Second Quarter of FY 2026 Results Reported by Planet
Company Delivered Record Revenue in the Quarter, Up 20% YoY
Planet Labs has announced financial results for the period ended July 31, 2025. The company says it saw record revenue during the period, as well as generating $85.1 million of year-to-date net cash provided by operating activities, and delivered year-to-date positive free cash flow of $54.3 million.
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog.
Will Marshall, Planet
According to the company's report:
Second quarter revenue increased 20% year-over-year to a record $73.4 million.
Percent of recurring annual contract value (ACV) for the second quarter was 98%.
Second quarter gross margin was 58%, compared to 53% in the second quarter of fiscal year 2025. Second quarter non-GAAP gross margin was 61%, compared to 58% in the second quarter of fiscal year 2025.
Second quarter net loss was ($22.6) million, compared to ($38.7) million in the second quarter of fiscal year 2025.
Second quarter adjusted EBITDA was $6.4 million of profit, compared to a ($4.4) million loss in the second quarter of fiscal year 2025.
Second quarter GAAP net loss per share was ($0.07) and non-GAAP net loss per share was ($0.03).
Year-to-date net cash provided by operating activities was $85.1 million, and year-to-date free cash flow was $54.3 million.
Ended the quarter with $271.5 million in cash, cash equivalents and short-term investments.
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog. The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “We are continuing to innovate with the recent launch of two additional next-generation Pelican satellites, with more on the horizon, reinforcing our commitment to delivering the most comprehensive and timely data and insights to our customers worldwide.”
“We delivered record revenue, our third quarter of adjusted EBITDA profitability, and our second quarter of positive free cash flow,” said Ashley Johnson, president and CFO. “We are pleased to see our investments in the business start to generate meaningful revenue growth rate acceleration, and our significant backlog gives us good visibility into FY’27 and beyond. Turning to the balance sheet, we ended the quarter with approximately $271.5 million of cash, cash equivalents, and short-term investments, an increase of approximately $45.4 million sequentially.”
Recent Business Highlights:
The Defense Innovation Unit (DIU), part of the U.S. DoD, exercised a seven-figure option under its existing Hybrid Space Architecture (HSA) pilot with Planet.
The National Reconnaissance Office (NRO) has expanded its contract with Planet under the Electro-Optical Commercial Layer (EOCL) program, to include PlanetScope monitoring and Maritime Domain Awareness in support of national security, counternarcotics, and disaster response efforts.
In July, Planet closed significant deals including with the U.S. Navy, NATO, and a satellite services agreement funded by the German government.
On August 26, 2025, Planet’s next generation Pelican-3 and -4 high-resolution satellites were launched to orbit aboard a SpaceX launch vehicle.
For the third quarter of fiscal year 2026, ending October 31, 2025, Planet expects revenue to be in the range of approximately $71 million to $74 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 56%. Adjusted EBITDA loss is expected to be in the range of approximately ($4) million to $0 for the quarter. Capital expenditures are expected to be in the range of approximately $18 million and $24 million for the quarter.
For the full fiscal year 2026, Planet expects revenue to be in the range of approximately $281 million to $289 million. Non-GAAP gross margin is expected to be in the range of approximately 55% to 57%. Adjusted EBITDA loss is expected to be in the range of approximately ($7) million and $0. Capital expenditures are expected to be in the range of approximately $65 million and $75 million for the year.
Planet has not reconciled its non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted.