Planet Labs (PL) Q1 2026 Earnings
How Did PL Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.23%.
Did PL Beat Earnings? Q1 2026 Results
Yes. Planet Labs reported Q1 2026 earnings of $0.00 a share on Jun 4, 2025, beating the $-0.03 consensus estimate by 100.0%. Revenue was $66.3M against a $62.3M estimate.
Planet Labs posted a notably clean fiscal Q1 2026, with revenue of $66.27 million rising 9.6% year-over-year and beating the $62.25 million consensus by 6.45%, while EPS came in at $0.00, well ahead of the Street's estimate of negative $0.03. The quarter's most compelling signal, however, came from the backlog, where remaining performance obligations surged 262% year-over-year to $451.93 million, reflecting the momentum from large contract wins including an eight-figure ACV deal with a European defense and intelligence customer. Those wins, combined with tighter operating discipline, helped swing adjusted EBITDA to a positive $1.20 million from a loss of $8.40 million a year ago, and pushed free cash flow to a positive $8.00 million from negative $15.65 million. <a href="https://247wallst.com/investing/2025/06/04/planet-labs-pl-earnings-live-recovery-in-motion-amid-discounted-shares/">Investors tracking the recovery</a> will note that management guided full-year FY2026 revenue of $265 million to $280 million, maintaining confidence in an accelerating growth trajectory even as near-term adjusted EBITDA losses are expected to persist.
- 10% YoY revenue growth to record $66.3 million
- RPOs increased 262% YoY to $451.9 million
- Backlog grew 140% YoY to $527.0 million
- 97% recurring ACV rate
- Gross margin expansion to 55% GAAP (from 52%) and 59% non-GAAP (from 55%)
- Adjusted EBITDA turned positive at $1.2 million vs. ($8.4) million loss a year ago
- Operating cash flow swung to $17.3 million positive from ($4.3) million negative
“We had an excellent first quarter, exceeding our expectations, demonstrating solid validation of our strategic direction and great execution.”
Planet Labs CEO, on the earnings call
What Was Planet Labs's Outlook in Q1 2026?
For Q2 FY2026 (ending July 31, 2025), Planet expects revenue of approximately $65 million to $67 million, non-GAAP gross margin of 56% to 57%, adjusted EBITDA loss of ($4) million to ($2) million, and capital expenditures of $17 million to $22 million. For full fiscal year 2026, the company expects revenue of $265 million to $280 million, non-GAAP gross margin of 55% to 57%, adjusted EBITDA loss of ($12) million to ($7) million, and capital expenditures of $50 million to $65 million. Management noted continued good visibility to meaningful revenue growth rate acceleration.
PL YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $66.3M | $60.4M | +9.6% |
| Gross Profit | $36.6M | $31.7M | +15.5% |
| Operating Income | −$22.8M | −$17.0M | +34.1% |
| Net Income | −$12.6M | −$8.0M | +56.9% |
Figures from SEC filings and company reports. Not investment advice.