Planet Labs Reports Strong Q2 Revenue Growth and Adjusted EBITDA Improvement
Planet Labs reported fiscal second-quarter revenue of $116.1 million for the period ending September 9, representing a year-over-year increase of 58%. The company also improved its non-GAAP adjusted EBITDA to $13.9 million from $6.4 million in the prior year and narrowed its GAAP net loss significantly. The firm ended the quarter with remaining performance obligations totaling $753.1 million, indicating strong contracted demand for future revenue. Non-GAAP backlog was reported at $814.9 million, offering visibility into potential cash flow if government programs proceed as planned. Planet Labs also raised its full-year 2027 revenue guidance to between $430 million and $441 million. However, the company faces challenges including a decline in backlog from previous quarters and risks associated with cancelable contracts totaling $61.7 million. Additionally, GAAP net losses remain an issue despite improvements in adjusted metrics.
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