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Planet Labs Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Dec, 2025
Executive summary
Q3 revenue reached $81.3 million, up 33% year-over-year, with strong contract wins in defense, intelligence, and commercial sectors, and momentum in AI-enabled monitoring solutions.
Backlog grew 216% year-over-year to $734.5 million, reflecting robust demand and multi-year contract momentum.
Non-GAAP gross margin was 60%, and Adjusted EBITDA profit was $5.6 million, marking the fourth consecutive quarter of Adjusted EBITDA profitability.
Ended Q3 with $677.3 million in cash, cash equivalents, and short-term investments, bolstered by a $460 million convertible debt raise.
Major contract wins included Luno B with NGA, NRO renewals, U.S. Navy, NATO, NASA, JSAT ($230M), and a €240M German government contract, with strategic initiatives in AI, satellite launches, and acquisitions.
Financial highlights
Revenue of $81.3 million, up 33% year-over-year, driven by defense, intelligence, and civil government sectors.
Non-GAAP gross margin at 60% (down from 64% YoY); GAAP gross margin at 57%.
Adjusted EBITDA profit of $5.6 million; net loss widened to $59.2 million due to higher costs and warrant liability changes.
Free cash flow year-to-date was $55.2 million; net cash from operating activities was $113.7 million.
Cash, cash equivalents, and short-term investments totaled $677.3 million at quarter-end.
Outlook and guidance
Q4 revenue expected between $76 million and $80 million, with non-GAAP gross margin of 50%-52% and adjusted EBITDA loss of $(7)–$(5) million.
FY26 revenue guidance raised to $297 million–$301 million; non-GAAP gross margin 57%–58%; adjusted EBITDA profit $6–$8 million.
FY26 capital expenditures planned at $81 million–$85 million; free cash flow expected to remain positive annually.
Q4 growth rate expected to continue into FY27, with a focus on EBITDA break-even or better and sustained cash flow positivity.
Capital expenditures and working capital requirements are expected to increase as the business grows.
Impacts on Q4 non-GAAP gross margin forecast
Bedrock, Owl, Google: AI strategy advancement
Backlog/RPOS growth vs. current revenue conversion
Commercial sector growth strategy beyond gov focus
Suncatcher's path to scaled commercial viability?
Sustaining D&I sector growth beyond current wins
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Next Planet Labs earnings date
Q4 202620 Mar, 2026
Next Planet Labs earnings date
Q4 202620 Mar, 2026
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Frequently asked questions
Capturing the changing dynamics of planet Earth
Planet Labs is an Earth imaging company that utilizes a constellation of small satellites to capture detailed imagery of our planet. Their satellite fleet is designed to provide global coverage and collect high-resolution data on a daily basis. Planet Labs offers valuable insights into various applications, including agriculture, environmental monitoring, urban planning, and disaster response. By providing timely and accurate information and imagery, Planet Labs contributes to a better understanding of the situation on the ground and provides data that would otherwise be difficult to source.
A true bird's eye perspective
Planet Labs supplies a comprehensive suite of Earth observation data and analytics solutions to its customers. The imagery captured by their satellites is processed and analyzed to extract valuable insights and information for various industries and applications. Customers can access a wide range of data products, including imagery, geospatial analytics, change detection, and monitoring services. These offerings enable their customers to gain insights into environmental changes, and monitor specific areas of interest with precision and accuracy. Planet Labs also utilize AI in their day-to-day business through the help of strategic partnerships.
The service itself
The service that Planet Labs offers combines cutting-edge satellite technology, data analytics, and cloud-based software. Due to the fact that data is collected every day it allows users to track changing dynamics on the ground with accuracy and almost in real-time. Customers can access this data through a user-friendly platform, where they can explore, analyze, and extract actionable intelligence from the vast collection of imagery. Companies operating in the same, relatively niche, industry include names such as Maxar and Airbus’s satellite imaging division.
Helping customers make sense of the situation on the ground
Planet labs provides various industries, including agriculture, forestry, environmental monitoring, urban planning, and disaster response, with the information needed for better decision-making, resource management, and risk assessment. Whether it's monitoring crop health, assessing deforestation, mapping urban areas, or tracking natural disasters, Planet Labs offers a powerful and comprehensive solution for understanding and managing our planet's changing dynamics as they unfold over time.
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