Planet Labs PBC (NYSE: PL) Q1 2026 Earnings Call | 6/4/2025

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Planet Labs PBC (NYSE: PL) reported Q1 2026 results on June 4, 2025, delivering record revenue of $66.3 million—up 10% year-over-year and surpassing analyst expectations. The company achieved its first-ever quarter of positive free cash flow at $8.0 million and posted $1.2 million in adjusted EBITDA profit, marking a significant turnaround from an $8 million loss a year ago. Net cash from operating activities was $17.3 million, and non-GAAP gross margin improved to 59% from 55% last year, reflecting operational efficiencies and business scalability. Backlog surged 140% year-over-year to $527 million, while remaining performance obligations (RPOs) jumped 262% to $451.9 million, providing strong visibility into future revenue streams. Key wins included an eight-figure ACV contract with a European defense and intelligence customer, selection as primary subcontractor for the California Air Resource Board’s Satellite Data Purchase Program, and expansion of a seven-figure contract with the German government. Defense and intelligence sector revenue grew over 20% year-over-year, though civil government revenue declined due to the expiration of the NICFI contract, and commercial sector revenue was flat. Planet ended the quarter with $226.1 million in cash, cash equivalents, and short-term investments. The customer count declined to 919, reflecting a strategic focus on larger, higher-value contracts. Net dollar retention rate was 103%. The company continues to invest in AI-enabled solutions and satellite services, highlighted by new partnerships with Anthropic and Google to enhance AI model precision and expand market opportunities. Outlook: Q2 2026 revenue guidance: $65–$67 million Full-year 2026 revenue guidance: $265–$280 million Management expects an adjusted EBITDA loss in Q2 but targets sustainable free cash flow within 24 months CEO Will Marshall emphasized the company’s strong execution, growing demand for high-resolution and AI-powered satellite data, and the substantial increase in backlog as evidence of Planet’s competitive position and long-term growth trajectory. About Inside Ticker: For more expert analysis and real-time updates on Planet Labs PBC (NYSE: PL) and other market movers, follow Inside Ticker and visit InsideTicker.com for in-depth reports, financial insights, and the latest news on leading companies. #PlanetLabs #PL #EarningsCall #Q12026 #SatelliteData #FreeCashFlow #Backlog #AI #StockMarket #Investing #InsideTicker