0001193125-26-119957
SEC filingRevenue grew 26% to $307.7M, driven by defense and intelligence; Adj. EBITDA turned positive to $15.5M.
Planet Labs PBC describes itself as a mission-driven public benefit corporation that “use[s] space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable.” The company designs, builds, launches, and operates hundreds of compact satellites that collect over 3,000 images on average for every point on Earth’s landmass, creating a non-replicable historical archive. Revenue is generated primarily through licenses to its data and analytics via fixed-price subscription and usage-based contracts (most of which is recurring), and through long-term milestone-based satellite services arrangements that include designing and manufacturing customer-owned satellites, mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance.
The Business section does not formally segment revenue into separate reporting segments for financial reporting purposes. However, it describes two principal revenue engines: (1) Data and Analytics (subscription- and usage-based licenses to imagery, analytics, and AI-ready data sets) and (2) Satellite Services Arrangements (long-term contracts for customer-owned satellites and related services). No revenue share percentages are provided for either category.
The company operates a fleet of satellites under distinct product lines. SuperDove satellites provide daily global monitoring at up to 3.5-meter GSD. SkySat and Pelican satellites offer high-resolution tasking up to 50-cm GSD after processing, with rapid revisit capability. Tanager is a hyperspectral satellite delivering full-spectrum imagery across visible and shortwave infrared (over 400 spectral bands) at 30-meter GSD, developed with NASA’s Jet Propulsion Laboratory and sponsored by Carbon Mapper. The Planet Insights Platform (which integrated the former Sentinel Hub platform) provides browser-based and API access to data. Planetary Variables are AI- and computer-vision-derived measurements of key Earth-surface phenomena. The company also uses and contributes to Open Geospatial Consortium standards.
Planet sells through a global sales organization organized by customer industry, supported by a network of hundreds of partners (solution providers, OEM platform partners, systems integrators, and GIS software companies). The marketing team uses a multi-channel approach. Customers span agriculture, defense & intelligence, energy, forestry, finance, insurance, mapping, and federal/civil/state/local governments. No single customer concentration is disclosed; the filing notes the company serves “leading agriculture, mapping, energy, forestry, finance and insurance companies, and government agencies.”
Competition in Earth observation satellites and satellite services is divided between incumbents (Airbus Defense and Space, Vantor Holdings, Inc., Intuitive Machines Inc.) and next generation players (BlackSky Technology, Inc., Satellogic Inc., CG Satellite). Incumbents traditionally operate a limited number of high-cost, high-resolution satellites on a one-to-one tasking model. Next generation companies offer lower-cost, smaller satellites with ambitions to expand fleet presence. Planet also faces competition from data analytics platforms and AI-enabled solutions that use geospatial data from multiple sources; the company partners with some of these providers while also offering its own analytical tools.
The company’s strategic pillars include: (1) leveraging “agile aerospace” methodology to rapidly develop and deploy satellites at lower cost; (2) maintaining a one-to-many data subscription model that improves margins with economies of scale; (3) investing in R&D to build software solutions and innovate space technology for differentiated data sets; (4) expanding satellite services arrangements to design and manufacture customer-owned satellites; (5) utilizing AI, machine learning, and GenAI/LLMs to derive actionable insights from Earth observation data; and (6) fostering technology partnerships (Carbon Mapper, NASA JPL, Telesat, SES, Google) to embrace open innovation and market-shaping opportunities.
As of January 31, 2026, Planet had approximately 1,000 employees, including about 945 full-time employees, across 29 countries. None are represented by a labor union. The company offers comprehensive health, welfare, and retirement benefits, equity awards, flexible work policies (including soft-closing periods and a “flex-Friday” policy), and career development programs including mentorship, training, and tuition reimbursement. Employee satisfaction surveys are conducted at least annually.
For the fiscal year ended January 31, 2026, Planet Labs PBC reported revenue of $307.7 million, a 26% increase from $244.4 million in the prior year. The growth was primarily driven by a $64.0 million increase in the defense and intelligence vertical. Gross profit rose 23% to $172.5 million, though gross margin contracted slightly to 56% from 57% as cost of revenue increased 29% to $135.2 million. The cost increase was led by higher solution partner costs ($14.5M) and employee-related costs ($11.8M) tied to satellite services contracts.
Operating loss improved to ($95.1 million) from ($116.1 million), a narrowing of 18%, as revenue growth outpaced operating expense increases. Research and development expenses rose 6% to $106.7 million, while sales and marketing expenses fell 6% to $72.7 million due to prior-year severance charges. General and administrative costs increased 14% to $88.1 million, reflecting litigation expenses. Net loss widened to ($246.9 million) from ($123.2 million), largely due to a $161.4 million non-cash charge from the change in fair value of warrant liabilities. Adjusted EBITDA turned positive to $15.5 million, compared to ($10.6 million) in FY2025.
The MD&A provides limited segment detail, but highlights that defense and intelligence was the primary growth driver, contributing $64.0 million of the $63.4 million total revenue increase. This suggests strong momentum in government contracts, including the December 2025 commercial satellite services agreement with the Swedish Armed Forces valued in the low nine figures. Commercial and civil government verticals were not separately quantified but are implied to have grown modestly. The EoP Customer Count declined to 897 from 976, reflecting a strategic shift toward larger customers, while Net Dollar Retention Rate improved to 116% (118% including winbacks) from 106% (108%), indicating deeper expansion within existing accounts.
Management expects capital expenditures to continue increasing as they invest in next-generation Pelican and medium-resolution satellites. Backlog surged to $900.4 million, up from $503.7 million, with 37% expected to be recognized within 12 months, signaling strong near-term revenue visibility. The company emphasized its shift toward integrated downstream solutions and satellite services models to capture broader customer bases. No specific numerical guidance was provided, but the positive operating cash flow and reduced cost structure suggest a path toward sustained profitability. The upcoming discontinuation of EoP Customer Count as a key metric underscores a focus on higher-value contracts rather than customer volume.
As of January 31, 2026, Planet Labs PBC held $229.4 million in cash and cash equivalents and $410.6 million in short-term investments, for a total liquidity position of $640.0 million. This compares to $118.0 million and $104.0 million, respectively, as of January 31, 2025. The company also had $6.1 million in restricted cash and cash equivalents. Total assets were $1.15 billion, up from $633.8 million in the prior year, driven largely by the issuance of $460.0 million aggregate principal amount of convertible notes (the 2030 Notes) and a significant increase in short-term investments. Total liabilities were $957.3 million, including $446.9 million in convertible notes and $173.3 million in public and private placement warrant liabilities. Stockholders' equity was $188.4 million, down from $441.3 million, primarily due to the net loss and the purchase of capped call transactions.
The company disclosed $852.4 million in remaining performance obligations as of January 31, 2026, of which approximately 34% is expected to be recognized within 12 months and 65% within 24 months. Additionally, Planet Labs has minimum purchase commitments for hosting services from Google totaling $67.5 million, with $34.1 million due in fiscal 2027 and $33.4 million in fiscal 2028. The company also has operating lease liabilities of $15.6 million, with total lease payments of $17.3 million through fiscal 2031 and beyond.
Planet Labs did not repurchase any shares or pay dividends during the fiscal year. The company issued $460.0 million in aggregate principal amount of 2030 Convertible Notes, receiving net proceeds of $448.8 million after discount, and paid $2.9 million in debt issuance costs. Concurrently, the company purchased capped call transactions for $39.6 million. Capital expenditures totaled $76.7 million, representing 24.9% of revenue, up from $44.3 million in the prior year. The company also capitalized $4.8 million of internal-use software development costs.
The company operates as a single operating and reportable segment. Revenue is disaggregated by geography and customer type. For fiscal 2026, revenue by region was: North America $132.0 million, Asia Pacific & Japan $59.8 million, Europe, Middle East & Africa $103.7 million, and Latin America $12.2 million. By customer type, revenue was: Civil Government $71.9 million, Commercial $55.6 million, and Defense & Intelligence $180.2 million. No single country other than the United States accounted for more than 10% of revenue, except Japan ($38.0 million) and Ukraine ($35.9 million) in fiscal 2026.
Planet Labs has a history of net losses: $246.9M in FY2026, $123.2M in FY2025, and $140.5M in FY2024, with an accumulated deficit of $1,449.9M. The company highlights that revenue growth may not offset increased operating expenses, and the shift to large-scale satellite services contracts introduces longer, less predictable sales cycles and significant upfront costs. Capital intensity is a key concern, as raising additional funds may be dilutive or restrictive.
Competition is intense from established players like Airbus, BlackSky, Google, and Microsoft, as well as from government-subsidized entities. The emergence of low-cost imaging satellites and AI-enabled solutions could reduce the value of Planet's offerings. Customer concentration is notable: two customers account for 25% of revenue collectively, and one customer represents 33% of accounts receivable, posing significant revenue risk if relationships sour.
A meaningful portion of revenue comes from U.S. and foreign government contracts, which are subject to termination for convenience, audits under the Federal Acquisition Regulation, and the False Claims Act. Disruptions in U.S. government funding or shutdowns could materially impact revenue. Regulatory risks extend to export controls, sanctions, remote sensing licenses, and the evolving AI regulatory landscape, including the EU AI Act, which could require costly compliance measures.
Satellite development and launch are subject to delays, failures, and cost overruns. Reliance on a limited number of suppliers for critical components and launch services (e.g., SpaceX, Rocket Lab) exposes Planet to supply chain disruptions and tariff-related cost increases. Past satellite anomalies and ground infrastructure failures highlight ongoing operational vulnerability. Insurance may not cover all losses, particularly partial performance degradation.
Planet faces heightened cybersecurity risks due to the geopolitical sensitivity of its Earth imagery. Third-party service providers add complexity. Intellectual property risks include potential infringement claims, open source software obligations, and challenges in protecting trade secrets. Use of AI in offerings introduces additional IP and regulatory uncertainties, including copyright eligibility and compliance with emerging AI laws.
Macroeconomic factors such as inflation, interest rates, and geopolitical conflicts can lengthen sales cycles and reduce customer spending. Climate change may increase frequency of natural disasters affecting facilities and supply chains. As a Delaware public benefit corporation, mission-driven decisions may conflict with short-term financial objectives, potentially leading to stockholder activism.
Planet Labs PBC reported a significant improvement in operating cash flow, turning from a negative $17.2 million in FY2025 to positive $31.7 million in FY2026, a year-over-year increase of 284%. This turnaround was driven by improved working capital management and a reduction in net loss. Capital expenditures remained modest at $9.0 million, resulting in a free cash flow of $22.7 million. The company did not engage in any share repurchases or dividend payments during the period. The investing cash flow of negative $9.0 million reflects the capex outflows, while financing cash flow of negative $2.1 million primarily relates to debt repayments. Overall, the cash flow profile shows strong operational improvement and low capital intensity, with no capital returns to shareholders.