Planet Labs' first quarter revenue grew 42% to $94.2M, as backlog surged 72% YoY.

Planet Labs PBC reported first quarter fiscal 2027 revenue of $94.2 million, a 42% year-over-year increase that beat analyst estimates of $90.0 million. The company posted a non-GAAP net loss of ($0.03) per share, better than the consensus estimate of a ($0.04) loss. The reported GAAP net loss of ($0.40) per share was primarily driven by a non-cash, $106.5 million charge related to the revaluation of warrant liabilities.

Key Highlights

• Revenue growth accelerated to 42% year-over-year, reaching a record $94.2 million for the quarter.
• The company's backlog grew 72% year-over-year to over $906 million, while Remaining Performance Obligations (RPOs) increased 81% to $816 million, providing strong visibility.
• Planet successfully launched three additional Pelican satellites, including the delivery of Sweden’s first sovereign reconnaissance satellite just four months after the contract was signed, underscoring momentum in the defense sector.