Business
Planet Reports Financial Results for First Quarter of Fiscal Year 2027
Planet Reports Financial Results for First Quarter of Fiscal Year
About this update from Planet Labs Pbc
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 April 30, 2026. “Planet’s excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Planet is executing with speed and focus, evidenced by the successful launch of Sweden’s first sovereign reconnaissance satellite just four months after contract signing. By investing in AI, we are positioning Planet at the forefront of the industry and pioneering ways to make planetary-scale insights available and actionable to more users than ever before.” Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We delivered record revenue of $94.2 million, accelerating our top-line growth to 42% year-over-year, driven by exceptional execution across our global go-to-market and delivery teams. The momentum in our business is further reflected in our backlog, which grew 72% year-over-year to over $906 million, providing us with excellent visibility and predictability into our future growth.” Ms. Johnson continued, “We also announced the redemption of our outstanding public warrants, generating approximately $108 million in proceeds from exercises. We ended the quarter with $731 million of cash, cash equivalents, and short-term investments, giving us a fortress balance sheet to confidently invest behind our core growth initiatives while maintaining our operational discipline.” First Quarter of Fiscal Year 2027 Financial and Key Metric Highlights: First quarter revenue increased 42% year-over-year to a record $94.2 million. Percent of recurring annual contract value (ACV) was 99% as of the end of the first quarter. First quarter gross margin was 54%, compared to 55% in the first quarter of fiscal year 2026. First quarter non-GAAP gross margin was 56%, compared to 59% in the first quarter of fiscal year 2026. First quarter net loss was ($138.9) million, compared to ($12.6) million in the first quarter of fiscal year 2026. The first quarter of fiscal year 2027 net loss included an approximate ($106.5) million revaluation loss from the change in fair value of warrant liabilities related to stock price appreciation during the period. Planet an...