Planet Labs PBC (NYSE:PL) shares surged after reporting second-quarter fiscal 2026 results that beat estimates. Revenue rose 20% to $73.39 million, with a GAAP net loss of $22.6 million. On a non-GAAP basis, net loss was 3 cents per share. Gross margin improved to 58%, and backlog increased to $736.1 million.

CEO Will Marshall highlighted pivotal contracts with the German government, NATO, and U.S. Department of Defense. New contracts included a 240 million euros agreement with Germany and expanded work with NATO and the U.S. Navy. Planet also launched new satellites and saw methane and CO2 plume detections.

For the third quarter, Planet guided revenue between $71 million and $74 million, with non-GAAP gross margin at 55-56% and adjusted EBITDA between a $4 million loss and breakeven. For fiscal 2026, revenue outlook was raised to $281 million to $289 million, with non-GAAP gross margin at 55-57%.

President and CFO Ashley Johnson noted investments in the business driving revenue growth. PL shares were trading higher by 14.32% to $7.465. Planet Labs continues to see growth and success with new contracts, satellite launches, and expanded revenue projections.

Read more at Yahoo Finance: Planet Labs Lifts Outlook With Record Backlog And Strategic Global Contracts