TLDR
- PL jumps 8.17% on Q4 revenue surge and $900M backlog growth.
- Q4 revenue hits $86.8M, full-year $307.7M; recurring revenue 98%.
- Adjusted EBITDA positive at $2.3M Q4, free cash flow $52.9M in 2026.
- Multi-year contracts signed with Sweden, NATO, Germany, and Slovenia.
- 40 satellites launched; AI and Google partnership drive future growth.
Planet Labs PBC (NYSE: PL) surged to $0.20, up 8.17%, following strong quarterly financial results. The company reported record revenue growth in Q4, driven by satellite services and strategic partnerships. Planet ended the fiscal year with a $900 million backlog, marking significant year-on-year growth.
Revenue Growth and Profitability Milestones
Planet Labs posted fourth-quarter revenue of $86.8 million, a 41% increase from the prior year. Full-year revenue reached $307.7 million, reflecting a 26% increase compared to fiscal 2025. Recurring annual contract value represented 98% of total revenue, underscoring consistent business operations.
Gross margin for Q4 stood at 54%, down from 62% in the prior year, while non-GAAP gross margin reached 57%. Full-year gross margin was 56%, slightly below the 57% recorded in fiscal 2025. Adjusted EBITDA turned positive at $2.3 million in Q4 and $15.5 million for the full year.
The company achieved free cash flow profitability, generating $52.9 million in 2026. Operating cash flow for the full year totaled $134.4 million. Planet ended the fiscal year with $640.1 million in cash, cash equivalents, and short-term investments.
Strategic Contracts and Partnerships
Planet secured a multi-year contract with the Swedish Armed Forces to deliver satellites and space-based data solutions. The deal marked the company’s third satellite services agreement within twelve months. Planet also expanded its partnership with the U.S. Defense Innovation Unit, providing additional support for INDOPACOM operations.
NATO extended Planet’s selection for persistent space-based surveillance and enhanced warning capabilities. The company renewed and expanded agreements with the German Federal Agency for Cartography and Geodesy. Additionally, Slovenia’s Surveying and Mapping Authority signed a nationwide enterprise-scale agreement to support public administration operations.
Planet also secured the SHIELD IDIQ contract with the U.S. Missile Defense Agency. SDG&E renewed its three-year partnership with Planet for wildfire risk monitoring. Planet partnered with AiDASH to provide daily and weekly fuel monitoring data for utilities across North America.
Business Expansion and Technological Initiatives
Planet launched 40 satellites during the fiscal year, strengthening global imaging capacity. The company entered an R&D partnership with Google to explore space-based data center technologies. AI integration is expected to accelerate market adoption and unlock new opportunities.
The company projects sustained growth backed by a strong backlog and expanding client pipeline. Satellite services remain the core revenue driver while AI applications support future expansion. Planet focuses on providing daily Earth data for defense, government, and commercial clients worldwide.
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