intelligence segment grew over 50% year‑over‑year, contributing a significant share of the total revenue. While the exact percentage of total revenue is not disclosed, the segment’s expansion underscores the firm’s pivot toward mission‑critical government contracts.
Adjusted EBITDA turned positive for the first time, reaching $2.3 million, marking the fifth consecutive quarter of profitability. Non‑GAAP earnings per share were $0.00, beating the consensus estimate of –$0.05. The beat reflects disciplined cost management and a favorable mix of high‑margin satellite‑services contracts.
Non‑GAAP gross margin for the quarter was 57%, down from 65% in the prior year but still above the 50%–52% guidance range. The compression is attributed to investments in satellite‑services contracts and a mix shift toward AI‑enabled partner solutions.
Backlog exceeded $900 million, up 79% year‑over‑year, while remaining performance obligations (RPOs) reached $852 million, an increase of 106% from the previous year. The strong backlog and RPOs provide robust visibility into future revenue.
Management raised fiscal‑year 2027 revenue guidance to $415 million–$440 million, a 39% increase over the prior estimate, and reiterated an adjusted EBITDA target of $0–$10 million for the year. The guidance signals confidence in continued demand for the company’s satellite‑services platform.
Investors reacted positively to the results, citing the revenue beat, EPS beat, and the company’s optimistic outlook. The market viewed the record backlog and the first full year of adjusted EBITDA profitability as key drivers of the favorable response.
Will Marshall, CEO, said, “Planet had a transformational year driven by strong momentum in satellite services, including most recently with Sweden, as well as launching 40 satellites, and inking an R&D partnership with Google to explore data centers in space.” He added, “We delivered record revenue, with Q4 growing 41% year‑on‑year, and ended the year with $900 million of backlog, representing 79% growth year‑on‑year.” CFO Ashley Johnson noted, “We delivered record revenue, our first fiscal year of Adjusted EBITDA and free cash flow profitability, and closed the year with $640 million of cash, cash equivalents, and short‑term investments.”
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