Planet Labs posts its first adjusted quarterly profit on 58% revenue surge
As seen on the 24/7 Wall St. homepage on September 3, 2026.
Planet Labs just turned its first quarterly profit on an adjusted basis, with revenue up 58% year over year on defense and sovereign satellite demand including a new NGA award and a German government tender. Management now guides full-year fiscal 2027 to adjusted EBITDA of $3 million to $10 million, its first full-year profit target.
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Planet Labs reported Q2 fiscal 2027 revenue of $116.1 million, beating the consensus estimate of $104.2 million by more than 11%. That top-line result represented 58% growth year over year, driven by expanding defense and sovereign satellite demand rather than a single contract windfall.
Adjusted EPS of $0.02 beat expectations for a loss of $0.02, and non-GAAP net income swung positive from a year-ago loss. After losses in every prior quarter visible in its recent history, a positive adjusted earnings figure marks a genuine inflection.
The contract wins underpinning that growth include an $8 million NGA award for Planet's Global Monitoring Service and a German government satellite services tender worth up to 25 million euros over five years. CEO Will Marshall also cited a satellite handover for the Swedish Armed Forces and noted that the company met or exceeded the Rule of 40 for the fourth consecutive quarter, with 98% of annual contract value recurring.
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Management guided full-year fiscal 2027 revenue to $430 million to $441 million with adjusted EBITDA profit, the company's first full-year profit target. Q3 guidance still includes an adjusted EBITDA loss, so the path to sustained profitability has quarterly variation.
Cash and equivalents stood at $415.1 million, more than double the year-ago level, after roughly $120 million raised through an at-the-market equity program. Convertible notes and a GAAP net loss for the quarter keep the gap between adjusted and reported results meaningful for investors.
Mentioned: PL