Planet Labs revenue accelerates as backlog exceeds $900 million
The satellite imaging company reported record first-quarter revenue of $94.2 million.
Planet Labs PBC (PL), the satellite imaging company, reported record revenue of $94.2 million for the first quarter of fiscal 2027.
The result marked a period of accelerating top-line growth and a significant restructuring of the company's balance sheet. While the company faced a widening net loss, the result was driven by a one-time accounting event related to the redemption of public warrants.
Revenue rose 42% year-over-year, an increase from the 41% growth rate recorded in the prior quarter. The company's backlog grew 72% year-over-year to over $906 million. Remaining performance obligations increased 81% year-over-year to $816 million, though this represented a deceleration from the 106% increase reported in the previous quarter.
Profitability metrics showed signs of pressure. Non-GAAP gross margin compressed to 56% from 59% a year earlier, while GAAP gross margin declined to 54% from 55%. 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 in the prior-year quarter. The company attributed the decline primarily to a $106.5 million revaluation loss from warrant liabilities. To address this, Planet redeemed all outstanding public warrants during the quarter, which generated approximately $108 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. The company also increased the percentage of recurring annual contract value to 99%. Planet stopped reporting its end-of-period customer count as a key business metric starting this quarter.
For the second quarter of fiscal 2027, the company projects revenue between $102 million and $107 million, with Adjusted EBITDA profit expected to range from $0 to $5 million. Full-year revenue guidance is now $425 million to $441 million, a slight increase from the $415 million to $440 million range provided in the prior quarter.