Research Reports

Prepared Highlights

Q4 FY2026 revenue was a record $86.8M, ~41% YoY growth (CFO). Full-year FY2026 revenue was a record $307.7M, ~26% YoY growth (CEO, CFO).
FY2026 Defense & Intelligence sector revenue grew >50% YoY; Commercial sector down modestly YoY; Civil Government revenue flat YoY (CEO, CFO).
FY2026 non-GAAP gross margin was 59% (CFO). Q4 non-GAAP gross margin was 57% (CFO).
FY2026 adjusted EBITDA profit was $15.5M; Q4 adjusted EBITDA profit was $2.3M, the fifth consecutive quarter of adjusted EBITDA profitability (CEO, CFO).
FY2026 free cash flow was $52.9M, the first full fiscal year of positive free cash flow (CEO, CFO).
FY2026 CapEx (incl. capitalized software) was ~$81.5M; Q4 CapEx was ~$23.0M (CFO).
End-of-period backlog was over $900M, ~79% YoY growth (CEO). RPOs were ~$852.4M, up ~106% YoY; ~34% of RPOs apply to next 12 months, ~65% to next 24 months (CFO).
End-of-period customer count was 897, slightly down sequentially; metric to be discontinued in FY2027 (CFO). Net dollar retention rate was 116%; with winbacks 118% (CFO).
Official guidance (CFO): Q1 FY2027 revenue $87M–$91M (~34% YoY growth at midpoint); non-GAAP gross margin 49%–51%; adjusted EBITDA ($6M)–($3M); CapEx $17M–$23M. Full-year FY2027 revenue $415M–$440M (~39% growth at midpoint); non-GAAP gross margin 50%–52%; adjusted EBITDA breakeven to $10M; CapEx $80M–$95M; expects to be free cash flow positive on an annual basis.
Mgmt quotes:
- "Last year was transformational for Planet Labs PBC... We delivered record annual revenue, adjusted EBITDA profitability, positive free cash flow, and accelerated our revenue growth." (CEO)
- "We are continuing to see demand from around the world for Satellite Services, driven by the current geopolitical landscape and the demand for sovereign space systems." (CEO)
- "We believe that Planet Labs PBC’s Daily Scan is foundational to real-world models." (CEO)
- "Our focus remains on managing the business to enable sustainable cash flow generation through efficient growth across our Data, Solutions, and Satellite Services revenue streams." (CFO)
- "Given the strength of our backlog and our robust pipeline, we have significant visibility into our continued revenue growth." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Q4 FY2026 Revenue	$86.8M	CFO – record, ~41% YoY growth
Full-Year FY2026 Revenue	$307.7M	CEO, CFO – record, ~26% YoY growth
FY2026 Non-GAAP Gross Margin	59%	CFO – vs 60% in FY2025
Q4 FY2026 Non-GAAP Gross Margin	57%	CFO – vs 65% in Q4 FY2025
FY2026 Adjusted EBITDA	$15.5M	CEO, CFO – first annual profit
Q4 FY2026 Adjusted EBITDA	$2.3M	CFO – fifth consecutive quarter
FY2026 Free Cash Flow	$52.9M	CEO, CFO – first annual positive
FY2026 CapEx (incl. capitalized software)	~$81.5M	CFO
Q4 FY2026 CapEx	~$23.0M	CFO
End-of-Period Backlog	>$900M	CEO – ~79% YoY growth
RPOs	~$852.4M	CFO – up ~106% YoY
Net Dollar Retention Rate	116%	CFO – end of FY2026
Net Dollar Retention Rate with Winbacks	118%	CFO – end of FY2026
End-of-Period Customer Count	897	CFO – slightly down sequentially
Q1 FY2027 Revenue Guidance	$87M–$91M	CFO – ~34% YoY growth at midpoint
Full-Year FY2027 Revenue Guidance	$415M–$440M	CFO – ~39% growth at midpoint
Q1 FY2027 Non-GAAP Gross Margin Guidance	49%–51%	CFO
Full-Year FY2027 Non-GAAP Gross Margin Guidance	50%–52%	CFO
Q1 FY2027 Adjusted EBITDA Guidance	($6M)–($3M)	CFO
Full-Year FY2027 Adjusted EBITDA Guidance	Breakeven–$10M	CFO
Q1 FY2027 CapEx Guidance	$17M–$23M	CFO
Full-Year FY2027 CapEx Guidance	$80M–$95M	CFO

Q&A Batch (1-5 of 5)

Q1 — Colin Canfield

Topic: SunCatcher and NVIDIA partnership timing, scaling, and working capital framework for 2027
Key points:
- SunCatcher: early tech demo for Google TPUs in space; Sundar expects most compute spending in orbit within 10 years; recognized as contra R&D expense.
- NVIDIA: research partnership focused on ground-based GPU compute; early results show 100x speedups on certain codebase parts.
- Working capital: contracts typically provide upfront capital to match procurement timing on an annual basis; cash flow varies quarter to quarter but annualized free cash flow positive.
Mgmt stance: Neutral — both partnerships are early-stage R&D with no near-term revenue; working capital structure supports annual FCF positivity but quarterly variability expected.

Q2 — Ryan Koontz

Topic: European market strength and supply chain dynamics
Key points:
- European demand driven by geopolitical dynamics; customers need sovereign systems with speed and sovereignty.
- Planet has strong European presence: Berlin foundation, acquisitions in Netherlands and Slovenia; satellite building in Berlin supports demand.
- Supply chain: no material difficulties; teams track and diversify sources.
Mgmt stance: Bullish — European demand "off the charts"; supply chain not a constraint.

Q3 — Edison Yu

Topic: AI progress, Anthropic partnership, and path to generic AI solutions
Key points:
- Moving from LLMs to real-world models needing real-world data; Planet’s data is differentiating.
- Current AI-based solutions (Maritime Domain Awareness, Global Monitoring, Area Monitoring) driving growth; AI could enable generic bespoke applications within an hour.
- No major bottlenecks; data is the critical ingredient; AI commoditizing software layer; expects fruition this year.
Mgmt stance: Bullish — AI potential "take off much faster than we thought"; data is unique and differentiating; no holding back.

Q4 — Christine Lee Weg (Gabby on for)

Topic: Middle East satellite imagery delay (14 days) and Sweden Satellite Services agreement pipeline
Key points:
- Imagery delay: no material change in customer behavior or contractual implications; decision balances operational needs, safety, and transparency.
- Sweden deal: since October Investor Day, both number and average size of sovereign deals increasing; too early to comment on average deal length.
Mgmt stance: Neutral on delay (nothing material); Bullish on sovereign pipeline — demand "very strong" and stronger than Investor Day expectations.

Q5 — Jeff Van Rhee

Topic: Civil/Commercial market reacceleration, sovereign deal pipeline, and Owls update
Key points:
- Civil/Commercial (~40% of revenue): AI expected to unlock these markets this year; biggest markets are Civil Government and Commercial, not Defense/Intelligence.
- Sovereign deals: pipeline growing strongly; Data and Solutions backlog almost doubled year over year; sovereign deals coupled with Data and Solutions create competitive differentiation.
- Owls: tech demo for improved Daily Scan; moving to 1-meter scan (vs 3-meter), ~10x more data per unit area, ~10x latency improvement via onboard compute and satellite-to-satellite comms.
Mgmt stance: Bullish — AI will enable Civil/Commercial reacceleration; sovereign pipeline "really growing and very strong"; Owls tech demo progressing well.

Q&A Batch (6-10 of 10)

Q6 — John Gooden

Topic: Revenue guidance conservatism and Middle East impact
Key points:
- Revenue guidance set with room for quarter-to-quarter shifts on large mission-critical contracts; new signings assumed back-half-loaded, allowing upside if deals land earlier.
- Backlog strength is high, but execution needed to convert to revenue; guidance not a large percentage of backlog versus historical norms.
- Middle East conflict may increase usage urgency for more data, but situation is dynamic and early days; no specific demand "turbocharging" quantified.
Mgmt stance: Neutral — management emphasizes execution focus and conservatism in guidance to avoid overcommitting, while acknowledging potential usage upticks from geopolitical events.

Q7 — Trevor Walsh

Topic: SHIELD IDIQ opportunity and FCF guardrails for 2027
Key points:
- SHIELD IDIQ is a large opportunity with huge budget, but early days; Planet Labs PBC data could fit into early warning and strategic analysis, but specific missions TBD; will compete for awards under the framework.
- Separate live opportunities like LUNO and Navy cislunar awareness show strong interest.
- FCF for 2027 expected to fluctuate significantly quarter-to-quarter due to timing of procurement and milestone payments; no specific guidance, but management focused on balancing quarter-to-quarter and leaning into market opportunities rather than sustaining or expanding FCF from FY2026 (where ended strong).
Mgmt stance: Neutral on SHIELD (early, no specifics) and cautious on FCF (explicitly avoiding guidance, citing volatility and investment focus).

Q8 — Greg Pendy

Topic: Commercial/Civil market approach and sales investment
Key points:
- Sales and Marketing down ~15% from fiscal 2024, yet revenues up ~40%; prior cost rationalization realigned team to largest account opportunities.
- Platform enables self-serve for smaller customers; AI capabilities allow product demos to show insights without heavy travel.
- Targeted investments planned in markets with most traction; sales team trained on new AI tools and demo environments in early 2026.
Mgmt stance: Bullish on AI-enabled customer engagement — emphasizing cost-efficient, demo-driven sales while acknowledging need for some boots on the ground.

Q9 — Alex Latimore

Topic: Guidance assumptions and Golden Dome initiative
Key points:
- Guidance raise assumes probability-adjusted pipeline for eight-figure deals; if a large deal falls out, backup pipeline gives room to outperform; no specific assumption of new eight-plus-figure wins.
- Golden Dome initiative has $10B incremental for space-based capabilities; SHIELD IDIQ is the relevant framework—Planet Labs PBC will bid for awards, but specific missions unknown; general domain awareness could be useful.
Mgmt stance: Neutral on guidance (balanced, conservatively probability-adjusted) and cautious on Golden Dome (very early, no specifics).

Q10 — Caleb Henry

Topic: Pelican satellite orbit, manufacturing ramp, and AI ROI timing
Key points:
- Pelican satellite lowered past 400 km as part of operational adjustments to reach ~30 cm resolution target; no change to fleet migration plan; multiple launches for Pelican systems planned in 2026.
- Manufacturing ramp in California and Berlin driven by overall demand for fleets (customer and own system); no specific delivery timeline for Sweden contract.
- AI ROI in 2026 refers to generic solutions (e.g., energy, insurance, finance) unlocking latent market potential, not first AI revenue; Constellation Service (Satellite Services) took off in FY2026 as a parallel.
Mgmt stance: Bullish on AI — sees 2026 as the year pieces come together for broad market takeoff; bullish on manufacturing expansion due to confirmed demand.