In the latest news from Planet Labs PBC (NYSE:PL), the company reported strong financial results for the quarter, with revenue reaching $81.3 million, marking a 33% year-over-year growth. The company also achieved positive adjusted EBITDA for the fourth consecutive quarter. The backlog increased by 216% year-over-year, reaching $734.5 million. Additionally, the company achieved positive free cash flow for the third quarter in a row and closed a $460 million convertible debt financing at a 0.5% interest rate. The company also announced the acquisition of Bedrock Research, enhancing its AI and national security solutions expertise. The company is on track to achieve adjusted EBITDA profitability for fiscal year 2026 and is expecting continued growth and profitability in fiscal year 2027.
Revenue growth was driven primarily by the defense and intelligence sector, with significant contract wins with NGA, US Navy, and international clients. The company also announced new contracts, including a $12.8 million initial contract under the LUNO b program with the National Geospatial Intelligence Agency for maritime analytics. The company also renewed contracts with the National Reconnaissance Office, US Navy, and NATO. In the civil government sector, revenue was up approximately 1% year-over-year, with highlights including a $13.5 million NASA task order. The company also saw growth in the commercial sector, signing a new operational contract with AXA for improved insurance claims management using Planet Labs’ data and imaging.
The company successfully launched two high-resolution Pelican satellites and 36 Super Dove satellites, expanding its commercial fleet. The company also announced plans to open a new manufacturing facility in Berlin for next-gen Pelican satellite production, targeting increased manufacturing capacity to meet European demand. The company also announced the development of the Owl Fleet, a next-generation monitoring constellation, and the SunCatcher project, a partnership with Google to deploy prototype AI compute satellites powered by Google’s TPUs.
Looking ahead, the company provided guidance for the fourth quarter of 2026, with revenue expected to be between $76 million and $80 million, representing a 27% year-over-year growth at the midpoint. The company also provided guidance for full fiscal year 2026, with revenue expected between $297 million and $301 million, adjusted EBITDA profit, and capital expenditures projected to support growth in satellite services and AI-enabled solutions. The company remains focused on delivering sustainable growth and profitability while scaling its operations to meet increasing demand.
Read more at Nasdaq: Planet Labs (PL) Q3 2026 Earnings Call Transcript