Planet Labs Raises Revenue Guidance as Quarterly Sales Hit Record
The satellite imaging company raised its full-year revenue outlook to as much as $441 million following a record first quarter.
Planet Labs PBC (PL), the satellite imaging provider, reported record first-quarter revenue of $94.2 million. The result represented 42% year-over-year growth, a slight acceleration from the 41% growth reported in the prior quarter.
The company is shifting its focus toward long-term contract stability. Recurring annual contract value now accounts for 99% of the business, up from 98% at the end of the previous fiscal year.
Growth in future obligations showed signs of moderation. Remaining performance obligations rose 81% year-over-year to $816 million, down from a 106% increase in the prior quarter. Similarly, backlog grew 72% year-over-year to over $906 million, compared to 79% growth in the preceding period.
Profitability metrics declined during the quarter. GAAP gross margin fell to 54%, down 100 basis points from 55% in the first quarter of the prior year. Non-GAAP gross margin dropped 300 basis points to 56%. Adjusted EBITDA shifted to a loss of $1.0 million, compared to a profit of $1.2 million in the same period last year.
Net loss widened to $138.9 million from a loss of $12.6 million a year earlier. The company attributed the decline primarily to a $106.5 million revaluation loss from warrant liabilities.
Planet Labs raised its full-year FY27 revenue guidance to a range of $425 million to $441 million, up from a previous range of $415 million to $440 million. The company also increased its full-year non-GAAP gross margin guidance to between 52% and 54%, compared to the prior estimate of 50% to 52%.
To stabilize its balance sheet, the company redeemed all outstanding public warrants during the quarter. The move generated approximately $107.8 million in proceeds and eliminated future revaluations of those liabilities. Cash, cash equivalents, and short-term investments rose 223% year-over-year to $731 million.
Source: company public filings.