Planet Labs' second quarter 2027 revenue surged 58% to $116M, beating analyst expectations

Planet Labs PBC reported record quarterly revenue of $116.1 million for the second quarter of fiscal year 2027, representing a 58% year-over-year increase and significantly exceeding the analyst estimate of $65.2 million. The company achieved an adjusted EBITDA profit of $13.9 million, compared to $6.4 million in the prior year, marking continued progress toward its profitability goals.

Key Highlights

• Revenue of $116.1 million was driven by strong execution in satellite services and landmark contract wins with the NGA and the German government.
• The company ended the quarter with a robust cash position of $865.4 million, a 219% year-over-year increase, aided by $120 million in proceeds from stock sales under its ATM program.
• Total backlog grew to $814.9 million, with approximately 50% of that value expected to be recognized as revenue within the next twelve months.
• Non-GAAP gross margin reached 59%, reflecting significant operating leverage despite a slight 200 basis point contraction in GAAP gross margin to 57%.