Planet Labs (PL) Q4 2026 earnings summary

Executive summary

• Achieved record annual revenue of $308 million (up 26% YoY), with Q4 revenue of $86.8 million (up 41% YoY), driven by strong government and commercial contracts.

• Backlog exceeded $900 million, up 79% YoY, and remaining performance obligations rose 106% to $852 million, supporting future growth.

• Achieved first full fiscal year of adjusted EBITDA profitability ($15.5 million) and positive free cash flow ($52.9 million).

• Ended FY26 with $640 million in cash, equivalents, and short-term investments, a 188% increase YoY.

• Secured major multi-year satellite services contracts with Sweden and Germany, and expanded partnerships with Google, NVIDIA, and AiDash for AI and data solutions.

Financial highlights

• Q4 revenue: $86.8 million (+41% YoY); FY revenue: $307.7–$308 million (+26% YoY).

• Non-GAAP gross margin for FY26 was 59%; Q4 margin was 57% (down from 65% in Q4 FY25).

• Adjusted EBITDA profit: $15.5 million for FY26; $2.3 million for Q4.

• Free cash flow: $52.9 million for FY26, first year of annual positive free cash flow.

• Ended FY26 with $640 million in cash, equivalents, and short-term investments.

Outlook and guidance

• FY27 revenue guidance: $415–440 million (+39% YoY at midpoint); non-GAAP gross margin: 50–52%.

• Q1 FY27 revenue guidance: $87–91 million (+34% YoY at midpoint); non-GAAP gross margin: 49–51%.

• Adjusted EBITDA profit for FY27 projected between $0 and $10 million; capital expenditures of $80–95 million.

• Expect to remain free cash flow positive on an annual basis in FY27.

• Focus on launching next-generation satellites and scaling AI-enabled solutions.