Companies /Industrials

Planet Labs PBC - Class A

NYSE: PL Aerospace & Defense

Q4 2025 Earnings

Reported Mar 20, 2025, 4:05pm ET · SEC source
$-0.08
Miss −243.35%
EPS · est. $-0.02
$61.6M
Miss −0.53%
Revenue · est. $61.9M
−12.9%
Trailing market
PL vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−18%−9%0+9%Mar 20Mar 21report 4:05pm ETearnings−0.2%−0.3%
−18%−9%0+9%Mar 20Mar 21earnings−0.2%−0.3%
PL −0.3%S&P 500 −0.2%
−18%−9%0+9%Mar 20Mar 21report 4:05pm ETearnings+0.4%−0.3%
−18%−9%0+9%Mar 20Mar 21earnings+0.4%−0.3%
PL −0.3%NASDAQ +0.4%
−9%0+9%+18%Mar 19Mar 28report 4:05pm ETearnings−2.1%−10.9%
−9%0+9%+18%Mar 19Mar 28earnings−2.1%−10.9%
PL −10.9%S&P 500 −2.1%
−9%0+9%+18%Mar 19Mar 28report 4:05pm ETearnings−2.6%−10.9%
−9%0+9%+18%Mar 19Mar 28earnings−2.6%−10.9%
PL −10.9%NASDAQ −2.6%
−10.61%
Day of report
+5.54%
Next session
−8.71%
One week
−17.94%
30 days

S&P 500 over the same 30 days: −5.06%.

Did PL Beat Earnings? Q4 2025 Results

Planet Labs delivered a mixed fiscal fourth quarter, posting revenue of $61.55 million, up 4.6% year-over-year but edging just 0.53% below the $61.88 million consensus, while its loss per share of $0.08 fell well short of the $0.02 estimate, a 243.35% miss driven largely by a $16.24 million non-cash charge from warrant liability revaluation tied to stock price appreciation rather than deteriorating operations. Gross margins told a more encouraging story, with GAAP gross margin expanding to 62% from 55% a year ago, and the company reached adjusted EBITDA profitability of $2.38 million in the quarter, compared to a loss of $9.76 million in Q4 FY2024. The most consequential development was a $230.00 million multi-year satellite constellation agreement with SKY Perfect JSAT, which drove backlog to $498.46 million, up 115% sequentially. Looking ahead, Planet guided full-year FY2026 revenue of $260 million to $280 million, with management signaling a path to at least doubling its revenue growth rate in FY2027.

Key Takeaways
  • 5% year-over-year Q4 revenue growth to record $61.6 million
  • GAAP gross margin improvement to 62% from 55% year-over-year in Q4
  • First quarter of Adjusted EBITDA profitability in company history at $2.4 million
  • 97% Percent of Recurring ACV
  • RPOs increased 179% quarter-over-quarter to $407.5 million
  • Backlog increased 115% quarter-over-quarter to $498.5 million

“Last year was an exciting and transitional year for Planet. We introduced a new industry-aligned go-to-market structure and began to shift towards selling AI-enabled solutions. We took a major step forward in the satellite services market and signed a $230 million contract with our long-term partner in Japan, JSAT. We launched over 70 satellites, including our first Tanager hyperspectral satellite and our second Pelican high resolution satellite, both of which are performing well in orbit.”

Planet Labs CEO, on the earnings call

Forward Guidance & Outlook

For Q1 FY2026 (ending April 30, 2025), Planet expects revenue of approximately $61 million to $63 million, Non-GAAP Gross Margin of 58% to 60%, Adjusted EBITDA loss of ($3) to ($2) million, and capital expenditures of $11 million to $16 million. For full-year FY2026 (ending January 31, 2026), Planet expects revenue of $260 million to $280 million, Non-GAAP Gross Margin of 55% to 57%, Adjusted EBITDA loss of ($13) million to ($7) million, and capital expenditures of $50 million to $65 million. Management sees a clear path to at least double the revenue growth rate in FY2027 compared to FY2026 and expects to achieve positive cash flow within 24 months.

PL YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-30,000,000$0$30.0M$60.0M$58.9M$61.6MRevenue$32.5M$38.2MGross Profit$-13,552,134$-19,366,000Operating Income$-42,277,811$-35,154,000Net Income
$-30,000,000$0$30.0M$60.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.